Coeur Lowers Full-Year Production and Cash-Flow Targets

The Tip Desk · November 4, 2026 · 3 min read

Third-quarter revenue was $1.0 billion, up 77% from a year earlier, as the miner now targets record adjusted EBITDA of over $2 billion.

Coeur Mining (CDE) reported third-quarter revenue of $1.0 billion, up 77% from $555 million a year earlier, as newly acquired Canadian operations lifted the top line even as average realized gold and silver prices fell from the prior quarter.

The gold, silver and copper producer posted GAAP net income of $109 million, or $0.11 a share. Adjusted EBITDA was $448 million. Both adjusted EBITDA and net income were reduced by $40 million, or $(0.03) a share, of non-cash expense from purchase-price-allocation accounting on Rainy River stockpile inventory.

Cash flow from operating activities was $386 million. The company said the decline from the prior quarter reflected lower realized gold and silver prices and lower metal sales, particularly at New Afton, Rainy River and Palmarejo, plus a $50 million working-capital outflow tied to the timing of interest expense and annual insurance premiums. Free cash flow was $240 million.

Average realized prices were $3,979 an ounce for gold and $62.22 an ounce for silver. Copper realized $6.65 a pound. Gold sales were $654 million, silver $268 million and copper $62 million, or 66%, 27% and 6% of revenue. U.S., Canadian and Mexican operations accounted for about 34%, 36% and 30% of third-quarter revenue.

Gold production was 161,400 ounces, slightly below the second-quarter record of 163,490 ounces. Silver production was 4.2 million ounces, down 12% from a year earlier, which the company attributed primarily to lower silver grades at Palmarejo. Copper production was 10.0 million pounds. Adjusted cash costs applicable to sales fell 16% to $2,054 a gold ounce, including $245 an ounce of the non-cash purchase-price-allocation charge. Adjusted CAS per silver ounce was $22.73.

At Rochester, gold production rose 39% to 16,211 ounces on higher-grade ore from the newly commissioned Phase 2A leach pad. Ore tonnes placed through the crushing circuit reached a quarterly record of 6.8 million tonnes. Wharf gold production rose 28% sequentially.

New Afton produced 12,189 ounces of gold after a late-August conveyor failure reduced mining and milling rates; the belt was repaired by mid-September. Rainy River produced 53,965 ounces of gold on lower grades, planned maintenance and heavy rain that increased processing of lower-grade stockpile ore. Underground mining there averaged about 3,400 tonnes a day, and the company said a 5,000-tonne-a-day target was achieved. Palmarejo produced 18,469 ounces of gold and 1.3 million ounces of silver; heavy rain disrupted delivery of construction materials and backfill. About 48% of Palmarejo’s gold sales, 9,002 ounces, were sold under the Franco-Nevada stream at $800 an ounce.

Cash, equivalents and short-term investments rose to $1.2 billion from $1.05 billion at the end of the second quarter. Total debt was $702 million. Capital expenditures were $145 million, of which about $122 million was sustaining and $23 million development.

Since the mid-May start of an enhanced $750 million share-repurchase program, Coeur had bought back $231 million, or 12.6 million shares, including $111 million in the third quarter, about 46% of quarterly free cash flow. The company declared a second dividend of $0.02 a share, expected to be paid December 16, 2026.

Coeur now targets record full-year production of about 630,000 ounces of gold, 18.7 million ounces of silver and 40.0 million pounds of copper, the low end of its guidance ranges, versus second-quarter mid-point expectations of about 690,000 gold ounces, 20 million silver ounces and 45 million copper pounds. It expects record adjusted EBITDA of over $2 billion and free cash flow exceeding $1.3 billion at current prices, versus $2.3 billion and $1.5 billion previously. Chairman, President and Chief Executive Officer Mitchell J. Krebs said the company remains on track for record full-year results and expects strong fourth-quarter results.