Coeur Mining Inc (WBO:CDE)

Q2 2026 Coeur Mining, Inc Earnings Call Transcript

Aug 6, 2026 / 03:00 PM GMT

Release Date Price: €14.09 (-7.58%)

Transcript 8-K10-Q

Key Points

Positve

Record quarterly revenue of $1.1 billion, a 27% increase quarter-over-quarter, driven by the first full quarter of contributions from New Afton and Rainy River.
Record quarterly adjusted EBITDA of $478 million and free cash flow of $388 million, despite a $141 million non-cash acquisition accounting impact.
Ending cash balance exceeded $1 billion for the first time in company history, with liquidity over $2 billion, providing significant balance sheet strength.
Rochester achieved a new quarterly record of 6.8 million metric tons crushed, with 97% through all three stages, positioning for strong second-half silver production.
Wharf bounced back with a strong quarter, completing all repairs ahead of schedule and resuming normal operations after the November crusher fire.
Rainy River generated $123 million in free cash flow, the highest of any mine in Coeur's history, driven by solid open-pit performance and ahead-of-schedule waste stripping.
Underground mining rates at Rainy River jumped over 40% in July to approximately 3,300 tons per day, with a clear path to the 5,000 tons per day target by year-end.
New Afton saw mining rates tick up in July, including reaching 14,000 tons per day, with expectations to achieve 16,000 tons per day early in Q4.
Exploration success at Palmarejo and Las Chispas continues, with the emergence of new zones and targets, supporting higher returns on invested capital.
The company initiated a $750 million buyback program and paid its first dividend in 30 years, demonstrating commitment to returning capital to shareholders.

Negative

Lower than planned grades at Kensington, Rochester, and Palmarejo during the quarter, which are expected to rebound in the second half.
A $140 million non-cash impact on Q2 EPS and EBITDA from acquisition accounting related to Rainy River stockpile inventory, with a total of $244 million for the year.
New Afton's ramp-up to 16,000 tons per day is delayed by about three months, now expected early in Q4, due to a prudent approach to cave draw management.
Rainy River's underground mining rates were lower than planned in Q2 due to short-term execution challenges with the contractor, requiring additional capital and operating costs.
Revised guidance for New Afton and Rainy River reflects lower expected production for 2026, with adjusted cost per ounce guidance increased for both assets.
Cost inflation pressures, particularly diesel costs, were noted as a headwind during the quarter.
The company expects a 10% increase in total operating costs at Rainy River, approximately $30 million, for additional labor, rental equipment, and maintenance.
The non-cash fair value uplift of acquired inventory will continue to impact EBITDA, net income, and cash costs through Q3, with $38 million remaining.
Silver and gold prices were lower in Q2 compared to Q1, particularly in June, impacting realized prices.
The pace of production ramp-ups at Rainy River and New Afton was slower than originally assumed, leading to recalibrated guidance ranges.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CDE.N - Coeur Mining, Inc.
Q2 2026 Coeur Mining, Inc Earnings Call
Aug 06, 2026 / 03:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Good morning and welcome to the conference call to discuss core's second quarter results.

All participants will be in a listen-only mode for the duration of the call, and should you need any assistance today, please signal a conference specialist by pressing the star key, followed by 0 on your telephone keypad.

After today's presentation, there will be an opportunity to ask questions.

To ask a question, you may press star, then 1 on your telephone keypad.

To withdraw your question, you may pressar, then 2.

Please note that this event is being recorded today.

I would now like to turn the call over to Mitch Krebs, President and CEO.

Please go ahead.

Hello everyone,

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.