Coeur Mining, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 5 August 2026: press release. Guidance figures: 7 raised, 6 lowered, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose on full-quarter acquisitions: Revenue reached $1.1 billion, up 27% quarter over quarter and 126% year over year, with the first full quarter of New Afton and Rainy River included. Source
• Adjusted EBITDA held near prior quarter: Adjusted EBITDA was $478 million, slightly higher quarter over quarter and up 124% year over year. GAAP net income was $122 million, or $0.12 per share, after a non-cash $140 million impact from purchase price allocation on Rainy River stockpile inventory. Source
• Free cash flow up 45% quarter on quarter: Free cash flow was $388 million, up 45% quarter over quarter and 165% year over year. Source
• Gold output rose on acquisitions: Gold production was 163,490 ounces, up 51% year over year and 69% quarter over quarter, reflecting the first full quarter of New Afton and Rainy River and Wharf nearly doubling its output. Source
• Realized prices fell on quarter: Realized gold was $4,140 per ounce, down 6%, and silver $71.18 per ounce, down 14%. June realized prices were the lowest of the year, at $3,823 gold and $62.84 silver. Source
• Adjusted gold CAS rose with purchase accounting: Adjusted CAS was $2,442 per gold ounce and $22.99 per silver ounce, against $2,032 and $20.01 in the prior quarter. Gold CAS includes $834 per ounce from the purchase price allocation. Source
• Cash more than doubled since year-end: Quarter-end cash was $1.1 billion, double the year-end 2025 balance and nearly ten times the prior-year quarter-end. Total debt was $705 million. Source
• Buybacks since mid-May: Coeur repurchased $121 million of common stock, or 6.7 million shares, from the mid-May start of the enhanced program through July 31. Source
• Partial-year guidance lowered at new mines: Partial-year guidance was reduced at Rainy River to reflect a slower assumed ramp-up in underground production rates. Legacy five operations are unchanged. Source

“Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we’ve built through a combination of disciplined investments in organic growth and two well-timed acquisitions,”

Mitchell J. Krebs, Chairman, President and Chief Executive Officer

Guidance

What changed from last quarter

• Guidance lowered: Full-year gold production total lowered to 630,000 - 750,000 ounces from 680,000 - 815,000, and copper total lowered to 40 - 50 million pounds from 50 - 65 million. Source
• Guidance raised: Full-year capital expenditure guidance raised to $520 - $605 million from $437 - $526 million. Source
• Guidance lowered: Full-year cash income and mining tax guidance lowered to $350 - $450 million from $475 - $600 million. Source
• Guidance lowered: Full-year amortization guidance lowered to $1.1 - $1.2 billion from $1.2 - $1.4 billion. Source
• Guidance raised: Effective tax rate guidance raised to 34% - 38% from 30% - 36%. Source
• Guidance kept: Production and cost guidance at the five legacy operations is unchanged. Source
• New: An inaugural semi-annual dividend of $0.02 per share was paid in June, following the enhanced capital return program started in mid-May. Source
• New: Rainy River capitalized stripping costs of approximately $45 million, previously categorized as expensed, are now included in capital expenditure guidance. Source

Results and growth drivers

• Revenue rose on full-quarter acquisitions: Revenue reached $1.1 billion, up 27% quarter over quarter and 126% year over year, with the first full quarter of New Afton and Rainy River included. Source
• Adjusted EBITDA held near prior quarter: Adjusted EBITDA was $478 million, slightly higher quarter over quarter and up 124% year over year. GAAP net income was $122 million, or $0.12 per share, after a non-cash $140 million impact from purchase price allocation on Rainy River stockpile inventory. Source
• Free cash flow up 45% quarter on quarter: Free cash flow was $388 million, up 45% quarter over quarter and 165% year over year. Source
• Gold output rose on acquisitions: Gold production was 163,490 ounces, up 51% year over year and 69% quarter over quarter, reflecting the first full quarter of New Afton and Rainy River and Wharf nearly doubling its output. Source

Segments and regions

• Rochester crushing volume rose: Rochester crushed 6.8 million tonnes, up 15% quarter over quarter, while silver production was lower at Rochester and Palmarejo on lower grades. Source
• Wharf gold output nearly doubled: Wharf produced 18,070 gold ounces, up 85% quarter over quarter, as crushing returned to normal rates after the November 2025 crusher fire and contract crushing exceeded planned throughput. Source
• New Afton copper and gold volumes: New Afton produced 14,059 gold ounces and 11.4 million pounds of copper, with copper and gold at about 52% and 48% of its revenue. Source
• Rainy River open pit drove output: Rainy River produced 64,042 gold ounces, with strong open pit mining rates. Underground output averaged about 2,300 tonnes per day, below plan, due to contractor execution challenges. Source
• Palmarejo output fell on grade: Palmarejo produced 18,602 gold ounces and 1.5 million silver ounces. Output was affected by lower grades and recoveries, partly offset by higher mill throughput. Source
• Kensington gold output higher: Kensington produced 21,528 gold ounces, up from 20,525 in the prior quarter, with higher tonnes milled partly offset by lower average grade from stope sequencing. Source

“we expect sharp increases in our production levels and free cash flow to drive record full-year 2026 results despite lower assumed metals prices relative to the first half of the year.”

