Coeur Mining (CDE)
Operates seven gold, silver and copper mines across North America.
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Coeur Mining digs gold and silver out of seven mines in the United States, Mexico and Canada and sells whatever comes out at whatever the world is paying that day. There are no customers to keep loyal and no price to set — only costs to hold down and rock to move. Two share-funded takeovers in fourteen months took it from four mines to seven, added Canada, and brought copper in for the first time.
Item facts: Q2 2026 · quarter ended June 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 7 more below
Las Chispas
High-grade silver and gold from tunnels in Sonora, Mexico, bought with SilverCrest in 2025 and Coeur's best cash generator that year. Last quarter: $186.9M of sales, $107.2M left over as cash. The ore it can count on runs about seven years.
Competes with Juanicipio (Fresnillo) · Los Gatos (First Majestic)
In plain English
The rock here is unusually rich — narrow veins where a modest amount of ore carries a lot of silver and gold.
Coeur got it in early 2025 by taking over SilverCrest, the company that owned it, paying in its own shares rather than cash. The money arrives the ordinary way: haul ore out of small tunnels, process it on site, sell the metal at the day's price. Because the veins are so rich, producing an ounce of silver costs about twelve to fourteen dollars — the least of any mine Coeur owns. The catch is that rich, narrow veins empty quickly, so drilling has to keep replacing what the mill eats.
Palmarejo
The cheapest gold Coeur mines — $700–900 an ounce — from tunnels in northern Mexico, and its largest revenue line in 2025. Half the gold from one marked-off area is handed over at $800 an ounce, which is why the drills are pointed outside it.
Competes with Fresnillo's Mexican silver mines (Fresnillo) · Santa Elena (First Majestic)
In plain English
Chihuahua, in northern Mexico: tunnels under the hills where crews blast rock carrying gold and silver together, with a mill on site that turns it into metal.
One patch of that ground comes with a string attached. Inside a marked-out area, half the gold has to go to Franco-Nevada, which owns the rights to it, at eight hundred dollars an ounce — or the going price, if that is lower. Gold sells for several times that now, so every ounce found outside the line is worth far more to Coeur, and roughly seventy percent of this year's drilling money is pointed east, beyond it. That drilling has already added five years to how long the mine is expected to run.
Rainy River
Coeur's biggest slice: $304.8M of the $1.09B it sold last quarter, plus $123.1M of spare cash — which management calls the most any Coeur mine has made in a quarter. The underground half is running at under half its target tonnes.
Competes with Côté Gold (IAMGOLD) · Island Gold District (Alamos Gold)
In plain English
One mill, fed from two directions. A wide open pit supplies most of the rock; tunnels beneath it are supposed to supply the rest. Out comes gold, and a little silver.
The pit carried last quarter almost alone, helped by a two-million-tonne pile of already-dug ore that came with the purchase. The tunnels are the sore spot: meant to deliver five thousand tonnes a day, they managed two thousand three hundred. Coeur blamed the contractor doing the digging, took that work in-house, and now expects roughly thirty million dollars of extra running cost and twenty-five million of extra building cost this year — and less gold than it first told investors to expect.
Rochester
Nevada silver and gold, and the build that drained Coeur's cash for two years before it worked. Crushing set a record 6.8 million tonnes last quarter; because washing the metal out is slow, that rock turns into sales later in the year.
Competes with Greens Creek (Hecla Mining) · Lucky Friday (Hecla Mining) · Marigold (SSR Mining)
In plain English
Instead of tunnels, picture a coffee filter the size of a field. Crews crush the ore small, stack it in layers on a lined pad and trickle a weak chemical wash over the top; the liquid drains out the bottom carrying silver and gold with it, and those get poured into bars.
Two years of heavy building here is why Coeur was burning cash in 2022 and 2023. That is behind it — the three crushing stages now run at the rate they were designed for, and the mine simply sells whatever metal comes out at the day's price. Management calls it America's biggest source of silver both mined and refined at home.
Kensington
Gold from tunnels north of Juneau, Alaska, with no road in. Grades came in below plan last quarter — $87.3M of sales and $32.3M of cash — and Coeur still expects the year to land inside its original forecast.
