Research · Sep 3, 2026
[CDE] Coeur Mining Thesis 2026: Silver Cycle Drives Las Chispas Gold Production Ramp
Coeur Mining Inc. (NYSE: CDE) FY2025 revenue ~$1.30-1.45B (+45-65%) with adj. EPS ~$0.45-0.60 reflecting continued post-2024 ~$760-845M aggregate Gold revenue (~58%+ aggregate revenue mix; selected primary Palmarejo + Rochester + Wharf + Kensington gold production) + selected continued post-2024 ~$540-600M aggregate Silver revenue (~42% aggregate revenue mix; selected primary Palmarejo + Rochester + Las Chispas silver production) under continued President + CEO Mitchell Krebs since 2011 (~14-year tenure as Coeur Mining CEO; selected post-February 2025 ~$1.7B+ SilverCrest Metals acquisition closed). One of the largest US silver + gold mining companies. Founded 1928 as Coeur d'Alene Mines Corporation in Coeur d'Alene Idaho (~97-year heritage; selected pioneer US silver mining); selected post-1980s NYSE listing; selected post-February 2025 ~$1.7B+ SilverCrest Metals acquisition; selected post-2011 Mitchell Krebs CEO appointment. Headquartered in Chicago Illinois; ~3,000+ employees globally with ~$1.30-1.45B revenue. Two primary metals: Gold (~58%+ ~$760-845M; ~370-400K aggregate oz produced FY2025), Silver (~42% ~$540-600M; ~10-11M aggregate oz produced FY2025). Mines: Palmarejo Mexico + Rochester Nevada + Wharf South Dakota + Kensington Alaska + Las Chispas Mexico (post-February 2025 SilverCrest). Geographic mix: US ~55%+ + Mexico ~40% + selected various ~5%. Silver cycle cyclical recovery: ~$540-600M Silver revenue; ~10-11M oz Silver produced; selected ~$28-32 aggregate Silver realized price; selected projected ~$30-35 aggregate FY2026 Silver realized price. Las Chispas gold production ramp + post-February 2025 SilverCrest integration: selected post-February 2025 ~$1.7B+ SilverCrest Metals acquisition closed adding ~30,000+ aggregate oz Gold + ~5-6M aggregate oz Silver Las Chispas Mexico production; selected ~370-400K aggregate oz Gold produced FY2025 (~+45-55% YoY post-Las Chispas integration). President + CEO Mitchell Krebs since 2011 (~14-year tenure); CFO Tom Whelan. Capital return: ~$0 dividend (no dividend track post-1980s); minimal opportunistic buybacks; ~$80-120M aggregate cash + investments balance; net leverage ~1.5-2.0x net debt-to-adj. EBITDA; non-investment grade B1/B credit rating; selected projected post-2026 selected various deleveraging. FY2026 thesis: Silver cycle cyclical recovery + Las Chispas gold production ramp + selected post-February 2025 SilverCrest Metals integration + ~370-400K oz Gold + ~10-11M oz Silver production + selected projected post-2026 deleveraging + ~$200-300M aggregate annual FCF. Risks: Pan American Silver + Hecla Mining + First Majestic Silver + Fresnillo + Newmont + Barrick + Agnico Eagle + Kinross competition, Silver + Gold cycle, SilverCrest integration considerations, Las Chispas operational + grade + recovery considerations.