Coeur Mining (NYSE:CDE) Conference February 24, 2026 08:00 AM ET Company ParticipantsMitch Krebs - CEONone - Company RepresentativeConference Call ParticipantsNone - AnalystModeratorAll right. Good morning, everyone. We'll kick things off here in our silver sessions this morning. Our first presenter is Coeur Mining. I do have to let you know that we are restricted on Coeur Mining at BMO Capital Markets. Coeur Mining is a diversified North America-focused precious metals producer, and we're joined today by C ...

Core Insights - The company has achieved record financial results in 2025, with significant increases in production, cash flow, and reserves, positioning it for continued growth in 2026 [4][24][25]. Exploration and Reserves - Successful exploration investments have led to a 10% growth in reserves and a 40% increase in inferred resources across the portfolio, with notable contributions from Wharf and Palmarejo [20][21]. - The Wharf mine's life has nearly doubled to 12 years, and Palmarejo has seen a significant increase in reserves, moving from 1,400,000 ounces to 2,000,000 ounces of gold-equivalent [19][21]. Financial Performance - The company reported a record EBITDA of over $1 billion, a 200% increase year-over-year, and free cash flow of $666 million, compared to a negative $9 million in 2024 [4][24]. - In Q4 2025, the company generated $313 million in free cash flow, a 66% increase, with all five mines contributing at least $50 million each [24]. Production Highlights - Full-year silver production increased by 5% and gold production surged by 723% year-over-year, driven by expansions and acquisitions [4][24]. - Rochester mine achieved record quarterly crushed tons, exceeding 7 million tons, and produced 1.7 million ounces of silver and 17,000 ounces of gold in Q4 [13][14]. Future Outlook - The company anticipates a 10% year-over-year increase in silver production for 2026, with silver expected to contribute approximately 42% of total revenue based on current prices [5][25]. - The upcoming acquisition of New Gold is expected to enhance the company's operational scale and reduce costs, with projected EBITDA of $3 billion and free cash flow of $2 billion on a full-year run-rate basis [6][7]. Capital Allocation and Strategy - The company plans to allocate a record amount of capital to exploration investments in 2026, with an expected increase of 47% compared to 2025 levels [29]. - A disciplined capital allocation framework will focus on generating strong returns on invested capital and deploying excess cash to create long-term value for shareholders [28].

Financial Data and Key Metrics Changes - Record full year silver and gold production increased by 57% and 23% year-over-year, respectively, with full year record EBITDA rising 200% to over $1 billion and free cash flow increasing to $666 million from -$9 million in 2024 [3][4] - Year-end cash increased more than 10 times to $554 million, and net income rose tenfold to a record $586 million [3][4] Business Line Data and Key Metrics Changes - The U.S. operations accounted for nearly 60% of 2025 revenue, with silver representing about 35% of total revenue [4] - Las Chispas generated $286 million of free cash flow in only 10.5 months of contribution, while Rochester's silver and gold production increased by 40% and 54% year-over-year, respectively [4][12] Market Data and Key Metrics Changes - Quarterly realized gold and silver prices increased by 21% and 40%, respectively, and are expected to strengthen further in 2026 [25] - The company anticipates silver to contribute approximately 42% of total 2026 revenue based on current prices and guidance midpoint [7] Company Strategy and Development Direction - The company is focused on closing the New Gold transaction, which is expected to enhance its geographic footprint and reduce cost profiles [8][9] - A record amount of capital is allocated to exploration investments in 2026, with a 47% increase compared to 2025 levels [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, stating it is poised for another record year in 2026, driven by a full year of production at Las Chispas and improved performance at Rochester [7][28] - The company is committed to maintaining safety and environmental performance as top priorities while integrating New Gold operations [28] Other Important Information - The company achieved its goal of being net cash positive, with total debt declining by $250 million, or 42% year-over-year [25][26] - Repairs at Wharf are expected to be completed in the second quarter following damage from a fire in the mine's tertiary crusher [17][18] Q&A Session Summary Question: Reserve grades at Las Chispas - Management indicated that the grade profile reflects a more conservative modeling approach, with expectations for normalization of grades going forward [34][36] Question: Exploration results and maiden resources at East Palmarejo - All reported ounces are outside the Franco-Nevada Gold Stream area, with ongoing exploration expected to yield additional resources [40][42] Question: Cash tax guidance breakdown - Approximately 80% of the cash taxes are expected to be paid in Mexico, with some cash tax obligations in the U.S. due to limitations on tax shelters [48][49] Question: Capital returns preference - The company is considering both dividends and buybacks, with a slight preference for buybacks due to the flexibility they provide [53][54] Question: Future exploration investments in New Gold assets - Management is looking to allocate additional capital to exploration at Rainy River post-transaction closure, with a focus on regional opportunities [56][58]

