Download PDF

1. Company Snapshot

1.a. Company Description

Coeur Mining, Inc.explores for precious metals in the United States, Canada, and Mexico.The company primarily explores for gold, silver, zinc, and lead properties.


It holds 100% interests in the Palmarejo gold and silver mine covering an area of approximately 67,296 net acres located in the State of Chihuahua in Northern Mexico; the Rochester silver and gold mine that covers an area of approximately 43,441net acres situated in northwestern Nevada; the Kensington gold mine comprising 3,972 net acres located to the north of Juneau, Alaska; the Wharf gold mine covering an area of approximately 3,243 net acres situated in the northern Black Hills of western South Dakota; and the Silvertip silver-zinc-lead mine comprising 97,298 net acres located in northern British Columbia, Canada.In addition, the company owns interests in the Crown and Sterling projects located in southern Nevada; and the La Preciosa project located in Mexico.Further, it markets and sells its concentrates to third-party customers, smelters, under off-take agreements.


The company was formerly known as Coeur d'Alene Mines Corporation and changed its name to Coeur Mining, Inc.in May 2013.Coeur Mining, Inc.was incorporated in 1928 and is headquartered in Chicago, Illinois.

Show Full description

1.b. Last Insights on CDE

Breaking News: Coeur Mining Inc reported unusually high options trading on Tuesday with 25,690 call options bought, a 79% increase from the typical daily volume. The company's Q3 results showed 77% revenue growth, $2 million daily free cash flow, and a net debt of 0.1x. Several analysts have rated the stock as 'Buy' citing a compelling risk-reward setup driven by operational inflection and the New Gold acquisition. Analysts from Zacks expect high end production guidance and operating leverage to drive margin expansion. CDE is rated 'Buy'.

1.c. Company Highlights

2. Record Quarterly Results Driven by Higher Realized Prices and Strong Production

Mitchell Krebs, President and CEO of Coeur Mining, reported a second consecutive quarter of record results, driven by higher realized prices, strong production levels, and solid cost management. The company's financial performance was impressive, with net income, adjusted EBITDA, free cash flow, and adjusted EBITDA margin all achieving new quarterly financial records. The actual EPS came out at $0.23, slightly below estimates of $0.25. The revenue growth is expected to continue, with analysts estimating a 15.8% increase in revenues for the next year.

Publication Date: Nov -03

📋 Highlights
  • Record Cash Balance Growth: Cash balance surged to $266 million, projected to exceed $500 million by year-end, with net debt below $100 million.
  • Free Cash Flow Surge: Generated $66 million at Las Chispas (34% QoQ), with Coeur’s daily free cash flow averaging $2 million during Q3.
  • Production Milestones: Delivered 111,000 ounces of gold and 4.8 million ounces of silver, reflecting sequential quarterly growth in output.
  • Operational Efficiency Gains: Rochester mine reduced average particle size through crusher modifications, aligning with revised 2025 production guidance of 20,000 gold ounces and 2M silver ounces quarterly.
  • Strategic Financial Positioning: Upgraded $1 billion cash balance guidance and $550 million EBITDA, enabling exploration of M&A opportunities like the Silvertip project.

Operational Highlights

The Las Chispas operation in Sonora, Mexico, had a consistent quarter of production, generating $66 million of free cash flow, a 34% increase from the previous quarter. Consolidated gold and silver production continued its 2025 trend of positive sequential quarterly increases, delivering over 111,000 ounces of gold and 4.8 million ounces of silver. The Rochester mine continued to make solid progress toward achieving steady state, with the average particle size continuing to trend downward for material passing through all 3 stages of crushing.

Cash Flow and Balance Sheet

The company's cash balance grew to $266 million, and the company repaid $10 million of higher-cost capital leases. Net debt was driven below $100 million, with a net debt ratio of 0.1x. The cash balance is expected to exceed $500 million at year-end, placing the company solidly in a net cash position heading into 2026. The expected EBITDA and free cash flow have been revised upwards to $1 billion and $550 million, respectively.

Valuation and Growth Prospects

With a P/E Ratio of 21.72 and an EV/EBITDA of 18.11, the market is pricing in a certain level of growth for Coeur Mining. The company's ROIC is 9.41%, and ROE is 15.34%, indicating a decent return on investment. The Net Debt / EBITDA ratio is -0.45, indicating a healthy balance sheet. As Mitchell Krebs stated, the company is now in a position to consider other opportunities, either producing or in development, and is actively monitoring opportunities that meet their criteria, such as the Silvertip project.

Cost Environment and Future Outlook

The company is experiencing a favorable cost environment, with strong rising prices and flat input costs. Their unit costs are around 60% of their total operational expenses, and they're seeing no tariff pressure. Despite higher royalty pressures, they're able to lower costs at their mines, thanks to robust cost controls and a strong peso. The tax rate is expected to be around 24% for the current year and 21% on average for the next year.

3. NewsRoom

Card image cap

Coeur Mining's Harvest Phase: Seven Mines, One Big Upside

Dec -02

Source: seekingalpha.com

Card image cap

Coeur Mining Target of Unusually High Options Trading (NYSE:CDE)

Dec -02

Source: defenseworld.net

Card image cap

BitMine, Rocket Companies, And Symbotic Are Among the Top 10 Large-Cap Gainers Last Week (Nov. 24-Nov. 28): Are the Others in Your Portfolio?

