Coeur Mining Posts Record $1.1B Q2 Revenue and Doubles Cash to $1.1B, but Trims Production Outlook at New Canadian Mines

summarizeSummary

Coeur Mining posted record Q2 2026 results with $1.1B in revenue and $513M in operating cash flow, driven by the first full quarter of contributions from the acquired New Afton and Rainy River mines. However, the company cut 2026 production guidance for those two operations, citing slower underground ramp-ups, and raised cost estimates.

check_boxKey Events · Earnings and Guidance · CDE

• Record Q2 Revenue and Cash Flow

  Revenue of $1.1B, adjusted EBITDA of $478M, and free cash flow of $388M — all quarterly records — were driven by the first full quarter of production from New Afton and Rainy River.

• Guidance Cuts at New Canadian Mines

  2026 gold production guidance was lowered at New Afton (to 50-60K oz from 60-80K) and Rainy River (to 190-230K oz from 230-275K) due to slower ramp-up of underground mining; cost guidance was raised accordingly.

• Strong Balance Sheet and Capital Returns

  Cash doubled since year-end to $1.1B; $121M in share repurchases were executed since mid-May under the enhanced capital return program; an inaugural $0.02/share semi-annual dividend was paid in June.

• Non-Cash Inventory Step-Up Charge

  A $140M non-cash purchase price allocation charge related to Rainy River's stockpile inventory inflated reported costs by $834/oz for gold; this does not affect cash flow or underlying economics.

auto_awesomeAnalysis · CDE · Energy & Transportation

In its first full quarter with the New Gold assets, Coeur delivered record revenue and cash flow, yet lowered 2026 production and raised cost guidance at New Afton and Rainy River because of slower ramp-ups. The $1.1 billion cash pile and aggressive buybacks signal financial strength, while the guidance cuts introduce operational uncertainty. A non-cash inventory step-up charge distorts reported costs but does not affect cash.