Executive Summary

Record quarter: revenue $554.6M, GAAP EPS $0.41, adjusted EPS $0.23, adjusted EBITDA $299.1M, free cash flow $188.7M; cash more than doubled to $266M; net leverage fell to 0.1x .
Versus estimates (S&P Global): revenue was above consensus ($554.6M vs $549.5M*), while primary EPS came in below consensus ($0.23 vs $0.252*); target price consensus stood at $20.86* [GetEstimates]*.
Guidance changes: raised production and lowered cost guidance at Las Chispas, Palmarejo, Kensington, and Wharf; Rochester production reduced and cost guidance raised; added effective tax rate 27–33% and cash taxes $165–$195M .
Call tone: management reiterated expectation for another record Q4 and net cash by year-end; highlighted strong operational execution, stable input costs, and successful Las Chispas integration .
Post-quarter catalyst: announced acquisition of New Gold to create a larger, all–North American senior precious metals producer—expected 2026 EBITDA ~$3B and FCF ~$2B for combined company .

What Went Well and What Went Wrong

What Went Well

Record consolidated financials driven by higher realized gold ($3,148/oz) and silver ($38.93/oz) prices and solid cost control; adjusted EBITDA margin reached 54% .
Las Chispas delivered strong free cash flow ($66.1M) and higher production (1.6Moz Ag; 16,540oz Au); 2025 production guidance raised for both metals .
Kensington and Wharf posted sequential production and cost improvements, boosting FCF ($30.8M and $54.0M, respectively); guidance raised and cost ranges narrowed/lowered .
“We look forward to delivering another record quarter…expected to push full-year 2025 adjusted EBITDA to over $1 billion, [and] free cash flow to over $550 million” — CEO Mitchell Krebs .

What Went Wrong

Rochester guidance cut due to crusher downtime (Q3 upgrades and conveyor wear issues) and timing of placed ounces; 2025 CAS ranges increased for both silver and gold .
Adjusted CAS per silver rose to $14.95/oz (from $13.41 in Q2) and adjusted CAS per gold $1,215/oz (from $1,260 in Q2), reflecting mix and stockpile processing; some royalty and currency pressures noted .
G&A guidance increased to $50–$55M reflecting non-cash incentive comp; 2025 effective tax rate introduced at 27–33% and cash taxes $165–$195M, implying higher normalized tax burden ahead .

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	360.1	480.7	554.6
GAAP Net Income ($USD Millions)	33.4	70.7	266.8
GAAP Diluted EPS ($USD)	0.06	0.11	0.41
Adjusted Net Income ($USD Millions)	59.9	127.4	147.3
Adjusted EPS ($USD)	0.11	0.20	0.23
Adjusted EBITDA ($USD Millions)	148.9	243.5	299.1
Adjusted EBITDA Margin (%)	41%	51%	54%
Cash From Operations ($USD Millions)	67.6	207.0	237.7
Capital Expenditures ($USD Millions)	50.0	60.8	49.0
Free Cash Flow ($USD Millions)	17.6	146.2	188.7

Segment operating snapshot

Metric	Q2 2025	Q3 2025
Las Chispas – Metal Sales ($USD Millions)	102.7	126.1
Las Chispas – Adj CAS Au ($/oz)	894	934
Las Chispas – Adj CAS Ag ($/oz)	8.94	10.75
Las Chispas – Free Cash Flow ($USD Millions)	49.4	66.1
Palmarejo – Metal Sales ($USD Millions)	114.1	121.2
Palmarejo – Adj CAS Au ($/oz)	888	887
Palmarejo – Adj CAS Ag ($/oz)	14.39	16.44
Palmarejo – Free Cash Flow ($USD Millions)	42.3	46.9
Rochester – Metal Sales ($USD Millions)	95.0	112.5
Rochester – Adj CAS Ag ($/oz)	16.83	17.73
Rochester – Adj CAS Au ($/oz)	1,675	1,585
Rochester – Free Cash Flow ($USD Millions)	15.1	29.6
Kensington – Metal Sales ($USD Millions)	89.8	98.9
Kensington – Adj CAS Au ($/oz)	1,713	1,659
Kensington – Free Cash Flow ($USD Millions)	19.7	30.8
Wharf – Metal Sales ($USD Millions)	79.1	95.9
Wharf – Adj CAS Au ($/oz)	1,175	1,079
Wharf – Free Cash Flow ($USD Millions)	37.8	54.0

