Newly-acquired Canadian operations drive 77% year-over-year revenue growth; cash balance increases to $1.2 billion after returning nearly 50% of quarterly free cash flow to stockholders; Company remains on track for record full-year results
CHICAGO--(BUSINESS WIRE)--November 04, 2026--
Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE, TSX: CDE) today reported third quarter 2026 financial results, including revenue of $1.0 billion and cash flow from operating activities of $386 million. The Company reported quarterly GAAP net income of $109 million, or $0.11 per share. On an adjusted basis(1) , Coeur reported quarterly adjusted EBITDA(1) of $448 million, cash flow from operating activities before changes in working capital of $409 million and net income of $98 million, or $0.10 per share. Adjusted EBITDA(1) and net income were reduced by $40 million, or $(0.03) per share, of non-cash expense due to purchase price allocation accounting for Rainy River's stockpile inventory.
Key Highlights
-- Solid financial performance -- On a year-over-year basis, revenue
increased 77% to $1.0 billion, adjusted EBITDA1 increased 69% to $448
million, and free cash flow1 increased 27% to $240 million. Third quarter
average realized gold and silver prices per ounce declined to $3,979 and
$62.22, respectively, compared to $4,140 and $71.18 in the prior period.
Silver contributed 27% of the Company's revenue in the quarter
-- Steady production and strong cost performance across balanced portfolio
-- Quarterly gold production totaled 161,400 ounces, with sequential
quarterly production growth at Rochester and Wharf of 39% and 28%,
respectively. Quarterly silver production of 4.2 million ounces decreased
12% year over year, primarily driven by lower silver grades at Palmarejo.
Adjusted CAS1 per gold and silver ounce declined 16% and 1% quarter over
quarter, respectively
-- Growing balance sheet strength and consistent capital returns --
Coeur's cash balance increased more than fourfold versus the prior year
to $1.2 billion, driven by strong free cash flow at each of the Company's
seven North American operations. Since the commencement of the enhanced
$750 million share repurchase program in mid-May, Coeur has repurchased
$231 million of common stock2, or 12.6 million shares, including $111
million in the third quarter, representing approximately 46% of quarterly
free cash flow. The Company today declared a second dividend of $0.02 per
share, which is expected to be paid on December 16, 2026 to all
stockholders of record as at the close of business on November 30, 2026
-- Company continuing to target full-year production at the low-end of
guidance ranges -- Coeur continues to target achieving record full-year
production of approximately 630,000 ounces of gold, 18.7 million ounces
of silver, and 40.0 million pounds of copper, which represent the low end
of the Company's guidance ranges
"The Company continued generating strong financial and operational results from its recently expanded portfolio of seven North American operations despite lower prices and several short-term operational challenges encountered during the quarter. However, we remain on-track to deliver strong fourth quarter results to cap off a transformative and record year for the Company," said Mitchell J. Krebs, Chairman, President and Chief Executive Officer.
"Wharf delivered another strong quarter, Las Chispas achieved another steady quarter of performance, and Rochester's crusher set new records for tonnes crushed in the period. Solid progress was achieved with the ongoing ramp-ups at both New Afton and Rainy River despite unexpected conveyor downtime at New Afton during the quarter and heavy rains that impacted open pit operations at Rainy River. Heavy seasonal rains at Palmarejo also contributed to lower than anticipated production.
"As we look ahead to year-end, we expect strong fourth quarter results to drive record full-year 2026 production and financial performance, including record adjusted EBITDA of over $2 billion and free cash flow exceeding $1.3 billion at current prices. With a bolstered liquidity position and a full year of contributions from our new Canadian operations next year, we are well-positioned to deliver even stronger operational and financial results in 2027."
