Coeur Mining, Inc. (CDE) Market Cap

Coeur Mining, Inc. (CDE) has a market capitalization of $17.06B, based on the latest available market data.

Financials updated after earnings reported 2025-12-31.

Sector: Basic Materials
Industry: Gold
Employees: 2116
Exchange: New York Stock Exchange
Headquarters: Chicago, IL, US
Website: https://www.coeur.com

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📘 COEUR MINING INC (CDE) — Investment Overview

🧩 Business Model Overview

Coeur Mining Inc (NYSE: CDE) is a U.S.-based precious metals producer engaged in the exploration, development, and operation of silver and gold mines. The company owns and operates a portfolio of assets across North America, with a principal focus on jurisdictions perceived as politically stable and mining-friendly. Coeur employs open-pit and underground mining methods and has a vertically integrated business model that spans the full mining lifecycle from exploration through reclamation. The company’s operational philosophy emphasizes disciplined capital allocation, resource expansion, and responsible environmental, social, and governance (ESG) practices.

💰 Revenue Streams & Monetisation Model

Coeur Mining generates its revenue through the extraction and sale of unrefined gold and silver doré, as well as concentrate sales. Its operating mines contribute the majority of top-line revenue, with sales contracts often denominated in U.S. dollars and based on prevailing commodity market prices. The company’s primary revenue drivers are its flagship mines, supplemented periodically by non-core asset sales or royalties. Coeur’s vertical integration allows it to retain value throughout the mining and processing chain, and the company may also generate incremental income through exploration project joint ventures or royalties from divested properties. Sales to refiners and smelters are typically secured under annual or multi-year contracts, with pricing closely tied to daily spot prices for gold and silver, introducing a significant exposure to commodity price volatility.

🧠 Competitive Advantages & Market Positioning

Coeur Mining benefits from a geographically diversified asset portfolio, which can help reduce geopolitical risk and operational disruption. By maintaining a presence in several U.S. states and other North American jurisdictions with advanced infrastructure, the company enjoys logistical efficiencies and access to skilled labor. Coeur’s ongoing investment in brownfield exploration and resource conversion underpins its ability to extend mine life organically and optimize throughput at existing operations. Additionally, the company’s commitment to ESG standards enhances its reputation with regulators, communities, and capital providers. Management’s experience in navigating cyclical commodity markets, combined with a historically conservative approach to balance sheet management, supports operational resilience through price downturns.

🚀 Multi-Year Growth Drivers

Several structural and company-specific factors underpin Coeur’s potential for multi-year growth: - **Exploration and Resource Expansion:** Active exploration programs aim to convert resources into reserves, lengthening mine lives and enhancing asset value. - **Operational Optimization:** Investments in plant upgrades and process improvements are targeted at boosting gold and silver recovery rates and reducing unit costs. - **Portfolio Development:** Coeur continues to evaluate brownfield expansions, new project development, and select acquisition opportunities to supplement organic growth. - **Commodity Price Leverage:** The company’s earnings and cash flow are highly sensitive to movements in silver and gold prices, with upside potential in sustained bullish metals markets. - **ESG and License to Operate:** Demonstrated commitment to ESG principles opens access to favorable financing and reduces risk of project delays related to permitting or community opposition.

⚠ Risk Factors to Monitor

Investment in Coeur Mining carries multiple risks, including but not limited to: - **Commodity Price Volatility:** Given revenue dependence on gold and silver, sharp declines in metals prices can impair earnings, cash flows, and reserve economics. - **Cost Inflation:** Increases in energy, labor, equipment, or reagent costs may pressure margins, especially if not offset by higher grades or throughput. - **Operational Risks:** Production shortfalls, unplanned downtime, and technical challenges can negatively impact results, particularly at single-asset operations or during ramp-ups. - **Jurisdictional & Regulatory Risks:** Changes in environmental regulations, permitting delays, or political developments in operating jurisdictions could affect project timelines and costs. - **Capital Allocation/M&A Risk:** Expansion projects or acquisitions may not generate anticipated returns and could require significant upfront capital. - **Reserve/Resource Depletion:** Failure to replace mined reserves could shorten mine lives and reduce future earnings visibility.

📊 Valuation & Market View

Valuation of Coeur Mining typically involves a combination of asset-based approaches, such as net asset value (NAV), and cash flow multiples (EV/EBITDA) relative to peers in the precious metals sector. The stock often trades at a discount or premium to NAV based on expectations for commodity prices, company-specific growth prospects, and balance sheet strength. Investor sentiment is also influenced by the company’s leverage to silver prices, execution against operational targets, and its track record of prudent capital management. Given its exposure to both gold and silver, Coeur is considered among the more leveraged North American mid-tier precious metals producers, offering significant upside in strong metals markets but also higher risk in down cycles.

