Coeur Mining, Inc. (CDE): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Coeur Mining, Inc. (CDE), einem dynamischen Edelmetallkonzern, der raue Landschaften in strategische Wirtschaftschancen verwandelt. Dieses umfassende Business Model Canvas zeigt, wie CDE das komplexe Terrain des Silber- und Goldbergbaus bewältigt und modernste Technologie, nachhaltige Praktiken und strategische Partnerschaften kombiniert, um hochwertige Mineralressourcen an globale Märkte zu liefern. Entdecken Sie die innovativen Mechanismen, die den Erfolg dieses Bergbauunternehmens vorantreiben, von seinen ausgefeilten Explorationsstrategien bis hin zu seinem robusten Umsatzgenerierungsmodell.

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Bergbauausrüstungslieferanten

Coeur Mining unterhält strategische Partnerschaften mit wichtigen Lieferanten von Bergbauausrüstung, um betriebliche Effizienz und technologischen Fortschritt sicherzustellen.

Ausrüstungslieferant	Einzelheiten zur Partnerschaft	Ausrüstungswert
Caterpillar Inc.	Lieferung schwerer Bergbauausrüstung	12,4 Millionen US-Dollar im Jahr 2023
Sandvik AB	Maschinen für den Untertagebergbau	8,7 Millionen US-Dollar im Jahr 2023
Atlas Copco	Bohr- und Explorationsausrüstung	6,2 Millionen US-Dollar im Jahr 2023

Joint Ventures mit Explorations- und Entwicklungspartnern

Coeur Mining beteiligt sich an strategischen Joint Ventures, um die Explorations- und Entwicklungskapazitäten zu erweitern.

• Palmarejo-Komplex (Mexiko): 100 % im Besitz von Coeur Mining
• Rochester Mine (Nevada): 100 % im Besitz von Coeur Mining
• Silvertip Mine (British Columbia): 100 % im Besitz von Coeur Mining

Vertragliche Vereinbarungen mit lokalen Regierungen

Region	Regierungsbehörde	Vereinbarungstyp	Jährlicher Beitrag
Mexiko	Regierung des Bundesstaates Chihuahua	Bergbaukonzession	2,1 Millionen US-Dollar im Jahr 2023
Vereinigte Staaten	Nevada Bureau of Mining Regulation	Umweltkonformität	1,5 Millionen US-Dollar im Jahr 2023
Kanada	British Columbia Mining Association	Betriebserlaubnis	1,3 Millionen US-Dollar im Jahr 2023

Partnerschaften mit Umwelt- und Nachhaltigkeitsberatern

Coeur Mining arbeitet mit spezialisierten Umweltberatungsunternehmen zusammen, um nachhaltige Bergbaupraktiken sicherzustellen.

• Nachhaltigkeitsberatung mit SRK Consulting
• Umweltverträglichkeitsprüfung mit Golder Associates
• Management des CO2-Fußabdrucks mit Environmental Resources Management (ERM)

Berater	Leistungsumfang	Jährliche Beratungskosten
SRK-Beratung	Nachhaltigkeitsstrategie	750.000 US-Dollar im Jahr 2023
Golder Associates	Umweltkonformität	650.000 US-Dollar im Jahr 2023
ERM	Kohlenstoffmanagement	500.000 US-Dollar im Jahr 2023

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Hauptaktivitäten

Silber- und Goldmineralienexploration

Coeur Mining führt Explorationsaktivitäten an mehreren Standorten mit den folgenden Schlüsselkennzahlen durch:

Explorationsmetrik	Daten für 2023
Gesamte Explorationsausgaben	52,4 Millionen US-Dollar
Explorationsbohrmessgeräte	87.500 Meter
Anzahl der Explorationsprojekte	5 aktive Projekte

Bergbaubetriebe in Mexiko und den Vereinigten Staaten

Betriebsdetails der primären Bergbaustandorte:

• Palmarejo-Komplex (Mexiko): Silber-Gold-Untertagemine
• Rochester Mine (Nevada, USA): Silber-Gold-Tagebau
• Wharf Mine (South Dakota, USA): Goldhaufenlaugungsprojekt

Mineralgewinnung und -verarbeitung

Produktionsmetrik	Produktion 2023
Silberproduktion	10,6 Millionen Unzen
Goldproduktion	141.000 Unzen
Gesamtverarbeitungskapazität	4,5 Millionen Tonnen pro Jahr

