Coeur Mining Delivers Stellar Performance and Charts Expansion Path

Coeur Mining reports a tenfold net income surge to $586M and $666M free cash flow in 2025, while preparing to acquire New Gold to expand its North American operations.

Coeur Mining has concluded a landmark year in 2025, marked by surging profitability, record-breaking production, and a dramatic reversal in cash flow generation. The precious metals producer is simultaneously preparing for a strategic leap forward with its pending acquisition of New Gold, a move set to significantly expand its operational scale.

Financial Turnaround and Record Metrics

The company's financial health underwent a profound transformation. Net income skyrocketed tenfold to $586 million, a leap primarily fueled by substantial operational gains. Gold output rose by 23% to nearly 420,000 ounces, while silver production saw an even more impressive 57% increase, reaching 17.9 million ounces. This operational surge drove revenue, which nearly doubled to $2.1 billion. Adjusted EBITDA also broke new ground, surpassing the $1 billion threshold for the first time.

Perhaps the most striking indicator of improved financial strength is the free cash flow figure. In a stark contrast to its position just three years prior, Coeur Mining generated a robust $666 million in free cash flow during 2025. By year-end, the company reported a net cash position, underscoring its fortified balance sheet.

Strategic Acquisition and Reserve Growth

During a presentation at the BMO conference, CEO Mitchell Krebs outlined the firm's future trajectory beyond the impressive annual results. The centerpiece of this strategy is the planned takeover of New Gold, anticipated to close in the first quarter of 2026. Integrating the New Afton and Rainy River mines would elevate Coeur Mining's status as a major North American precious metals producer. The company intends to release consolidated guidance and updated reserve figures promptly upon deal completion.

Alongside this inorganic growth, Coeur continues to advance through exploration. Successful programs have extended the mine life at its Wharf operation to twelve years, effectively doubling its previous timeline, and added five years at Palmarejo. These exploration achievements have more than offset ongoing reserve depletion.

Forward Guidance and Integration Focus

Looking ahead to 2026 for its existing portfolio, Coeur Mining forecasts gold production in a range of 390,000 to 460,000 ounces. Silver output is projected between 18.2 million and 21.3 million ounces. Management acknowledges persistent cost pressures from wages and taxes but emphasizes its commitment to further boosting free cash flow and improving returns on capital. The successful integration of New Gold will ultimately determine the payoff from this decisive strategic bet.