Coeur Mining (CDE) research pages
- Coeur Mining Earnings and Financial History: Q2 2026 record revenue, adjusted EBITDA, free cash flow by mine, New Gold acquisition financial impact, and key metrics to track each quarter
- Coeur Mining History: evolution from silver-focused miner to diversified North American precious metals platform, the 2026 New Gold acquisition, and the seven-mine portfolio
- Coeur Mining Investment Analysis: seven-mine NAV framework, New Gold acquisition scorecard, per-share dilution test, mine-level free cash flow, and bull, base, and bear cases
- Coeur Mining Stock History and Valuation: share-count dilution from the acquisition, capital return program, NAV-plus-FCF valuation methodology, and commodity-price sensitivity matrix
Quick answer
Investor takeaway: Coeur is a North American precious metals producer with seven wholly owned mines producing gold, silver, and copper. The Q2 2026 transformation (New Gold acquisition adding New Afton and Rainy River) produced record results but also sharply raised share count. The investor thesis centers on per-share free cash flow after sustaining capital, successful integration of the new mines, and disciplined capital returns. The primary risks are metal price leverage, grade and ramp-up execution at the acquired assets, and the dilution already baked into share count above one billion.
Company at a glance
| Item | Overview |
|---|---|
| Company | Coeur Mining, Inc. |
| Ticker | CDE (NYSE) |
| Sector | Materials |
| Industry | Precious Metals Mining (gold, silver, copper) |
| Core customers | Metal refiners and smelters purchasing doré, silver concentrate, and copper concentrate under offtake and streaming arrangements |
| Primary economic drivers | Gold price, silver price, copper price, ore grades and recovery rates at seven mines, all-in sustaining costs, and capital expenditure requirements |
| Key investor metrics | Adjusted EBITDA, free cash flow per share, costs applicable to sales per ounce, mine-level cash flow, share count, and metal production by mine |
| Major peer set | Pan American Silver, First Majestic Silver, Hecla Mining, Kinross Gold, and other mid-tier North American precious metals producers |
Market-sensitive data such as share price, market capitalization, and trailing valuation multiples change continuously and should be sourced from a live data provider with a visible timestamp. This profile focuses on business mechanics and monitoring discipline, which are more durable than any single quarter's price or consensus estimate.
What Coeur Mining actually does
Coeur Mining is a precious metals producer. It excavates ore from open-pit and underground mines, processes it through mills or heap-leach pads, and sells the resulting metal in the form of doré bars (unrefined gold and silver alloy), silver concentrate, or copper concentrate. Revenue is almost entirely driven by the volume of metal produced multiplied by prevailing spot prices, minus the cost of producing and selling that metal.
Unlike a technology or consumer business, Coeur does not have pricing power over its products. The price of gold, silver, and copper is set by global commodity markets. The company therefore earns its returns by being a low-cost, high-volume producer: every dollar of improvement in realized cost per ounce falls directly to the bottom line when metal prices are fixed by the market.
The 2026 New Gold acquisition fundamentally resized Coeur. Before the transaction, Coeur operated five mines with a primary focus on silver and gold in North America and Mexico. After, it operates seven mines across six jurisdictions, with significant new exposure to gold-copper mining in British Columbia through New Afton, and to open-pit gold production in Ontario through Rainy River. The combined platform aims to produce roughly 690,000 ounces of gold and 20 million ounces of silver annually in 2026.
How Coeur Mining makes money
Revenue flows from three metals: gold (approximately 64% of Q2 2026 revenue), silver (approximately 30%), and copper (approximately 6%). Each metal has its own price cycle, demand drivers, and cost profile. Gold is the dominant revenue driver and the asset class most sensitive to real interest rates, the U.S. dollar, and risk sentiment. Silver has industrial demand components that make it more cyclical. Copper is an industrial metal tied to construction, manufacturing, and energy transition spending.
At the mine level, cash flow depends on three variables:
- Ore grades. Higher grade ore produces more metal per tonne milled. Grades can vary quarter to quarter depending on which part of the orebody is being mined. Grade disappointments are a common source of negative surprises for mining investors.
- Recovery rates. Even high-grade ore must be processed efficiently. Recovery rates measure what percentage of the metal in ore ends up in the final product. Processing chemistry, ore hardness, and metallurgical variability all affect recovery.
- Costs applicable to sales (CAS). This metric captures the direct mining and processing costs per ounce or pound of metal sold. It excludes sustaining capital and corporate overhead. All-in sustaining cost (AISC) adds sustaining capital and is a better measure of the true cost to maintain production at current levels.
The economics are simple once those three variables are understood: if the gold price is $2,500 per ounce and the AISC is $1,200 per ounce, each ounce produced generates $1,300 of cash margin. At 690,000 ounces annually, that is a significant amount of gross cash flow before sustaining capital, taxes, and corporate costs.