Key KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Gold Ounces Produced (koz)	86.8	108.5	111.4
Silver Ounces Produced (Moz)	3.7	4.7	4.8
Avg Realized Gold Price ($/oz)	2,635	3,021	3,148
Avg Realized Silver Price ($/oz)	32.05	33.72	38.93
Adjusted CAS per AuOz ($/oz)	1,330	1,260	1,215
Adjusted CAS per AgOz ($/oz)	14.28	13.41	14.95
Cash & Equivalents ($USD Millions)	77.6	111.6	266.3
Total Debt ($USD Millions)	498.3	380.7	363.5
Leverage Ratio (Net Debt / LTM Adj EBITDA)	0.9	0.4	0.1

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Las Chispas Gold Production (oz)	FY2025	42,500–52,500	50,000–58,000	Raised
Las Chispas Silver Production (oz)	FY2025	4.25–5.25M	5.0–5.5M	Raised
Las Chispas Adj CAS Au ($/oz)	FY2025	850–950	850–950	Maintained
Las Chispas Adj CAS Ag ($/oz)	FY2025	9.25–10.25	9.25–10.25	Maintained
Palmarejo Gold Production (oz)	FY2025	95,000–105,000	96,000–106,000	Raised
Palmarejo Silver Production (oz)	FY2025	5.4–6.5M	6.0–6.8M	Raised
Palmarejo Adj CAS Au ($/oz)	FY2025	950–1,150	890–960	Lowered
Palmarejo Adj CAS Ag ($/oz)	FY2025	17.00–18.00	15.00–16.00	Lowered
Rochester Silver Production (oz)	FY2025	7.0–8.3M	6.0–6.7M	Lowered
Rochester Gold Production (oz)	FY2025	60,000–75,000	55,000–62,500	Lowered
Rochester Adj CAS Ag ($/oz)	FY2025	14.50–16.50	17.00–18.50	Raised
Rochester Adj CAS Au ($/oz)	FY2025	1,250–1,450	1,550–1,650	Raised
Kensington Gold Production (oz)	FY2025	92,500–107,500	98,500–108,500	Raised
Kensington Adj CAS Au ($/oz)	FY2025	1,700–1,900	1,700–1,800	Lowered (narrowed)
Wharf Gold Production (oz)	FY2025	90,000–100,000	93,000–103,000	Raised
Wharf Silver Production (oz)	FY2025	50k–200k	100k–150k	Raised (narrowed)
Wharf Adj CAS Au ($/oz)	FY2025	1,250–1,350	1,125–1,225	Lowered
G&A ($USD Millions)	FY2025	48–52	50–55	Raised
Effective Tax Rate (%)	FY2025	—	27%–33%	New
Cash Taxes ($USD Millions)	FY2025	—	165–195	New

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Rochester ramp/steady state	Q1: ramp progressing, legacy pad removal; Q2: crushed tons +24% QoQ	July downtime for crusher modifications; minor conveyor belt wear; PSD improved (P80 ~0.84"); sequential production/FCF growth	Improving
Cost environment & royalties	General cost controls; inflation managed	Inputs broadly flat; higher royalties and strong peso partly offset elsewhere	Stable with manageable pressures
Tax normalization	Q1/Q2 cash taxes paid; FX effects on deferred taxes	Recognized U.S. DTA; one-time $216M benefit; guided normalized U.S. tax rate ~24% (federal+state) from 2026 context	Greater clarity; normalized higher tax burden
Exploration momentum	Augusta discovery; expansion at Palmarejo targets (Hidalgo, Independencia Sur)	High-grade Las Chispas intercepts; Kensington high-grade/continuity; programs ramped	Expanding
Capital allocation	Initiated $75M buyback in Q2	~10% of program completed; debt reduction continues	Shareholder-friendly
Tariffs/supply chain	Not highlighted prior	No tariff pressure noted	Benign
Strategic actions (M&A)	None in Q1/Q2	Announced New Gold acquisition post-Q3; larger FCF profile envisioned	Transformational (pending close)