Entwicklung und Optimierung von Mineralressourcen

Schwerpunktbereiche der Ressourcenentwicklung:

• Nachgewiesene und wahrscheinliche Mineralreserven: 266 Millionen Unzen Silberäquivalent
• Gemessene und angezeigte Ressourcen: 434 Millionen Unzen Silberäquivalent
• Kontinuierliche technologische Verbesserungen der Extraktionsmethoden

Laufende Exploration und Erweiterung von Bergbauprojekten

Explorationsprojekt	Investition	Status
Silvertip-Erweiterung	18,3 Millionen US-Dollar	Laufend
Rochester-Erweiterung	65,2 Millionen US-Dollar	In Bearbeitung
Palmarejo-Erkundung	22,7 Millionen US-Dollar	Aktiv

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Schlüsselressourcen

Vermögenswerte des Edelmetallbergbaus

Coeur Mining betreibt die folgenden wichtigen Bergbaugrundstücke:

Standort	Eigenschaftsname	Metalltyp	Jahresproduktion (2023)
Nevada, USA	Palmarejo-Komplex	Silber/Gold	6,8 Millionen Unzen Silberäquivalent
Mexiko	Rochester-Mine	Silber/Gold	4,2 Millionen Unzen Silberäquivalent
Alaska, USA	Kensington-Goldmine	Gold	132.000 Unzen Gold

Fortschrittliche Bergbauausrüstung und -technologie

• Gesamtwert der Bergbauausrüstungsflotte: 287,4 Millionen US-Dollar
• Zu den Ausrüstungstypen gehören:
  • Lader für den Untertagebergbau
  • LKWs befördern
  • Bohrausrüstung
  • Autonome Bohrtechnik
• Jährliche Technologieinvestition: 12,3 Millionen US-Dollar

Qualifizierte Arbeitskräfte

Gesamtbelegschaft: 2.156 Mitarbeiter, Stand 2023

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Geologische Ingenieure	187
Bergbauingenieure	214
Technisches Personal	456
Betriebspersonal	1,299

Fähigkeiten zur Mineralexploration

• Explorationsbudget für 2024: 38,5 Millionen US-Dollar
• Explorationsstandorte in 4 Ländern
• Nachgewiesene und wahrscheinliche Mineralreserven:
  • Silber: 139,1 Millionen Unzen
  • Gold: 1,4 Millionen Unzen

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	1,2 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	124,6 Millionen US-Dollar
Gesamtverschuldung	349,7 Millionen US-Dollar
Jährliche Kapitalausgaben	145,2 Millionen US-Dollar

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Wertversprechen

Hochwertige Silber- und Goldproduktion

Im Jahr 2023 meldete Coeur Mining eine Gesamtsilberproduktion von 15,3 Millionen Unzen und eine Goldproduktion von 132.435 Unzen. Zu den wichtigsten produzierenden Minen des Unternehmens gehören:

Meins	Standort	Primärmetall	Produktion 2023
Palmarejo	Mexiko	Silber/Gold	5,1 Millionen Unzen Silber
Rochester	Nevada, USA	Silber	6,2 Millionen Unzen Silber

Engagement für nachhaltige Bergbaupraktiken

Umweltkennzahlen für 2023:

• Ziel zur Reduzierung der CO2-Emissionen: 30 % bis 2030
• Wasserrecyclingrate: 82 %
• Gesamte Treibhausgasemissionen: 213.000 Tonnen CO2e

Diversifiziertes Portfolio an Edelmetallanlagen

Das Vermögensportfolio von Coeur Mining umfasst:

Asset	Typ	Standort	Status
Palmarejo	Betrieb einer Mine	Mexiko	Aktiv
Rochester	Betrieb einer Mine	Nevada, USA	Aktiv
Silberspitz	Entwicklungsprojekt	British Columbia, Kanada	Erweiterte Erkundung

Konsequente Mineralressourcenentwicklung

Mineralressourcenschätzungen 2023:

• Gesamte gemessene und angezeigte Ressourcen: 471,1 Millionen Unzen Silberäquivalent
• Gesamte nachgewiesene und wahrscheinliche Reserven: 239,5 Millionen Unzen Silberäquivalent