Seven operating mines
New Afton (British Columbia, Canada)
An underground block-cave gold-copper mine near Kamloops, BC. New Afton is one of the largest gold-copper mines in British Columbia and was the primary asset acquired from New Gold. The mine produces both gold doré and copper-gold concentrate. Block-cave mining is capital-efficient once established but requires careful geomechanical management. The mine's copper production gives Coeur meaningful exposure to copper price cycles alongside precious metals.
Rainy River (Ontario, Canada)
An open-pit gold-silver mine in northwestern Ontario, also acquired from New Gold. Rainy River is a large open-pit operation producing gold and silver doré. The Q2 2026 financials included approximately $140 million in non-cash purchase-price-allocation charges related to inventory acquired in the transaction, which reduced reported earnings but did not affect cash flow. Ongoing ramp-up execution and ore grade performance at Rainy River are key monitoring items for investors.
Las Chispas (Sonora, Mexico)
An underground silver-gold mine in Sonora that was Coeur's flagship asset before the New Gold acquisition. Las Chispas is a high-grade silver producer with low operating costs and was considered one of the highest-quality silver development assets in North America when Coeur built it into production. Mine-level margins here are among the best in the portfolio.
Palmarejo (Chihuahua, Mexico)
An underground gold-silver mine with a long operating history in Chihuahua. Palmarejo has a silver streaming arrangement with Franco-Nevada, which provides a floor of silver revenue but limits upside. The streaming obligation means investors must analyze Coeur's net silver revenue from Palmarejo differently from unstreamed production.
Rochester (Nevada, USA)
An open-pit, heap-leach silver-gold mine in Nevada that underwent a major expansion. Rochester has been a source of capital investment and operational complexity for Coeur. The heap-leach process has a slower production ramp compared to mill-based operations, and Rochester's ramp-up profile is a key monitoring item for tracking actual versus plan performance.
Kensington (Alaska, USA)
An underground gold mine in southeast Alaska near Juneau. Kensington has been a steady, lower-grade gold producer. Alaska mining carries higher operating costs due to logistics and remoteness. The mine's contribution to the portfolio is as a reliable gold source rather than a high-margin outlier.
Wharf (South Dakota, USA)
An open-pit, heap-leach gold mine in the Black Hills of South Dakota. Wharf is a mature, low-cost heap-leach operation that generates consistent free cash flow with modest capital requirements. It functions as a steady cash contributor to the portfolio rather than a growth asset.
Q2 2026 record results
Q2 2026 was the first full quarter reflecting the combined Coeur-New Gold platform. Key results:
| Metric | Q2 2026 value |
|---|---|
| Revenue | $1.086 billion (record) |
| Adjusted EBITDA | $478 million |
| Operating cash flow | $513 million |
| Free cash flow | $388 million |
| GAAP net income | $122 million |
| Gold production | 163,490 ounces |
| Silver production | 4.4 million ounces |
| Copper production | 11.4 million pounds |
| Cash on hand (June 30, 2026) | approximately $1.1 billion |
The results benefited from elevated gold prices and strong production at Las Chispas. The non-cash Rainy River PPA charge of approximately $140 million reduced GAAP income relative to cash earnings. Investors should track the difference between GAAP net income and cash flow when evaluating quarters that include acquisition-accounting adjustments.
Acquisition integration: New Gold transaction
The New Gold acquisition brought two operating mines (New Afton and Rainy River) that materially resized Coeur's production, revenue, and cash flow profile. It also brought significant integration work:
- New Afton block-cave ramp: The block-cave underground expansion at New Afton requires sustained capital investment and geotechnical discipline. Performance against the ramp schedule is a key quarterly indicator.
- Rainy River throughput and grades: Open-pit operations at Rainy River depend on ore grade consistency. Investors should track quarterly ounces produced against guidance and mill throughput rates.
- Cost synergies: Corporate overhead synergies from combining two public companies are quantifiable and should be visible in general and administrative expenses over 2026 and 2027.
- Purchase-price allocation: The non-cash PPA charge flowing through Q2 2026 GAAP results is an accounting artifact of acquisition accounting, not a cash cost. It will diminish as acquired inventory is sold through.
The primary test for the acquisition is whether it creates per-share free cash flow accretion. Because share count roughly doubled from the transaction, the combined platform must generate more than twice the free cash flow of the pre-acquisition Coeur to be accretive on a per-share basis. The Q2 2026 results suggest the trajectory is positive at current metal prices, but the test must be applied over a full metal price cycle.
Share-count dilution
Coeur's share count rose from approximately 642 million at year-end 2025 to more than 1 billion as of June 30, 2026. This is the single most important structural change for investors to internalize when evaluating the stock. Several practical implications follow:
- Earnings per share, free cash flow per share, and net asset value per share metrics all look substantially different depending on which share count is used.