Mitchell J. Krebs, Chairman, President and Chief Executive Officer

Costs, margins and metal prices

• Realized prices fell on quarter: Realized gold was $4,140 per ounce, down 6%, and silver $71.18 per ounce, down 14%. June realized prices were the lowest of the year, at $3,823 gold and $62.84 silver. Source
• Adjusted gold CAS rose with purchase accounting: Adjusted CAS was $2,442 per gold ounce and $22.99 per silver ounce, against $2,032 and $20.01 in the prior quarter. Gold CAS includes $834 per ounce from the purchase price allocation. Source
• G&A rose on acquired personnel: General and administrative expenses rose 5% quarter over quarter to $23 million, mainly from personnel costs of the acquired New Gold operations. Source
• Cash taxes paid mainly Mexico and US: Income tax expense was about $93 million. Cash income and mining taxes paid were about $106 million, mainly in Mexico and the United States. Source
• Operating cash flow rose with new mines: Operating cash flow was $513 million, up from $341 million, mainly from a full quarter of New Afton and Rainy River, partly offset by lower realized metal prices. Working capital was flat. Source

Capital, cash and shareholder returns

• Cash more than doubled since year-end: Quarter-end cash was $1.1 billion, double the year-end 2025 balance and nearly ten times the prior-year quarter-end. Total debt was $705 million. Source
• Buybacks since mid-May: Coeur repurchased $121 million of common stock, or 6.7 million shares, from the mid-May start of the enhanced program through July 31. Source
• Inaugural dividend and lease reduction: An inaugural semi-annual dividend of $0.02 per share was paid in June. The company also eliminated $39 million of capital leases in the quarter. Source
• Capital spending split sustaining and development: Capital expenditures were $126 million, of which about $105 million was sustaining and $21 million development. About $26 million was capitalized stripping at Rainy River. Source

“Integration efforts since our acquisition of New Gold closed in late March have continued to progress according to plan.”

Mitchell J. Krebs, Chairman, President and Chief Executive Officer

Integration and ramp-up at new mines

• Partial-year guidance lowered at new mines: Partial-year guidance was reduced at Rainy River to reflect a slower assumed ramp-up in underground production rates. Legacy five operations are unchanged. Source
• New Afton mining rates climbing: New Afton mining averaged about 12,000 tonnes per day in the quarter, rising to about 14,000 tonnes per day in the final week of July. Source
• Rainy River underground rates up in July: Underground rates averaged about 2,300 tonnes per day in the quarter, then rose about 40% in July to about 3,300 tonnes per day, with a year-end target of 5,000 tonnes per day. Source
• Partial-year ranges refined after one quarter: After one full quarter of operating Rainy River and New Afton, the company refined partial-year 2026 guidance ranges at both new Canadian operations. Source

Exploration and resource work

• Exploration spend in the quarter: Exploration investment in the quarter was about $44 million, with $34 million expensed and $10 million capitalized, against about $32 million in the prior quarter. Source
• New Afton K-Zone footprint extended: The K-Zone footprint has extended by more than 300 meters since the acquisition. Scout drilling intersected porphyry-style mineralization at the Southern Picrite trend. Source
• Stream share of Palmarejo sales: 10,084 ounces, about 51% of Palmarejo's gold sales in the quarter, were sold under the Franco-Nevada stream at $800 per ounce. Source
• Silvertip study and resource drilling: Silvertip drilling supports the study program and expands the resource base, using scout, expansion and infill drilling. Source

Revenue mix and sales volumes

• Silver share of revenue: Gold, silver and copper accounted for 64%, 30% and 6% of quarterly revenue. US and Canadian operations accounted for about 68% of second quarter revenue. Source
• Metal sales volumes: Metal sales were 167,877 gold ounces, 4.5 million silver ounces and 11.3 million copper pounds, against gold production of 163,490 ounces. Source

Coming up, as management said on 5 August 2026

• C-Zone mining rate target: C-Zone mining rates are expected to increase to 16,000 tonnes per day beginning early in the fourth quarter of 2026. Source

Figures management reported

Risks management discussed

• External: June realized prices were the lowest of the year, which lowered the quarter's average realized prices. Source
• Operational: Underground production at Rainy River was below plan, due to short-term execution challenges by the underground mining contractor. Source
• Operational: New Afton production was affected by lower than planned mining rates during the continued C-Zone cave ramp-up. Source
• Operational: Three of the legacy operations had lower grades in the quarter, which management described as offset by steady performance elsewhere. Source

Earlier plans management reported on

• On track: Management states the five legacy operations remain on track to achieve their prior stated full-year guidance. Source
• On track: In the prior quarter, management said integration initiatives were progressing according to plan.
• On track: In the prior quarter, management said full-year gold production was on track for the prior range. This quarter the total range was revised.
• Ahead: Management said stripping and mining of Phase 5 at Rainy River is progressing ahead of schedule. Source
• Delayed: Underground rates were below plan in the quarter; management revised the Rainy River ramp-up assumption. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.