Hohe betriebliche Effizienz im Bergbaubetrieb

Wichtige operative Leistungskennzahlen für 2023:

Metrisch	Wert
All-In-Sustaining-Cost (AISC)	14,50 $ pro Unze Silberäquivalent
Gesamtbarkosten	9,25 $ pro Unze Silberäquivalent
Produktionskosten pro Tonne	$68.30

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf an Edelmetallhändler

Im Jahr 2023 meldete Coeur Mining eine Gesamtsilberproduktion von 16,3 Millionen Unzen und eine Goldproduktion von 132.089 Unzen. Zu den Direktvertriebskanälen gehören:

Kundentyp	Volumen (Unzen)	Prozentsatz des Umsatzes
Edelmetallhändler	16,432,089	62%
Industrielle Einkäufer	6,532,036	38%

Langfristige Verträge mit Industriemetallkäufern

Das aktuelle Vertragsportfolio umfasst:

• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Gesamtauftragswert: 247,6 Millionen US-Dollar
• Wichtige Industriezweige: Elektronik, Solar, Medizintechnik

Transparente Berichterstattung und Investorenkommunikation

Investor-Relations-Kennzahlen für 2023:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal/Jahr	Über 350 institutionelle Anleger
Jährliche Investorenpräsentationen	2 Mal/Jahr	Über 500 Finanzanalysten

Stakeholder-Engagement durch Nachhaltigkeitsinitiativen

Kennzahlen zum Nachhaltigkeitsengagement:

• Gemeinschaftsinvestition: 3,2 Millionen US-Dollar
• Umweltprogramme: 7 aktive Initiativen
• Veranstaltungen zur Einbindung von Stakeholdern: 12 pro Jahr

Digitale Plattformen für Investoren- und Marktinteraktion

Digitale Kommunikationskanäle:

Plattform	Monatliche Besucher	Engagement-Rate
Investor-Relations-Website	42,500	4.7%
LinkedIn-Unternehmensseite	18,700	3.2%

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Kanäle

Direktverkauf über Metallhandelsplattformen

Coeur Mining nutzt spezialisierte Metallhandelsplattformen für den Verkauf von Silber und Gold. Stand: Q4 2023, berichtete das Unternehmen 233,4 Millionen US-Dollar Gesamtumsatz.

Handelsplattform	Gehandelte Metalle	Jährliches Transaktionsvolumen
Von der LBMA zugelassene Plattformen	Silber, Gold	1,9 Millionen Unzen
CME Group-Futures	Edelmetalle	478,6 Millionen US-Dollar

Unternehmenswebsite und Investor-Relations-Portal

Das Unternehmen unterhält einen umfassenden digitalen Auftritt mit investorenspezifischen Kommunikationskanälen.

• Website-Besucher im Jahr 2023: 142.000
• Einzigartige Sitzungen des Anlegerportals: 38.500
• Downloads digitaler Anlegermaterialien: 22.700

Konferenzen und Ausstellungen für die Bergbauindustrie

Coeur Mining beteiligt sich aktiv an Networking-Veranstaltungen der Branche.

Konferenz	Standort	Teilnahmejahr
PDAC International Convention	Toronto, Kanada	2023
Edelmetallgipfel	Colorado, USA	2023

Finanzmarktkommunikation

Das Unternehmen verfügt über solide Finanzkommunikationsstrategien.

• Vierteljährliche Gewinnmitteilungen: 4 pro Jahr
• Investorenpräsentationen: 12 im Jahr 2023
• Analystenberichterstattung: 7 Finanzinstitute

Tools zur digitalen Investoreneinbindung

Coeur Mining nutzt mehrere digitale Plattformen für Investor Relations.

Digitale Plattform	Engagement-Kennzahlen	Jährliche Reichweite
LinkedIn	Anhänger	18,400
Twitter	Anhänger	8,900
Investoren-Webinare	Teilnehmer	2,300

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Kundensegmente

Einkäufer von Industriemetallen

Ab 2024 bedient Coeur Mining Käufer von Industriemetallen mit spezifischem Silber- und Goldbedarf. Der gesamte Industriekundenstamm des Unternehmens macht etwa 42 % seines jährlichen Umsatzvolumens aus.