- Buyback efficiency is different at $1.1 billion of shares outstanding than at $642 million. The company repurchased approximately $121 million of shares through July 31, 2026, which represents roughly 10% of one year's free cash flow guidance.
- Any DCF or NAV valuation model must use the diluted share count at the time of the analysis, not a pre-acquisition figure.
Share count dilution is not automatically bad: it depends entirely on what was acquired with those shares. If New Afton and Rainy River generate sufficient free cash flow over their mine lives, the dilution is justified. If grade disappointments or ramp delays depress cash flow, the dilution creates lasting per-share impairment. This is the central investment question for CDE in 2026 and 2027.
Capital return program
Coeur initiated its first-ever capital return program following the New Gold acquisition:
- Dividend: Inaugural $0.02 per share semiannual cash dividend, paid June 2026. This is a small but symbolically important step toward returning capital to shareholders.
- Buybacks: Approximately $121 million in share repurchases completed through July 31, 2026. At more than one billion shares outstanding, this pace of buyback meaningfully reduces dilution from the acquisition over time if sustained.
The sustainability of the capital return program depends on free cash flow after sustaining capital. The 2026 guidance targets $1.5 billion in free cash flow, which would provide substantial room for both reinvestment and shareholder returns. However, free cash flow in precious metals mining is highly sensitive to metal prices, and a sustained decline in gold from current levels would reduce the available cash for buybacks and dividends.
2026 guidance
| Metric | 2026 guidance |
|---|---|
| Gold production | approximately 690,000 ounces |
| Silver production | approximately 20 million ounces |
| Copper production | approximately 45 million pounds |
| Adjusted EBITDA | approximately $2.3 billion |
| Free cash flow | approximately $1.5 billion |
Guidance assumes metal prices consistent with approximately mid-2026 spot levels. Because Coeur does not hedge the majority of its production, actual results will diverge from guidance in proportion to metal price movements. A 10% decline in gold price, holding all else equal, would materially reduce reported EBITDA and free cash flow.
Key risks
| Risk | Investor implication |
|---|---|
| Gold, silver, and copper price decline | Revenue and free cash flow are directly leveraged to spot metal prices; no material hedging buffer exists |
| Grade variability at individual mines | Lower-than-plan grades reduce ounces produced and raise cost per ounce; common source of guidance cuts |
| New Afton block-cave ramp execution | Underground expansion delays would reduce copper-gold production and increase unit costs |
| Rainy River throughput and grades | Open-pit ore grade variability and mill throughput shortfalls would reduce free cash flow |
| Share-count dilution | Per-share value creation depends on the acquired assets generating sufficient FCF to justify more than doubling share count |
| Capital intensity | Mining requires continuous sustaining capital; free cash flow after sustaining capital is lower than operating cash flow |
| Permitting and regulatory risk | Mine expansion and new permits in multiple jurisdictions face variable timelines and political risk |
| Cost inflation | Labor, energy, and consumables costs affect margins; mining is energy-intensive |
Bull, base, and bear framework
Bull case
New Afton and Rainy River ramp to plan, delivering the $1.5 billion annual free cash flow target at sustained elevated gold prices. The seven-mine diversification provides resilience if one asset underperforms. The buyback program steadily reduces share count, turning the dilution narrative into an accretion story within two to three years. The copper component of New Afton gains additional value if copper prices rise on energy transition demand.
Base case
The platform delivers roughly guided production with modest ramp delays at one or two mines. Free cash flow comes in at $1.0 to $1.5 billion depending on metal prices. Share buybacks offset some of the dilution. The transformation is viewed as moderately successful but per-share metrics remain constrained by share count until significant buybacks reduce the overhang.
Bear case
New Afton block-cave ramp disappoints materially, or Rainy River grades come in well below plan, reducing production and raising costs. Simultaneously, a sustained decline in gold price compresses margins. Free cash flow falls well short of the $1.5 billion target, limiting buybacks and raising questions about dividend sustainability. The acquisition is retrospectively viewed as dilutive at the wrong point in the metal cycle.
