DEF: Coeur Mining Achieves Record 2025 Results, Expands Portfolio

Coeur Mining reported record full-year production, earnings, free cash flow, and adjusted EBITDA in 2025, driven by strategic acquisitions and strong operational performance.

Summary

• Achieved record full-year production for both gold (419,046 ounces) and silver (17.9 million ounces) in 2025.
• Delivered record full-year earnings, free cash flow of $665.7 million, and adjusted EBITDA of $1.026 billion in 2025.
• Cash position increased more than tenfold to $554 million at year-end 2025.
• Successfully integrated the Las Chispas operation following the acquisition of SilverCrest Metals Inc. in February 2025.
• Announced the acquisition of New Gold Inc. in November 2025, which closed in March 2026, creating a sector-leading, all-North American senior precious metals mining company.
• Share price increased approximately 210% during 2025.
• Achieved significant reserve and resource growth, including a 65% increase in gold proven and probable reserves at Wharf, doubling its mine life to 12 years, and a 9% increase at Kensington.
• Palmarejo saw silver and gold proven and probable resources increase by 40% and 36% respectively, with an 86% increase in inferred resources.
• The 2025 corporate annual incentive plan scored 133% of target, and 2023-2025 long-term incentive plan performance shares paid out at 166% of target.

Sentiment

Score: 9

Explanation: StockSavvy.ai views this filing as overwhelmingly positive, reflecting exceptional financial and operational performance in 2025, significant strategic growth through acquisitions, and strong shareholder returns, positioning the company for continued success.

Positives

• Record full-year production for both gold (419,046 oz) and silver (17.9M oz) in 2025.
• Record full-year earnings, free cash flow ($665.7M), and adjusted EBITDA ($1.026B) in 2025.
• Cash increased more than tenfold to $554M at year-end 2025, bolstering liquidity.
• Net leverage ratio decreased from 1.6x at the end of 2024 to (0.2x) at the end of 2025.
• Share price increased approximately 210% during 2025.
• Successful integration of the Las Chispas operation following the acquisition of SilverCrest Metals Inc.
• Announced and closed the acquisition of New Gold Inc., expanding the company's footprint and production profile.
• Strong operating and financial results at Rochester, including record crushing rates and Q4 2025 free cash flow of $78 million.
• Significant reserve and resource growth, including doubling Wharf mine life to 12 years (65% increase in gold P&P reserves) and 9% increase at Kensington.
• Palmarejo silver and gold P&P resources increased 40% and 36% respectively, with an 86% increase in inferred resources.
• Corporate annual incentive plan score of 133% of target, reflecting strong performance.
• 2023-2025 performance shares paid out at 166% of target, driven by exceptional reserve/resource growth and top quartile relative TSR.
• Continued industry-leading environmental, health, and safety performance, achieving the lowest Total Reportable Injury Frequency Rate among U.S. peers in 2025.
• Reduced net intensity of emissions by 38% as of end of 2024, surpassing the 35% goal.
• Sourced renewable power for Rochester, Wharf, and Las Chispas operations.
• Received an MSCI ESG Rating of A (as of 2022) and an ISS QualityScore of 1 for Governance (Highest Possible).
• Palmarejo is a 13-time recipient of the Empresa Socialmente Responsable distinction, with Las Chispas also receiving it in 2025.
• Wharf Mine maintains continuous certification under the International Cyanide Management Code since 2013.
• High employee engagement (92% participation in culture survey) and positive feedback on safety, ethics, and pride.
• Strong human capital management practices, including local hiring (60% average new hires since 2018), apprenticeship programs, and competitive compensation (average employee earns over 40% more than local market).
• Expanded paid parental and primary caregiver leave policies for U.S. employees in 2022 and provides domestic partner benefits since 2017.

Negatives

• Mine-level return on invested capital (ROIC) was below target for the 2023-2025 performance share period.
• Silver production was below target and silver costs were above target in 2025.
• Company-wide Total Reportable Injury Frequency Rate (TRIFR) increased slightly year-over-year, despite remaining best among U.S. peers.
• Gold Costs Applicable to Sales (CAS) per ounce increased from $1,203 in 2024 to $1,347 in 2025.
• Silver Costs Applicable to Sales (CAS) per ounce increased from $16.55 in 2024 to $17.69 in 2025.