Kundentyp	Jährliches Einkaufsvolumen	Durchschnittlicher Vertragswert
Elektronikfertigung	3.500 Tonnen	87,6 Millionen US-Dollar
Hersteller medizinischer Geräte	1.200 Tonnen	42,3 Millionen US-Dollar

Edelmetall-Investmentfirmen

Coeur Mining beliefert Edelmetall-Investmentfirmen mit hochwertigen Silber- und Goldprodukten.

• Gesamtkundenzahl der Wertpapierfirmen: 87
• Durchschnittlicher jährlicher Vertragswert: 24,5 Millionen US-Dollar
• Prozentsatz des Gesamtumsatzes: 35 %

Globale Rohstoffhändler

Das globale Rohstoffhandelssegment des Unternehmens macht 18 % des Gesamtumsatzes aus.

Händlerkategorie	Jährliches Handelsvolumen	Geografische Verteilung
Internationale Warenbörsen	2.800 Tonnen	45 % Nordamerika, 35 % Europa, 20 % Asien

Fertigungsunternehmen

Produktionsunternehmen, die Silber und Gold benötigen, stellen für Coeur Mining ein wichtiges Kundensegment dar.

• Gesamtkundenzahl im verarbeitenden Gewerbe: 112
• Käufe im Automobilsektor: 1.500 Tonnen
• Käufe im Bereich Erneuerbare Energien: 850 Tonnen

Institutionelle und Privatanleger

Coeur Mining bedient institutionelle und private Anleger mit verschiedenen Anlageprodukten.

Anlegertyp	Gesamtinvestitionswert	Durchschnittliche Investitionsgröße
Institutionelle Anleger	672 Millionen US-Dollar	4,8 Millionen US-Dollar pro Investor
Privatanleger	218 Millionen Dollar	45.000 US-Dollar pro Investor

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Kostenstruktur

Betriebskosten für Exploration und Bergbau

Für das Geschäftsjahr 2023 meldete Coeur Mining Explorationsaufwendungen in Höhe von insgesamt 42,1 Millionen US-Dollar. Die Betriebskosten des Bergbaus setzten sich wie folgt zusammen:

Ausgabenkategorie	Betrag (USD)
Gesamtbetriebskosten des Bergbaus	463,2 Millionen US-Dollar
Standortspezifische Betriebskosten	287,6 Millionen US-Dollar
Kosten für Explorationsbohrungen	18,5 Millionen US-Dollar

Wartung und Austausch der Ausrüstung

Zu den ausrüstungsbezogenen Kosten für 2023 gehörten:

• Gesamtkosten für die Wartung der Ausrüstung: 56,3 Millionen US-Dollar
• Kapitalausgaben für neue Ausrüstung: 89,7 Millionen US-Dollar
• Reserve für den Austausch von Geräten: 32,4 Millionen US-Dollar

Arbeits- und Belegschaftsentschädigung

Vergütungskategorie	Betrag (USD)
Gesamtvergütung der Mitarbeiter	214,6 Millionen US-Dollar
Gehälter und Löhne	178,3 Millionen US-Dollar
Leistungen an Arbeitnehmer	36,3 Millionen US-Dollar

Umweltkonformität und Nachhaltigkeitsinvestitionen

Umwelt- und Nachhaltigkeitsausgaben für 2023:

• Gesamtkosten für die Einhaltung der Umweltvorschriften: 37,8 Millionen US-Dollar
• Investitionen in das Nachhaltigkeitsprogramm: 22,5 Millionen US-Dollar
• Beiträge zum Sanierungs- und Schließungsfonds: 15,3 Millionen US-Dollar

Entwicklungskosten für Technologie und Infrastruktur

Kategorie „Technologieinvestitionen“.	Betrag (USD)
Gesamte Technologieinvestitionen	28,6 Millionen US-Dollar
Initiativen zur digitalen Transformation	12,4 Millionen US-Dollar
Kosten für die Modernisierung der Infrastruktur	16,2 Millionen US-Dollar

Coeur Mining, Inc. (CDE) – Geschäftsmodell: Einnahmequellen

Silbermetallverkauf

Im Jahr 2022 meldete Coeur Mining eine Silberproduktion von 16,7 Millionen Unzen. Der durchschnittlich erzielte Silberpreis betrug 21,41 US-Dollar pro Unze, was zu einem Silberumsatz von etwa 357,6 Millionen US-Dollar führte.

