Financial Performance - Record third quarter 2025 revenue of $555 million, up from $481 million in the prior quarter and $314 million year-over-year[9] - Adjusted EBITDA for the quarter was a record $299 million, a 23% increase from the prior quarter, contributing to a last twelve-month total of $808 million[5] - Free cash flow increased by 29% to a record $189 million, marking the fifth consecutive quarter of positive free cash flow[5] - Net income for Q3 2025 was $266.82 million, compared to $48.74 million in Q3 2024, representing a year-over-year increase of 448.5%[70] - Cash provided by operating activities for Q3 2025 was $237.71 million, compared to $111.06 million in Q3 2024, indicating a 113.1% increase[71] - The company reported a comprehensive income of $266.82 million for Q3 2025, compared to $48.74 million in Q3 2024[70] Production Metrics - Gold production increased to 111,364 ounces, a 3% increase quarter-over-quarter and a 17% increase year-over-year; silver production reached 4.8 million ounces, up 1% quarter-over-quarter and 57% year-over-year[5] - Third quarter gold production totaled 24,802 ounces, down from 27,272 ounces in the prior quarter, while silver production was 1.5 million ounces compared to 1.7 million ounces[24] - Gold production in Q3 2025 increased to 27,231 ounces, up from 26,555 ounces in Q2 2025 and 24,104 ounces in Q3 2024[37] - Wharf's Q3 2025 gold production increased 16% quarter-over-quarter to 27,990 ounces, driven by higher gold grades[42] - Full-year 2025 gold production guidance increased by 1% to 415,250 ounces, while silver production guidance decreased by 2% to 18.1 million ounces[5] Cost Management - Adjusted CAS for gold and silver on a co-product basis was $887 and $16.44 per ounce, respectively, in the third quarter[24] - Adjusted CAS decreased to $1,659 per ounce in Q3 2025, down from $1,713 per ounce in Q2 2025, primarily due to increased metal sales[40] - The company reported a decrease in total costs applicable to sales from $290,681,000 to $195,097,000 over the reported periods, indicating improved cost management[85][89] - Adjusted costs applicable to sales for gold were $1,260 per ounce, and for silver, it was $13.41 per ounce[85] Cash and Liquidity - Cash and equivalents more than doubled to $266 million compared to the prior quarter-end, with a net leverage ratio decreased to 0.1x[5] - The company’s cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $268.18 million, significantly higher than $78.68 million at the end of Q3 2024[71] - Total debt decreased to $363,516 in Q3 2025 from $380,722 in Q2 2025 and $498,269 in Q1 2025[81] - Net debt significantly reduced to $97,174 in Q3 2025 from $269,076 in Q2 2025 and $420,695 in Q1 2025[81] Tax and Benefits - The company recorded a significant tax benefit of $216 million related to the recognition of U.S. deferred tax assets[12] - Income tax benefit for Q3 2025 was $96.88 million, compared to an expense of $25.82 million in Q3 2024[70] - The effective tax rate is projected to be between 27% and 33% for 2025, with cash taxes estimated at $165 - $195 million[55] Capital Expenditures and Investments - Capital expenditures for the quarter totaled $49 million, with sustaining capital expenditures accounting for approximately 70% of the total[14] - Exploration investment in the third quarter was approximately $30 million, consistent with the prior period[10] - Capital expenditures for 2025 are expected to be $26 - $32 million, unchanged from previous guidance[28] - Exploration investment in 2025 is expected to be $16 - $18 million, which is unchanged from the previous guidance range[28] Guidance and Projections - Full-year 2025 production guidance for gold is now 96,000 - 106,000 ounces (previously 95,000 - 105,000 ounces) and for silver is 6.0 - 6.8 million ounces (previously 5.4 - 6.5 million ounces)[28] - The updated 2025 guidance for general & administrative expenses has been increased to $50 - $55 million, reflecting a non-cash increase in incentive compensation[56] - Gold production guidance for 2025 is set between 850 to 950 dollars per ounce, while silver is projected between 9.25 to 10.25 dollars per ounce[93] Market Conditions - Average realized gold price was $3,148 per ounce, a 4% increase from the prior quarter; average realized silver price was $38.93 per ounce, a 15% increase[9] - The average gold spot price per ounce in Q3 2025 was $3,457, compared to $2,474 in Q3 2024, reflecting a year-over-year increase of approximately 39.7%[65] - The average silver spot price per ounce in Q3 2025 was $39.40, up from $29.43 in Q3 2024, representing a year-over-year increase of about 33.9%[65]

Core Points - Spot gold prices fell below $4000, leading to a decline in U.S. gold stocks [1] - Major gold mining companies experienced significant stock drops, with Gold Fields (GFI.US) down over 9%, AngloGold Ashanti (AU.US) down over 7.8%, Newmont Corporation (NEM.US) down over 6.8%, Coeur Mining (CDE.US) down over 8.9%, Agnico Eagle Mines (AEM.US) down over 6%, and Barrick Gold (B.US) down over 3.8% [1] Economic Context - U.S. and China trade teams concluded a two-day discussion in Kuala Lumpur, focusing on key economic issues such as U.S. maritime logistics and shipbuilding industry measures, extension of tariff suspension, fentanyl tariffs and enforcement cooperation, agricultural trade, and export controls [1] - The discussions were characterized as candid, in-depth, and constructive, with both sides reaching a basic consensus on addressing mutual concerns [1] - The outcomes of the talks received positive evaluations from various parties involved [1]

