Coeur Mining

First quarter 2026 was the biggest quarter in company history. Revenue hit 856 million dollars, up 138% from a year ago. Adjusted EBITDA nearly quadrupled to a record 475 million dollars, and free cash flow came in at 267 million. Gold prices realized averaged 4,383 dollars an ounce and silver hit 82.85 dollars, up 53% from the prior quarter. The harvest is in full swing.

Cash ballooned to 843 million dollars, a 52% jump in just three months and nearly eleven times higher than a year ago. Management responded by launching a 750 million dollar share buyback, declaring the company's first ever dividend, and securing a 1 billion dollar credit line. Full-year guidance of 680,000 to 815,000 ounces of gold and up to 21.9 million ounces of silver remains firmly on track.

Mining costs jumped sharply this quarter. Adjusted cost per gold ounce climbed to 2,032 dollars, up from 1,207 dollars last quarter, partly due to accounting from the New Gold deal. General and administrative expenses also rose 43% to 22 million dollars. If costs keep climbing while metal prices cool, the fat margins investors are paying for could shrink fast.

Coeur's earnings move with gold and silver prices, and the swings cut both ways. The company's stock has historically moved roughly twice as hard as gold itself, meaning a 10% drop in metal prices can translate into a 20% drop in shares. With gold near record highs around 4,400 dollars an ounce, any meaningful pullback would slice straight through earnings and the stock.