Coeur Mining reports $1,172.7 million in liquidity and keeps 2026 production at the low end
Key Facts
Coeur Mining reported third-quarter results on November 4 and said it is targeting record annual production in 2026 at the low end of its guidance ranges, alongside an increase in cash and equivalents and short-term investments to $1,172.7 million. The company said its target includes about 630,000 ounces of gold, 18.7 million ounces of silver and 40.0 million pounds of copper. That puts production at the low end of its annual outlook, despite describing the targeted levels as records. The disclosure followed a quarter in which the company reported revenue of $983.6 million and net income of $109.4 million. It also reported free cash flow of $240.2 million, as some of its sites faced weather-related effects on production.
Revenue reached $1 billion in the third quarter, up 77% from $555 million in the same period of 2025, the company said. The financial results showed more precisely stated revenue of $983.6 million, alongside net income of $109.4 million and free cash flow of $240.2 million. Cash and equivalents and short-term investments totaled $1,172.7 million at quarter-end, compared with $1,052.3 million in the second quarter and $266.3 million in the third quarter of 2025. The comparison shows the balance increased from both the previous quarter and a year earlier, while the figure includes short-term investments and is not limited to cash alone. By contrast, cash flow from operating activities fell to $386 million from $513 million in the previous quarter.
Coeur attributed the decline in operating cash flow mainly to lower realized gold and silver prices and lower metal sales, as well as working capital outflows. Those outflows related to working capital adjustments totaled $50 million in the third quarter and were associated with the timing of interest and insurance. The average realized gold price fell to $3,979 an ounce from $4,140 in the second quarter, while the silver price declined to $62.22 an ounce from $71.18. By contrast, the average realized copper price rose to $6.65 a pound from $6.11. The comparison links movements in realized prices with the decline in operating cash flow, while free cash flow remained at $240.2 million.
At Rainy River, unusually heavy rainfall affected open-pit production during the quarter, leading to increased processing of low-grade stockpile ore. The company said stronger-than-planned performance in the Phase 5 open pit offset part of the impact of rain affecting Phase 4. At Palmarejo, heavy seasonal rains also contributed to lower-than-expected production. Rochester, however, took a different course: the crusher posted records for tons of ore processed, and quarterly production rose 39% sequentially. The company also said Wharf production grew 28% sequentially, while quarterly gold production totaled 161,400 ounces. Site results therefore varied, with weather affecting two mines and production growing at Rochester and Wharf.
The operational impact also extended to New Afton, where a conveyor belt failed in late August and was repaired by mid-September, reducing mining and milling rates below plan during the outage. Coeur said that after the repair it achieved and sustained an underground mining rate of 16,000 tons a day. Commenting on the outlook, Chief Executive Mitchell Krebs said the company “remains on track to deliver strong fourth-quarter results, wrapping up a transformational and record year for the company.” The outlook comes as the company maintains its annual production target at the low end of its guidance range, following the impact of rain and the belt outage during the third quarter. An earnings call was held on November 5 at 11 a.m. Eastern time, and a recording was made available through November 12.
The company declared a second cash dividend of $0.02 a share, expected to be paid on December 16, 2026, to shareholders of record as of the close of trading on November 30. The announcement was made on November 4 alongside the release of third-quarter results. Coeur Mining shares closed at $15.47 on November 6, according to the historical price record published on the company's investor relations page. These details provide a timeline following the results announcement: the call recording was available through November 12, followed by the shareholder record date at the end of November and the expected payment in December. The next operating outlook cited by the company's chief executive is strong fourth-quarter results.