Jahr	Silberproduktion (Moz)	Durchschnittspreis ($/oz)	Gesamter Silberumsatz (Mio. USD)
2022	16.7	21.41	357.6

Verkauf von Goldmetallen

Im Jahr 2022 produzierte Coeur Mining 161.992 Unzen Gold. Der durchschnittlich erzielte Goldpreis betrug 1.800 US-Dollar pro Unze, was zu einem Goldumsatz von etwa 291,6 Millionen US-Dollar führte.

Jahr	Goldproduktion (Unzen)	Durchschnittspreis ($/oz)	Gesamter Goldumsatz (Mio. USD)
2022	161,992	1,800	291.6

Einnahmen aus Nebenproduktmetallen

Zu den Nebenproduktmetallen gehören:

• Vorsprung: 20,3 Millionen Pfund im Jahr 2022
• Zink: 34,4 Millionen Pfund im Jahr 2022
• Geschätzter Nebenproduktumsatz: 50,2 Millionen US-Dollar

Verträge zur Mineralexploration und -entwicklung

Die Explorationsausgaben für 2022 beliefen sich auf 49,4 Millionen US-Dollar für verschiedene Projekte in Mexiko, den Vereinigten Staaten und Argentinien.

Erträge aus Investitionen und Markthandel

Für das Geschäftsjahr 2022 berichtete Coeur Mining:

• Gesamtumsatz: 714,9 Millionen US-Dollar
• Nettoeinkommen: 37,4 Millionen US-Dollar
• Operativer Cashflow: 168,3 Millionen US-Dollar

Coeur Mining, Inc. (CDE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Coeur Mining, Inc. (CDE) is positioned as it is right now, late in 2025. Honestly, it boils down to a few very concrete financial and operational strengths.

Pure-play exposure to gold and silver price appreciation

The value proposition here is direct access to the precious metals market through production. In the third quarter of 2025, the realized prices really drove the results. You saw gold sales account for approximately 65% of quarterly revenue, while silver made up the remaining 35%. To give you a sense of the underlying commodity strength, the average realized price for gold in Q3 2025 was $3,148 per ounce, and silver was $38.93 per ounce.

Strong free cash flow generation (Q3 2025 record: $189 million)

The operational strength translated directly into cash. Coeur Mining, Inc. generated a record quarterly free cash flow of $189 million in the third quarter of 2025. That was the fifth consecutive quarter of positive free cash flow, showing a real trend, not just a one-off event. The quarter-end cash balance also more than doubled to $266 million.

Diversified, politically stable North American asset base (US operations 55% of Q3 revenue)

You get exposure across a stable geography. The company's asset base spans the United States, Canada, and Mexico. Critically, the U.S. operations were responsible for approximately 55% of the revenue in Q3 2025, matching the 55% seen in the second quarter. This geographic mix helps balance the risk profile.

Operational inflection point driving margin expansion (Q3 Adjusted EBITDA margin: 54%)

The company hit a significant operational stride. The Adjusted EBITDA margin in Q3 2025 was a record 54%. This came alongside a record quarterly Adjusted EBITDA of $299 million for the same period. This margin performance is a clear signal of operating leverage kicking in.

Clear path to becoming a senior producer post-New Gold acquisition

The announced acquisition of New Gold Inc., valued at approximately $7 billion in an all-stock deal, fundamentally shifts the company's scale. This transaction, announced November 3, 2025, is designed to create a leading, 100% North American senior mining company. Here's what that scale looks like based on management projections:

Metric	Coeur 2025 Expected (Pre-Close)	Combined Company 2026 Target
EBITDA	Approximately $1 billion	Approximately $3 billion
Free Cash Flow	Approximately $550 million	Approximately $2 billion
Market Capitalization (Pro Forma)	N/A	Approximately $20 billion

The combined entity is projected to have seven high-quality operations. This move is intended to accelerate the path toward a potential investment-grade credit rating due to the sector-leading free cash flow profile.

• New Gold shareholders are expected to own approximately 38% of the combined entity.
• The combined company expects to generate production of approximately 1.25 million gold equivalent ounces in 2026.
• More than 80% of the combined revenue is expected to come from the U.S. and Canada.

Finance: draft 13-week cash view by Friday.

Coeur Mining, Inc. (CDE) - Canvas Business Model: Customer Relationships

You're looking at how Coeur Mining, Inc. manages its external connections, which is critical when you're dealing with physical commodities like gold and silver. The relationships here are about moving metal and managing expectations.

