Coeur Mining Q3 Revenue Jumps 77%, Record 2026 Results Targeted

Coeur Mining Inc. (NYSE, TSX: CDE) reported sharply higher third-quarter revenue, adjusted EBITDA and free cash flow from a year earlier as its expanded portfolio delivered broader gold, silver and copper production. The miner said continued ramp-ups at New Afton and Rainy River, alongside higher fourth-quarter production expected from several other assets, position it for record fourth-quarter and full-year 2026 results despite operational disruptions during the latest period.

Revenue rose 77% year over year to $984 million in the third quarter, while adjusted EBITDA increased 69% to $448 million. Free cash flow, defined as operating cash flow less capital expenditures, advanced 27% to $240 million. Net income was $109 million, or $0.11 per share, while adjusted net income was $98 million, or $0.10 per share.

Compared with the second quarter, however, revenue declined 9%, adjusted EBITDA fell 6% and free cash flow decreased 38%. Operating cash flow was $386 million, down from $513 million in the prior quarter, while capital expenditures increased 16% to $145 million. Coeur cited $50 million of working-capital outflows related to the timing of interest expense and annual insurance premiums.

Third-quarter production totaled 161,000 ounces of gold, 4.2 million ounces of silver and 10.0 million pounds of copper. Gold ounces sold rose 44% year over year to 164,000, while silver sales fell 14% to 4.3 million ounces. Average realized prices were $3,979 per ounce for gold, $62.22 per ounce for silver and $6.65 per pound for copper.

Adjusted gold costs applicable to sales were $2,054 per ounce, 16% below the second quarter but 52% above the prior-year period. Adjusted silver costs were $22.73 per ounce, down 1% sequentially and up 23% year over year. Adjusted copper costs were $2.67 per pound, compared with $2.33 in the second quarter. The quarterly results included a $40 million non-cash purchase-price-allocation expense primarily associated with acquired stockpile inventory at Rainy River, as well as $261 million of non-cash amortization expense.

Portfolio Faces Short-Term Disruptions

New Afton produced 12,000 ounces of gold and nearly 10.0 million pounds of copper. Conveyor downtime affected throughput, while cave-health priorities led the operation to mine lower-grade areas. Coeur said mining rates have consistently reached 16,000 tonnes per day since completion of conveyor-belt repairs in mid-September, with an improved grade profile expected in the fourth quarter.

At Rainy River, heavy rainfall affected Phase 4 open-pit production and increased the use of lower-grade stockpiled ore. Underground mining averaged 3,400 tonnes per day, about 50% higher than in the second quarter, and reached the 5,000-tonne-per-day target. The mine produced 54,000 ounces of gold, compared with 64,000 ounces in the previous quarter, while adjusted gold costs declined to $2,883 per ounce from $3,788.

Rochester achieved record quarterly crushing-circuit throughput of 6.8 million tonnes, and gold production rose 39% sequentially to 16,000 ounces. Coeur expects ore placed on the expanded Phase 2 leach pads to support record fourth-quarter production. Wharf’s gold output increased 28% from the second quarter to 23,000 ounces, and the company expects higher second-half production following crusher upgrades and the subsequent ramp-up.

Las Chispas delivered 16,000 ounces of gold and 1.5 million ounces of silver, supported by record mill throughput and higher gold grades. Palmarejo produced 18,000 ounces of gold and 1.3 million ounces of silver, as constraints on local construction-material supplies delayed backfill needed to access higher-grade areas of Hidalgo. Kensington produced 21,000 ounces of gold and is expected to have a fourth-quarter-weighted production profile.

Record Full-Year Results Targeted

For 2026, Coeur expects production of about 630,000 ounces of gold, 18.7 million ounces of silver and 40.0 million pounds of copper, reflecting the low end of its guidance. The company projects adjusted EBITDA of more than $2.0 billion and free cash flow above $1.3 billion, both representing approximately 100% growth from 2025. Those estimates assume gold at $4,000 per ounce, silver at $55 per ounce and copper at $6.25 per pound.

Through September, production totaled 421,000 ounces of gold, 13.0 million ounces of silver and 22.7 million pounds of copper. Year-to-date adjusted EBITDA was $1.4 billion and free cash flow was $894 million. Coeur said its fourth-quarter expectations depend on continued ramp-up progress at New Afton and Rainy River, higher production at Rochester, Palmarejo and Kensington, a return to run-rate output at Wharf, and consistent performance at Las Chispas.

The company ended September with $1.2 billion of cash, four times the year-earlier level, and total liquidity of $2.1 billion. It repurchased $111 million of stock, or about 6.1 million shares, during the quarter, equal to 46% of quarterly free cash flow. Repurchases since mid-May totaled approximately $231 million under its expanded $750 million authorization. Coeur also declared a further semiannual dividend of $0.02 per share, payable on December 16, 2026.

Coeur plans total 2026 capital expenditures of $520 million to $605 million and exploration spending of $147 million to $169 million. At New Afton, drilling extended K-Zone mineralization by more than 300 meters, and study work is scheduled to begin in the fourth quarter. Rainy River drilling extended ODM Main by more than 150 meters and Zone 17 by more than 200 meters down-plunge.

The outlook remains exposed to the execution of mine ramp-ups, grade and recovery variability, inflationary costs, commodity prices, permitting and regulatory delays, weather, equipment and material availability, and other operating risks inherent in mining. Coeur also noted uncertainty related to integrating New Afton and Rainy River following its acquisition of New Gold Inc.