Coeur Mining (CDE) Company Report

Coeur Mining reported record financial results for 2025, including net income up 10x year-over-year to $586 million, EBITDA over $1 billion, and $666 million in free cash flow, ending the year in a strong net cash position.
The company's acquisition of New Gold is on track to close in Q1 2026, which is projected to be 40% accretive on a free cash flow per share basis, reduce costs by almost 20%, and increase the proportion of revenue from the U.S. and Canada to 82%.
Coeur Mining plans an almost 50% increase in exploration investment in 2026 (standalone), building on successes like doubling Wharf's mine life to 12 years and adding 5 years to Palmarejo's reserve mine life.
Key operations like Las Chispas generated $285 million of free cash flow in 10.5 months last year, and Rochester is expected to produce approximately 7 million ounces of silver and 70,000 ounces of gold in 2026.

4 days ago

Transcript

Coeur Mining Reports Record 2025 Financials and Outlines Strong 2026 Outlook Post-New Gold Acquisition

CDE

Earnings

M&A

Guidance Update

Coeur Mining achieved record quarterly and full-year free cash flow, adjusted EBITDA, and earnings in 2025, with its cash balance increasing tenfold to $554 million and reaching a net-cash position by year-end.
The company's net leverage ratio improved to (0.2x) as of December 31, 2025, reflecting a strong financial position.
The acquisition of New Gold is expected to create a U.S. Precious Metals Leader, with the combined entity projected to generate approximately $3.0 billion of EBITDA and $2.0 billion of free cash flow in 2026.
The combined company is also expected to produce 894 thousand ounces of gold and 20 million ounces of silver in 2026.

4 days ago

Presentation

Coeur Mining Reports Record 2025 Results and Anticipates Q1 2026 Close for New Gold Acquisition

CDE

Earnings

M&A

Guidance Update

Coeur Mining reported record financial results for Q4 and full-year 2025, with net income up 10x year-over-year to $586 million, EBITDA over $1 billion, and free cash flow of $666 million, resulting in a strong net cash position.
The company achieved a 26% Return on Invested Capital (ROIC) in 2025, projected to reach the mid-40s in 2026, with the Las Chispas operation contributing $285 million in free cash flow in ten and a half months.
The New Gold transaction, announced in November, is on track to close in Q1 2026, and is expected to reduce costs by almost 20%, provide 40% accretion in free cash flow per share, and result in a combined EBITDA of over $3 billion.
Following the New Gold acquisition, 82% of Coeur's revenue will be from the U.S. and Canada, and the company plans to issue consolidated guidance, updated reserves, and a return of capital strategy.

4 days ago

Transcript

Coeur Mining Reports Record 2025 Results and Anticipates Significant Growth from New Gold Acquisition

CDE

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Coeur Mining reported record results for both the fourth quarter and full-year 2025, with net income up 10x year-over-year to $586 million, EBITDA exceeding $1 billion, and free cash flow reaching $666 million.
The company expects to close the New Gold transaction in the first quarter of 2026, which will add two Canadian operations, increase North American revenue to 82% from the U.S. and Canada, and is projected to result in 40% accretion per share on a free cash flow basis and nearly 20% cost reduction.
In 2025, Coeur produced 420,000 ounces of gold (up 23% year-over-year) and 18 million ounces of silver (up 57% year-over-year), and plans an almost 50% increase in exploration investment for 2026, which has already led to doubling the Wharf mine life to 12 years and extending Palmarejo's by 5 years.
The company ended 2025 in a strong net cash position with cash increasing 10-fold year-over-year, and achieved a 26% Return on Invested Capital (ROIC), with projections for the mid-40s in 2026.

4 days ago

Transcript

Coeur Mining Reports Record Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Advances New Gold Acquisition

CDE

Earnings

Guidance Update

M&A

Coeur Mining reported record quarterly and full-year free cash flow, adjusted EBITDA, and earnings for Q4 and full-year 2025. For the full year 2025, Adjusted EBITDA reached $1,025.8 million and Free Cash Flow was $665.7 million.
The company achieved a net cash position by December 31, 2025, with cash increasing to $554 million and a net leverage ratio of (0.2x).
Stockholders overwhelmingly approved the New Gold transaction, which is on track for a 1H close in 2026 and is expected to generate approximately $3.0 billion of EBITDA and $2.0 billion of free cash flow for the combined company in 2026.
Consolidated production guidance for 2026 is projected between 390,000 - 460,000 ounces of gold and 18,200 - 21,300 thousand ounces of silver.

