Key Highlights 

  • Record silver and gold production drove strong earnings momentum for Coeur Mining in FY2025. 
  • Free cash flow reached USD 666 million, reversing the prior year’s negative cash position. 
  • Adjusted EBITDA exceeded USD 1 billion, reflecting margin expansion and higher realized metal prices. 
  • Rochester expansion and the Las Chispas acquisition materially strengthened production capacity. 
  • Proposed acquisition of New Gold assets could reshape the company’s scale and capital allocation framework. 

Record Production Strengthens Earnings Momentum 

Coeur Mining, Inc. reported a record operational and financial performance in the fourth quarter of 2025, capping a transformative year marked by significant production growth, stronger margins, and improved liquidity. 

The company delivered 112,000 ounces of gold and 4.8 million ounces of silver in the fourth quarter, supported by consistent output across its North American asset portfolio. Operational efficiency and higher realized commodity prices allowed the miner to expand margins despite cost pressures across the broader mining sector. 

For the full year, silver production increased 57 percent year-over-year, while gold output rose 23 percent, highlighting the impact of the Rochester expansion and the integration of the Las Chispas mine acquired earlier in the year. 

This production growth translated into substantial financial improvement. Full-year adjusted EBITDA exceeded USD 1 billion, representing a nearly 200 percent increase compared with the prior year. The company also reported free cash flow of USD 666 million, a sharp reversal from the negative USD 9 million recorded in 2024. 

The shift illustrates a structural change in Coeur’s cash generation profile, driven by scale expansion and stronger precious metals pricing. 

 

Portfolio Expansion Drives Operational Leverage 

Operational performance across Coeur’s five core mines contributed to the record quarter. 

The Las Chispas mine emerged as the company’s largest cash generator following its acquisition. During the fourth quarter alone, the operation produced 1.4 million ounces of silver and 15,000 ounces of gold, generating approximately USD 79 million in free cash flow. 

Meanwhile, the Palmarejo mine in Mexico delivered robust throughput and strong recoveries, milling over 470,000 tonnes during the quarter. This performance translated into approximately USD 63 million in free cash flow, reinforcing the asset’s role as a key contributor to the company’s operating cash generation. 

At the Rochester operation in Nevada, the newly expanded crushing infrastructure significantly improved throughput levels. The mine exceeded 6.4 million metric tonnes of crushed material during the quarter, pushing quarterly silver production to 1.7 million ounces and gold production to 17,000 ounces. 

The project has become a major driver of Coeur’s growth strategy, with management expecting further operational improvements as the crushing circuit continues to optimize throughput and particle size distribution. 

Other assets also delivered strong results. Kensington produced approximately 30,000 ounces of gold, its strongest quarterly output of the year, while Wharf generated more than USD 62 million in free cash flow despite operational disruptions from a crusher fire late in the quarter. 

Balance Sheet Strength and Liquidity Improve 

The company’s improved operational performance significantly strengthened its balance sheet. 

Year-end cash holdings rose to USD 554 million, more than ten times higher than the previous year’s level. Total debt declined by approximately USD 250 million, enabling the company to achieve a net cash position, a milestone management has been targeting for several years. 

Overall liquidity approached USD 1 billion, providing financial flexibility for capital investments, exploration programs, and potential shareholder return initiatives. 

Return on invested capital also improved materially, reaching approximately 26 percent in 2025, reflecting stronger margins and improved capital efficiency across the portfolio. 

The company executed a portion of its USD 75 million share buyback program, though activity was constrained during the second half of the year due to trading restrictions related to a pending acquisition transaction. 

Strategic Acquisition Could Reshape Scale 

A key strategic development for Coeur is its pending acquisition of assets from New Gold Inc., which includes the New Afton and Rainy River operations in Canada. 

The transaction, expected to close during the first half of 2026, is designed to enhance geographic diversification and expand the company’s production base within politically stable jurisdictions. 

Once integrated, the combined company could generate approximately USD 3 billion in annual EBITDA and around USD 2 billion in free cash flow based on consensus commodity price assumptions used during the transaction announcement. 

The acquisition is expected to further strengthen Coeur’s positioning as a North America-focused precious metals producer, potentially improving cost competitiveness and operational scale. 

Management indicated that updated production guidance and capital allocation priorities will be released once the transaction formally closes. 

Exploration Investment Extends Mine Life 

Exploration activity also played a significant role in Coeur’s operational outlook. 

The company reported a 10 percent increase in mineral reserves during 2025, while inferred resources expanded by approximately 40 percent across the portfolio. 

The Wharf operation delivered particularly strong exploration results, with gold reserves increasing by roughly 500,000 ounces and inferred resources expanding by over one million ounces. These additions effectively extended the mine’s life to around 12 years, nearly double previous estimates. 

At Palmarejo, exploration programs expanded gold-equivalent reserves to approximately 2 million ounces, while new discoveries at Las Chispas identified additional mineralized veins that could support long-term production stability. 

Looking ahead, Coeur plans to increase exploration spending to between USD 120 million and USD 136 million in 2026, reflecting management’s emphasis on extending mine life and improving return on invested capital through resource expansion. 

 

2026 Outlook: Production Growth and Higher Silver Exposure 

It expects another strong year in 2026, supported by a full-year contribution from Las Chispas and continued operational improvements at Rochester. 

Standalone guidance suggests silver production could increase by approximately 10 percent year-over-year, reflecting both operational expansion and optimization initiatives. 

If current commodity prices persist, silver could account for around 42 percent of total company revenue in 2026, up from approximately 35 percent in 2025. 

The company is also advancing development work at the Silvertip project in Canada, where ongoing drilling and feasibility assessments could support future production growth. 

Capital Allocation and Risk Considerations 

With cash flow improving and leverage declining, Coeur is reassessing its capital allocation framework. 

It indicated that share buybacks and potential dividend distributions remain under evaluation, though detailed plans will likely be announced following completion of the New Gold transaction. 

Despite strong results, the company acknowledged several operational and financial risks. These include seasonal cash flow volatility in the first quarter, potential operational disruptions at mine sites, and the sensitivity of earnings to fluctuations in precious metals prices. 

Nevertheless, the combination of higher production capacity, stronger liquidity, and ongoing resource expansion suggests that Coeur is entering a structurally different phase of its corporate development. 

 

FAQs 

  1. What drove Coeur Mining’s strong Q4 2025 results? 

Higher silver and gold production, improved operational efficiency, and stronger commodity prices significantly boosted revenue, EBITDA, and free cash flow. 

  1. How much free cash flow did Coeur generate in 2025? 

The company reported USD 666 million in free cash flow for FY2025, a substantial improvement from negative USD 9 million in 2024. 

  1. Which mines contributed most to Q4 performance? 

Las Chispas, Palmarejo, Rochester, Kensington, and Wharf all generated meaningful cash flow contributions, with Las Chispas emerging as the largest contributor. 

  1. What is the strategic significance of the New Gold acquisition? 

The acquisition could expand Coeur’s production base and diversify operations across North America, potentially improving scale, margins, and long-term cash flow generation. 

  1. How is Coeur investing in exploration? 

The company plans to increase exploration spending to USD 120 million–USD 136 million in 2026 to expand reserves, extend mine life, and enhance long-term resource visibility.