Coeur Mining Q1 Earnings Call Highlights

Key Points

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• Record Q1 results were driven by higher silver and gold production, with revenue hitting $856 million and EBITDA reaching a record $475 million. Coeur also generated $267 million of free cash flow and ended the quarter with $843 million in cash.

• The New Gold acquisition of New Afton and Rainy River is expected to significantly reshape production in 2026, contributing to a projected 80% jump in gold output and introducing copper into the mix. Management expects the Canadian assets to help lower overall costs and keep Coeur among the top global silver producers.

• Shareholder returns are now in focus, with the board approving a $750 million share repurchase program and a new semiannual dividend of $0.02 per share. Coeur said it expects to become more active on buybacks starting in Q2 as transaction-related blackout periods ease.

Coeur Mining (NYSE:CDE) reported what executives described as a record first quarter, with results boosted by higher silver and gold production and a partial contribution from assets acquired in the recently completed New Gold transaction.

Chairman, President and CEO Mitchell Krebs said the company had a “strong start” to 2026 despite the first quarter typically being its softest period of the year. He noted that the quarter included only 11 days of contributions from the newly acquired New Afton and Rainy River mines.

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First-quarter silver production rose 18% year over year, while gold production increased 11%, according to Krebs. Quarterly revenue reached a record $856 million. EBITDA increased 12% from the fourth quarter and nearly quadrupled year over year to a record $475 million. Coeur also generated $267 million of free cash flow, which Krebs said came despite more than $200 million of quarter-specific and one-time items.

Cash and equivalents rose to $843 million, which Krebs said was nearly 11 times higher than a year earlier.

New Gold assets expected to reshape production profile

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Coeur closed its acquisition of New Gold during the quarter, adding the New Afton and Rainy River mines in Canada. Krebs said the remaining three quarters of the year will reflect full contributions from both operations, along with higher output from Rochester and a rebound at Wharf following a fire in the crusher building last November.

Using the midpoint of its guidance ranges, Coeur expects to produce approximately 750,000 ounces of gold, more than 20 million ounces of silver and nearly 60 million pounds of copper in 2026. Krebs said the Canadian assets are the main drivers behind an expected 80% increase in gold production compared with last year, while also introducing copper into Coeur’s metals mix and lowering the company’s overall cost profile.

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The company expects more than 20 million ounces of silver production this year, up about 13% from last year. Krebs attributed the increase to a full-year contribution from Las Chispas, acquired through the SilverCrest transaction in mid-February last year, and a further expected step-up at Rochester. He said that level of silver production should keep Coeur among the top five global silver producers and is expected to represent more than 30% of revenue this year based on recent prices.

Krebs also emphasized that all of Coeur’s 2026 gold, silver and copper production will come from North America, with about 70% of revenue coming from the U.S. and Canada.

Free cash flow, balance sheet and capital returns in focus

CFO Tom Whelan said Coeur delivered its seventh consecutive quarter of free cash flow and eighth consecutive quarter of positive earnings per share. He said the first quarter included significant working capital outflows and the added complexity of closing the New Gold transaction.

Whelan said quarter-specific and one-time items totaled more than $200 million. During the question-and-answer portion, Krebs said Mexican tax payments, interest and Rochester property taxes are recurring first-quarter items, while transaction costs were one-time. Whelan added that interest on notes occurs in the first and third quarters.

The company’s cash balance increased by almost $300 million during the quarter, more than offsetting $272 million in net debt assumed at the closing of the New Gold acquisition, Whelan said. He also pointed to a new $1 billion revolving credit facility and multi-notch upgrades from rating agencies completed alongside the acquisition.

Whelan said Coeur expects to generate more than $3 billion of EBITDA and $2 billion of free cash flow using 2026 budget prices, even with only nine months and 11 days of contributions from New Afton and Rainy River.

Coeur’s board authorized a $750 million share repurchase program and approved an inaugural dividend policy of $0.02 per share semi-annually, with payments expected in the second and fourth quarters. Whelan said the dividend was set at a level intended to be sustainable even under low-price scenarios, while allowing for potential growth over time. In response to an analyst question, Krebs said the company had been constrained by blackout periods tied to the transaction but expected to become more active on repurchases beginning in the second quarter.

Accounting impact from acquired inventory weighs on reported costs

Whelan spent part of the call discussing purchase accounting impacts tied to the New Gold acquisition, particularly the fair value uplift of opening inventory. He said all first-quarter sales from Rainy River and New Afton came from opening inventory, which under U.S. GAAP was recorded at fair market value.

The result was an $85 million non-cash impact on costs applicable to sales during the quarter. Whelan said companywide adjusted gold costs applicable to sales would have been $689 per ounce lower without the accounting impact.

During the Q&A, Whelan said the New Afton impact should largely be behind the company after the first 11 days. At Rainy River, however, he said the impact will continue through 2026 because Coeur inherited an approximately 2 million-ton short-term stockpile and significant gold inventory. He stressed that the accounting treatment affects earnings but not free cash flow.

Operations: Rochester, Wharf and Canadian ramp-ups

Krebs said Wharf is rebounding after the crusher-building fire and finished the first quarter slightly ahead of the quarterly profile Coeur had laid out in February. COO Mick Routledge said the Wharf team was “a couple of weeks ahead” on the recovery curve and was on plan for the year.

At Rochester, Krebs said the first quarter included scheduled maintenance, fewer calendar days and crushing of overliner for a leach pad. He said production is expected to build through the year and land within previously issued guidance. Routledge said Rochester is also on plan, with larger maintenance work scheduled for early in the fourth quarter and already reflected in the company’s quarterly guidance.

For Rainy River, Krebs said open-pit grades were lower at the start of the year but are expected to increase, while underground mining rates are expected to step up over time. Whelan said Rainy River should be stronger in the second quarter than the third, with a solid fourth quarter based on the current mine plan.

At New Afton, Krebs said the ramp-up of the C-Zone is expected to support stronger second-half performance. He said the company is targeting throughput approaching 16,000 tons per day by the end of the second quarter, up from roughly 11,000 tons per day around late March and early April. Routledge said post-close throughput had averaged around 13,000 tons per day and was gaining momentum.

Safety, inflation and exploration priorities

Krebs said Coeur finished 2025 as the safest mining company among its U.S. peers for the fourth consecutive year based on MSHA data. He also said New Afton and Rainy River received the John T. Ryan Regional Safety Trophy for lowest reportable injury frequency at the annual CIM conference.

On inflation, Whelan said diesel represents about 6% of Coeur’s total operating costs, and the company’s 2026 cost guidance assumes a diesel price of $3.19 per gallon. A 10% increase in diesel prices would typically increase costs by about $10 million, or about 1% to 2% in costs applicable to sales per unit, he said.

Krebs said Coeur’s priorities for the remainder of the year include completing a smooth New Gold integration, delivering consistent performance across seven North American operations, strengthening liquidity and beginning shareholder returns. He also highlighted what he called the largest exploration investment in the company’s history, including continued drilling at the Silvertip project in British Columbia.

About Coeur Mining (NYSE:CDE)

Coeur Mining, Inc is a publicly traded precious metals mining company headquartered in Chicago, Illinois. The company specializes in the exploration, development and production of silver and gold deposits, with a focus on high-grade underground and open-pit operations. Through a combination of operating mines and advanced exploration projects, Coeur Mining seeks to deliver consistent production of silver and gold bullion while maintaining industry standards for safety, environmental stewardship and cost management.

Coeur Mining’s portfolio includes five principal operating mines and several exploration projects across North America and Australia.

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