stockrowWhat it does
Coeur Mining is a precious metals producer headquartered in Chicago. It is led by Chairman, President and Chief Executive Officer Mitchell J. Krebs. The company mines and sells gold and silver, with operations in the United States, Mexico and Canada.
Its mines use both underground and open-pit methods. In Mexico, Las Chispas and Palmarejo produce silver and gold. In the United States, Rochester produces both metals, while Kensington and Wharf are gold mines. Coeur also operates the Silvertip silver-zinc-lead exploration project in British Columbia, Canada. An exploration project involves investigating a deposit rather than producing metal for sale.
Coeur acquired the New Afton gold-copper mine and Rainy River gold-silver mine in Canada. Both contributed their first full quarter to Coeur’s results in the second quarter of 2026.
The company produces doré, an unrefined gold and silver product, as well as gold concentrate. Third-party refiners turn its doré and material from Wharf into bullion that Coeur sells to multinational banks, bullion trading houses and refiners around the world. Gold concentrate from Kensington is sold under a long-term offtake agreement and shipped to third-party smelters.
Coeur’s activities also include exploring around its mines to extend their operating lives and investing to assess whether Silvertip can be developed.
How it makes money
Coeur earns revenue by producing and selling precious metals. Its results depend on how much metal it recovers and sells, the prices it receives, and the costs of mining and processing. Gold and silver prices fluctuate, and Coeur has used—and may again use—derivative contracts to protect selling prices for some anticipated production.
The operating sites use different mining and processing methods. Las Chispas and Kensington are underground mines; Rochester and Wharf are open-pit heap-leach mines. Heap leaching involves placing mined material on a pad for metal recovery. Palmarejo is a silver-gold complex. Kensington’s gold concentrate is sold under a long-term offtake agreement, while bullion produced from other operations is sold to banks, trading houses and refiners.
In FY2025, gold sales were $1.3 billion and silver sales were $726.4 million. Gold accounted for 64.9% of revenue and silver for 35.1%. Revenue increased as ounces sold and average realized prices rose; the increase included post-acquisition sales at Las Chispas. Higher placement rates and grades at Rochester and higher mill throughput at Kensington also increased gold ounces sold, while lower grades at Palmarejo partly offset those gains.
Coeur’s FY2025 revenue reflected its operating portfolio before the New Gold acquisition; second-quarter 2026 revenue included the first full quarter from the acquired Canadian assets.
Coeur’s revenue comes from selling production rather than subscriptions or other contracted recurring fees. Production continues across its operating mines, but volumes and realized prices can change. Approximately 50.0% of Palmarejo gold production was subject to Franco-Nevada terms in the second quarter of 2026.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Gold sales | $1.3 billion | 64.9% | 82.9% |
| Silver sales | $726.4 million | 35.1% | 127.6% |
Customers and how it sells
Coeur sells gold and silver bullion worldwide to multinational banks, bullion trading houses and refiners. Its doré and material from Wharf go through third-party refiners before sale. The refiners produce bullion to benchmark standards used in the London precious metals market.
Kensington’s gold concentrate follows a different channel: it is sold under a long-term offtake agreement and shipped to third-party smelters. Coeur uses a geographically diverse group of refiners and smelters.
Coeur believes the loss of any one smelter, refiner, trader or third-party customer would not materially adversely affect it, citing liquid markets and the availability of alternative trading counterparties.
In FY2025, the United States accounted for $1.2 billion, or 56.8%, of revenue, and Mexico accounted for $895.2 million, or 43.2%. These figures describe Coeur’s reported geographic revenue, not necessarily the locations of its bullion buyers.
The 2025 operating portfolio included Rochester, Kensington and Wharf in the United States, and Las Chispas and Palmarejo in Mexico, alongside the Silvertip exploration project in Canada. Coeur subsequently acquired New Afton and Rainy River in Canada; their first full quarter of contributions was the second quarter of 2026.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States | $1.2 billion | 56.8% | 74.1% |
| Mexico | $895.2 million | 43.2% | 136.2% |
Suppliers and costs
Coeur buys electricity, fuel, chemical reagents, explosives, steel and concrete from third parties. Prices for these inputs can fluctuate with inflation, currencies, demand and competition for resources. Coeur says alternate sources exist or are readily available for most of these commodities, and it monitors supply and cost trends.
The company also relies on outside refiners and smelters to process or receive its products. Its doré is refined into bullion by a geographically diverse group of third-party refiners, while Kensington’s concentrate is shipped to third-party smelters.
