Coeur Mining Stock History and Valuation

Direct answer

CDE trades on the NYSE. Share count rose from approximately 642 million at year-end 2025 to more than 1 billion at June 30, 2026, following the New Gold acquisition. Valuation should use net asset value (NAV) per mine plus current free cash flow per diluted share, rather than simple earnings multiples. The acquisition dilution means any per-share metric from before 2026 is not directly comparable to current figures. The per-share FCF test after sustaining capital is the central valuation variable going forward.

CDE stock characteristics

Coeur Mining common stock trades on the New York Stock Exchange under the ticker CDE. Key structural characteristics that inform how the stock typically behaves:

• Commodity price sensitivity: CDE is a highly leveraged play on gold, silver, and copper prices. Because mining margins are a percentage of the metal price, a 10% move in gold has a much larger effect on earnings and free cash flow than on a diversified industrial company with stable margins. This operating leverage amplifies both upside and downside relative to broad equity indices.
• No meaningful hedging buffer: Coeur does not hedge the majority of its metal production, meaning investors receive essentially unfiltered exposure to spot metal prices. This is the policy preferred by many precious metals investors but it means the stock can fall sharply on sustained commodity price declines.
• Large share count post-acquisition: With more than one billion shares outstanding as of mid-2026, CDE's per-share metrics look materially different from any pre-acquisition comparison period. Analysts and screeners that use trailing twelve-month figures will show a distorted picture until the combined platform's full-year results establish a comparable baseline.
• Beta to precious metals miners index: CDE generally trades with high correlation to the XAU (Philadelphia Gold and Silver Index) and GDX (VanEck Gold Miners ETF). A rising gold price tends to be broadly positive for the sector; CDE's individual performance will depend on whether its mine execution matches or exceeds sector peers.

Share count history and dilution from the acquisition

The single most important structural fact about CDE as of 2026 is the share count change from the New Gold acquisition:

Practical implications of the dilution:

• Any earnings, free cash flow, or NAV figures expressed per share must use the post-acquisition count. Using the pre-acquisition share count to compare 2025 and 2026 per-share metrics would be misleading.
• Historical EPS, P/E, and dividend-per-share comparisons are not directly meaningful across the acquisition boundary.
• The buyback program ($121 million through July 31, 2026) is a response to the dilution, but at that scale it would take several years of similar annual buybacks to make a material dent in the post-acquisition share count.
• Investors should model FCF per share on a go-forward basis using the current diluted count and evaluate whether the acquired assets justify the new, larger share base through superior cash flow generation.

Capital return program

Coeur initiated its first formal capital return program in 2026:

Investors should evaluate the capital return program in the context of the full capital allocation framework. In mining, sustaining capital (to maintain current production) and growth capital (to build future production) must be funded before discretionary returns to shareholders. The hierarchy is: sustaining capital first, then balance sheet management, then return of capital. The robustness of the dividend and buyback program in a downside metal price scenario is a key question.

Valuation approach: NAV and FCF per share

Net asset value (NAV) methodology

NAV is the present value of all future free cash flows expected from each mine's proved and probable ore reserves, discounted at a risk-adjusted rate, minus net corporate debt. It is expressed per diluted share to make it comparable to the stock price.

Steps to build a simplified NAV for CDE:

1. Obtain the latest reserve statement (published in the annual report or Form 10-K). Find the tonnes and grade for each mine's proved and probable reserves.
2. Apply the mine's historical processing recovery rate to calculate expected metal production over the reserve life.
3. Apply your assumed long-term metal prices to calculate expected revenue per year.
4. Subtract expected operating costs (using the mine's recent CAS or AISC as a proxy, inflated at a modest rate).
5. Subtract sustaining capital requirements (use company guidance or a historical average).
6. Discount the resulting annual free cash flows to present value using a discount rate reflecting mine-specific risk (5% to 8% for producing North American mines).
7. Sum all seven mine NAVs. Subtract net debt. Add corporate cash. Divide by diluted share count.

