# CDE earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/CDE) · [Earnings tab](https://www.lopjlb.com/stock/CDE?tab=earnings) Updated: 2026-09-07T06:03:11 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for CDE, management tone moved from +0.70 (2024 Q3) to +0.70 (2026 Q2). Latest guidance stance: maintained. Latest desk line: Coeur posted record Q2 revenue, EBITDA and free cash flow while noting slower ramp‑ups and lower grades at New Afton and Rainy River, adjusting guidance but remaining upbeat on H2 production and cash generation. ## Latest CallCard · Q2 Coeur posted record Q2 revenue, EBITDA and free cash flow while noting slower ramp‑ups and lower grades at New Afton and Rainy River, adjusting guidance but remaining upbeat on H2 production and cash generation. **Guidance:** maintained — partial‑year guidance for New Afton and Rainy River adjusted to reflect slower ramp‑up and grade differentials **Tone:** mgmt 0.7 · Q&A pressure 0.5 · divergence 0.2 record revenue, EBITDA and free cash flow with a strong balance sheet ### Demand visibility Strong demand visibility with record revenue and cash Revenue $1.1 bn, free cash flow $388 m and a balanced 7‑asset portfolio set up for higher H2 production ### Margins / costs Cost inflation signs, especially diesel Lower realized gold/silver prices offset by diesel cost inflation and a $30 m 2026 operating cost increase for labor, rentals and maintenance ### Capital allocation Cash deployed to exploration, growth projects, buybacks and dividend $750 m buyback program, inaugural $0.02 dividend, $15 m added capex for Silvertip pre‑feasibility, extra $45 m for Rainy River Phase 5 and $25 m for underground development ### Milestones - **Rochester crusher record** [on_track]: 6.8 M metric tons crushed, 15% increase QoQ - **Phase IIa leach pad expansion** [delivered]: Completed during the quarter - **Wharf crusher repairs** [delivered]: Returned to full capacity in May after fire incident - **New Afton cave growth** [on_track]: C‑zone completed in April, draw management ongoing - **Rainy River Phase 4 open pit** [delivered]: Generated record free cash flow of $123 m - **Phase 5 pre‑strip at Rainy River** [on_track]: Ahead of schedule, will support mill feed - **Silvertip pre‑feasibility study** [new]: Additional $15 m capex to fund PFS, target early 2027 - **Exploration at Palmarejo and Las Chispas** [on_track]: Continued drilling and resource growth ### Fears / risks - **Operational ramp‑up**: New Afton and Rainy River production rates slower than originally modeled - **Grade uncertainty**: Current grades below plan; recovery depends on cave propagation - **Contractor performance**: Underground contractor issues caused short‑term execution gaps - **Cost inflation**: Diesel and labor cost pressures could erode margins - **Non‑cash accounting impact**: Rainy River stockpile fair‑value uplift of $140 m in Q2 will dissipate by Q3 - **Capital allocation risk**: Additional capex for Phase 5 and underground development may pressure cash - **Exploration risk**: Silvertip pre‑feasibility outcome uncertain; drilling results not guaranteed - **Market price risk**: Lower realized gold and silver prices in Q2 affect revenue ### Key quotes > “Quarterly revenue passed the $1 billion mark for the first time in the company's history on the way to record quarterly adjusted EBITDA and free cash flow.” > “We increased tonnage draw from the western portion of the cave at similar grades to the North draw points and we are still limiting tonnage from the higher grade eastern portion of the cave following completion of its construction in April.” > “Record free cash flow of $388 million or more than $4 million per day, an increase of 45 percent versus last quarter.” ## Quarter one-liners - **2026 Q2:** Coeur posted record Q2 revenue, EBITDA and free cash flow while noting slower ramp‑ups and lower grades at New Afton and Rainy River, adjusting guidance but remaining upbeat on H2 production and cash generation. - **2026 Q1:** Coeur Mining posted record Q1 revenue and cash flow, highlighted strong integration of New Gold assets, reaffirmed 2026 guidance and outlined upcoming production ramps and capital return plans. - **2025 Q4:** Coeur Mining reported record Q4 2025 results, strong cash generation and production growth, upbeat 2026 guidance and a pending New Gold acquisition, while addressing grade normalization and operational issues. - **2025 Q3:** Coeur Mining posted record Q3 results with cash over $500M, raised full‑year EBITDA guidance, highlighted operational progress at Las Chispas, Rochester and Kensington, and discussed modest downtime and future growth via Silvertip. - **2025 Q2:** Coeur Mining posted a strong Q2 with $146M free cash flow, repaid its revolving credit facility, raised full‑year EBITDA guidance above $800M and highlighted progress on Las Chispas, Rochester and exploration while noting a 5‑year Silvertip timeline and a discretionary buyback program. - **2025 Q1:** Coeur Mining delivered a solid Q1 2025 start with debt reduction, higher margins and strong exploration, while highlighting ongoing crusher optimisation and future Silvertip milestones. - **2024 Q4:** Coeur Mining reports record 2024 earnings, completed Rochester expansion and Silvercrest deal, and projects strong 2025 production despite Q1 cash‑flow headwinds. - **2024 Q3:** Coeur delivered a strong Q3 with double‑digit production gains, higher metal prices and lower costs, hitting a free‑cash‑flow inflection and confirming guidance while pushing the Rochester expansion, Silvercrest acquisition and debt‑paydown agenda. ## Theme arcs - **Management tone** (stable): Δ mgmt=+0.00 ## Fear persistence - **operational** [recurring]: 2024 Q4, 2025 Q1, 2025 Q1, 2025 Q3 - **acquisition** [resolved]: 2024 Q3 - **liquidity** [resolved]: 2024 Q3 - **market** [recurring]: 2024 Q3, 2024 Q4, 2025 Q1 - **debt** [resolved]: 2024 Q3 - **integration** [recurring]: 2024 Q3, 2024 Q4 - **regulatory** [recurring]: 2024 Q3, 2024 Q4 - **cost control** [resolved]: 2024 Q3 - **cost** [resolved]: 2024 Q4 - **financial** [recurring]: 2024 Q4, 2025 Q1 ## Guidance path 2024 Q3:maintained → 2024 Q4:maintained → 2025 Q1:maintained → 2025 Q2:raised → 2025 Q3:maintained → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/CDE`