Coeur Mining, Inc.
Coeur Mining, Inc. is a U.S.-listed precious metals producer founded in 1928 with operating mines in the United States and Mexico and an exploration project in Canada. The company produces gold and silver, with additional exposure to zinc and lead through Silvertip, and sells doré, bullion, and concentrate into global metals markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueGold ounces produced and sold from mines such as Rochester, Kensington, Wharf, Las Chispas and Palmarejo.
Silver ounces produced and sold, mainly from Las Chispas, Palmarejo and Rochester.
Refined gold and silver doré sold through third-party refiners into bullion markets.
Gold concentrate sold under offtake agreements, primarily from Kensington.
Mine expansion, reserve conversion and exploration work at operating assets and Silvertip.
Products
Reported · share of revenue- Gold69.7 %
- Product Silver30.3 %
Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Coeur sells primarily into wholesale precious-metals channels rather than to end consumers. Its customers are multinational banks, bullion trading houses, refiners, and third-party smelters that buy doré or concentrate because they can process and trade it in global metals markets.
Buy refined gold and silver bullion for trading, inventory and market-making activities.
Purchase doré from Coeur and refine it into bullion for resale in global markets.
Buy gold concentrate, especially from Kensington, under offtake or quotational pricing contracts.
Use Coeur's output as feedstock or trading inventory in the broader metals supply chain.
Strategy
Coeur is focused on building a diversified precious-metals portfolio that can generate sustainable cash flow across different mine types and jurisdictions. Near-term priorities include ramping Las Chispas, continuing Rochester's expansion benefits, and integrating the planned New Gold acquisition to add two Canadian operating mines.
Higher throughput and better recoveries support cash flow and lower unit costs.
Adds two Canadian mines and broadens the production base.
Longer mine lives improve asset value and reduce depletion risk.
Geography
Q1/2026Coeur’s operating footprint spans the United States, Mexico and Canada, with production concentrated in mining-friendly jurisdictions. Mexico is especially important because Las Chispas and Palmarejo are major silver-gold assets, while the U.S. portfolio includes Rochester, Kensington and Wharf; Canada currently contributes exploration exposure and is expected to expand after the New Gold transaction closes.
Share of the revenue the company reports by geography.
Risks
Coeur's earnings are highly exposed to gold and silver prices, which can move sharply and directly affect revenue, margins and reserve valuations. The business also faces operational, permitting, tax and geopolitical risks across the U.S., Mexico and Canada, while acquisitions add integration, dilution and financing risk.
- Operational disruptions at minesImpact: HighLikelihood: High
Underground and open-pit operations are exposed to maintenance, geology, weather and recovery risk.
Exposure - Gold and silver price volatilityImpact: HighLikelihood: Medium
Revenue and profitability depend heavily on realized metal prices, which can swing sharply.
Exposure: All producing assets
- Jurisdictional and tax riskImpact: MediumLikelihood: High
Mining taxes, permitting and regulatory changes can materially affect economics by country and state.
Exposure - Acquisition and integration riskImpact: MediumLikelihood: Medium
The New Gold transaction may require financing, equity issuance and operational integration.
Exposure - Cybersecurity and IT systems disruptionImpact: MediumLikelihood: Medium
New or upgraded systems could fail or be compromised, affecting operations and reporting.
Exposure: Enterprise systems and mine operations
Accounting
Judgemental itemsFinal concentrate settlement occurs later, so revenue and receivables are remeasured to market.
Impact: Can create period-to-period revenue volatility
Depreciation and depletion depend on proven and probable reserves and mine life assumptions.
Impact: Changes can materially affect operating profit
Mine assets are tested against discounted future cash flows based on metal prices and production plans.
Impact: Could trigger non-cash write-downs
Acquisitions such as Las Chispas and New Gold require purchase price allocation and valuation judgments.
Impact: Affects goodwill, mineral properties and future amortization
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Last updated: 24/09/2026