Coeur Mining hits $1 billion in quarterly revenue for the first time, but Canadian mine ramp-ups trail original schedule
Coeur Mining (NYSE: CDE) posted $1.1 billion in quarterly revenue on August 6, the company's first-ever quarter above the billion-dollar mark, with EBITDA at a record $478 million and free cash flow at $388 million, up 45% from the prior quarter. The print came with friction: a $140 million noncash inventory fair-value charge tied to the Rainy River acquisition cut roughly $0.10 per share from reported earnings, and both Canadian mines are still ramping below targeted throughput rates. The next confirmable milestone is New Afton reaching its 16,000-tonne daily mining target, which management now expects only in early Q4.
Key takeaways
- Coeur Mining posted $1.1 billion in quarterly revenue on August 6, its first-ever quarter above the billion-dollar mark, with record EBITDA of $478 million and free cash flow of $388 million.
- Both Canadian mines, New Afton and Rainy River, are still ramping below targeted throughput and had guidance revised lower, contributing roughly 45% of free cash flow (about $175 million) despite ramp-up mode.
- A $140 million noncash inventory fair-value charge tied to the Rainy River acquisition cut roughly $0.10 per share from reported earnings.
- Coeur expanded its buyback authorization to $750 million, repurchased $110 million of stock through June 30, and paid a $0.02 dividend, its first in three decades.
- Management's full-year guidance calls for approximately $2.3 billion in EBITDA and $1.5 billion in free cash flow.
Coeur Mining (NYSE: CDE) posted $1.1 billion in quarterly revenue on August 6, the company's first-ever quarter above the billion-dollar mark, with EBITDA at a record $478 million and free cash flow at $388 million, up 45% from the prior quarter. The print came with friction: a $140 million noncash inventory fair-value charge tied to the Rainy River acquisition cut roughly $0.10 per share from reported earnings, and both Canadian mines are still ramping below targeted throughput rates. The next confirmable milestone is New Afton reaching its 16,000-tonne daily mining target, which management now expects only in early Q4.
Behind the record quarter
Revenue ran 27% above the prior quarter, and free cash flow worked out to more than $4 million per day. The two Canadian assets, New Afton and Rainy River, contributed roughly 45% of that free cash flow, or about $175 million, despite both still being in ramp-up mode. Cash on hand doubled from year-end 2025 to $1.1 billion by June 30, with total liquidity above $2 billion.
The buyback authorization was expanded to $750 million; Coeur repurchased $110 million of stock through June 30 and paid an inaugural $0.02 dividend, its first in three decades.
Rochester processed a record 6.8 million metric tons during the quarter, a 15% increase over the prior period, and finished its Phase IIa leach pad expansion, which the company expects to support stronger silver output in the second half. Grades ran below plan at Kensington, Rochester, and Palmarejo. Realized gold and silver prices came in lower, particularly in June, while diesel costs pushed overall expenses higher.
What to watch at the Canadian mines
The noncash inventory step-up charge runs another $38 million in Q3, part of a full-year total of $244 million at Rainy River and $20 million at New Afton, and then largely fades. That removes a recurring drag on reported earnings.
The operational gap is less settled. New Afton averaged roughly 12,000 tonnes of daily mining against its 16,000-tonne target. Rainy River's underground rates averaged 2,300 tonnes per day after contractor execution problems, adding roughly $30 million in extra operating costs. Rates at Rainy River climbed to about 3,300 tonnes per day in July, and guidance for both mines was revised lower.
Coeur joined the S&P 400 MidCap Index on June 22. Hedge fund ownership ticked up from 51 to 52 funds, short interest sits at 5.68% of the float, and the stock traded at a forward P/E of 11.21 as of August 13. Management's full-year guidance calls for approximately $2.3 billion in EBITDA and $1.5 billion in free cash flow. The setup from here tracks whether New Afton closes the throughput gap by early Q4 and whether Rainy River's July recovery holds through the quarter.
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Filed by the digital assets desk of MarketPR on August 16, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.