What to monitor each quarter
| Item to track | Why it matters |
|---|---|
| Gold, silver, and copper production by mine | Identifies which assets are performing vs. plan and reveals early-warning grade or throughput issues |
| Costs applicable to sales per gold-equivalent ounce | Measures operational efficiency; rising CAS is an early sign of grade dilution or cost inflation |
| New Afton block-cave production vs. ramp schedule | Single most important integration indicator given the asset's capital-intensity and underground complexity |
| Rainy River throughput and head grades | Open-pit grade variability is the primary source of FCF volatility at this mine |
| Free cash flow after sustaining capital | The number that ultimately drives buybacks, dividends, and balance sheet strength |
| Cash balance and debt levels | Monitors balance sheet capacity to weather a metal price downturn |
| Share count trends | Tracks whether buybacks are reducing post-acquisition dilution and at what pace |
| Sustaining vs. growth capital split | Distinguishes capital that maintains existing production from capital that creates future production |
How to think about valuation
Precious metals miners are typically valued using a combination of net asset value (NAV) and current-year cash flow multiples. NAV estimates the present value of all future free cash flows from each mine's ore reserves, discounted at an appropriate rate for mining risk, minus net debt. Because Coeur now owns seven mines across multiple jurisdictions, a sum-of-the-parts NAV approach is appropriate.
The key inputs to NAV are: metal price assumptions (a small change in long-term gold price assumptions has a large effect on NAV), mine life at each asset (ore reserves), sustaining capital requirements, and discount rate. Investors should use a range of gold price assumptions ($1,800, $2,000, $2,200, and $2,500 per ounce) to build a price sensitivity matrix and understand at which prices the current equity market capitalization implies a premium or discount to NAV.
Because free cash flow per share is the practical test of whether the acquisition created value, investors should also track the annualized free cash flow per diluted share and compare it to the prevailing stock price. A company trading at 10x free cash flow per share at $2,000 gold is a very different investment from the same company at 20x.
Simple P/E multiples are often misleading for miners because GAAP earnings include non-cash purchase-price-allocation charges, depreciation and depletion that do not represent current cash costs, and unrealized gains or losses on derivatives. Adjusted EBITDA and free cash flow per share are more informative starting points for a mining valuation.
Frequently asked questions
What is Coeur Mining?
Coeur Mining, Inc. (NYSE: CDE) is a North American precious metals producer operating seven wholly owned mines that produce gold, silver, and copper. Its properties span British Columbia, Ontario, Sonora (Mexico), Chihuahua (Mexico), Nevada, Alaska, and South Dakota. Following the 2026 acquisition of New Gold Inc., Coeur added New Afton (BC) and Rainy River (Ontario) to its existing portfolio of Las Chispas, Palmarejo, Rochester, Kensington, and Wharf.
How does Coeur Mining make money?
Coeur mines gold, silver, and copper and sells those metals at prevailing spot prices. In Q2 2026, revenue was approximately 64% gold, 30% silver, and 6% copper. Mine-level profitability depends on ore grades, processing recovery rates, costs applicable to sales, and metal prices. Cash flow generation is highest when realized metal prices exceed all-in sustaining costs by a wide margin.
What happened to Coeur Mining in 2026?
Coeur completed the acquisition of New Gold Inc. in 2026, adding the New Afton underground gold-copper mine (British Columbia) and the Rainy River open-pit gold-silver mine (Ontario) to its portfolio. The combined seven-mine platform produced record Q2 2026 results: $1.086 billion in revenue, $478 million in adjusted EBITDA, and $388 million in free cash flow. The transaction also raised share count from roughly 642 million at year-end 2025 to more than 1 billion by June 30, 2026.
What are the biggest risks for CDE investors?
Key risks include: metal price volatility (gold, silver, and copper all affect revenue); grade variability and processing recovery shortfalls at individual mines; integration risk from the New Gold acquisition (New Afton and Rainy River ramp-ups must meet plan); significant share-count dilution from the acquisition; capital intensity of underground mining; permitting and regulatory risk; and cost inflation across labor, energy, and consumables.
What was Coeur Mining's Q2 2026 free cash flow?
Coeur reported $388 million in free cash flow in Q2 2026, its first full quarter owning the New Gold assets. Adjusted EBITDA was $478 million, operating cash flow was $513 million, and revenue reached a record $1.086 billion. The quarter included approximately $140 million of non-cash purchase-price-allocation charges related to the Rainy River stockpile inventory. Cash on hand was approximately $1.1 billion at June 30, 2026.
Is Coeur Mining paying dividends?
Coeur paid its inaugural $0.02 per share semiannual dividend in June 2026, marking the first cash dividend in the company's history. In addition, Coeur repurchased approximately $121 million of its own shares through July 31, 2026. The level and sustainability of future distributions will depend on free cash flow generation, balance sheet management, and sustaining capital requirements.
How many mines does Coeur Mining operate?
Coeur operates seven wholly owned mines: New Afton (British Columbia, gold and copper), Rainy River (Ontario, gold and silver), Las Chispas (Sonora Mexico, silver and gold), Palmarejo (Chihuahua Mexico, gold and silver), Rochester (Nevada, silver and gold), Kensington (Alaska, gold), and Wharf (South Dakota, gold). The company also holds the Silvertip polymetallic exploration project in British Columbia, which is not currently in production.