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Coeur Mining (NYSE: CDE) reported record Q2 2026 results of $1.086 billion in revenue, $478 million in adjusted EBITDA, $513 million in operating cash flow, and $388 million in free cash flow. These were the first results reflecting the full combined platform after the New Gold acquisition. The company's 2026 guidance targets approximately $2.3 billion in adjusted EBITDA and $1.5 billion in free cash flow, at production of roughly 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper.
Q2 2026 financial summary
| Metric | Q2 2026 value | Notes |
|---|---|---|
| Revenue | $1.086 billion | Record quarter; first full quarter with New Afton and Rainy River |
| Adjusted EBITDA | $478 million | Excludes non-cash PPA charges and other adjustments |
| Operating cash flow | $513 million | Includes working capital movements |
| Free cash flow | $388 million | Operating cash flow minus capital expenditures |
| GAAP net income | $122 million | Reduced by approximately $140M non-cash PPA charges |
| Cash on hand (June 30, 2026) | approximately $1.1 billion | Strong liquidity position post-acquisition |
| Share count (June 30, 2026) | more than 1 billion shares | Up from approximately 642 million at year-end 2025 |
Revenue mix: gold, silver, and copper
Coeur's revenue in Q2 2026 was generated from three metals:
| Metal | Approximate Q2 2026 revenue share | Comment |
|---|---|---|
| Gold | approximately 64% | Driven by New Afton, Rainy River, Las Chispas (byproduct), Palmarejo, Kensington, and Wharf |
| Silver | approximately 30% | Driven primarily by Las Chispas and Palmarejo; Rochester contributes silver from heap-leach |
| Copper | approximately 6% | Primarily New Afton; copper-gold concentrate sold to smelters |
The revenue mix will shift over time as individual mines move through their production cycles. New Afton's copper contribution could grow if the block-cave ramp delivers higher throughput. Las Chispas' silver contribution is expected to remain significant given its high silver grade. Investors should track each metal's price and each mine's production separately to understand revenue drivers quarter by quarter.
Q2 2026 production
| Metal | Q2 2026 production |
|---|---|
| Gold | 163,490 ounces |
| Silver | 4.4 million ounces |
| Copper | 11.4 million pounds |
At annualized rates, Q2 production implies approximately 654,000 ounces of gold and 17.6 million ounces of silver, which sits slightly below the full-year guidance of 690,000 oz gold and 20 million oz silver. The second half of 2026 is expected to be weighted toward higher production as mine sequences and ramp schedules progress. Investors should treat quarterly production data as the primary leading indicator of full-year guidance achievement.
Cash position and balance sheet
Coeur held approximately $1.1 billion in cash as of June 30, 2026. This level of liquidity is significant for a mid-tier mining company and provides: a buffer against a multi-quarter downturn in metal prices, funding for the ongoing capital programs at New Afton and Rochester, and capital for the ongoing buyback program without requiring new debt or equity issuance.
Investors should track the net debt position (total debt minus cash) over time. The New Gold acquisition was partially funded with new debt, and the pace at which free cash flow reduces that net debt is a key indicator of balance sheet health. A mining company with declining net debt and rising free cash flow per share is generally in a favorable financial trajectory.
Purchase-price allocation and its effect on reported results
When Coeur acquired New Gold, the assets were recorded at fair value on the acquisition date under purchase-price accounting (also called purchase-price allocation or PPA). One consequence of this treatment is that inventory on hand at Rainy River was stepped up to fair value at closing. As that inventory was processed and sold in Q2 2026, the step-up (approximately $140 million) flowed through cost of sales as a non-cash charge.
This reduced GAAP net income by roughly $140 million in Q2 2026 compared to what results would have been on a cash basis. Adjusted EBITDA and free cash flow metrics exclude this charge because it is a non-recurring, non-cash accounting artifact. Investors comparing Coeur's Q2 GAAP earnings to pre-acquisition quarters should be aware that the PPA charge made GAAP earnings look worse than the cash economics of the combined business.