Financial Data and Key Metrics Changes - Record full-year silver and gold production increased by 57% and 23% year-over-year, respectively, with full-year record EBITDA rising 200% to over $1 billion and free cash flow increasing to $666 million from -$9 million in 2024 [3][4] - Year-end cash increased more than 10 times to $554 million, and net income rose tenfold to a record $586 million [3][4] Business Line Data and Key Metrics Changes - The three U.S. operations accounted for nearly 60% of 2025 revenue, with silver representing about 35% of total revenue [4] - Las Chispas generated $286 million of free cash flow in only 10.5 months of contribution, while Rochester's silver and gold production increased by 40% and 54% year-over-year, respectively [4][12] Market Data and Key Metrics Changes - Quarterly realized gold and silver prices increased by 21% and 40%, respectively, and are expected to strengthen further in 2026 [25] - The company anticipates silver to contribute approximately 42% of total 2026 revenue based on current prices and guidance [7] Company Strategy and Development Direction - The company is focused on integrating New Gold's operations to enhance its geographic footprint and reduce cost profiles, aiming for a combined EBITDA of approximately $3 billion and free cash flow of $2 billion on a full-year run rate basis [8][9] - A record amount of capital is allocated to exploration investments in 2026, with a 47% increase compared to 2025 levels [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, stating it is poised for another record year in 2026, driven by a full year of production at Las Chispas and improved performance at Rochester [7][28] - The company plans to continue advancing the Silvertip project and is optimistic about the potential for adding to its silver profile [29] Other Important Information - The company shifted its reporting to metric units to align better with peers, and prior period figures have been recast for comparability [2] - The company achieved its goal of being net cash positive, with total debt declining by $250 million, or 42% year-over-year [25][26] Q&A Session Summary Question: Reserve grades at Las Chispas - Management indicated that the grade profile reflects a more conservative modeling approach, with expectations for normalization of grades going forward [34][35][38] Question: Exploration results and maiden resources at East Palmarejo - All reported ounces are outside the Franco-Nevada Gold Stream area, with ongoing exploration expected to yield additional resources [41][42] Question: Cash tax guidance breakdown - Approximately 80% of cash taxes are expected to be paid in Mexico, with some cash tax obligations in the U.S. due to limitations on tax shelters [49][50] Question: Capital returns preference - The company is considering both dividends and buybacks, with a slight preference for buybacks due to the flexibility they provide [54][55] Question: Exploration investment in New Gold assets - Management is looking to allocate additional capital to exploration at Rainy River post-integration, with a focus on regional opportunities [58][59]

Coeur Mining (NYSE:CDE) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Speaker7Good day, and welcome to the Coeur Mining fourth quarter 2025 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then one on your telephone keypad. To withdraw your question, ...

The value of deal activity dropped from the third quarter’s record level of $144.9 billion, but remained above the $100-billion mark.“The fourth quarter and entire second half of 2025 showed a remarkable reversal of sentiment and activity from the preceding quarters as adaptability and resiliency prevailed,” said Stephen Ng, managing director at the Toronto-based mid-market investment bank, in a release. “As market participants adjusted to the shifting macro environment, many took advantage of attractive de ...

