Coeur Mining Targets $3B EBITDA by 2026 Following New Gold Merger

Key Facts

1Coeur Mining (CDE) reported 2025 adjusted EBITDA of $1.0Bn and free cash flows (FCF) of $666Mn.

2Management is targeting $3B EBITDA and $2B FCF in 2026 following the proposed New Gold merger.

3The company expects a 10% y/y increase in silver production alongside further improvements at the Rochester expansion.

Coeur Mining (CDE) has announced an ambitious outlook for 2026, targeting an adjusted EBITDA of $3 billion and free cash flow of $2 billion. This projection follows a strong performance in 2025, where the company reported $1.0 billion in EBITDA and $666 million in free cash flow. The growth strategy is centered on a proposed all-stock merger with New Gold (NGD), aimed at scaling operations across North America. Additionally, the company anticipates a 10% year-over-year increase in silver production, supported by ongoing improvements at the Rochester expansion project. Management indicated that the firm is transitioning from a heavy capital expenditure phase into a 'harvest mode' to maximize shareholder value. Analysts view the record financial results and merger synergies as indicators that the stock may be undervalued relative to its growth trajectory.