The resulting NAV per share gives a range of intrinsic values at different metal price assumptions. A stock trading at a significant discount to NAV at conservative gold price assumptions ($2,000/oz) may represent an attractive entry. A stock trading at a premium to NAV at optimistic assumptions ($2,500/oz) may not offer margin of safety.

Free cash flow per diluted share cross-check

A secondary valuation approach uses current-year or forward-year free cash flow per diluted share as a quick cross-check. If Coeur generates $1.5 billion in free cash flow in 2026 and has 1.0 billion diluted shares, the FCF per share is $1.50. At a stock price of $15, that implies a 10x FCF multiple. At $20, a 13.3x multiple. Whether those multiples are cheap or expensive depends on where you are in the gold price cycle, the sustainability of the FCF, and the pace of reserve replacement at each mine.

Commodity price sensitivity matrix

Because CDE's revenue is essentially commodity revenue multiplied by production volume, the following relationships hold (approximate, holding all else equal):

These are directional estimates to illustrate scale. Gold price is overwhelmingly the dominant driver given its share of revenue and Coeur's production volume. A $200 decline in gold (from $2,400 to $2,200) would reduce annual FCF by approximately $130 million under these approximations. That is material but manageable given a $1.1 billion cash balance and approximately $1.5 billion in FCF guidance. A $600 decline in gold (from $2,400 to $1,800) would require full recalculation of the entire investment thesis.

Per-share dilution analysis: was the acquisition accretive?

The question of acquisition accretion in mining is best answered by comparing free cash flow per diluted share over a full cycle. The framework:

• Pre-acquisition Coeur standalone: At approximately 642 million shares and typical FCF levels before 2026, what was the pre-acquisition FCF per share at various gold prices?
• Post-acquisition combined platform: At more than 1 billion diluted shares and 2026 guidance of $1.5 billion FCF, what is the FCF per share at the same gold prices?
• Comparison: If post-acquisition FCF per share at $2,000 gold exceeds pre-acquisition FCF per share at $2,000 gold, the deal was accretive at that price. If it is lower, the share count increase was not justified by the new asset cash flows at that metal price level.

This comparison should be made at multiple metal prices ($1,800, $2,000, $2,200, $2,500) to understand the full range of scenarios. An acquisition that is accretive at $2,500 gold but dilutive at $1,800 gold is a bet on gold prices staying elevated; investors should be comfortable with that exposure before evaluating the deal as a success.

What to watch: ten monitoring items

1. Quarterly gold, silver, and copper production by mine: The leading indicator of whether full-year guidance will be achieved and which assets are meeting their plans
2. New Afton block-cave ramp metrics: Quarterly underground development metres, drawpoint activation pace, and production vs. schedule
3. Rainy River head grades and mill throughput: Grade vs. reserve estimate and tonnes processed per day vs. nameplate capacity
4. Las Chispas ore grades and recovery: Maintenance of high-grade status; any grade decline here would reduce the portfolio's margin anchor
5. Costs applicable to sales per gold-equivalent ounce: Trend in unit costs; rising costs without proportional metal price increases signal margin compression
6. Free cash flow after sustaining capital per quarter: The practical test of cash generation; compare annualized quarterly FCF to full-year guidance
7. Cash and net debt trajectory: Net debt declining or stable confirms the balance sheet is not being strained; sudden net debt increase signals capital requirements exceeded FCF
8. Diluted share count and buyback volume: Whether shares outstanding are declining and at what pace relative to the post-acquisition peak
9. Annual reserve and resource update: Reserve replacement rate and mine-life changes across the portfolio; published with the annual report
10. Metal price realizations vs. spot: For mines with streaming arrangements (Palmarejo silver), the realized price differs from spot; tracking the difference confirms no unexpected contractual changes

Frequently asked questions

References

• Coeur Mining: Q2 2026 Results press release
• SEC: Coeur Mining 10-Q Q2 2026
• Coeur Mining: Investor Relations
• SEC EDGAR: Filing Search