🔍 Investment Takeaway

Coeur Mining Inc presents a compelling opportunity for investors seeking exposure to precious metals through an established, North America-focused operator. The company’s diversified asset base, commitment to operational excellence, and organic resource growth potential position it to benefit from favorable gold and silver market dynamics. However, inherent volatility in commodity prices, execution risk in project development, and sensitivity to cost inflation warrant careful monitoring. For investors with a constructive view on precious metals and an appetite for cyclical risk, Coeur offers both leverage to rising metal prices and potential upside from internal and external growth initiatives.

⚠ AI-generated — informational only. Validate using filings before investing.

📢 Show latest earnings summary

CDE Q4 2025 Earnings Summary

Overall summary: Coeur delivered record Q4 and full-year 2025 results with substantial production growth, sharply higher EBITDA and free cash flow, and a strengthened balance sheet now in a net cash position. Operational performance improved across all mines, highlighted by Rochester’s ramp-up and strong cash generation from Las Chispas, Palmarejo, Kensington, and Wharf. Management guides to another record 2026 on a stand-alone basis, with silver growing to a larger share of revenue and a step-up expected post-closing of the New Gold transaction. Near-term headwinds include seasonal Q1 cash outflows, Wharf repair timing, and lower H1 grades at Rochester, but overall outlook and tone remain strongly positive.

Growth

  • Record 2025 silver and gold production up 57% and 23% YoY, driven by Rochester expansion and Las Chispas acquisition
  • Full-year EBITDA up ~200% to >$1B; free cash flow to $666M vs -$9M in 2024
  • Net income rose ~10x to $586M; year-end cash up >10x to $554M

Business development

  • Acquisition of SilverCrest (Las Chispas) closed in February; successful integration
  • New Gold transaction on track to close by end of Q1 2026; adds Rainy River and New Afton
  • Combined company expected to generate ~$3B EBITDA and ~$2B FCF on a full-year run-rate (based on Oct consensus prices)
  • Updated S-K 1300 technical reports for New Afton and Rainy River to be filed upon closing; maiden K-Zone resource at New Afton

Financials

  • Q4 production: 112 koz gold and 4.8 Moz silver
  • Q4 free cash flow $313M (+66% q/q); Rochester Q4 FCF $78M
  • Adjusted EBITDA margin reached ~63%; up ~60% q/q
  • 2025 ROIC 26% (peer-leading)
  • Realized prices in Q4: gold +21%, silver +40% YoY
  • U.S. operations ~60% of 2025 revenue; silver ~35% of 2025 revenue

Capital & funding

  • Achieved net cash positive; total debt reduced by $250M (42%) YoY
  • Cash $554M; total liquidity nearing $1B
  • $75M buyback saw limited execution due to deal-related trading restrictions; capital return update planned post-close
  • Guidance for cash taxes/royalties raised given stronger commodity prices

Operations & strategy

  • Las Chispas: Q4 1.4 Moz Ag and 15 koz Au; $286M FCF in first ~10.5 months; full-year 2026 contribution expected
  • Palmarejo: >470k t milled in Q4 (>6,000 tpd); $63M Q4 FCF; ‘fill-the-mill’ strategy to be leveraged at Rainy River
  • Rochester: >6.4 Mt crushed in Q4; P80 ~0.84 inch; Q4 output 1.7 Moz Ag/17 koz Au; Jan 2026 crushed 2.3 Mt; aiming for 6.2–7.2 Mt crushed per quarter and 5/8-inch top size; leach pad 6 expansion largely completed in 2026
  • Kensington: Q4 30 koz Au; lowest quarterly cost $1,533/oz; $51M Q4 FCF; reserve additions support 2026
  • Wharf: Q4 25 koz Au; $62.3M FCF; tertiary crusher area fire repaired through Q2; temporary mobile crushing; 2026 second-half weighted plan; mine life nearly doubled to ~12 years
  • Exploration: 2025 reserves +10% YoY; inferred resources +40% (notable gains at Wharf, Palmarejo, Rochester); 2026 exploration spend $120–$136M (+47% YoY)
  • Silvertip advancing toward potential pre-feasibility study

Market & outlook

  • Expect another record year in 2026 on a stand-alone basis
  • 2026 silver production guidance +10% YoY; silver expected ~42% of 2026 revenue at current prices
  • Commodity prices have strengthened into 2026
  • Combined company guidance and capital return priorities to be provided after New Gold close

Risks & headwinds

  • Q1 operating cash flow seasonally low due to Mexican tax and annual incentive payments
  • Wharf tertiary crusher repairs through Q2; production weighted to H2
  • Rochester grades lower in 1H 2026 per mine plan
  • Higher commodity prices increase cash taxes/royalties
  • Integration and execution risk around New Gold transaction

Sentiment: positive

SEC Filings

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