Coeur Mining, Inc. (CDE) is a precious metals producer operating in the United States, Canada, and Mexico. The company focuses on mining and exploration activities, producing gold and silver doré, as well as gold concentrate. Coeur sells its products to multi-national banks, bullion trading houses, refiners, and smelters under long-term agreements.
- Palmarejo - Operates a gold-silver complex in Chihuahua, Mexico, including underground mines and a processing facility.
- Wharf - Runs an open-pit heap leach gold mine near Lead, South Dakota, acquired in 2015.
- Kensington - Manages an underground gold mine north of Juneau, Alaska, with ongoing exploration and development efforts.
- Rochester - Operates an open-pit heap leach silver-gold mine in Nevada, recently expanded to extend its mine life.
- Las Chispas - Produces high-grade silver and gold from an underground mine in Sonora, Mexico, with a processing capacity of 1,375 tons per day.
- Silvertip - Focuses on silver-zinc-lead exploration in northern British Columbia, Canada, with plans for resource expansion and mill upgrades.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mitchell J. Krebs ExecutiveBoard | President, Chief Executive Officer, and Chairman of the Board of Directors | Mitchell J. Krebs has been the President, Chief Executive Officer, and Chairman of Coeur Mining, Inc. since July 2011. He previously served as Senior Vice President and Chief Financial Officer from March 2008 to July 2011 and has led major capital raising and acquisition activities. | View Report → | |
Aoife McGrath Executive | Senior Vice President, Exploration | Aoife McGrath is the Senior Vice President, Exploration at Coeur Mining, Inc. since 2022. She brings over 20 years of industry experience, having previously held leadership roles at Barrick Gold Corp, Beadell Resources Limited, and Alamos Gold Inc.. | ||
Casey M. Nault Executive | Senior Vice President, General Counsel, and Chief ESG Officer | Casey M. Nault is the Senior Vice President, General Counsel, and Chief ESG Officer at Coeur Mining, Inc., having assumed this position in 2022. With approximately 25 years of experience in corporate and securities law, he has been instrumental in leading the company's ESG initiatives since 2018 and has a strong background in compliance, internal audit, cybersecurity, and other corporate functions. | ||
Emilie C. Schouten Executive | Senior Vice President and Chief Human Resources Officer | Emilie C. Schouten is the Senior Vice President and Chief Human Resources Officer at Coeur Mining since 2023. She brings over 15 years of HR experience with previous roles including HR Manager at GE and Director of Training and Development at Rexel, contributing significantly to organizational development and training initiatives. | ||
Kenneth J. Watkinson Executive | Vice President, Corporate Controller & Chief Accounting Officer | Kenneth J. Watkinson is the Vice President, Corporate Controller & Chief Accounting Officer at Coeur Mining, Inc. since February 2018. He previously served as Vice President, Corporate Controller from March 2017 to February 2018 and as Director of Financial Reporting from September 2013 to March 2017. | ||
Michael Routledge Executive | Senior Vice President and Chief Operating Officer | Chair of Health & Safety Division Executive Committee for the Society for Mining, Metallurgy & Exploration board | Michael Routledge has served as the Senior Vice President and Chief Operating Officer at Coeur Mining since 2020. He also chairs the Health & Safety Division Executive Committee for the Society for Mining, Metallurgy & Exploration board. | |
Thomas S. Whelan Executive | Senior Vice President and Chief Financial Officer | Member of the board of directors of Highlander Silver Corp. (October 2024) | Thomas S. Whelan has been the Senior Vice President and Chief Financial Officer of Coeur Mining since January 2019. He also serves as a board member of Highlander Silver Corp. since October 2024 and has held CFO roles at NevSun Resources Ltd. (January 2014 to August 2017) and Arizona Mining Inc. (September 2017 to August 2018). | |
Eduardo Luna Board | Director | Non-Executive Chairman of the Board at Rochester Resources Ltd. ; Member of the Board of Directors at Vizsla Silver Corp. | Eduardo Luna is an experienced mining industry leader with over 40 years of experience who has been serving as Director at Coeur Mining since 2018. He has held various leadership positions in the mining sector, including roles as President at Luismin and Executive Vice President at other companies. | |
J. Kenneth Thompson Board | Independent Lead Director | President and CEO of Pacific Star Energy LLC; Board Member at Alaska Air Group, Inc. | J. Kenneth Thompson has been serving as the Independent Lead Director at Coeur Mining (CDE) since 2002. He also holds active external roles as President and CEO of Pacific Star Energy LLC (since September 2000) and as a Board Member at Alaska Air Group, Inc. (since 1999). | |
