Coeur Mining, Inc.

Coeur Mining, Inc. produces gold, silver and copper from seven wholly owned North American operations. New Afton and Rainy River are in Canada; Las Chispas and Palmarejo are in Mexico; Rochester, Kensington and Wharf are in the United States. Coeur also owns the Silvertip exploration project in British Columbia. Its shares trade as CDE on the New York Stock Exchange and Toronto Stock Exchange. Its financial year ends December 31.

Quarterly financial record

The 2026 quarters include New Afton and Rainy River, acquired in March 2026. The 2025 quarter covers a smaller portfolio. On the acquisition's unaudited pro forma basis, assuming ownership from January 1, 2025, revenue compares at $983.6 million for Q3 2026 and $1,023.5 million for Q3 2025.

Adjusted net income removes specified currency effects, transaction and integration costs, disposals, debt and legal items, interest income and relevant tax adjustments. Acquisition-related inventory expense remains included. Adjusted EBITDA also excludes interest, taxes, depreciation and amortization, with further specified adjustments. The current-quarter $40.4 million acquired-inventory expense therefore remains in adjusted earnings.

Q3 2025 reported earnings included a $96.9 million tax benefit, while Q3 2026 had $64.9 million of tax expense. The diluted average share count increased to 1,028.4 million from 644.9 million after the New Gold share issue.

Completed acquisitions

Coeur completed the New Gold acquisition on March 20, 2026. New Gold shareholders received 0.4959 Coeur shares for each New Gold share. Coeur issued approximately 392.7 million shares, with accounting equity consideration of $6.94 billion based on its closing-date share price. The transaction added New Afton and Rainy River.

The acquired business contributed $354.7 million in revenue and a $42.6 million net loss in Q3, including acquisition-accounting effects. The purchase-price allocation remained preliminary at September 30. Coeur had previously acquired SilverCrest and the Las Chispas mine on February 14, 2025.

Rainy River has a precious-metal streaming agreement with Royal Gold. Coeur purchases metal for delivery under the agreement, which affects both recorded revenue and costs.

Forecast history

In August, Coeur reduced the partial-year production ranges for the two acquired Canadian mines to reflect slower underground ramp-ups. The consolidated ranges became 630,000 to 750,000 gold ounces, 18.68 million to 21.93 million silver ounces and 40 million to 50 million copper pounds. Annual capital spending rose to $520 million to $605 million, including a change in the classification of some stripping costs and additional development spending.

September's investor presentation already targeted the low end of those production ranges and identified conveyor downtime, heavy rain, delayed backfill and recovery issues. November retains the ranges, with output expected near the low end and unit costs near the high end.

Nine-month free cash flow was $894.5 million. Meeting November's annual expectation requires more than $405.5 million in Q4. The November presentation implies Q4 capital spending of $175 million to $260 million, including $33 million to $40 million at Silvertip for studies and underground development.

Mine execution

New Afton's conveyor was repaired by mid-September. Underground mining rates of 16,000 tonnes a day have since been sustained. Rainy River's underground average rose to approximately 3,400 tonnes a day in Q3, and the mine achieved its 5,000-tonne daily target during the quarter. Additional mining horizons are planned for early 2027 to help sustain that rate.

Heavy rain affected Rainy River's open pit and delayed material deliveries for higher-grade mining at Palmarejo. Rochester increased gold output from the second quarter, but silver recovery was slower than expected. Wharf's gold production also rebounded as the crusher upgrade progressed. All seven operating mines generated positive quarterly free cash flow.

Cash, debt and shareholder returns

At September 30, cash and equivalents were $1,172.7 million and total carrying debt was $701.7 million, including finance leases. Restricted cash is separate. The $1 billion revolving facility was undrawn, with $27.7 million of letters of credit leaving $972.3 million available. The facility matures in March 2031.

The New Gold acquisition added debt as well as mines. In April, Coeur exchanged approximately $385.8 million of New Gold notes for its own 6.875% notes due 2032. About $12.6 million face value of New Gold's original notes remained outstanding at September 30, without a Coeur parent guarantee. Coeur also prepaid Rochester finance leases in the second quarter.

Free cash flow is operating cash flow less cash capital spending. Nine-month operating cash flow was $1,239.7 million and cash capital spending was $345.2 million. Quarterly working-capital movements reduced operating cash by $23.0 million net, including offsetting receivable, inventory, prepaid and payable movements. Management separately identified approximately $50 million of interest and annual-insurance timing outflows.

In October, Coeur agreed an additional $70 million insurance settlement following the November 2025 Wharf crusher fire, with receipt expected in Q4. It had already received $20 million in June, split equally between property-damage and business-interruption claims.

The expanded $750 million buyback authorization was announced in March 2026. Coeur spent $110.8 million on repurchases in Q3 and approximately $231 million from May 8 through October 30. It declared a further semiannual dividend of $0.02 a share on November 4, expected to be paid December 16 to holders of record November 30.