Coeur Mining Posts Record Revenue, Trims Guidance at New Canadian Mines
Coeur Mining (CDE) reported record second-quarter revenue of $1.1 billion, up 126% from a year earlier, even as it cut production and cost guidance at the two Canadian mines it acquired from New Gold.
Coeur Mining (CDE) reported record revenue of $1.1 billion in the second quarter of 2026, up 27% from $856 million in the first quarter and up 126% from $481 million a year earlier. The precious-metals miner's gold production hit a record 163,490 ounces, up 69% quarter over quarter, as New Afton and Rainy River contributed a first full quarter following their acquisition from New Gold and output at the Wharf mine nearly doubled.
The quarter's results reflected both the scale the New Gold deal added and the costs of integrating it. Adjusted EBITDA reached a record $478 million, up 124% year over year but roughly flat against the first quarter's $475 million, while free cash flow rose 45% quarter over quarter to $388 million. Net income fell to $121.9 million from $246.8 million in the first quarter despite the record revenue, a decline the company attributed to a $140 million non-cash purchase price allocation charge on Rainy River inventory that added $834 an ounce to gold costs applicable to sales. Adjusted CAS per gold ounce rose to $2,442 from $2,032 in the prior quarter as a result.
Weaker metals prices also weighed on the quarter. The average realized gold price fell 6% quarter over quarter to $4,140 an ounce and silver fell 14% to $71.18 an ounce, with June realized prices the lowest of the year at $3,823 for gold and $62.84 for silver. Silver production held flat at 4.4 million ounces but was down 7% from a year earlier as lower grades at Rochester and Palmarejo offset record crusher throughput of 6.8 million tonnes at Rochester.
Copper emerged as a new reporting segment following the New Gold acquisition, with production of 11.4 million pounds and sales of $69.0 million, up from just 1.3 million pounds and $18.8 million in the first quarter, when New Afton contributed only 11 days. Wharf gold production rose 85% quarter over quarter to 18,070 ounces, with adjusted CAS falling 20% to $1,267 an ounce, helped by $10 million in business-interruption insurance proceeds tied to a November 2025 crusher fire.
Coeur cut nine-month 2026 guidance at both newly acquired Canadian operations. New Afton's gold guidance was lowered to 50,000-60,000 ounces from 60,000-80,000 ounces, with adjusted CAS raised to $1,300-$1,600 an ounce on a slower ramp-up of the C-Zone. Rainy River's gold guidance was cut to 190,000-230,000 ounces from 230,000-275,000 ounces, with adjusted CAS raised to $2,700-$3,000 an ounce. The company's five legacy operations, including Palmarejo, Rochester, Kensington and Wharf, had their full-year production, cost and capital guidance reaffirmed unchanged.
For the full year, Coeur raised its capital expenditure guidance to $520-$605 million from $437-$526 million, while cutting its cash income and mining tax guidance to $350-$450 million from $475-$600 million, reflecting lower assumed metals prices and post-acquisition adjustments. The company disclosed full-year comparative targets of $2.3 billion in EBITDA, versus $1.0 billion in 2025, and $1.5 billion in free cash flow, versus $666 million in 2025.
Coeur's cash balance more than doubled since year-end 2025 to $1.052 billion, up from $843 million at the end of the first quarter and $554 million at year-end 2025. Total debt fell to $705.3 million from $761.4 million in the first quarter, though it remained elevated versus $340.5 million at year-end 2025 following debt assumed in the New Gold transaction. The company also eliminated $39 million of capital leases during the quarter.
Coeur launched a new capital return program, repurchasing $121 million of stock, or 6.7 million shares, through July 31, and paying an inaugural semi-annual dividend of $0.02 a share in June, the first payout under the policy announced March 23, 2026. Weighted average shares outstanding jumped to 1,034.4 million from 698.7 million in the first quarter, reflecting shares issued to complete the New Gold acquisition on March 20, 2026.