Jeane L. Hull Board | Director | Hudbay Minerals Inc. (Board Member since June 2023); Wheaton Precious Metals Corp. (Board Member since May 2023); Eprioc AB (Board Member since January 2018) | Jeane L. Hull has served as a Director at Coeur Mining, Inc. since 2022, bringing over 35 years of mining operational leadership and engineering experience. She has held numerous executive and board roles in the mining industry, including positions at Hudbay Minerals Inc., Wheaton Precious Metals Corp., and Eprioc AB. | |
Linda L. Adamany Board | Member of the board of directors | Member of the board of directors at Jefferies Financial Group since March 2014 ; Independent Lead Director at Jefferies Financial Group since March 2022 ; Member of the board of directors at Jefferies International Limited since March 2021 ; Non-executive Director at BlackRock Institutional Trust Company since March 2018 ; Non-executive Director at Vitesse Energy, Inc. since January 2023 | Linda L. Adamany has served as a board member at CDE since 2013. She is recognized for her leadership and financial expertise, and she has held active board and non‐executive roles at other leading companies. | |
N. Eric Fier Board | Director | Executive Chairman at Mako Mining Corp. | N. Eric Fier joined Coeur Mining, Inc. as a Director on February 6, 2025 following the acquisition of SilverCrest Metals, Inc., and he brings over 35 years of international mining experience with key contributions such as advancing the Las Chispas operation. | |
Paramita Das Board | Director | Chief Strategy Officer and Senior Advisor to the CEO at Stardust Power Inc. (since September 2024); Board Member at Genco Shipping & Trading Limited (since March 2024); Board Member at Toromont Industries, Ltd. (since November 2024) | Paramita Das is a Director at Coeur Mining since 2023. She brings extensive leadership experience from her previous roles at Rio Tinto and now serves as the Chief Strategy Officer and Senior Advisor to the CEO at Stardust Power Inc. since September 2024. | |
Pierre Beaudoin Board | Board Director | Chairman of Radisson Mining Resources, Inc.; Board Director of SilverCrest Metals, Inc. | Pierre Beaudoin is an independent director at Coeur Mining, Inc. since February 6, 2025, with over 30 years of international experience in mineral processing and project development. | |
Randolph E. Gress Board | Director | Randolph E. Gress has an extensive leadership background in the specialty chemicals and mining sectors, having served as CEO and Chairman at Innophos Holdings from 2004 through early 2016. He currently brings his strategic expertise to Coeur Mining as a Director since 2013. | ||
Robert E. Mellor Board | Independent Chairman of the Board | Independent Chairman of the Board at Monro, Inc. (since June 2017) | Robert E. Mellor is the Independent Chairman of the Board at Coeur Mining (CDE), serving on the board since August 2010 and having held an interim CEO role from August 2020 to April 2021, reflecting his extensive leadership experience. |
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Given that you anticipate significant free cash flow beginning in Q2 2025, but mention that Q1 will be impacted by onetime outflows including an estimated $80 million in tax payments in Mexico, how confident are you in achieving your debt reduction goals for 2025, and could these onetime costs impact your liquidity position?
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With only 10.5 months of Las Chispas production included in your 2025 guidance, what challenges do you anticipate in integrating this asset, and how do you plan to address any potential delays in realizing the expected synergies from the acquisition?
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Regarding the crusher performance at Rochester, can you elaborate on the issues with crush size that led to lower-than-planned silver production in Q4 2024, and what measures are being implemented to prevent such issues in 2025 to meet your production guidance of 7 to 8.3 million ounces of silver?
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At Kensington, costs applicable to sales have increased due to higher labor and camp costs as well as sensitivity to grade; what specific strategies are you deploying to control costs and ensure a return to positive free cash flow in 2025 as projected?
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With your exploration budget increasing to $85 million in 2025, particularly with significant spending at Wharf and Palmarejo, how do you balance this with your commitment to aggressive debt reduction, and what are the expected returns and timelines for these exploration investments?
Research analysts who have asked questions during Coeur Mining earnings calls.
Joseph Reagor
ROTH Capital Partners
5 questions for CDE
Brian MacArthur
Raymond James Financial, Inc.