Risks

• Exploration efforts may not occur on a timely basis or may require more capital than currently anticipated.
• Anticipated production, cost, and expenditure levels at mines (New Afton, Rainy River, Las Chispas, Palmarejo, Rochester, Kensington, Wharf) may not be attained.
• Inherent risks and hazards in the mining business, including environmental hazards, industrial accidents, and weather or geologically-related conditions.
• Changes in market prices of gold, silver, and copper, and a sustained lower price or higher treatment and refining charge environment.
• Impact of geopolitical conditions, pandemics or epidemics, climate change, extreme weather events, and other macro conditions (e.g., inflation, tariffs, disruptions to operations, vendors, suppliers, and communities).
• Uncertainties in production, exploration, and development activities, including permitting and regulatory delays, ground conditions, and grade and recovery variability.
• Potential future labor disputes or work stoppages.
• Risk of adverse outcomes in litigation.
• Uncertainties inherent in the estimation of mineral reserves and resources.
• Impacts from future acquisitions of new mining properties or businesses.
• Loss of access or insolvency of any third-party refiner or smelter.
• Government orders that may require temporary suspension of operations.
• Effects of environmental and other governmental regulations and government shut-downs.
• Risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries.
• Ability to maintain positive relationships with community stakeholders.
• Implementation of tariffs or trade barriers.
• Ability to raise additional financing necessary to conduct business, make payments, or refinance debt.
• Cybersecurity threats against the security of operations, assets, and systems.
• Shortages in the workforce talent pipeline in the mining industry.

Future Outlook

Coeur Mining is well positioned for record results in 2026, anticipating even more impressive outcomes following the integration of the New Gold business. The company plans to conduct another culture survey in 2027 and expects to publish its next corporate responsibility report in the second quarter of 2026. Furthermore, it aims to complete all Global Industry Standard on Tailings Management (GISTM) requirements across all sites (excluding Las Chispas) by the end of 2027, with an implementation roadmap developed for Las Chispas.

Management Comments

• Last year represented a transformative year for Coeur, driven by the acquisition of SilverCrest Metals Inc. and integration of the Las Chispas mine into our portfolio.
• Together with solid performance from our other operations and higher metal prices, the Company delivered record free cash flow, adjusted EBITDA and earnings, which allowed us to deleverage the balance sheet and begin returning capital to our investors through an inaugural stock buyback program.
• Our expanded portfolio delivered record annual production and achieved solid cost performance, while our investments in exploration last year drove impressive reserve and resource growth.
• In November 2025, we announced an agreement to acquire New Gold Inc. to create a new, sector-leading, all-North American senior precious metals mining company. This transaction closed in March of this year, and we look forward to completing the integration of the New Gold business into our portfolio and delivering even more impressive results in 2026 as a result.
• Together, our exciting performance and strategic initiatives, along with rising metals prices, helped drive an approximately 210% increase in our share price during 2025.

Industry Context

StockSavvy.ai notes that Coeur Mining operates in a highly volatile precious metals market, with 2025 seeing strong price performance for both gold (rising from $2,633 to over $4,300 per ounce) and silver (rising from $29.56 to over $71.00 per ounce). These price increases were driven by factors such as interest rate cuts, geopolitical instability, a weakening U.S. dollar, central bank purchases, and increased industrial demand for silver. Coeur's stock price tends to be more highly leveraged to metals price changes, leading to outperformance in rising markets. The acquisition of New Gold Inc. is a significant strategic move to create a sector-leading, all-North American senior precious metals mining company, positioning Coeur for enhanced scale and competitive advantage within the industry.