Financial and Operating Highlights (Unaudited)
(Amounts in millions,
except per share
amounts, gold ounces
produced and sold, and
per-ounce/pound
metrics) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025
-------- -------- -------- -------- --------
Gold Sales $ 653.8 $ 695.0 $ 475.2 $ 424.8 $ 360.5
Silver Sales $ 268.2 $ 321.6 $ 362.2 $ 250.1 $ 194.1
Copper Sales $ 61.7 $ 69.0 $ 18.8 $ -- $ --
Consolidated Revenue $ 983.6 $1,085.6 $ 856.2 $ 674.7 $ 554.6
Costs Applicable to
Sales(3) $ 468.5 $ 549.7 $ 330.0 $ 215.9 $ 248.7
General and
Administrative
Expenses $ 21.6 $ 22.7 $ 21.7 $ 15.2 $ 14.8
Net Income $ 109.4 $ 121.9 $ 246.8 $ 215.0 $ 266.8
Net Income Per Share $ 0.11 $ 0.12 $ 0.35 $ 0.33 $ 0.41
Adjusted Net Income(1) $ 97.8 $ 122.6 $ 253.5 $ 227.3 $ 122.7
Adjusted Net Income(1)
Per Share $ 0.10 $ 0.12 $ 0.36 $ 0.35 $ 0.19
Weighted Average
Shares Outstanding 1,028.4 1,034.4 698.7 645.9 644.9
EBITDA(1) $ 446.3 $ 482.1 $ 455.0 $ 407.2 $ 249.1
Adjusted EBITDA(1) $ 448.0 $ 478.3 $ 474.9 $ 424.5 $ 265.6
Cash Flow from
Operating Activities $ 385.6 $ 513.2 $ 340.8 $ 374.6 $ 237.7
Capital Expenditures $ 145.4 $ 125.7 $ 74.1 $ 61.4 $ 49.0
Free Cash Flow(1) $ 240.2 $ 387.5 $ 266.8 $ 313.2 $ 188.7
Cash Income and Mining
Taxes $ 51.1 $ 106.2 $ 132.2 $ 41.2 $ 36.4
Cash, Equivalents &
Short-Term
Investments $1,172.7 $1,052.3 $ 843.2 $ 553.6 $ 266.3
Total Debt(4) $ 701.7 $ 705.3 $ 761.4 $ 340.5 $ 363.5
Average Realized Price
Per Ounce -- Gold $ 3,979 $ 4,140 $ 4,383 $ 3,818 $ 3,148
Average Realized Price
Per Ounce -- Silver $ 62.22 $ 71.18 $ 82.85 $ 54.30 $ 38.93
Average Realized Price
Per Pound -- Copper $ 6.65 $ 6.11 $ 5.55 $ -- $ --
Gold Ounces Produced 161,400 163,490 96,457 112,429 111,364
Silver Ounces Produced 4.2 4.4 4.4 4.7 4.8
Copper Pounds Produced 10.0 11.4 1.3 -- --
Gold Ounces Sold 164,311 167,877 108,420 111,273 114,495
Silver Ounces Sold 4.3 4.5 4.4 4.6 5.0
Copper Pounds Sold 9.3 11.3 3.4 -- --
Adjusted CAS per
AuOz(1) $ 2,054 $ 2,442 $ 2,032 $ 1,207 $ 1,355
Adjusted CAS per
AgOz(1) $ 22.73 $ 22.99 $ 20.01 $ 17.29 $ 18.45
Adjusted CAS per
CuLb(1) $ 2.67 $ 2.33 $ 5.36 $ -- $ --
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Financial Results
Third quarter 2026 revenue totaled $1.0 billion compared to $1.1 billion in the prior period and $555 million in the third quarter of 2025. The Company produced 161,400 ounces of gold, 4.2 million ounces of silver, and 10.0 million pounds of copper during the quarter. Metal sales for the quarter totaled 164,311 ounces of gold, 4.3 million ounces of silver and 9.3 million pounds of copper. Average realized prices for the quarter were $3,979 per ounce of gold, $62.22 per ounce of silver and $6.65 per pound of copper compared to $4,140 per ounce of gold, $71.18 per ounce of silver and $6.11 per pound of copper in the prior period and $3,148 and $38.93 per ounce of gold and silver, respectively, in the third quarter of 2025.
Gold, silver and copper sales represented 66%, 27% and 6% of quarterly revenue, respectively. The Company's U.S., Canadian and Mexican operations accounted for approximately 34%, 36% and 30% of third-quarter revenue, respectively.
Adjusted costs applicable to sales per ounce(1) of gold and silver declined to $2,054 and $22.73, respectively, compared to $2,442 and $22.99, respectively, in the prior period. Adjusted CAS(1) per gold ounce in the third quarter includes $40 million of non-cash expense related to purchase price allocation ascribed to inventory, which added $245 per ounce to the gold CAS(1) . General and administrative expenses decreased 5% quarter over quarter to $22 million.
Coeur invested approximately $50 million ($43 million expensed and $7 million capitalized) in exploration during the quarter compared to approximately $44 million ($34 million expensed and $10 million capitalized) in the prior period. See the "Operations" and "Exploration" sections for additional detail on the Company's exploration activities.
The Company recorded income tax expense of approximately $65 million during the third quarter. Cash income and mining taxes paid during the period totaled approximately $51 million, primarily reflecting income and mining tax payments in Mexico.
Quarterly operating cash flow decreased to $386 million from $513 million in the prior period, primarily reflecting lower realized gold and silver prices and lower metal sales, particularly at New Afton, Rainy River, and Palmarejo. Operating cash flow was also affected by $50 million of working capital adjustment outflows related to timing of interest expense and annual insurance premiums.
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