Coeur Mining (CDE) Mining Forum Americas 2026 summary

Operational performance and outlook

• Production in 2026 is expected to reach 630,000 ounces of gold, 19 million ounces of silver, and 40 million pounds of copper, with a revenue mix of 65% gold, 30% silver, and 5% copper.

• Growth in the second half of 2026 is driven by ramp-ups at New Afton (C-Zone), Rainy River underground, Rochester (expanded leach pad), and Wharf (post-crusher projects).

• 2027 is projected to be stronger due to a full year of contributions from newly acquired Canadian assets.

• First half 2026 saw record production and revenue, with 260,000 oz gold, 8.8M oz silver, 13M lbs copper, and $1.9B in revenue.

• Second half and full-year 2026 performance expected to be heavily weighted to Q4, with peak capex and exploration in Q3.

Strategic transformation and growth

• Completed two major acquisitions: SilverCrest (~$2B, Feb 2025) and New Gold (~$7B, Mar 2026), expanding the asset base and production scale.

• Over $1B invested in organic exploration and expansion in the past five years, resulting in significant resource growth and mine life extensions.

• Enhanced North American platform with seven operations, balanced across gold, silver, and copper, and a $20B market cap as of September 2026.

• Record 2026 production expected, driving a 125% YoY increase in EBITDA and free cash flow to ~$2.3B and ~$1.5B, respectively.

• Strong balance sheet with over $1B in cash, expanded $750M stock buyback, and a new semi-annual dividend.

Asset development and exploration

• New Afton’s K-Zone resource (54 million tons) is being advanced to follow C-Zone, extending mine life into the 2040s.

• Rainy River underground ramp-up targets 5,000 tonnes/day by year-end, with ongoing drilling to connect open pits and maximize mill utilization.

• La Union and San Miguel at Palmarejo offer potential for new ore sources outside existing gold stream terms, with decisions pending on standalone infrastructure or integration.

• Las Chispas, acquired in 2025, is a high-grade, low-cost, steady producer, supporting de-leveraging and further M&A.

• Wharf mine’s reserves increased 65%, nearly doubling mine life to 12 years, supporting further productivity projects.