Coeur Mining (CDE) Q2 2026 Earnings Report

The call conveyed a broadly positive picture driven by record revenue, EBITDA and free cash flow, a strengthened balance sheet with >$1.1B cash and >$2B liquidity, meaningful contributions from newly acquired Canadian assets, strong operational milestones (e.g., Rochester crushing record) and active capital returns. Offsetting items are operational ramp timing issues at New Afton and Rainy River, temporary lower grades at several mines, noncash acquisition accounting impacts that inflate near-term reported costs and EBITDA, and some cost inflation and incremental capital needs. Management presented clear remediation plans and timing for ramp-ups and expects many headwinds to abate in the third and fourth quarters, supporting a constructive outlook.

The company reiterated a materially second‑half weighted outlook for 2026, guiding to approximately $2.3 billion of EBITDA and ~$1.5 billion of free cash flow on updated metal price assumptions of $4,000/oz gold, $60/oz silver and $6.00/lb copper; Q2 set several records (revenue $1.1B, EBITDA $478M despite a ~$140M Q2 non‑cash fair‑value uplift charge, and free cash flow $388M or >$4M/day), cash at June 30 of $1.1B (liquidity >$2B), and buyback/dividend actions (expanded $750M buyback program, $110M repurchased through June 30, inaugural $0.02 dividend, $39M capital lease debt retired). Management disclosed acquisition accounting charges of $244M (Rainy River) and $20M (New Afton) in total (≈$85M hit in Q1, ~$140M in Q2, ~$38M remaining expected in Q3) that materially inflated CAS (Rainy River Q2 uplift = $2,036/oz of a $3,790/oz site CAS; consolidated uplift = $834/oz of a $2,440/oz consolidated CAS). Operationally, Rochester crushed a record 6.8M tonnes in Q2 (↑15% QoQ; ~97% through all three crushers) with Phase IIa leach pad >4M tonnes placed to July (Series IIb on track for Q4); New Afton averaged ~12k tpd in Q2, hit 14k tpd in late July and targets 16k tpd early Q4; Rainy River underground averaged ~2.3k tpd in Q2, rose to ~3.3k tpd in July and targets 5k tpd by year‑end (Q2 mine‑level FCF $123M), while company‑wide 2026 operating costs are expected to rise ~10% (~$30M) and CapEx was adjusted to include +$45M of Phase‑5 capitalized stripping and +$25M of underground-related spend at Rainy River plus +$15M at Silvertip for a PFS.