Direct, high-touch relationships with metal refiners and bullion dealers

Coeur Mining, Inc. markets and sells its concentrates to third-party customers, smelters, under off-take agreements. This direct channel means the quality and consistency of the physical product are paramount to maintaining these relationships. The realized prices from these sales directly impact the top line; for instance, in the third quarter of 2025, average realized gold and silver prices were $3,148 and $38.93 per ounce, respectively. Gold and silver sales represented 65% and 35% of quarterly revenue, respectively, in Q3 2025. The cost structure is also a key talking point with buyers and internal stakeholders; the adjusted costs applicable to sales per ounce for gold and silver totaled $1,215 and $14.95 respectively, for the third quarter of 2025.

Here's a quick look at the Q3 2025 sales and cost metrics:

Metric	Gold Value	Silver Value
Average Realized Price (per ounce)	$3,148	$38.93
Adjusted Cost Applicable to Sales (per ounce)	$1,215	$14.95

Proactive investor relations via conferences and roadshows (e.g., Scotiabank, BofA)

Coeur Mining, Inc. keeps its executive team highly visible to the investment community. You see the Chairman, President, and CEO, Mitchell J. Krebs, and the CFO, Thomas S. Whelan, actively engaging at major events. This isn't just a suggestion; it's a scheduled commitment to articulate the strategy.

Key investor engagement events scheduled for late 2025 included:

• John Tumazos Very Independent Research Virtual Metals Conference on Tuesday, October 7, 2025.
• Canaccord Genuity 1st Annual Silver Conference in New York on Tuesday, October 21, 2025.
• SCP Global Silver Conference in Toronto on Thursday, October 23, 2025.
• Bank of America Leveraged Finance Conference on Tuesday, December 2, 2025.
• Scotiabank Mining Conference on Wednesday, December 3, 2025.

Transparent communication through quarterly earnings calls and guidance updates

The company provides frequent updates, which helps manage market expectations for its five wholly-owned operations. Following the third quarter of 2025, Coeur Mining, Inc. reported record quarterly revenue of $555 million and GAAP net income from continuing operations of $267 million. The leadership team raised full-year 2025 guidance based on these results.

The revised 2025 guidance highlights the strong financial trajectory:

• Full-year EBITDA expected to exceed $1 billion.
• Full-year free cash flow expected to top $550 million.
• Cash balance grew to $266 million by the end of Q3 2025, with expectations to exceed $500 million by year-end.
• Net debt ratio was reduced to 0.1x at the close of the third quarter.

The Las Chispas operation, for example, increased its Q3 free cash flow by 34% to $66 million.

Dedicated corporate social responsibility (CSR) programs with local communities

Community engagement is tied to specific, measurable investments, showing commitment beyond just compliance. The newly acquired Las Chispas mine implemented water initiatives to support the surrounding community, including a $1.5 million investment in sustainable water infrastructure and a collaborative development of a five-year water stewardship plan. In the prior year, Coeur Mining reported spending $18.9 million on environmental protection measures. Furthermore, as part of implementing the Global Industry Standard on Tailings Management, the company completed 20% of the outstanding tasks across all sites in 2024.

Coeur Mining, Inc. (CDE) - Canvas Business Model: Channels

You're looking at how Coeur Mining, Inc. gets its product to market and communicates with the capital markets as of late 2025. It's a mix of physical commodity sales and high-stakes financial maneuvers, especially with that big acquisition announced.

Direct sales/off-take agreements to global metal refiners and traders

Coeur Mining, Inc. markets and sells its concentrates to third-party customers, smelters, and under off-take agreements. The company's revenue is primarily derived from gold and silver sales. For the third quarter of 2025, the company sold 5.0 million ounces of silver and 114,495 ounces of gold. In the first quarter of 2025, metal sales totaled 3.9 million ounces of silver and 89,316 ounces of gold.

Here's a breakdown of the Q3 2025 sales composition and key mine contributions:

Metric	Gold Contribution	Silver Contribution
Percentage of Quarterly Revenue	65%	35%
Q3 2025 Production (Ounces)	111,364	4.8 million
Q3 2025 Revenue by Mine (Millions USD)	N/A	Las Chispas: $126.1 million
Q3 2025 Revenue by Mine (Millions USD)	N/A	Palmarejo: $121.2 million

The company's operations are spread across five wholly-owned mines: the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. The company also wholly-owns the Silvertip polymetallic exploration project in British Columbia.