2 questions for CDE
Michael Siperco
RBC Capital Markets
2 questions for CDE
Alex Terentiew
National Bank Financial
1 question for CDE
Kevin O'Halloran
BMO Capital Markets
1 question for CDE
Michael Parkin
National Bank Financial
1 question for CDE
Wayne Lam
TD Securities
1 question for CDE
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Bank of Montreal | Multi-national bank purchasing gold/silver bullion | Palmarejo, Rochester, Wharf | In 2024, accounted for $445.6 million (42.3% of total revenue). |
Ocean Partners | Metals trading/marketing firm | Palmarejo, Rochester, Kensington, Wharf | In 2024, accounted for $484.5 million (46.0% of total revenue). |
Asahi | Precious metals refiner | Palmarejo, Rochester, Kensington, Wharf | In 2024, accounted for $104.9 million (10.0% of total revenue). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
SilverCrest Metals Inc. | 2025 | Deal Value & Structure: Coeur Mining, Inc. completed an all-equity acquisition valued at $1.58 billion, where SilverCrest shareholders received 1.6022 Coeur common shares per SilverCrest share (approximately 239 million shares issued). Strategic Rationale & Business Fit: The acquisition of the high-grade, low-cost Las Chispas silver and gold operation in Sonora, Mexico enhances Coeur’s mineral reserves by 12% and positions it as a leading global silver company, with significant production increases in 2025. Key Capabilities/Assets: Adding Las Chispas contributes an expected 42,500–52,500 ounces of gold and 4.25–5.25 million ounces of silver in prorated production for 2025, bolstering overall production forecasts. Notable Terms/Conditions: The transaction closed on February 14, 2025, backed by approvals from the Mexican Federal Economic Competition Commission (COFECE) on January 30, 2025, and advised by BMO Capital Markets, Goldman Sachs, Goodmans LLP, and Gibson, Dunn & Crutcher LLP. |
Recent press releases and 8-K filings for CDE.
- Coeur Mining, Inc. (CDE) has entered into a definitive agreement to acquire all of the issued and outstanding shares of New Gold Inc. (NGD).
- Under the terms of the agreement, New Gold shareholders will receive 0.4959 shares of Coeur common stock for each New Gold common share, implying consideration of $8.51 per New Gold common share based on Coeur's closing price on October 31, 2025. This represents a 16% premium to New Gold's closing price on the NYSE American on October 31, 2025.
- The transaction implies a total equity value of approximately $7 billion for New Gold, resulting in a pro forma combined equity market capitalization of approximately $20 billion.
- The combined company is expected to generate approximately $3.0 billion of EBITDA and approximately $2.0 billion of free cash flow in 2026, a material increase from Coeur's expected 2025 figures of approximately $1 billion EBITDA and $550 million free cash flow.
- Coeur Mining announced it will acquire all outstanding common shares of New Gold via a plan of arrangement, with New Gold shareholders receiving 0.4959 Coeur shares for each New Gold share. This implies a total equity value of approximately $7 billion and represents a 16% premium based on New Gold's closing share price last Friday.
- The transaction is expected to create the industry's only all-North American senior precious metals mining company, resulting in a $20 billion US-based precious metals producer.
- The combined company is projected to achieve approximately $3 billion in EBITDA and $2 billion in free cash flow in 2026.
- Combined production for 2026 is expected to be approximately 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper, or approximately 1.25 million gold-equivalent ounces. Over 80% of the combined company's 2026 revenue will be generated from U.S. and Canadian operations.
- The transaction is expected to close in the first half of 2026.
- Coeur Mining announced its acquisition of New Gold on November 3, 2025.
- The transaction has an equity value of approximately $7 billion and implies a 16% premium for New Gold shareholders based on its closing share price on October 31, 2025. New Gold shareholders will receive 0.4959 of a Coeur share for each New Gold share held.
- Upon closing, Coeur and New Gold shareholders are expected to own approximately 62% and 38% of the combined company, respectively. The combined entity is projected to have an approximate $20 billion market capitalization.
- The combined company is expected to generate approximately $3.0 billion of EBITDA and $2.0 billion of free cash flow in 2026. It is also expected to produce approximately 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper.
- The acquisition creates an "All North American Senior Precious Metals Producer" with seven high-quality North American operations.
- Coeur Mining (CDE) announced the acquisition of New Gold via a plan of arrangement, with New Gold shareholders receiving 0.4959 Coeur shares for each New Gold share, implying a total equity value of approximately $7 billion and representing a 16% premium based on New Gold's closing share price last Friday.
- The combined company is expected to be a $20 billion U.S.-based precious metals producer, ranking among the world's top 10 largest precious metals companies and remaining a top five global silver producer. Over 80% of its 2026 revenue is projected to come from U.S. and Canadian operations.
- The transaction is anticipated to result in 2026 EBITDA of approximately $3 billion and free cash flow of approximately $2 billion, leading to a net cash position at closing and approximately 40% free cash flow per share accretion for Coeur stockholders.
- Combined production for next year (2026) is expected to be approximately 20 million ounces of silver, 900,000 ounces of gold, and 100 million lbs of copper, totaling approximately 1.25 million gold-equivalent ounces.
- Shareholder meetings are expected in the first quarter of next year, with the transaction anticipated to close in the first half of 2026, subject to customary deal protections, stock exchange, and regulatory approvals.
