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Joseph Reager

Managing Director and Senior Research Analyst at Roth Capital Partners

Joseph Reagor is a Managing Director and Senior Research Analyst at Roth Capital Partners, specializing in equity research for the natural resources sector, including metals such as steel and aluminum, mining companies involved in gold, silver, and base metals, and forest products like containerboard, OCC, UFS, and pulp. He covers companies in materials, energy, and industrials sectors, with a strong performance track record featuring a 44.92% success rate, 16.57% average return, and a 4.59-star rating on platforms like TipRanks, where he was named a Top 10 Wall Street Analyst in 2016, along with the Metals & Mining No. 1 Top Stock Picker Award from Thomson Reuters StarMine in 2015. Reagor joined Roth Capital Partners in September 2013 after gaining experience at Global Hunter Securities and Very Independent Research, and he holds a B.A. in Economics and Mathematics from Monmouth University.

Joseph Reager's questions to Coeur Mining (CDE) leadership

Question · Q4 2025

Joseph Reager from Roth Capital Partners questioned the silver recoveries at Rochester, noting they seemed light, and asked if the company would reassess the project's economics or if recoveries were expected to improve with optimal crush size. He also inquired about Coeur Mining's hedging strategy, specifically if they would consider purchasing puts on gold and silver given record high prices, or if they would remain unhedged.

Answer

President and CEO Mitchell Krebs and EVP and COO Mick Routledge clarified that Rochester's actual recoveries are tracking the model for the current product size, and as the crush size progresses towards the P80 5/8 target, silver recoveries are expected to improve to nearly 60%. Mick Routledge emphasized that 2026 focus is on honing crush sizes and reliability. Mitchell Krebs stated that Coeur Mining plans to remain unhedged, focusing on cost control to push down the cost curve and retain full exposure to commodity prices, unlike previous hedging during the Rochester capital project.

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