Feb 19, 2026, 4:00 PM

Presentation

Coeur Mining Reports Record Q4 and Full Year 2025 Results, Provides 2026 Outlook and New Gold Acquisition Update

CDE

Earnings

Guidance Update

M&A

Coeur Mining reported record full year 2025 results, with EBITDA increasing 200% to over $1 billion, free cash flow rising to $666 million, and net income increasing tenfold to $586 million.
The company's year-end cash increased more than 10x to $554 million, and total debt declined 42% year-over-year, resulting in total liquidity nearing $1 billion.
For 2026, Coeur Mining expects another record-setting year for its standalone portfolio, with silver production projected to increase 10% year-over-year and contribute approximately 42% of total revenue.
The acquisition of New Gold is on track to close by the end of Q1 2026, with the combined company anticipated to generate approximately $3 billion of EBITDA and $2 billion of free cash flow on a full year run rate basis.
Coeur Mining plans to allocate a record $120 million to $136 million to exploration investments in 2026, a 47% increase from 2025, and intends to update its capital return strategy, with a slight preference for share buybacks, after the New Gold transaction closes.

Feb 19, 2026, 4:00 PM

Transcript

Coeur Mining Reports Record Q4 and Full-Year 2025 Results, Anticipates New Gold Transaction Close

CDE

Earnings

Guidance Update

M&A

Coeur Mining reported record full-year 2025 results, with EBITDA increasing 200% to over $1 billion, free cash flow reaching $666 million (up from -$9 million in 2024), and net income increasing tenfold to $586 million. The company also achieved a net cash positive position and reduced total debt by $250 million (42%) year-over-year.
Fourth quarter 2025 saw strong operational performance, with consolidated production of 112,000 ounces of gold and 4.8 million ounces of silver. All mines delivered at least $50 million of free cash flow in Q4, with Rochester contributing $78 million and Las Chispas $79 million.
The company anticipates closing the New Gold transaction by the end of Q1 2026, which is expected to create a combined entity generating approximately $3 billion of EBITDA and $2 billion of free cash flow on a full-year run rate basis.
For 2026, Coeur Mining expects solid year-over-year production growth, particularly a 10% increase in silver production, and plans to increase exploration investment by 47% to between $120 million and $136 million. The company also provided 2026 cash tax guidance of $400-$500 million, with 80% allocated to Mexico.

Feb 19, 2026, 4:00 PM

Transcript

Coeur Mining Reports Record Q4 and Full Year 2025 Results, Provides 2026 Guidance and New Gold Acquisition Update

CDE

Earnings

Guidance Update

M&A

Coeur Mining reported record full year 2025 results, with EBITDA increasing 200% to over $1 billion, free cash flow rising to $666 million (from -$9 million in 2024), and net income increasing tenfold to a record $586 million. The company's year-end cash increased more than 10x to $554 million, achieving a net cash positive position.
All five mines delivered at least $50 million of free cash flow in Q4 2025, contributing to a 66% increase in total free cash flow to $313 million for the quarter. Rochester delivered $78 million and Las Chispas $79 million in quarterly free cash flow.
For 2026, Coeur Mining expects solid year-over-year growth in standalone production, including a 10% increase in silver production, with silver projected to contribute approximately 42% of total revenue. The company plans to increase its exploration investment to between $120 million and $136 million, a 47% increase compared to 2025.
The New Gold transaction is on track to close by the end of Q1 2026, and the combined company is expected to generate approximately $3 billion of EBITDA and $2 billion of free cash flow on a full-year run rate basis. An updated capital return strategy, with a slight preference for buybacks, will be announced upon closing.

Feb 19, 2026, 4:00 PM

Transcript

Coeur Mining Reports Record Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Advances New Gold Acquisition

CDE

Earnings

Guidance Update

M&A

Coeur Mining reported record full-year 2025 revenue of $2.1 billion, net income of $586 million, and adjusted EBITDA of $1 billion, with revenue nearly doubling and net income increasing more than tenfold compared to the prior year.
The company achieved record full-year gold production of 419,046 ounces and silver production of 17.9 million ounces in 2025, representing year-over-year increases of 23% and 57%, respectively.
Coeur Mining ended 2025 with a strong financial position, with cash and equivalents more than doubling to $554 million and total debt decreasing 42% to $341 million at December 31, 2025, achieving its long-term objective of net cash.
The company provided 2026 guidance for its current portfolio, expecting gold production of 390,000 - 460,000 ounces and silver production of 18.2 - 21.3 million ounces.
Stockholders approved the acquisition of New Gold Inc. on January 27, 2026, which is expected to close in the first half of 2026 and create a new, sector-leading precious metals mining company.

Feb 18, 2026, 9:46 PM

8-K

Coeur Mining Reports Year-End 2025 Mineral Reserves and Resources

CDE

New Projects/Investments

Coeur Mining reported that its year-end 2025 proven and probable mineral reserves increased to 4.4 million ounces of gold and 274.4 million ounces of silver.
This growth was significantly driven by a 65% year-over-year increase in gold reserves at Wharf, a 36% increase at Palmarejo, and a 9% increase at Kensington.
The substantial reserve growth at Wharf nearly doubled its mine life to 12 years, with an updated technical report projecting $1.7 billion in EBITDA and $1.1 billion in free cash flow for the operation.
Inferred mineral resources also saw a year-over-year increase, highlighted by a 216% rise at Wharf to 1.5 million ounces of gold and strong additions at Palmarejo.