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.
You might also like
| 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. |
-
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?
-
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?
-
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?
-
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?
-
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
4 questions for CDE
Brian MacArthur
Raymond James Financial, Inc.
2 questions for CDE
Alex Terentiew
National Bank Financial
1 question for CDE
Michael Parkin
National Bank Financial
1 question for CDE
Michael Siperco
RBC Capital Markets
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 reported record quarterly net income, free cash flow, and adjusted EBITDA in Q2 2025, driven by strong production and cost performance.
- The company significantly improved its balance sheet as of June 30, 2025, fully repaying its revolving credit facility, increasing cash to $112 million, and reducing its net leverage ratio to 0.4x.
- Coeur Mining reaffirmed its full-year 2025 production and costs applicable to sales (CAS) guidance and expects to deliver a peer-leading 26.4% Return on Invested Capital (ROIC) in 2025.
- The company initiated share repurchases, completing $7.3 million as of August 31, 2025, under a $75 million program.
- Coeur Mining (CDE) projects a significant financial turnaround in 2025, with EBITDA expected to exceed $900 million and free cash flow over $500 million, a substantial improvement from 2023's $142 million EBITDA and negative $297 million free cash flow. The company also anticipates its net debt to EBITDA leverage ratio will reach zero by the end of 2025, having paid off its nearly $300 million revolver balance in Q2 2025.
- The company forecasts a notable increase in 2025 production, with gold production expected to be 20% higher year over year and silver production over 60% higher, primarily due to the Rochester expansion and the acquisition of the Las Chispas mine.
- Strategic investments, including almost $300 million in exploration over the last five years, have added approximately 9 million gold equivalent ounces to reserves and resources and extended mine lives, such as Kensington's from 18 months to five years.
- Future growth is also being pursued through projects like Silvertip in British Columbia, which has expanded its resource to over 10 million tons and could potentially add 5-6 million ounces of silver per year.
- Coeur Mining reported high-grade exploration results at its Las Chispas mine in Mexico, with intercepts at the North Las Chispas vein including 4.61 oz/t gold and 392 oz/t silver.
- The company has accelerated its drilling strategy at Las Chispas to nine drill rigs for near-mine expansion and infill programs, targeting additional resource growth.
- At the Kensington mine in Alaska, new high-grade zones were identified in Upper and Lower Kensington, with a significant intercept of 7.1 feet at 11.5 oz/t gold in Upper Kensington Zone 30B.
- A multi-year exploration and development program at Kensington has successfully increased its reserve-based mine life to five years.
- Coeur Mining Inc. achieved record quarterly net income ($70.7 million), free cash flow ($146.1 million), and adjusted EBITDA ($243.5 million) in Q2 2025.
- The company fully repaid its remaining revolver balance, decreasing its net leverage ratio to 0.4x, and completed initial share repurchases under its $75 million program.
- Coeur Mining reaffirmed its full-year production and CAS guidance for 2025, with Q2 2025 gold production at 108,487 ounces and silver production at 4,722 K ounces.
- Coeur Mining, Inc. announced a $75 million share repurchase program authorized by its Board of Directors, effective through May 31, 2026.
- The program is intended to enhance per share value and reflects the company's strong free cash flow from higher gold and silver prices and recent operational improvements.
- The announcement was made on May 27, 2025, underscoring the company’s strategic approach to capital allocation.
- Strong financial performance with Q1 revenue of $360 million, adjusted EBITDA of $149 million, and a fourth consecutive quarter of positive EPS and free cash flow (excluding one-timers, free cash flow would have been around $76 million) .
- Operational improvements highlighted by the successful integration of Las Chispas and strong production performance—including progress at Rochester—that support margin expansion and growth .
- Debt and cost management efforts include eliminating nearly $130 million in debt and metal prepay facilities and reducing the revolving credit facility by $85 million, positioning the company for a near-zero leverage ratio and a strengthened balance sheet .
- Stable guidance for 2025 was maintained with robust production outlooks for both gold and silver, signaling balanced operations .
- Legal Opinion Provided: Gibson, Dunn & Crutcher LLP confirmed that the shares are validly issued, fully paid, and non-assessable.
- Equity Settlement Announcement: The company issued 595,267 shares on March 26, 2025 to settle its litigation-related equity issuance with Maverix, valued at $3.75 million.
- Filing Details: This 8-K filing, filed on March 28, 2025, supports the registration statement on Form S-3 for the common stock offering.