Coeur Mining’s North American scale, accelerating cash generation, and 7.2x forward EV/EBITDA create asymmetric upside despite integration and reserve-depletion risks.
Overview
Coeur Mining is a diversified North American producer of gold, silver, and copper with seven wholly owned operations in the United States, Canada, and Mexico. Gold generated 64% of Q2 2026 revenue, or $695.0 million, silver 30%, or $321.6 million, and copper 6%, or $69.0 million. The SilverCrest and New Gold transactions materially expanded scale and reduced the company’s historical leverage to a single operating platform. **Q2 2026 revenue reached a record $1.0856 billion, up 27% quarter-over-quarter and 126% year-over-year, while free cash flow rose 45% sequentially to $387.5 million.** Cash and short-term investments reached $1.0523 billion against $705.3 million of debt, creating a strong net cash position. Management expects approximately $2.3 billion of adjusted EBITDA and $1.5 billion of free cash flow in 2026, with year-end cash approaching $2.0 billion. The stock closed at $17.25 after gaining 7.11% following earnings. Although adjusted EPS of $0.12 missed the $0.22 consensus, revenue exceeded approximately $1.05 billion expectations and investors focused on cash generation. Scotiabank rates CDE Outperform with a $28.50 target, Roth Capital rates it Buy at $21.00, and the consensus median is $26.00.