- Coeur (CDE) announced the acquisition of all outstanding common shares of New Gold, with New Gold shareholders set to receive 0.4959 Coeur shares for each New Gold share. This implies a total equity value of approximately $7 billion and represents a 16% premium based on New Gold's closing share price last Friday.
- Upon completion, existing Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively. The transaction requires 66 2/3% shareholder approval from New Gold and majority approval from Coeur stockholders, with shareholder meetings expected in the first quarter of next year and closing anticipated in the first half of 2026.
- The combined entity is projected to be a $20 billion US-based precious metals producer, positioning it among the world's top 10 largest and maintaining its status as a top five global silver producer.
- For 2026, the combined company is expected to achieve approximately $3 billion in EBITDA and $2 billion in free cash flow. Production is anticipated to be around 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper, or approximately 1.25 million gold-equivalent ounces.
- The transaction is expected to be per share accretive for Coeur stockholders across all key metrics, including approximately 40% free cash flow per share accretion. Over 80% of the combined company's 2026 revenue will be generated from U.S. and Canadian operations.
- Coeur Mining Inc. has agreed to acquire Canadian miner New Gold Inc. in an all-stock deal valued at approximately $7 billion.
- New Gold shareholders will receive 0.4959 shares of Coeur for each share they own, implying a consideration of $8.51 per New Gold common share.
- The combined company is expected to produce approximately 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper in 2026 from seven North American operations.
- Coeur stockholders will hold about 62% of the combined entity, with New Gold shareholders owning roughly 38%.
- Coeur Mining, Inc. (NYSE: CDE) has entered into a definitive agreement to acquire New Gold Inc. (TSX: NGD; NYSE American: NGD), with New Gold shareholders receiving 0.4959 shares of Coeur common stock for each New Gold common share. This represents a 16% premium to New Gold's closing price on October 31, 2025, and implies a total equity value of approximately $7 billion for New Gold.
- The combined company is projected to have an equity market capitalization of approximately $20 billion and is expected to generate approximately $3 billion of EBITDA and $2 billion of free cash flow in 2026.
- The acquisition will create a new, all North American senior precious metals producer with seven operations, expected to produce approximately 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper in 2026.
- Upon completion, existing Coeur stockholders will own approximately 62% and New Gold shareholders will own approximately 38% of the outstanding common stock of the combined company.
- The transaction is expected to close in H1 2026, subject to regulatory and shareholder approvals.
- Coeur Mining achieved record quarterly net income ($266.8 million), free cash flow ($188.7 million), and adjusted EBITDA ($299.1 million) in Q3 2025.
- The company's cash balance more than doubled to $266.3 million by September 30, 2025, and the net leverage ratio fell to 0.1x. Approximately 10% of the $75 million share repurchase program has been completed.
- Coeur Mining increased its full-year EBITDA and Free Cash Flow targets for 2025 and refined guidance ranges.
- The Las Chispas operation outperformed and its integration is complete, while the Rochester expansion is also finished, contributing to a more balanced gold and silver portfolio.
- Coeur Mining reported its second consecutive quarter of record results in Q3 2025, driven by higher realized prices, strong production levels, and solid cost management.
- The company expects its cash balance to exceed $500 million at year-end, placing it in a net cash position heading into 2026, and anticipates full-year EBITDA to exceed $1 billion and free cash flow to top $550 million, both higher than prior estimates.
- Coeur Mining repaid over $228 million in debt during 2025, reducing net debt below $100 million and achieving a net debt ratio of 0.1 times. The company also recorded a one-time $162 million non-cash tax benefit from $630 million of U.S. net operating losses.
- Las Chispas increased its free cash flow by 34% to $66 million in Q3, with silver production reaching 1.6 million ounces and gold production 17,000 oz. The company has also completed nearly 10% of its initial $75 million share repurchase program.
- Coeur Mining reported record Q3 2025 results, with metal sales climbing 15% to $555 million, driven by higher realized prices, strong production levels, and solid cost management.
- The company raised its full-year 2025 EBITDA guidance to exceed $1 billion and free cash flow to top $550 million, both higher than prior estimates.
- Coeur's financial position significantly improved, with the cash balance growing to $266 million and net debt falling below $100 million after repaying over $228 million in debt during 2025. The company expects its cash balance to exceed $500 million at year-end, placing it in a net cash position heading into 2026.
- The Las Chispas operation had another consistent quarter, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces, generating $66 million of free cash flow.
- The company fine-tuned its full-year 2025 production and cost guidance ranges, resulting in a small increase to the midpoint of gold production guidance and a slight decrease to silver production guidance.