Coeur Mining, Inc.

Coeur reported quarterly revenue of $1.1 billion, up 27% quarter over quarter, record adjusted EBITDA of $478 million, and record free cash flow of $388 million, or more than $4 million per day. Management said Q2 results included a $140 million to $141 million non-cash impact from Rainy River acquisition accounting, which it said reduced EPS/EBITDA by about $0.10 per share. Cash at June 30 was $1.1 billion, roughly double year-end 2025, and liquidity was over $2 billion. On updated 2026 guidance, management expects approximately $2.3 billion of EBITDA and approximately $1.5 billion of free cash flow, using assumed prices of $4,000/oz gold, $60/oz silver, and $6.00/lb copper. It also flagged updated 2026 CapEx including $45 million of Phase 5 capitalized stripping at Rainy River, $25 million for underground development/equipment/infrastructure there, and $15 million for Silvertip study-related costs.

Mitchell Krebs framed the quarter as a turning point for Coeur’s scale and financial strength, emphasizing that the newly acquired Canadian assets helped drive the company’s first-ever quarter above $1 billion of revenue and nearly $400 million of free cash flow. He repeatedly pointed to the company’s “North America only” portfolio, strong exploration pipeline, and the balance-sheet flexibility created by the cash build. His tone was confident and upbeat, but he was also clear that New Afton and Rainy River are still in the early stages of optimization and that guidance was recalibrated to reflect more prudent ramp assumptions.

Thomas Whelan highlighted record financial results and the mechanics behind them, citing $1.1 billion of revenue, $478 million of EBITDA, and $388 million of free cash flow. He noted cash of $1.1 billion at June 30, over $2 billion of liquidity, $110 million of buybacks through June 30, the inaugural $0.02 dividend, and $39 million of higher-cost capital lease debt eliminated. He also detailed the non-cash inventory fair value uplift tied to the acquisitions: $244 million for Rainy River for the full year and $20 million for New Afton, with about $85 million recognized in Q1, $140 million in Q2, and the remaining $38 million expected in Q3. On guidance, he said 2026 EBITDA should be about $2.3 billion and free cash flow about $1.5 billion, and he flagged about a 10% increase in total operating costs, or roughly $30 million in 2026, to address Rainy River execution gaps.

Analysts focused heavily on the revised ramp schedules for New Afton and Rainy River, especially whether the slower progress reflected grade issues or execution timing. Management said New Afton’s move to 16,000 tonnes per day is now expected early in Q4 instead of by the end of Q2, mainly because of cave propagation/draw management rather than a fundamental deterioration in the orebody, and it expects grades and recoveries to improve as more balanced draw resumes. At Rainy River, management said the underground contractor issues were tactical and have already improved, with underground rates rising from 2.3 thousand tonnes per day in Q2 to 3.3 thousand in July and a year-end target of 5 thousand tonnes per day; it also said the non-cash purchase accounting impact should largely disappear after Q3. Analysts also pressed on Rochester silver timing, K Zone/Silvertip study progress, and capital allocation cadence, and management responded that Rochester’s second-half silver step-up should be driven by stronger crusher performance and ore close to liner, while buybacks will remain opportunistic rather than forced to use the full authorization quickly.