Coeur Mining (NYSE:CDE) executives highlighted record fourth-quarter and full-year 2025 results on the company’s earnings call, pointing to stronger production across the portfolio, higher realized commodity prices, and significant free cash flow generation as key drivers. Management also discussed exploration-led reserve and resource growth, operational progress at Rochester, and preparations for the expected first-half closing of the previously announced New Gold transaction.
Record 2025 performance and portfolio mix
President and CEO Mitchell Krebs said the company delivered “record fourth quarter results” and characterized 2025 as a year of “all-time bests and record achievements.” Krebs reported record full-year silver and gold production, up 57% and 23% year-over-year, respectively, driven by the Rochester expansion, the February acquisition of SilverCrest (Las Chispas), and consistent performance from Coeur’s other North American operations.
Coeur noted its three U.S. operations accounted for nearly 60% of 2025 revenue, while silver represented about 35% of total revenue. The company also said it shifted reporting to metric units beginning this quarter, with prior periods recast for comparability.
Fourth-quarter operations: strong cash flow across all mines
COO Mick noted that all five mines “hit the straps” in the quarter in a safe and environmentally sound manner. Consolidated production in Q4 totaled 112,000 ounces of gold and 4.8 million ounces of silver. He said adjusted cash costs were “well managed,” citing $1,207 per ounce for gold and $1,729 per ounce for silver, contributing to margin expansion.
Key mine-level updates included:
- Las Chispas: Q4 silver production of 1.4 million ounces and gold production of 15,000 ounces generated $79 million of quarterly free cash flow. Management emphasized 2026 guidance reflects a full year of production versus roughly 10.5 months in 2025.
- Palmarejo: The mine milled over 470,000 tons in Q4 (averaging more than 6,000 tons per day), supported by strong grades and recoveries. Palmarejo generated $63 million of free cash flow. Mick said the team’s “fill-the-mill strategy” is a capability Coeur expects to leverage at Rainy River as it transitions from open pit to underground.
- Rochester: The company exceeded 7 million tons (6.4 million metric tons) crushed in Q4, supported by completion of planned modifications and belt improvements. Q4 production reached 1.7 million ounces of silver and 17,000 ounces of gold, the highest levels of 2025. Average particle size was reported at a P80 of about 0.84 inch, beating budget expectations, with recoveries tracking particle-size distribution models. Coeur is working on the next phase of leach pad 6 expansion, most of which it expects to complete in 2026.
- Kensington: The mine delivered its highest tons milled and gold grade of the year in Q4, producing 30,000 ounces of gold and posting its lowest quarterly cost of 2025 at $1,533 per ounce. Kensington generated a record $51 million of quarterly free cash flow.
- Wharf: Q4 gold production totaled 25,000 ounces and free cash flow was $62.3 million. However, management reported a fire in the mine’s tertiary crusher area following routine maintenance. The company said there was no damage to the four tertiary cone crushers on the ground floor, but upper-level damage impacted belts and ancillary equipment. Temporary mobile crushing units were mobilized in January, and repairs are expected to be completed during the second quarter, resulting in a second-half weighted production profile for 2026.
Exploration drives reserve and resource growth
Chief Exploration Officer Aoife highlighted what she called a “very successful year for exploration,” including replacement of depletion and a 10% increase in reserves. She said inferred resources grew 40% across the portfolio, led by a 216% increase at Wharf, an 86% increase at Palmarejo, and 30% growth at Rochester.
At Wharf, the company said exploration and technical work added 500,000 ounces of gold reserves and 1,000,000 ounces of inferred resources, contributing to what Krebs described as a near doubling of mine life to 12 years. At Palmarejo, Aoife said reserves increased by almost 40% on a gold-equivalent basis (from 1.4 million ounces to 2.0 million ounces), with more than 1 million gold-equivalent ounces added to inferred resources, plus 400,000 ounces added in measured and indicated categories.
At Las Chispas, Coeur said exploration maintained mine life while identifying multiple new veins, including Augusta, La Promesa, and Lupita. The company also said depletion was more than replaced at Kensington and nearly replaced at Rochester, while work at Silvertip expanded the mineralized footprint by another kilometer to the south.
Looking ahead, Coeur expects 2026 exploration investment to increase to $120 million to $136 million.
2026 outlook and New Gold transaction timing
Krebs said Coeur’s standalone 2026 production guidance calls for solid year-over-year growth, including an expected 10% increase in silver production, reflecting a full year at Las Chispas and another step-up at Rochester. Based on current prices and the midpoint of guidance, management expects silver to contribute about 42% of total 2026 revenue.
Management reiterated that the 2026 guidance issued does not include contributions from the New Gold assets and said it expects an active news flow around the transaction. Krebs said the deal remains on track and “has a good chance to close by the end of the first quarter,” with updated SK-1300 technical reports for New Afton and Rainy River to be filed upon closing, including a maiden resource at New Afton’s C-Zone.
Upon closing, the company said it plans to provide updated combined-company guidance and updated capital return priorities. Krebs also reiterated comments previously made when the transaction was announced, stating the combined company is expected to generate approximately $3 billion of EBITDA and $2 billion of free cash flow on a full-year run-rate basis, based on consensus commodity prices from October.
Balance sheet, taxes, and capital returns
CFO Tom said every mine generated at least $50 million of free cash flow in the fourth quarter and reported Q4 free cash flow increased 66% to $313 million, with Rochester contributing $78 million. He also said Coeur achieved its goal of becoming net cash positive, with total debt down $250 million, or 42%, year-over-year, and total liquidity nearing $1 billion.
Tom said the company made some progress on its $75 million share repurchase program announced in the second quarter, but buybacks were constrained in the second half due to trading restrictions related to the New Gold transaction. He said those restrictions will end upon closing, when Coeur intends to provide an updated return-of-capital strategy.
On cash taxes, Tom cautioned that Q1 is typically seasonally low for operating cash flow due to year-end payments, including Mexican tax and annual incentive plans. In Q&A, he said Coeur expects roughly an 80/20 split of cash taxes between Mexico and the U.S. and noted U.S. net operating loss usage has been running about $100 million per year (declining from $630 million to $530 million year-over-year). He said at current prices those pools could be consumed in roughly two years, and that limitations can restrict sheltering to 80% in some years, resulting in some U.S. cash taxes.
In response to questions on capital returns, Krebs said the company has been evaluating dividends and buybacks, with a “slight preference” toward buybacks due to flexibility, while also benchmarking against peers.
Management also addressed operational topics during Q&A, including Las Chispas reserve grade assumptions (described as a more conservative modeling approach after Coeur took over) and Rochester recoveries, with Krebs saying recoveries are tracking model expectations for current crush size and should improve as the operation moves toward a P80 of 5/8 inch. Coeur said it currently intends to remain unhedged, focusing on cost control while retaining exposure to commodity prices.
About Coeur Mining (NYSE:CDE)
Coeur Mining, Inc is a publicly traded precious metals mining company headquartered in Chicago, Illinois. The company specializes in the exploration, development and production of silver and gold deposits, with a focus on high-grade underground and open-pit operations. Through a combination of operating mines and advanced exploration projects, Coeur Mining seeks to deliver consistent production of silver and gold bullion while maintaining industry standards for safety, environmental stewardship and cost management.
Coeur Mining’s portfolio includes five principal operating mines and several exploration projects across North America and Australia.