Comparison to Industry Standards

• Coeur outperformed both the metals market and its peer group (including Alamos Gold Inc., B2Gold Corp., Centerra Gold Inc., Eldorado Gold Corporation, Equinox Gold Corp., First Majestic Silver Corp., Hecla Mining Company, IAMGOLD Corporation, Pan American Silver Corp., and SSR Mining Inc.) over a significant portion of 2024 and 2025, particularly after the Rochester expansion and return to positive free cash flow.
• The company ranked first among U.S. peers with the lowest Total Reportable Injury Frequency Rate (TRIFR) in 2025, reporting 0.17 injuries per 200,000 employee-hours worked compared to the industry average of 1.31.
• Coeur holds an MSCI ESG Rating of A (as of 2022), indicating strong environmental, social, and governance performance relative to industry benchmarks.
• The company achieved an ISS QualityScore of 1 for Governance, the highest possible score, reflecting best-in-class corporate governance practices.
• Palmarejo is a 13-time recipient of the Empresa Socialmente Responsable distinction, and Las Chispas received the distinction in 2025, recognizing strong ethical practices, community engagement, environmental responsibility, and sound governance in Mexico.
• The Wharf Mine has maintained continuous certification under the International Cyanide Management Code since 2013, demonstrating adherence to global best practices for cyanide management.
• The 2023-2025 Long-Term Incentive Plan (LTIP) performance shares payout included a 125% multiplier due to top quartile relative Total Shareholder Return (rTSR) performance compared to its peer group.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: Benefited from a 210% increase in share price during 2025, record financial performance (earnings, free cash flow, adjusted EBITDA), and the initiation of an inaugural stock buyback program. The New Gold acquisition is expected to create a sector-leading company, potentially driving further long-term value.
• Employees: Experienced strong safety and environmental performance, competitive compensation (average employee earns over 40% more than local market), robust talent development programs (IMPACT, Advanced IMPACT), and an inclusive workplace culture. The Coeur Heroes program supports U.S. military personnel, and expanded parental leave and mental health support enhance well-being.
• Customers: Not directly addressed, but increased production and expanded asset base from acquisitions suggest enhanced supply reliability.
• Suppliers: Not directly addressed, but strong financial health and operational growth generally indicate stable and growing demand for supplier services and products.
• Creditors: Benefited from significant deleveraging of the balance sheet, with the net leverage ratio decreasing from 1.6x to (0.2x) at year-end 2025, and a tenfold increase in cash, improving the company's credit profile.
• Communities: Positive relationships maintained through local hiring, investment in education and workforce development, and formal agreements with Indigenous Peoples and Ejidos at several sites. The company's corporate responsibility initiatives aim to leave a lasting positive legacy.

Next Steps

• Hold the 2026 Annual Meeting of Stockholders on May 12, 2026.
• Complete the integration of the New Gold business into the company's portfolio.
• Deliver even more impressive results in 2026.
• Conduct another company-wide culture survey in 2027.
• Publish the next report on corporate responsibility matters in the second quarter of 2026.
• Complete all Global Industry Standard on Tailings Management (GISTM) requirements across all sites (except Las Chispas) by the end of 2027.
• Implement the roadmap for Las Chispas tailings facility GISTM requirements.
• Conduct the next advisory vote to approve executive compensation at the 2027 Annual Meeting.
• Stockholders may submit proposals for the 2027 Annual Meeting by December 2, 2026 (Rule 14a-8) or between January 12, 2027, and February 11, 2027 (advance notice).

Key Dates

Recommendation

Coeur Mining's 2025 performance was exceptional, marked by record production, earnings, free cash flow, and adjusted EBITDA, alongside a substantial 210% increase in share price. The successful integration of Las Chispas and the strategic acquisition of New Gold Inc. significantly enhance its asset base and future growth prospects in North America. With a deleveraged balance sheet, strong liquidity, impressive reserve growth, and industry-leading ESG practices, the company is well-positioned for continued outperformance. These factors collectively indicate a robust investment opportunity.

Keywords

Precious Metals, Gold Mining, Silver Mining, Copper Mining, SEC Filing, Proxy Statement, Financial Performance, Production Results, Acquisitions, New Gold Inc., Las Chispas Mine, Rochester Mine, Exploration, Reserves and Resources, Corporate Governance, Executive Compensation, ESG, Sustainability, Mining Industry, North America