Coeur Mining, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 1 raised, 3 lowered, 12 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Newly acquired Canadian operations drove growth: Revenue rose 77% year over year to $1.0 billion, adjusted EBITDA rose 69% to $448 million, and free cash flow rose 27% to $240 million. Source
• New Afton lost output to conveyor failure: A conveyor belt failure in late August lowered mining and milling rates at New Afton. The belt was repaired by mid-September, and underground rates of 16,000 tonnes per day have since been sustained. Source
• Adjusted gold cost per ounce fell: Adjusted costs applicable to sales were $2,054 per gold ounce, down from $2,442, and $22.73 per silver ounce, against $22.99. The gold figure includes $40 million of non-cash purchase accounting expense. Source
• Cash balance reached $1.2 billion: Cash and equivalents reached $1.2 billion, more than four times the prior-year level, driven by free cash flow at all seven North American operations. Source
• Buybacks reached $231 million: Since mid-May under the enhanced $750 million program, the company has repurchased $231 million of stock. The third-quarter amount was $111 million, about 46% of quarterly free cash flow. Source
• Production guidance lowered on prices: Full-year production is now expected at about 630,000 ounces of gold, 18.7 million ounces of silver and 40.0 million pounds of copper, the low end of guidance ranges. Source
• Cash flow and EBITDA guidance lowered: Adjusted EBITDA is now expected above $2 billion and free cash flow above $1.3 billion at current prices, down from $2.3 billion and $1.5 billion in the second quarter release.

“The Company continued generating strong financial and operational results from its recently expanded portfolio of seven North American operations despite lower prices and several short-term operational challenges encountered during the quarter.”

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

Guidance

What changed from last quarter

• Guidance lowered: Full-year production guidance was reduced from about 690,000 ounces of gold, 20 million ounces of silver and 45 million pounds of copper.
• Guidance lowered: Silver price assumption in guidance was lowered from $60.00 to $55.00 per ounce, and copper was raised from $6.00 to $6.25 per pound. Source
• Guidance kept: Full-year production ranges for Las Chispas, Palmarejo, Rochester, Kensington and Wharf match the prior quarter's figures. Source
• New: Company reached an agreement in October to settle the insurance claim for the November 2025 Wharf fire, with cash proceeds expected in the fourth quarter. Source
• New: Company declared a second dividend of $0.02 per share, following the inaugural $0.02 dividend paid in June. Source

Results and growth drivers

• Newly acquired Canadian operations drove growth: Revenue rose 77% year over year to $1.0 billion, adjusted EBITDA rose 69% to $448 million, and free cash flow rose 27% to $240 million. Source
• GAAP and adjusted net income reported: GAAP net income was $109 million, or $0.11 per share. Adjusted net income was $98 million, or $0.10 per share. Source
• Purchase accounting reduced earnings: Adjusted EBITDA and net income were reduced by $40 million, or $(0.03) per share, for non-cash expense from purchase price allocation on Rainy River stockpile inventory. Source
• Revenue below second quarter level: Revenue was $983.6 million, down from $1,085.6 million in the second quarter. Gold sales were $653.8 million, silver $268.2 million and copper $61.7 million. Source

Operations by mine

• Rochester gold output rose 39%: Rochester gold production rose 39% quarter over quarter, to 16,211 ounces, on higher-grade ore placed on the newly commissioned Phase 2A leach pad. Source
• Wharf gold output rose 28%: Wharf gold production increased 28% to 23,141 ounces, driven by metal recovery from higher ore tonnes placed in the prior period. Source
• New Afton lost output to conveyor failure: A conveyor belt failure in late August lowered mining and milling rates at New Afton. The belt was repaired by mid-September, and underground rates of 16,000 tonnes per day have since been sustained. Source
• Palmarejo gold output held near prior level: Palmarejo gold production was 18,469 ounces, against 18,602 in the second quarter. Heavy rain disrupted construction materials and affected planned mining in higher-grade areas. Source
• Rainy River gold output fell on grade: Rainy River gold production was 53,965 ounces, down from 64,042. The company cited lower grades and additional planned maintenance days. Source
• Las Chispas and Kensington output steady: Las Chispas gold rose to 15,942 ounces on higher mill throughput and gold grades. Kensington gold was 21,483 ounces, consistent with the prior quarter. Source

“Wharf delivered another strong quarter, Las Chispas achieved another steady quarter of performance, and Rochester’s crusher set new records for tonnes crushed in the period.”