Core Viewpoint - New Gold (NGD) is anticipated to show a significant improvement in earnings for the fourth quarter of 2025, with an expected earnings per share (EPS) of 27 cents, reflecting a 285.7% increase from the previous year's EPS of 7 cents [1]. Earnings Estimates - The Zacks Consensus Estimate for NGD's EPS has decreased by 3.6% over the past 60 days [1]. - The current EPS estimate for Q1 is 0.27, Q2 is 0.43, E1 is 0.66, and E2 is 1.55, with revisions showing a trend of -3.57% for Q1, +72.00% for Q2, +13.79% for E1, and +40.91% for E2 [2]. Earnings Surprise History - New Gold has consistently beaten the Zacks Consensus Estimate in the last four quarters, achieving an average earnings surprise of 41.4% [2][3]. - The reported EPS for the last four quarters were 0.25, 0.11, 0.02, and 0.07, with respective surprises of 38.89%, 10.00%, 100.00%, and 16.67% [3]. Production and Sales Performance - In Q4 2025, New Gold produced a total of 107,778 ounces of gold, with a notable 55% year-over-year increase from the Rainy River mine, which produced 94,423 ounces [5][6]. - Overall quarterly gold production rose by 34% year-over-year, despite a 32% decline in production at the New Afton mine [6]. - New Gold sold 104,886 ounces of gold in Q4 2025, a 36% increase from 77,281 ounces in the same quarter last year [7]. Revenue and Operating Expenses - Revenues for the quarter are expected to benefit from higher gold sales volumes and increased gold prices, although copper sales volumes declined [8]. - Operating expenses are likely to have risen compared to the previous year, primarily due to increased gold production levels [8]. Stock Performance - New Gold's stock has surged by 280.1% over the past year, significantly outperforming the industry growth of 143.8% [11].

Group 1: Stock Performance - Coeur Mining stock has shown volatility, rising significantly last week and into Monday, but experiencing fluctuations throughout the week, including a 7.1% increase today [1] - The stock's performance is closely tied to gold and silver prices, which have seen recent increases [5][6] Group 2: Commodity Prices - Gold prices reached an all-time high of $5,419.80 per ounce on January 28, then fell to nearly $4,500 in early February, before fluctuating around the $5,000 mark, currently at $5,015 per ounce [5] - Silver prices peaked at $116.58 per ounce on January 28, dropped to $66, and are now approaching $78 after a modest increase of 0.7% today [6] Group 3: Financial Outlook - Analysts at RBC Capital have raised Coeur's price target to $26, citing the company's acquisition of New Gold and strong near-term free cash flow [7] - Coeur Mining has generated nearly $370 million in free cash flow over the last 12 months, supporting 90% of its reported $409 million in net earnings, with expectations of over $2.3 billion in free cash flow this year [7]

Core Viewpoint - Precious metal prices have rebounded after three consecutive days of decline, leading to a widespread rally in gold and silver mining stocks [1][2]. Gold Mining Companies - Newmont increased by 4.0% - Barrick Mining rose by 4.3% - Agnico Eagle Mines saw a rise of 3.8% - Franco-Nevada grew by 2.1% - Kinross Gold climbed by 4.4% - New Gold surged by 5.2% [1][2]. Silver Mining Companies - Coeur Mining experienced a 6.0% increase - Endeavour Silver rose by 5.7% - Pan American Silver also increased by 5.7% - Silvercorp Metals saw a rise of 5.0% [1][2]. Spot Prices - Spot gold prices rose by 6.2% at one point - Spot silver prices increased by 12% at one point [3].

Core Viewpoint - MetalQuest Mining Inc. has entered into an option agreement to potentially acquire a 100% interest in the West Cameron Gold Project, marking its entry into gold exploration and diversifying its portfolio [1][3][4]. Agreement Details - The agreement provides a 40-day due diligence period, followed by an additional five business days for the company to issue a notice to proceed [2]. - If the company proceeds, it will pay a total of CAD $75,000 in cash and shares over three years, subject to a 2% Net Smelter Royalty [20]. Project Overview - The West Cameron Gold Project spans approximately 1,700 hectares and is located in the Kenora Mining District, Ontario, benefiting from established infrastructure and year-round access [7][9]. - The project is adjacent to First Mining Gold Corp.'s Cameron Gold Project, which has significant mineral resources [10]. Exploration Potential - Historical surface sampling has returned gold values up to 9.18 g/t Au, indicating promising mineralization [11]. - The project features gold mineralization associated with shear zones and an interpreted regional fault trend, which is considered favorable for exploration [14][15]. Strategic Importance - The Kenora Mining District is emerging as an active exploration region, supported by improved commodity prices and renewed interest from the industry [6]. - The acquisition aligns with the company's strategy to build a portfolio of strong exploration assets in premier mining jurisdictions [4]. Community Engagement - The company plans to engage with local First Nation communities to pursue collaborative partnerships, emphasizing its commitment to responsible exploration [7]. Industry Context - Recent acquisitions in the region, including significant transactions by Coeur Mining and First Mining Gold Corp., highlight growing interest and activity in the Kenora Mining District [12].