Coeur Mining, Inc.

Coeur reported record second-quarter revenue of $1.1 billion, up 27% quarter over quarter, record EBITDA of $478 million, and record free cash flow of $388 million, or more than $4 million per day. Management also cited a $140 million noncash impact in the quarter, described as about $0.10 per share, from Rainy River acquisition accounting; Tom Whelan said the full-year noncash inventory uplift will be $244 million at Rainy River and $20 million at New Afton. Cash at June 30 was $1.1 billion, up to more than $2 billion of liquidity. Looking ahead, the company expects 2026 EBITDA of approximately $2.3 billion and free cash flow of approximately $1.5 billion, based on forecast prices of $4,000 per ounce gold, $60 per ounce silver, and $6.00 per pound copper. Management said New Afton’s 16,000 tonnes per day target is now expected early in the fourth quarter, while Rainy River’s underground rate is expected to reach 5,000 tonnes per day by year end.

Mitchell J. Krebs framed the quarter as a turning point, emphasizing that the first full quarter from New Afton and Rainy River helped drive record revenue, EBITDA, and free cash flow. He stressed that the balance sheet is becoming a source of strength, with cash above $1 billion, and said the company intends to keep deploying capital into exploration, organic growth, and shareholder returns. His tone was upbeat but practical, repeatedly noting that near-term ramp-up timing at the Canadian assets was slower than expected, while insisting the second half should be meaningfully stronger.

Thomas Whelan highlighted the hard numbers behind the quarter: revenue of $1.1 billion, EBITDA of $478 million, and free cash flow of $388 million. He pointed out that the quarter included a $141 million noncash expense tied to Rainy River fair value uplift and explained that the remaining $38 million of this accounting impact should flow through in Q3. On capital allocation, he cited $110 million of buybacks through June 30, the inaugural $0.02 dividend, and the elimination of $39 million of higher-cost capital lease debt. He also noted revised 2026 CapEx, including $45 million for Rainy River Phase 5 capitalized stripping, $25 million for underground development/equipment/infrastructure at Rainy River, and an additional $15 million at Silvertip for PFS-related work.

Analysts focused on the revised ramp-up timing at New Afton and Rainy River, asking whether the lower guidance reflected grade issues or operational delays. Management said New Afton’s shift was mainly timing-related as the mine is now expected to reach 16,000 tonnes per day early in Q4 rather than by the end of Q2, while Rainy River’s issues were described as tactical contractor and infrastructure gaps that are already being addressed. Questions also covered Rochester’s second-half silver recovery outlook, with management saying consistent crusher performance, higher grades, and ore close to fresh liner should drive a strong back half. On capital allocation, management said buybacks will be opportunistic and linked to valuation, while growth capital will continue going toward exploration, K Zone, Silvertip, East Rochester, Palmarejo, and potential Rainy River mine-life extensions.