Core Viewpoint - Coeur Mining, Inc. (CDE) and Ero Copper Corp. (ERO) are benefiting from a favorable macro environment characterized by high gold prices driven by safe-haven demand, central bank purchases, and strong investment inflows, enhancing pricing and cash flow visibility [1]. Coeur Mining (CDE) - CDE produced approximately 112,429 ounces of gold and 4.7 million ounces of silver in Q4 2025, an increase from 87,149 ounces and 3.2 million ounces in the same quarter the previous year, indicating improved operational execution [3]. - Key mines such as Las Chispas, Palmarejo, Rochester, Kensington, and Wharf contributed significantly to production, with Las Chispas delivering 14,719 ounces of gold and 1.4 million ounces of silver, and Rochester contributing nearly 17,000 ounces of gold and 1.7 million ounces of silver [4][5]. - CDE's cash and cash equivalents reached $554 million at the end of December 2025, up by $55 million year-over-year, while total debt decreased to approximately $341 million from $590 million [7]. - The company is expected to enhance revenue visibility and support margin expansion due to higher output amid favorable metal prices [7]. Ero Copper (ERO) - ERO achieved record consolidated copper production of 19,706 tons in Q4 2025, a significant increase from 12,883 tons in Q4 2024, driven by improved mill throughput and operational stability [8]. - Gold production totaled 28,836 ounces, reflecting a strong year-over-year increase due to enhanced by-product output and processing performance [9]. - ERO's cash and cash equivalents were $66 million at the end of September 2025, with long-term debt at $571 million [13]. - The company is advancing key expansion projects, including the Furnas copper-gold project, which outlines a 24-year initial mine life with an average annual production of approximately 108,000 tons of copper equivalent over the first 15 years [12]. Price Performance & Valuation - CDE stock has surged 389.8% over the past year, while ERO has increased by 186.4% [17]. - CDE is trading at a forward 12-month earnings multiple of 12.17X, compared to ERO's 7.92X [18]. - The Zacks Consensus Estimate for CDE's 2026 sales implies a year-over-year growth of 120%, while ERO's estimates suggest a 46% increase [19][24]. Investment Considerations - CDE offers stable, cash-generative growth with a strong balance sheet and low debt, supported by operational improvements across multiple mines [26]. - ERO presents higher growth potential driven by record production and long-term projects, although it carries higher leverage and smaller cash reserves [26]. - Holding both stocks allows investors to balance stability and predictable cash flow from CDE with the growth and copper exposure from ERO [27].