Coeur Mining

Second quarter revenue hit 1.09 billion dollars, up 27% from last quarter and 126% from a year ago. Gold production set a company record at 163,490 ounces, a 69% jump in three months. Free cash flow reached 388 million dollars. The two new Canadian mines, New Afton and Rainy River, delivered their first full quarter and they cost less to run than the older mines.

Cash climbed to 1.05 billion dollars, nearly ten times what the company held a year ago and double where it ended 2025. Management bought back 121 million dollars of stock, paid its first ever dividend, and wiped out 39 million dollars of leases. They expect to finish the year with close to 2 billion dollars in cash and 1.5 billion in free cash flow, versus 666 million last year.

Metal prices cooled off during the quarter. Gold slid 6% to an average of 4,140 dollars an ounce and silver dropped 14% to 71.18 dollars. June was the weakest month of the year at 3,823 dollars for gold. Coeur makes almost all its money selling these metals, so when prices fall, profit falls with them. Net income already dropped from 247 million to 122 million.

Mining costs keep rising. The cost to produce an ounce of gold jumped to 2,442 dollars from 2,032 last quarter, though 834 dollars of that came from a one-time accounting charge tied to the New Gold purchase. The company also trimmed its production outlook for the two new Canadian mines because they are ramping up slower than planned. Full-year gold guidance now sits near 690,000 ounces.