Coeur Mining Inc

Coeur Mining is a large gold/silver producer, with a FD mkt cap around $20B. They have been a poor performer and have to reach $70 per share to get back to where their share price traded in 2006. However, they have been aggressive, purchasing Orko Silver, Paramount Gold, a mine from Goldcorp, and Silvercrest Metals in 2024 (Las Chispas), and New Gold in 2025. They tend to have a weak balance sheet, which is currently $760 million in debt and $390 million in cash.

Their last two deals changed the direction of the company. Silvercrest lowered their silver costs, and New Gold lowered their gold costs. They paid a 16% premium to acquire New Gold. New Gold shareholders will get 38% of the new company. A good deal for both companies. This creates a juggernaut, with production of 900K oz AU and 20M oz AG. The deal will close in March/April 2026.

If they can clean up their balance sheet (normally not their strategy), their share price should take off from FCF multiple expansion. But they tend to be spenders (spending over $200M in 2025 on capex and exploration) and not shareholder-friendly. Also, they like to hedge. Even with these negatives, it’s a stock you have to own because of its leverage to higher gold/silver prices. Also, they tend to perform well during bull markets because of their brand name and mine locations.

In 2026, they will produce about 20 million ounces of silver and 900,000 ounces of gold (my AISC estimates for 2026 are around $17 for silver and $1300 for gold). That is substantial production, and with rising gold and silver prices, free cash flow should reach $3.5 billion annually at current gold/silver prices.

I look for this stock to do well if PM prices rise. They have become mostly a gold producer, with more revenue from gold (68%) than silver (25%). However, they produce enough silver to be considered a silver miner. The best thing about this company is that 93% of their revenue is from gold and silver, and very little from base metals, also most of their mines are in good locations.

They are currently not providing any production guidance beyond 2026. This is a red flag. One bright spot for them is Silver Tip in northern British Columbia. It’s already a 75M oz resource, and had this hole in 2023: 5 meters at 1261 gpt AG, 22% PB, 22% ZN. So, it’s growing in size. It’s probably a 100M oz mine, but we won’t see production for about 5 years. They planned to spend $13M on exploration at Silver Tip in 2025.

Here is an overview of their seven producing mines:

Las Chispas (Mexico): 9M oz AG, 50K oz AU.
Palmarejo (Mexico): 100K oz AU, 6M oz AG.
Rochester (Nevada): 6M oz AG, 40K oz AU.
Kensington (Alaska): 100K oz AU.
Wharf (South Dakota): 90K oz AU.
Rainy River: 300K oz AU.
New Afton: 125K oz AU (plus copper).

They currently have a 6.5 FCF multiple, and FCF runrate of about $3.5B at current gold/silver prices ($5000/$77). Their FCF multiple should explode if they clean up their balance sheet and their margins increase. I think they could reach a 20 multiple, but that might be optimistic.

The data in GSD assumes the New Gold acquisition will close in Q1/Q2 2026.


DD