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].

I came into Coeur Mining, Inc. ( CDE ) still thinking of the Rochester turnaround story. Well, I believe that's outdated now. And this is because the company has already finished the Rochester expansion in 2024. ItMy background is in Financial Engineering and I have long since been interested in analyzing strong solid companies with a rare financial Profile. My primary area of specialization is in quantamental analysis, where I use a combination of data driven models and fundamental research. My approach is ...

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 - Coeur Mining, Inc. (CDE) experienced a significant increase in free cash flow in Q4 2025, rising 66% sequentially to a record $313 million, driven by higher gold and silver prices of $3,184 and $40.01 respectively [1][9] Group 1: Operational Performance - Higher production volumes and improved cost discipline, particularly at the Palmarejo mine in Mexico, Rochester in Nevada, and Kensington in Alaska, enhanced overall operating performance [2] - Operational stabilization and successful ramp-up at Rochester contributed to increased throughput rates and improved margin realization, significantly aiding cash flow growth [2] Group 2: Financial Strength - The surge in cash generation strengthened CDE's balance sheet, allowing for meaningful debt reduction, enhanced liquidity, and greater financial flexibility [3] - Sustained free cash flow at these levels could support further deleveraging, opportunistic growth investments, and enhanced shareholder returns [3] Group 3: Peer Comparison - Kinross Gold Corporation (KGC) reported attributable free cash flow of $769.4 million in Q4 2025, a 77% year-over-year increase, driven by stronger operating cash flow and a higher realized gold price of $4,144 [4] - IAMGOLD Corporation (IAG) achieved record mine-site free cash flow of $626.6 million in Q4 2025, a 701.3% year-over-year increase, supported by a higher realized gold price of $4,191 and strong operational performance [6][7] Group 4: Market Performance - CDE shares increased by 340.7% over the past year, outperforming the industry average rise of 85.3% [8] - CDE is currently trading at a forward 12-month price-to-sales ratio of 5.75X, above the industry average of 4.96X, and has a Value Score of D [11]

Company Overview - Coeur Mining, Inc. is a prominent player in the mining industry, focusing on the exploration and production of precious metals, particularly gold and silver [1] - The company operates several mines across North America and is committed to sustainable mining practices [1] Financial Performance - During the Q4 2025 earnings call, Coeur Mining provided insights into its financial performance and strategic direction, which are crucial for investors [3] - The stock price of Coeur Mining was $24.06, reflecting a recent increase of 6.51% or $1.47, indicating positive market sentiment following the earnings call [2] - The stock has fluctuated between a low of $22.51 and a high of $24.73, demonstrating market volatility [3] Market Position - Coeur Mining's market capitalization is approximately $15.45 billion, highlighting its significant presence in the mining sector [4][6] - The stock has experienced a wide range over the past year, with a high of $27.77 and a low of $4.58, presenting both opportunities and risks for investors [4] Analyst Insights - Canaccord Genuity set a price target of $26 for Coeur Mining, suggesting an anticipated price increase of approximately 8.06% from the current trading price [2][6] - The trading volume for Coeur Mining today is 29,596,421 shares, indicating active investor interest [5]

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Industry Overview - The Zacks Mining - Non Ferrous industry is experiencing promising prospects due to rising metal prices and increasing demand for non-ferrous metals, particularly driven by the energy-transition trend [1][4] - The industry includes companies producing metals such as copper, gold, silver, cobalt, molybdenum, zinc, aluminum, and uranium, which are essential across various sectors [3] Market Dynamics - Silver prices surged by 170% in 2025, with an 8.6% increase so far this year, while gold prices are near $5,000 per ounce, reflecting a 15.3% gain this year [4] - Copper futures have risen by 24.2% over the past year, driven by high demand and expectations of tightening global supply [4] - Uranium prices recently retreated to $92 per pound after reaching a two-year high of $101.50, indicating fluctuations in supply expectations [4] Demand Drivers - The demand for non-ferrous metals is expected to remain high, particularly due to their applications in transportation, construction, and renewable energy sectors [6] - The U.S. Infrastructure Investment and Jobs Act is anticipated to drive significant demand for non-ferrous metals as infrastructure upgrades and green policies are implemented [6] Company Highlights - **Coeur Mining**: Revenues nearly doubled to $2.1 billion in 2025, with net income surging to $586 million. The company is set to acquire New Gold, creating a major North American mining entity [15] - **Southern Copper Corporation**: Reported record net sales of $13.4 billion in 2025, with plans to increase copper production to 1.6 million tons by 2033, supported by a $20.5 billion investment over the next decade [19] - **Freeport-McMoRan**: Positioned for growth with high-quality copper assets and ongoing expansions at existing operations, including a significant project in Peru [22] - **Lundin Mining**: Increased its copper mineral resources by 37% and forecasts strong production figures for 2026, aiming to become a top-ten global copper producer [24] Financial Performance - The Zacks Mining - Non Ferrous industry has outperformed the Zacks Basic Materials sector with a collective gain of 77.9% over the past year, compared to the sector's 43% [9] - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 16.95X, slightly below the S&P 500's 17.80X [10] Future Outlook - The Zacks Industry Rank for the Mining - Non Ferrous industry is 74, placing it in the top 30% of 243 Zacks industries, indicating strong near-term prospects [7]

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].

Core Insights - Coeur Mining's stock increased by 7.7% after reporting Q4 earnings that exceeded analyst expectations, with earnings of $0.34 per share and sales of $678.8 million compared to forecasts of $0.32 per share and $617.1 million in sales [1][2] Financial Performance - Revenue from gold sales constituted 63% of Coeur's Q4 sales, while silver sales made up the remainder, with quarterly sales increasing by 121% [2] - For the full year, Coeur achieved revenue of $2.1 billion, marking a 96% year-over-year increase [2] - GAAP profit for Q4 was $0.29 per share, a 93% increase year-over-year, and full-year profit reached $0.95 per share, up 533% [3] Production Outlook - Coeur plans to produce between 390,000 and 460,000 ounces of gold in 2026, representing a production growth of approximately 1.4% at the midpoint, and between 18.2 million and 21.3 million ounces of silver, with production expected to increase by more than 10% [4] - The company's profit expectations for 2026 will largely depend on market prices for gold and silver rather than production growth alone [5]

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]