Costs applicable to sales rose in 2025, driven primarily by sales from Las Chispas following its acquisition, higher ounces sold at Rochester and Kensington, and royalties at several mines. The Las Chispas costs included an inventory purchase-price allocation. Coeur also incurs exploration, administrative, reclamation, tax and capital costs.
Coeur reported signs of cost inflation in the second quarter of 2026, particularly for diesel. It also increased expected Rainy River operating costs for additional labor, rental equipment and maintenance to address gaps identified during the underground ramp-up. Revised capital spending guidance included additional Rainy River spending on underground development, equipment and infrastructure.
- Revenue$2.1B
- Cost of revenue−$898.4M
- Research and development−$86.6M
- Selling, general and administrative−$57.2M
- Other operating costs−$320.9M
- Operating income$707.0M
Competitive position
Coeur sells into global bullion markets, where it can use banks, trading houses and refiners as counterparties. It believes alternative trading counterparties are available. No named competitors are identified.
The company’s assets include operating mines in the United States, Mexico and Canada, as well as the Silvertip exploration project. Its existing mines have the permits needed for their current scope of activities. Coeur is seeking an amendment to an operating permit at Las Chispas, and a Silvertip expansion would require new or amended permits. Maintaining mining claims and concessions also requires fees, reporting or evidence of work, depending on the jurisdiction.
Coeur explores at its properties and has expanded its portfolio through acquisitions. It also uses third-party refiners to produce bullion to market benchmark standards and sells that bullion to customers across the globe.
Our reading: Access to operating mines and the permits needed to run them provides a foundation for production, but those assets require continuing investment and regulatory compliance. Our reading: Exploration can help extend mine lives, although the existence and economic viability of resources are uncertain. Our reading: Coeur’s ability to sell through several types of counterparty supports market access, but liquid bullion markets and fluctuating metal prices limit the evidence of pricing power.
Growth opportunities
Coeur’s growth plans include exploration to extend operating mine lives, expansion at existing sites, acquisitions and investment to assess the viability of Silvertip. Its strategy includes exploration and expansions across its asset base. The company’s longer-term plans include additional investment to determine whether the Canadian exploration project can be developed.
The acquisition of Las Chispas added a Mexican silver-gold mine in early 2025. Coeur later acquired New Afton and Rainy River, adding Canadian operations that contributed their first full quarter in the second quarter of 2026. Coeur reported that its post-acquisition integration was advancing according to schedule.
At Rochester, Coeur completed the Phase IIa leach pad expansion in the second quarter of 2026. The company also reported exploration results at Palmarejo and Las Chispas and continued to invest in drilling and other exploration. Its plans include deploying cash into exploration and organic growth projects.
Coeur revised its 2026 guidance for the newly acquired Canadian mines. It expects a more gradual underground production ramp-up at Rainy River than previously assumed, while the New Afton changes reflect the rate of cave growth. Its revised capital spending guidance includes additional spending at Rainy River for underground development, equipment and infrastructure, as well as additional Silvertip pre-feasibility study and related costs. Coeur expects its existing operating portfolio to remain on track for its full-year guidance.
- $832.8MFY2021
- $785.6MFY2022
- $821.2MFY2023
- $1.1BFY2024
- $2.1BFY2025
Structural risks
- Metal prices and input costs: Gold and silver prices, along with key input commodity prices, are volatile and beyond Coeur’s control. They affect operating results, cash flows and costs. Coeur has also reported inflationary pressure on diesel.
- Mining and resource estimates: Reserve and resource estimates depend on geological and engineering assumptions, including production costs, recoveries and metal prices. Actual grades, recovery rates and ore bodies can differ from expectations. Processing facilities may require maintenance, downtime or capital investment.
- Permits and environmental rules: Mining is subject to extensive regulation. Compliance can add costs, capital spending, restrictions or delays. Coeur is amending a Las Chispas operating permit that is set to expire in November 2026. Failure to meet requirements for maintaining claims or concessions could result in the loss of the ability to mine at a location.
- Growth and integration: Acquisitions can bring difficulties integrating operations and personnel, realizing anticipated synergies and identifying liabilities. Coeur has revised expectations for the ramp-ups at Rainy River and New Afton.
- Financing and dilution: Future cash flow may not be sufficient to meet debt obligations. Debt agreements contain restrictions, and issuing equity to finance acquisitions or other needs can dilute existing shareholders.
Bottom line
Our reading
Our reading: Coeur is a mining business whose results depend on operating performance and prices for the metals it sells, rather than on predictable contracted revenue. Its expanded North American portfolio adds producing assets and exploration opportunities, but also brings integration and ramp-up demands. Permitting, input costs and the need to extend mine lives remain continuing exposures.