Competes with Pogo (Northern Star) · Fort Knox with Manh Choh ore (Kinross)
In plain English
Nothing reaches Kensington by road. Fuel, machinery, crews and the gold itself all travel by water to a site up the coast from Juneau. It is also Coeur's costliest gold: seventeen hundred and fifty to nineteen hundred and fifty dollars an ounce, more than at any of its other long-held mines.
At the four thousand dollars an ounce Coeur plans around, that still leaves a wide gap between cost and price, and the mine turned out about a hundred and six thousand ounces last year. What decides its future is plain enough — how much gold sits in each tonne of rock, and whether drilling keeps finding more, since this mine has never had much ore banked ahead of it.
Wharf
Low-grade rock in the Black Hills of South Dakota that converts to cash unusually well — $72.9M of sales last quarter and $35.7M left over. A fire took out a crusher building in late 2025; the rebuilt one hit full rate in May.
Competes with Richmond Hill (Dakota Gold) · Marigold (SSR Mining)
In plain English
Small, cheap and undramatic. Wharf digs shallow open pits in the Black Hills of South Dakota, piles the broken rock on pads and washes the gold out of it — the same patient method Rochester uses, at a fraction of the size and needing little new spending.
Which is why it punches above its weight: of every dollar of gold it sold last quarter, roughly half came back out as cash Coeur could point anywhere. In November 2025 the building housing one of its crushers burned; rented crushers filled in from January until the rebuilt one reached full capacity in May. Year-end drilling nearly doubled how long the mine is expected to last, to about twelve years.
New Afton
Gold and copper near Kamloops, British Columbia — the first copper Coeur has ever sold, about $69M of it last quarter. To keep the cave collapsing evenly Coeur is drawing lower-grade ore, so this year's gold and copper targets came down.
Competes with Mount Milligan (Centerra Gold) · Copper Mountain (Hudbay)
In plain English
Block caving means undercutting a chunk of the mountain, letting it collapse under its own weight, then drawing the broken rock off from below like sand from the bottom of an hourglass. Cheap once it is going — but it has to be drawn evenly, or the cave stops behaving.
The rock here carries copper as well as gold. It is crushed, concentrated into a damp sandy powder and shipped to smelters, which charge a fee for turning it into metal. To keep the collapse even, Coeur is pulling this year from the lower-grade edges, so it expects less gold and less copper than planned — while saying the total cost of running the mine has not gone up.
Las ChispasHigh-grade silver and gold from tunnels in Sonora, Mexico, bought with SilverCrest in 2025 and Coeur's best cash generator that year. Last quarter: $186.9M of sales, $107.2M left over as cash. The ore it can count on runs about seven years.High-grade silver and gold from tunnels in Sonora, Mexico, bought with SilverCrest in 2025 and Coeur's best cash generator that year. Last quarter: $186.9M of sales, $107.2M left over as cash. The ore it can count on runs about seven years.
In plain English
The rock here is unusually rich — narrow veins where a modest amount of ore carries a lot of silver and gold.
Coeur got it in early 2025 by taking over SilverCrest, the company that owned it, paying in its own shares rather than cash. The money arrives the ordinary way: haul ore out of small tunnels, process it on site, sell the metal at the day's price. Because the veins are so rich, producing an ounce of silver costs about twelve to fourteen dollars — the least of any mine Coeur owns. The catch is that rich, narrow veins empty quickly, so drilling has to keep replacing what the mill eats.
Competes with Juanicipio (Fresnillo) · Los Gatos (First Majestic)
PalmarejoThe cheapest gold Coeur mines — $700–900 an ounce — from tunnels in northern Mexico, and its largest revenue line in 2025. Half the gold from one marked-off area is handed over at $800 an ounce, which is why the drills are pointed outside it.The cheapest gold Coeur mines — $700–900 an ounce — from tunnels in northern Mexico, and its largest revenue line in 2025. Half the gold from one marked-off area is handed over at $800 an ounce, which is why the drills are pointed outside it.
In plain English
Chihuahua, in northern Mexico: tunnels under the hills where crews blast rock carrying gold and silver together, with a mill on site that turns it into metal.