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

Costs, margins and realized prices

• Adjusted gold cost per ounce fell: Adjusted costs applicable to sales were $2,054 per gold ounce, down from $2,442, and $22.73 per silver ounce, against $22.99. The gold figure includes $40 million of non-cash purchase accounting expense. Source
• Realized gold and silver prices declined: Average realized gold price was $3,979 per ounce, against $4,140 in the second quarter. Average realized silver price was $62.22, against $71.18. Source
• General and administrative costs eased: General and administrative expenses fell 5% quarter over quarter to $22 million. Source

Metal sales, customers and silver output

• Palmarejo stream covered about half of gold: About 9,002 ounces, or roughly 48% of Palmarejo's gold sales, went under the Franco-Nevada gold stream at $800 per ounce. The company expects 40% to 50% of 2026 Palmarejo gold sales under the stream. Source
• Revenue split by metal: Gold represented 66% of quarterly revenue, silver 27% and copper 6%. U.S., Canadian and Mexican operations contributed about 34%, 36% and 30% of revenue. Source
• Silver output down year over year: Silver production was 4.2 million ounces, down 12% year over year, mainly on lower silver grades at Palmarejo. Source

“With a bolstered liquidity position and a full year of contributions from our new Canadian operations next year, we are well-positioned to deliver even stronger operational and financial results in 2027.”

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

Cash, balance sheet and working capital

• Cash balance reached $1.2 billion: Cash and equivalents reached $1.2 billion, more than four times the prior-year level, driven by free cash flow at all seven North American operations. Source
• Operating cash flow decreased: Operating cash flow was $386 million, down from $513 million. Working capital outflows of $50 million, from timing of interest and annual insurance premiums, also affected the figure. Source
• Capital expenditures rose: Capital expenditures were $145 million, against $126 million in the second quarter. Sustaining spending was about $122 million and development about $23 million. Source
• Cash taxes paid mostly in Mexico: Cash income and mining taxes paid were about $51 million, mainly income and mining tax payments in Mexico. Source

Shareholder returns

• Buybacks reached $231 million: Since mid-May under the enhanced $750 million program, the company has repurchased $231 million of stock. The third-quarter amount was $111 million, about 46% of quarterly free cash flow. Source
• Share count rose during the year: Shares outstanding were 1,022,519,496 at September 30, 2026, against 642,092,761 at December 31, 2025. Source

Full-year 2026 guidance

• Production guidance lowered on prices: Full-year production is now expected at about 630,000 ounces of gold, 18.7 million ounces of silver and 40.0 million pounds of copper, the low end of guidance ranges. Source
• Cash flow and EBITDA guidance lowered: Adjusted EBITDA is now expected above $2 billion and free cash flow above $1.3 billion at current prices, down from $2.3 billion and $1.5 billion in the second quarter release.
• Cost lines trending toward low end: Capital expenditures, amortization, exploration, G&A and cash taxes are trending toward the low end of guidance, while cash costs per ounce are expected at the upper end. Source
• Price assumptions updated in guidance: Guidance assumes gold at $4,000, silver at $55.00 and copper at $6.25, against $60.00 silver and $6.00 copper previously. CAD of 1.38 and MXN of 18.00 are unchanged. Source

Exploration and development capital

• Exploration spend in the quarter: Exploration investment was about $50 million in the quarter, of which $43 million was expensed and $7 million capitalized. Source
• Rainy River capital plan for nine months: Rainy River capital of $150 to $170 million for nine months covers underground mine development, infrastructure and the tailings perimeter dam raise. Source
• Kensington tailings embankment work: Kensington capital includes raising the main tailings storage facility embankment, expected to be completed this year, along with underground mine development. Source

Coming up, as management said on 4 November 2026

• Wharf insurance cash in fourth quarter: The company expects $70 million of cash insurance proceeds from the Wharf settlement in the fourth quarter of 2026. Source
• Rainy River mining horizons in 2027: Additional underground mining horizons are being developed in the first half of 2027 to help sustain Rainy River underground rates. Source
• Rochester scout drilling planned for 2027: Early-stage work covers a large portion of the Rochester tenement package, ahead of scout drilling planned for 2027. Source

Figures management reported

Risks management discussed

• Operational: Heavy rainfall at Rainy River's Phase 4 open pit increased processing of lower-grade stockpile ore during the quarter. Source
• Operational: Rochester silver output was held back by ore blending to manage sulfide levels and slower recovery on newly placed ore. Source
• Operational: Wharf ore placement fell in the quarter on lower crusher availability and grid power disruptions. Source
• Financial: Working capital outflows from the timing of interest expense and annual insurance premiums reduced operating cash flow by $50 million. Source
• External: Lower realized gold and silver prices, and lower metal sales, reduced quarterly operating cash flow compared with the second quarter. Source

Earlier plans management reported on

• Met: Management said the 5,000 tonnes per day target was achieved in the quarter, against the second-quarter plan to reach it by year-end. Source
• Met: Management said underground mining rates of 16,000 tonnes per day have been achieved and sustained since the conveyor repair. Source
• Ahead: Management described Phase 5 open pit performance as stronger than planned, offsetting weather-related lower grades in Phase 4. Source
• Not stated: Management said it continues to target full-year production at the low end of guidance ranges. Source
• On track: Chairman and CEO said the company remains on track for a fourth quarter and full year that cap off a transformative year. Source

Other quarters

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