Coeur Mining, Inc.
Company Overview
Coeur Mining, Inc. (NYSE/TSX: CDE) is a senior North American precious metals producer that has significantly expanded through the Rochester expansion, the acquisition of SilverCrest (Las Chispas) and the acquisition of New Gold’s New Afton and Rainy River operations. The company now operates seven mines across the United States, Canada and Mexico. Updated 2026 guidance is 630,000–750,000 ounces of gold, 18.7–21.9 million ounces of silver and 40–50 million pounds of copper. Q2 2026 delivered record gold production of 163,490 ounces. At the midpoint of refined guidance and updated price assumptions, Coeur expects approximately 690 koz gold, 20 Moz silver, record adjusted EBITDA of ~US$2.3 billion and free cash flow of ~US$1.5 billion. The company holds net cash (cash ~US$1.05 billion vs debt ~US$0.71 billion at Q2) and has initiated share buybacks and an inaugural dividend.
Investment Thesis
Coeur has transformed into a larger-scale, multi-asset North American precious metals producer with substantial free-cash-flow generation capacity, a net-cash balance sheet and an emerging capital-return program. The combination of legacy operations (Rochester, Palmarejo, Kensington, Wharf) with newly acquired Canadian and Mexican assets drives double-digit production growth versus prior years. Key risks include integration of the acquired assets, operational delivery versus the refined guidance, gold and silver price volatility, and the capital intensity of sustaining and growth programs. Relative to pure juniors, CDE ranks substantially lower risk; relative to the largest senior producers, residual integration and operational risk remain.