Nov -30

Source: feeds.benzinga.com

Card image cap

GFI vs. CDE: Which Gold-Mining Stock is the Better Buy Right Now?

Nov -28

Source: zacks.com

Card image cap

Silver surges to record on Fed rate cut optimism

Nov -28

Source: proactiveinvestors.com

Card image cap

Tesla plans modest Robotaxi expansion in Austin

Nov -28

Source: proactiveinvestors.com

Card image cap

SEC reportedly investigating Jefferies over First Brands exposure

Nov -28

Source: proactiveinvestors.com

Card image cap

4 Non-Ferrous Metal Mining Stocks to Consider From a Thriving Industry

Nov -27

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.70%)

6. Segments

Palmarejo

Expected Growth: 3.0%

Palmarejo's 3.0 growth is driven by increased gold and silver production, improved ore grades, and enhanced operating efficiencies. Additionally, Coeur Mining's strategic investments in exploration and development have expanded the mine's resource base, supporting future growth. Favorable market conditions, including rising precious metal prices, have also contributed to the segment's growth.

Wharf

Expected Growth: 2.8%

Wharf's 2.8% growth is driven by increasing gold prices, improved operational efficiencies, and higher production volumes. Coeur Mining's focus on cost reduction and capital discipline also contributed to the growth. Additionally, the mine's long-life reserves and low-cost production profile provide a solid foundation for sustained growth.

Kensington

Expected Growth: 2.5%

Kensington's 2.5% growth is driven by increasing gold prices, improved operational efficiency, and higher production volumes. The mine's proximity to existing infrastructure and low cash costs also contribute to its growth. Additionally, Coeur Mining's focus on exploration and development of nearby targets is expected to further enhance Kensington's growth potential.

Rochester

Expected Growth: 2.2%

Rochester's 2.2% growth is driven by increasing silver and gold production, supported by higher ore grades and improved milling efficiencies. Additionally, Coeur Mining's focus on cost reduction initiatives and exploration efforts to extend mine life contribute to the segment's growth.

7. Detailed Products

Gold

Coeur Mining, Inc. is a significant producer of gold, with operations in the United States, Canada, and Mexico. The company's gold mines produce doré bars, which are then refined into gold bars.

Silver

Coeur Mining, Inc. is also a significant producer of silver, with operations in the United States, Canada, and Mexico. The company's silver mines produce silver ore, which is then refined into silver bars.

Zinc

Coeur Mining, Inc. produces zinc as a by-product of its silver and gold mining operations. Zinc is used in a variety of applications, including galvanizing, die-casting, and as an alloy.

Lead

Coeur Mining, Inc. produces lead as a by-product of its silver and gold mining operations. Lead is used in a variety of applications, including batteries, radiation shielding, and pigments.

8. Coeur Mining, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Coeur Mining, Inc. operates in the gold and silver mining industry, which has few substitutes. However, the company faces competition from other mining companies, which could lead to a moderate threat of substitutes.

Bargaining Power Of Customers

Coeur Mining, Inc. sells its gold and silver products to a diverse range of customers, including jewelry manufacturers, industrial companies, and investors. The company's customers have limited bargaining power due to the fragmented nature of the market.

Bargaining Power Of Suppliers

Coeur Mining, Inc. relies on suppliers for equipment, materials, and services. While the company has some bargaining power due to its size and scale, suppliers also have some bargaining power due to the specialized nature of the mining industry.

Threat Of New Entrants

The gold and silver mining industry has high barriers to entry, including significant capital requirements, regulatory hurdles, and environmental concerns. This makes it difficult for new entrants to join the market, reducing the threat of new entrants.

Intensity Of Rivalry

The gold and silver mining industry is highly competitive, with many established players competing for market share. Coeur Mining, Inc. faces intense rivalry from other mining companies, which could lead to downward pressure on prices and profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.16%
Debt Cost 3.95%
Equity Weight 64.84%
Equity Cost 12.79%
WACC 9.68%
Leverage 54.23%

11. Quality Control: Coeur Mining, Inc. passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Newmont

A-Score: 6.2/10

Value: 5.3

Growth: 4.8

Quality: 8.1

Yield: 4.0

Momentum: 9.5

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Idaho Strategic Resources

A-Score: 4.9/10

Value: 0.0

Growth: 9.7

Quality: 8.0

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
Equinox Gold

A-Score: 4.5/10

Value: 2.5

Growth: 6.9

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Universal Stainless & Alloy Products

A-Score: 4.5/10

Value: 4.9

Growth: 4.8

Quality: 5.5

Yield: 0.0

Momentum: 7.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
Coeur Mining

A-Score: 4.3/10

Value: 2.6

Growth: 4.3

Quality: 6.8

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Gold Resource

A-Score: 3.6/10

Value: 7.4

Growth: 0.3

Quality: 2.8

Yield: 1.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.86$

Current Price

15.86$

Potential

-0.00%

Expected Cash-Flows