One patch of that ground comes with a string attached. Inside a marked-out area, half the gold has to go to Franco-Nevada, which owns the rights to it, at eight hundred dollars an ounce — or the going price, if that is lower. Gold sells for several times that now, so every ounce found outside the line is worth far more to Coeur, and roughly seventy percent of this year's drilling money is pointed east, beyond it. That drilling has already added five years to how long the mine is expected to run.
Competes with Fresnillo's Mexican silver mines (Fresnillo) · Santa Elena (First Majestic)
Rainy RiverCoeur's biggest slice: $304.8M of the $1.09B it sold last quarter, plus $123.1M of spare cash — which management calls the most any Coeur mine has made in a quarter. The underground half is running at under half its target tonnes.Coeur's biggest slice: $304.8M of the $1.09B it sold last quarter, plus $123.1M of spare cash — which management calls the most any Coeur mine has made in a quarter. The underground half is running at under half its target tonnes.
In plain English
One mill, fed from two directions. A wide open pit supplies most of the rock; tunnels beneath it are supposed to supply the rest. Out comes gold, and a little silver.
The pit carried last quarter almost alone, helped by a two-million-tonne pile of already-dug ore that came with the purchase. The tunnels are the sore spot: meant to deliver five thousand tonnes a day, they managed two thousand three hundred. Coeur blamed the contractor doing the digging, took that work in-house, and now expects roughly thirty million dollars of extra running cost and twenty-five million of extra building cost this year — and less gold than it first told investors to expect.
Competes with Côté Gold (IAMGOLD) · Island Gold District (Alamos Gold)
RochesterNevada silver and gold, and the build that drained Coeur's cash for two years before it worked. Crushing set a record 6.8 million tonnes last quarter; because washing the metal out is slow, that rock turns into sales later in the year.Nevada silver and gold, and the build that drained Coeur's cash for two years before it worked. Crushing set a record 6.8 million tonnes last quarter; because washing the metal out is slow, that rock turns into sales later in the year.
In plain English
Instead of tunnels, picture a coffee filter the size of a field. Crews crush the ore small, stack it in layers on a lined pad and trickle a weak chemical wash over the top; the liquid drains out the bottom carrying silver and gold with it, and those get poured into bars.
Two years of heavy building here is why Coeur was burning cash in 2022 and 2023. That is behind it — the three crushing stages now run at the rate they were designed for, and the mine simply sells whatever metal comes out at the day's price. Management calls it America's biggest source of silver both mined and refined at home.
Competes with Greens Creek (Hecla Mining) · Lucky Friday (Hecla Mining) · Marigold (SSR Mining)
KensingtonGold from tunnels north of Juneau, Alaska, with no road in. Grades came in below plan last quarter — $87.3M of sales and $32.3M of cash — and Coeur still expects the year to land inside its original forecast.Gold from tunnels north of Juneau, Alaska, with no road in. Grades came in below plan last quarter — $87.3M of sales and $32.3M of cash — and Coeur still expects the year to land inside its original forecast.
In plain English
Nothing reaches Kensington by road. Fuel, machinery, crews and the gold itself all travel by water to a site up the coast from Juneau. It is also Coeur's costliest gold: seventeen hundred and fifty to nineteen hundred and fifty dollars an ounce, more than at any of its other long-held mines.
At the four thousand dollars an ounce Coeur plans around, that still leaves a wide gap between cost and price, and the mine turned out about a hundred and six thousand ounces last year. What decides its future is plain enough — how much gold sits in each tonne of rock, and whether drilling keeps finding more, since this mine has never had much ore banked ahead of it.
Competes with Pogo (Northern Star) · Fort Knox with Manh Choh ore (Kinross)
WharfLow-grade rock in the Black Hills of South Dakota that converts to cash unusually well — $72.9M of sales last quarter and $35.7M left over. A fire took out a crusher building in late 2025; the rebuilt one hit full rate in May.Low-grade rock in the Black Hills of South Dakota that converts to cash unusually well — $72.9M of sales last quarter and $35.7M left over. A fire took out a crusher building in late 2025; the rebuilt one hit full rate in May.