Management Commentary

“Coeur delivered another quarter of record financial results… Las Chispas experienced a particularly strong quarter…” — Mitchell Krebs, Chairman & CEO .
“Free cash flow party continued at a pace of roughly $2 million per day during Q3… net debt below $100 million… prepared to declare victory on achieving… net debt to EBITDA of nil during Q4 2025” — Thomas Whelan, CFO .
On Rochester: “Extended downtime early in the third quarter… modifications… proven to be successful… trend is positive… we’ll just continue to tweak” — Mick Routledge, COO .
Taxes: “For years we’ve really had basically a zero effective tax rate… that will change starting next year… federal 21% + ~3% states… potential to actually pay U.S. income tax in 2026” — CFO .

Q&A Highlights

Rochester capacity path: Management detailed July upgrades (primary/secondary split and tertiary auto-sampler) and addressing conveyor belt wear in November to reduce downtime; expect momentum in Q4 and sustain into 2026 .
Production outlook: Annualized Rochester target aligns with ~30Mt crushing to deliver 7–8Moz Ag and ~70koz Au in 2026, with incremental Q4 progress .
Tax trajectory: Post-DTA recognition, normalized U.S. effective tax rate discussed at ~24% (federal+state), with potential cash taxes beginning 2026 as NOLs are utilized .
Unit costs and royalties: Input costs largely flat; higher royalties (including Rochester) and strong peso were managed, with three mines lowering CAS guidance .
Grade/throughput decisions: Palmarejo ran lower-grade material with better recoveries; Las Chispas processed stockpiles, aiding throughput and FCF .

Estimates Context

Metric	Q3 2025 Consensus	Q3 2025 Actual	Q4 2025 Consensus
Revenue ($USD)	549.47M*	554.57M	607.30M*
Primary EPS ($USD)	0.252*	0.23	0.2975*
EBITDA ($USD)	311.21M*	249.15M (EBITDA); 299.06M (Adj EBITDA)	—
Target Price ($USD)	20.86*	20.86*	20.86*
# of Revenue Estimates	2*	—	1*
# of EPS Estimates	6*	—	4*

Values retrieved from S&P Global.*

Interpretation: Revenue above consensus; EPS below consensus, suggesting potential estimate recalibration around tax normalization and margin mix. Refer to adjusted EBITDA for operating performance vs consensus EBITDA [GetEstimates]*.

Key Takeaways for Investors

Cohort of record metrics: sustained margin expansion on higher realized prices and disciplined costs; adjusted EBITDA margin 54% and FCF $188.7M underscore operating leverage .
Guidance mix positive ex-Rochester: raised output and lowered CAS at four operations; Rochester reset reflects timing/downtime but sequential improvement evident .
Balance sheet inflection: cash up to $266M; leverage down to 0.1x; management targets net cash by year-end, enabling buybacks and growth investments .
Tax normalization: one-time $216M valuation allowance release boosts GAAP; forward effective tax rate 27–33% and cash taxes guide to structurally higher normalized tax outflows .
Watch Q4 cadence: management signaled another record quarter; monitor realized prices, Rochester uptime, and Las Chispas integration benefits into year-end .
Post-quarter M&A: New Gold deal, if completed, could materially enhance scale, margins, and FCF; diligence timeline and approvals extend into 1H26 .
Trading implications: near-term momentum tied to metals price beta and delivery vs raised guidance; medium-term thesis strengthened by FCF inflection, balance sheet de-risking, and portfolio quality uplift .

Coeur Mining, Inc. (CDE)·Q3 2025 Earnings Summary