The charge will diminish in subsequent quarters as the acquired inventory is consumed and replaced by newly mined ore at normal cost.
2026 production and financial guidance
| Metric | 2026 guidance | Sensitivity |
|---|---|---|
| Gold production | approximately 690,000 ounces | Dependent on New Afton and Rainy River ramp |
| Silver production | approximately 20 million ounces | Primarily driven by Las Chispas and Palmarejo |
| Copper production | approximately 45 million pounds | Primarily New Afton block-cave throughput |
| Adjusted EBITDA | approximately $2.3 billion | Directly leveraged to gold/silver/copper prices |
| Free cash flow | approximately $1.5 billion | After sustaining capital; key per-share metric |
Guidance is based on assumed metal prices that management considered representative at the time of issuance. Investors should update the implied free cash flow guidance using current metal price assumptions rather than relying solely on the published guidance figure.
Capital returns: buybacks and dividend
Coeur repurchased approximately $121 million of shares through July 31, 2026. At a share count above one billion, sustained buybacks are the most powerful tool for reversing acquisition dilution and creating per-share value. The rate of buyback relative to shares outstanding and free cash flow is an important metric to track each quarter.
Coeur paid its first-ever semiannual dividend of $0.02 per share in June 2026. The dividend yield is modest relative to the share price and is primarily a signal of management's confidence in sustained free cash flow generation, rather than a major income component for investors.
Key financial metrics to track each quarter
- Production by mine and metal: Gold ounces, silver ounces, and copper pounds from each of the seven mines, compared against guidance and prior periods
- Costs applicable to sales per gold-equivalent ounce: The primary cost-efficiency metric at the mine level; rising CAS signals grade dilution, cost inflation, or processing issues
- Adjusted EBITDA and margin: The best summary measure of operational profitability before interest, taxes, depreciation, and non-cash items
- Free cash flow after sustaining capital: The cash available for buybacks, dividends, debt reduction, and growth capital
- Cash and net debt: Balance sheet health indicator; net debt reduction over time confirms the acquisition is generating cash surplus
- Ore grades and mill recoveries by mine: The earliest-available indicators of future production performance; reported in quarterly production reports before financial results
- Sustaining vs. growth capital split: Distinguishes capital that maintains current production from capital invested for future production growth
- Share count and buyback pace: Tracks whether management is reducing the acquisition dilution faster or slower than guided
Frequently asked questions
What was Coeur Mining's revenue in Q2 2026?
Coeur Mining reported record revenue of $1.086 billion in Q2 2026, the first full quarter reflecting the combined Coeur-New Gold platform. Revenue mix was approximately 64% gold, 30% silver, and 6% copper. This compared to a much smaller revenue base in prior quarters before the New Gold acquisition added New Afton and Rainy River to the portfolio.
What is Coeur Mining's 2026 free cash flow guidance?
Coeur's 2026 guidance targets approximately $1.5 billion in free cash flow and approximately $2.3 billion in adjusted EBITDA. These figures assume metal prices roughly consistent with mid-2026 spot levels. Because Coeur does not hedge the majority of its production, actual free cash flow will be directly sensitive to movements in gold, silver, and copper prices.
What caused the non-cash charge in Q2 2026?
Coeur recorded approximately $140 million of non-cash purchase-price-allocation (PPA) charges in Q2 2026 related to inventory acquired at Rainy River in the New Gold transaction. Under acquisition accounting, inventory acquired is stepped up to fair value; as that inventory is sold, the step-up flows through cost of sales as a non-cash charge. It reduces GAAP earnings but does not affect cash flow or adjusted EBITDA.
How does Coeur Mining track mine-level financial performance?
Coeur reports mine-level metrics including production (ounces of gold, ounces of silver, pounds of copper), costs applicable to sales per ounce or pound, and mine-level cash flow contribution. Investors should track ore grades (grams per tonne), mill throughput (tonnes per day), and processing recovery rates alongside the financial metrics, because grade and recovery changes are the first signs of future financial performance changes.