In plain English
Small, cheap and undramatic. Wharf digs shallow open pits in the Black Hills of South Dakota, piles the broken rock on pads and washes the gold out of it — the same patient method Rochester uses, at a fraction of the size and needing little new spending.
Which is why it punches above its weight: of every dollar of gold it sold last quarter, roughly half came back out as cash Coeur could point anywhere. In November 2025 the building housing one of its crushers burned; rented crushers filled in from January until the rebuilt one reached full capacity in May. Year-end drilling nearly doubled how long the mine is expected to last, to about twelve years.
Competes with Richmond Hill (Dakota Gold) · Marigold (SSR Mining)
New AftonGold and copper near Kamloops, British Columbia — the first copper Coeur has ever sold, about $69M of it last quarter. To keep the cave collapsing evenly Coeur is drawing lower-grade ore, so this year's gold and copper targets came down.Gold and copper near Kamloops, British Columbia — the first copper Coeur has ever sold, about $69M of it last quarter. To keep the cave collapsing evenly Coeur is drawing lower-grade ore, so this year's gold and copper targets came down.
In plain English
Block caving means undercutting a chunk of the mountain, letting it collapse under its own weight, then drawing the broken rock off from below like sand from the bottom of an hourglass. Cheap once it is going — but it has to be drawn evenly, or the cave stops behaving.
The rock here carries copper as well as gold. It is crushed, concentrated into a damp sandy powder and shipped to smelters, which charge a fee for turning it into metal. To keep the collapse even, Coeur is pulling this year from the lower-grade edges, so it expects less gold and less copper than planned — while saying the total cost of running the mine has not gone up.
Competes with Mount Milligan (Centerra Gold) · Copper Mountain (Hudbay)
Named in filings, launches and programs
- SilvertipSegment · Pre-revenueWholly-owned silver-zinc-lead deposit in British Columbia, sitting idle. Coeur added $15M this year to study whether to build it; findings indicated early 2027.
- New Afton K-ZoneProduct · Pre-revenueA new ore zone beside New Afton, with a first official size estimate filed after the deal closed. Management calls it "the big chunky growth."
- Exploration programmeProductCoeur plans $120–136M of drilling this year, about half again last year's budget, aimed at Palmarejo, Las Chispas, Silvertip and the K-Zone.
- Metal buyers and refinersCustomer programBullion banks, traders and refiners buy the metal. Bank of Montreal, Ocean Partners and Asahi are the three buyers big enough that Coeur names them.
- Copper in concentrateProduct line · RampingNew Afton's copper leaves as a damp powder for smelters, which charge to turn it into metal. Coeur's 2026 plan assumes six dollars a pound.
- Leach Pad 6 at RochesterProduct · RampingThe next section of Rochester's leach pad is due to finish late this year — without new pad space there is nowhere to stack what the crushers keep making.
- Rainy River Phase 5 strippingProduct · RampingWaste rock has to come off Rainy River's next pit phase ahead of mining. Coeur names that, and the underground rate, as what the mine hangs on.
SilvertipSegment · Pre-revenue
Wholly-owned silver-zinc-lead deposit in British Columbia, sitting idle. Coeur added $15M this year to study whether to build it; findings indicated early 2027.
New Afton K-ZoneProduct · Pre-revenue
A new ore zone beside New Afton, with a first official size estimate filed after the deal closed. Management calls it "the big chunky growth."
Exploration programmeProduct
Coeur plans $120–136M of drilling this year, about half again last year's budget, aimed at Palmarejo, Las Chispas, Silvertip and the K-Zone.
Metal buyers and refinersCustomer program
Bullion banks, traders and refiners buy the metal. Bank of Montreal, Ocean Partners and Asahi are the three buyers big enough that Coeur names them.
Copper in concentrateProduct line · Ramping
New Afton's copper leaves as a damp powder for smelters, which charge to turn it into metal. Coeur's 2026 plan assumes six dollars a pound.
Leach Pad 6 at RochesterProduct · Ramping
The next section of Rochester's leach pad is due to finish late this year — without new pad space there is nowhere to stack what the crushers keep making.
Rainy River Phase 5 strippingProduct · Ramping
Waste rock has to come off Rainy River's next pit phase ahead of mining. Coeur names that, and the underground rate, as what the mine hangs on.