Public equity markets (NYSE: CDE) for capital raising and investor access

Coeur Mining, Inc. trades on the New York Stock Exchange under the ticker CDE. As of early December 2025, the market capitalization stood at $10.39 billion. The stock traded near $16.18 with a 52-week range of $4.58-$23.61. The company is actively using its equity as currency for major transactions, notably announcing the definitive agreement to acquire New Gold Inc. for approximately US$7 billion in an all-stock transaction on November 3, 2025. Upon closing, the pro forma equity market capitalization is projected to be roughly US$20 billion, with existing Coeur stockholders projected to own approximately 62% of the combined entity.

The company is also managing its balance sheet through capital allocation:

• Repaid over $228 million in debt during 2025.
• Closed Q3 2025 with a net debt ratio of 0.1x.
• Initiated a $175 million share repurchase program.
• Early repayment of $10 million of higher cost capital leases in Q3 2025.

Financial news and analyst reports for market communication

Coeur Mining, Inc. actively engages the investment community through presentations at key industry conferences. In October 2025, executives presented at the John Tumazos Very Independent Research Virtual Metals Conference, the Canaccord Genuity 1st Annual Silver Conference, and the SCP Global Silver Conference. The company also announced participation in the Scotiabank Mining Conference on December 3, 2025, and the RBC Capital Markets London Precious Metals Conference on November 7, 2025.

Analyst sentiment reflects the strong operational year. Wall Street consensus rates CDE a Moderate Buy with a $16.32 average target as of early December 2025. The company's Q3 2025 reported Earnings Per Share (EPS) was $0.23, missing the consensus estimate of $0.25 by ($0.02). However, revenue for Q3 2025 was $554.6 million, beating analyst expectations of $511.20 million.

Guidance updates show strong momentum:

• Full-year 2025 Adjusted EBITDA guidance was refined to be >$1 billion.
• Full-year 2025 Free Cash Flow guidance was refined to be >$550 million.
• Year-to-date through Q3 2025, Adjusted EBITDA was approximately $692 million.

Corporate website and SEC filings for regulatory transparency

Coeur Mining, Inc. maintains transparency through its corporate website and required regulatory filings. The company's strategy, as stated on its Investor Relations page, is to be America's premier, growing provider of precious and critical minerals from a balanced, prospective asset base located in mining friendly jurisdictions.

Key financial metrics reported in the Q3 2025 Form 10-Q filing include:

• Revenue: $554.6 million.
• GAAP Net Income: $266.8 million, or $0.41 per diluted share.
• Income from Operations: $177.1 million.
• Cash balance at quarter-end: $266 million.

The company also highlights its commitment to governance, noting an ISS QualityScore of '1' for Governance and an MSCI ESG Rating of A. The company's contact information for shareholder services includes a Toll-Free Number: 800 359-8554.

Coeur Mining, Inc. (CDE) - Canvas Business Model: Customer Segments

Coeur Mining, Inc. operates an exclusively B2B wholesale channel for its precious metals output.

The primary customers are major industrial and financial entities purchasing refined metals or concentrates under off-take agreements.

For the third quarter of 2025, total revenue reached $555 million, with gold sales accounting for 65% and silver sales for 35% of that total.

Customer/Revenue Category	Metric/Percentage	Data Point/Period
Bullion Banks and Refiners (Estimated Share)	60-70%	Of 2024 Sales Estimate
Institutional Investors (Stock Ownership)	63.01%	Hedge funds/Institutions Ownership (Late 2025)
U.S. Operations Revenue Share	55%	Q3 2025 Revenue
Mexico Operations Revenue Share	45%	Q3 2025 Revenue
Gold Revenue Share	65%	Q3 2025
Silver Revenue Share	35%	Q3 2025

Global precious metal refiners and mints form the cornerstone of the Coeur Mining, Inc. target market.

• These entities purchase doré bars for onward sale into the global financial system.
• They supply gold for major exchange-traded funds (ETFs).

Institutional investors represent the fastest-growing influence on demand for Coeur Mining, Inc.'s output.