Core Insights - Coeur Mining (CDE) is set to report its third-quarter 2025 results on October 29, with total sales estimated at $547 million, reflecting a 74% increase year-over-year [1][5] - The consensus estimate for earnings per share (EPS) is 25 cents, indicating a growth of 108% compared to the same quarter last year [1][5] - The company has a strong earnings surprise history, beating estimates in three of the last four quarters, with an average surprise of 126.47% [2][3] Financial Performance - The Zacks Consensus Estimate for third-quarter silver production is 5.0 million ounces, up 66% from 3.02 million ounces in the prior year, while gold production is expected to reach 111,000 ounces, a 17% increase from 95,000 ounces [14] - Coeur Mining's second-quarter 2025 silver production was 4.7 million ounces, a 79% year-over-year increase, with gold production at 108,487 ounces, up 38% [6][8] - The Las Chispas mine is expected to contribute significantly to the third-quarter results, with full-quarter output anticipated [8] Market Conditions - The favorable pricing environment has positively impacted Coeur Mining's performance, with gold prices averaging around $3,500 per ounce, up 41% year-over-year, and silver prices averaging $39.80 per ounce, up 34% [15] - The company maintained its 2025 production guidance of 380,000–440,000 ounces of gold and 16.7–20.25 million ounces of silver, suggesting year-over-year increases of 20% and 62% at the midpoint [7] Stock Performance - Coeur Mining's shares have increased by 231.8% year-to-date, significantly outperforming the non-ferrous mining industry's growth of 24.1% [17]

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Group 1 - Newmont Mining (NEM.US) experienced a decline of 6.8% [1] - Coeur Mining (CDE.US) saw a drop of 4.5% [1] - Other companies such as Kinross Gold (KGC.US), Gold Fields (GFI.US), Harmony Gold (HMY.US), and Barrick Gold (GOLD.US) all fell by over 2% [1]

Core Insights - Coeur Mining, Inc. (NYSE:CDE) experienced a significant decline of 16.11% on Tuesday, closing at $18.48, reflecting a broader downturn in the sector due to falling gold prices [1][2] - The prices of gold and silver dropped by 6.3% and 8.7%, respectively, as investors took profits after recent highs in precious metals [2] - Coeur Mining is set to release its third quarter earnings results after market close on October 29, with a conference call planned to discuss the results in detail [3][4] Market Context - The decline in Coeur Mining's stock coincides with an anticipated Federal Reserve interest rate cut, which is expected to support precious metal prices by weakening the US dollar [4] - The recent performance of Coeur Mining and the precious metals market indicates a volatile environment influenced by investor sentiment and macroeconomic factors [2][4]

Core Insights - Coeur Mining (CDE) is expected to report a year-over-year increase in earnings due to higher revenues for the quarter ended September 2025, with a consensus EPS estimate of $0.25, reflecting a +108.3% change [3] - Revenues are anticipated to reach $547 million, marking a 74.5% increase from the previous year [3] - The earnings report is scheduled for release on October 29, and actual results that exceed expectations could lead to a stock price increase, while a miss may result in a decline [2] Estimate Revisions - The consensus EPS estimate has been revised 36.62% higher in the last 30 days, indicating a positive reassessment by analysts [4] - Coeur Mining's Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +14.00%, suggesting a strong likelihood of beating the consensus EPS estimate [12] Earnings History - In the last reported quarter, Coeur Mining had an expected EPS of $0.18 but delivered $0.20, resulting in a surprise of +11.11% [13] - Over the past four quarters, the company has surpassed consensus EPS estimates three times [14] Industry Comparison - Southern Copper (SCCO), another player in the mining industry, is expected to report earnings of $1.16 per share for the same quarter, reflecting a year-over-year change of +0.9% [18] - Southern Copper's revenues are projected to be $3.04 billion, up 3.7% from the previous year, with a consensus EPS estimate revised 13.8% higher recently [19]

Group 1 - Gold-related stocks collectively declined on Wednesday, with Harmony Gold (HMY.US) down over 4.5%, Gold Fields (GFI.US) down over 1.4%, Kinross Gold (KGC.US) down 0.68%, Newmont Corporation (NEM.US) down over 1.6%, and Coeur Mining (CDE.US) down over 1.7% [1] - Spot gold continued its downward trend from the previous day, currently down over 2.6%, priced at $4016 [1]

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Core Viewpoint - Spot gold experienced a significant decline of 5.4%, marking the largest drop since August 2020, which has negatively impacted gold-related stocks [1] Company Performance - Coeur Mining (CDE.US) saw a nearly 17% drop in its stock price [1] - Harmony Gold (HMY.US) experienced an 11% decline [1] - Newmont Corporation (NEM.US) fell by over 9% [1] - Barrick Gold (B.US) also dropped nearly 9% [1]