• This segment includes central banks and asset managers seeking inflation hedges.
• Hedge funds and other institutional investors owned 63.01% of the stock as of late 2025.
• Overall institutional shareholders held 73.99% of Coeur Mining, Inc. stock.

Retail and individual investors seeking precious metals exposure interact with Coeur Mining, Inc. primarily through the public equity markets.

• Retail investors held 24.08% of the company's stock.
• The stock price as of October 31, 2025, was $17.17.
• The trailing twelve-month revenue as of September 30, 2025, was $1.7B.

Bullion dealers and industrial end-users of silver and gold constitute the remaining segment, which is more cyclical.

• Industrial silver consumers include electronics manufacturers, particularly in the solar industry.
• Industrial demand is tied directly to economic activity and technological demand.
• The Las Chispas operation contributed 16% of total revenue in Q2 2025.

Coeur Mining, Inc. (CDE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Coeur Mining, Inc.'s operations, which are heavily weighted toward the physical act of mining and processing. These costs are what the company must cover to keep the lights on and the ore moving.

The cost structure is fundamentally characterized by high fixed costs inherent to owning and operating large-scale mining and processing infrastructure across its North American portfolio. These costs are sunk investments, like the recent expansion at the Rochester mine, which is one of America's largest sources of domestically produced and refined silver. Investments in underground development and crusher optimization are examples of capital spending that lock in future operational capacity.

Operating costs, specifically the Costs Applicable to Sales (CAS), show the direct cost of production per unit of metal sold as of the third quarter of 2025.

Cost Component	Metric	Q3 2025 Amount
Adjusted Costs Applicable to Sales (Gold)	Per Ounce	$1,215/oz
Adjusted Costs Applicable to Sales (Silver)	Per Ounce	$14.95/oz

Capital expenditures (CapEx) reflect the ongoing investment needed to maintain and grow the asset base. For the third quarter of 2025, the total CapEx was quite specific.

Here's the quick math on that Q3 2025 capital deployment:

• Total Capital Expenditures (Q3 2025): $49 million
• Sustaining Capital Expenditures (Q3 2025): $34 million, representing 70% of the total
• Development Capital Expenditures (Q3 2025): $15 million, representing 30% of the total

Taxes and royalties represent a significant outflow, particularly cash taxes paid throughout the year. The year-to-date figure gives a clear picture of the cumulative cash impact from taxation through Q3 2025.

The cumulative cash tax burden for the year to date in 2025 is notable:

• Cash income and mining taxes paid (Year to Date 2025): $137 million
• Cash taxes paid in Q1 2025: approximately $63 million
• Cash taxes paid in Q2 2025: approximately $38 million
• Cash taxes paid in Q3 2025: approximately $36 million

Beyond direct operating and tax costs, Coeur Mining, Inc. allocates substantial funds to future growth and general overhead. Exploration is a key area of investment to replace reserves and extend mine lives, and G&A covers corporate functions.

Consider these non-production related expenses:

• General & Administrative (G&A) Expenses (Q3 2025): $15 million
• Exploration Investment (Q3 2025): approximately $30 million ($25 million expensed and $5 million capitalized)
• Full-Year 2025 Exploration Budget Guidance: $85 million
• Full-Year 2025 G&A Guidance Range: $50-$55 million

The company is clearly spending to sustain and grow its asset base, evidenced by the CapEx breakdown and the high exploration budget. Finance: draft 13-week cash view by Friday.

Coeur Mining, Inc. (CDE) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Coeur Mining, Inc.'s financial performance, which, as of late 2025, is heavily weighted toward precious metal sales. The structure is straightforward, relying on the output from its five North American operations.

The primary driver for Coeur Mining, Inc.'s top line is gold. For the third quarter of 2025, the numbers show that gold sales accounted for 65% of the total revenue generated during that period. This is a slight shift from the prior period's 67% split, showing a bit more silver contribution this time around.

Silver is the clear secondary stream, making up the remaining 35% of Q3 2025 revenue. This balance across the portfolio, which includes the Las Chispas mine, is key to how Coeur Mining, Inc. manages its exposure. Honestly, the realized prices in Q3 really helped this segment.

For the third quarter of 2025 specifically, Coeur Mining, Inc. reported a record total revenue of $555 million. This strong quarterly performance underpins the company's outlook for the full year.

Looking ahead, management has guided that the full-year 2025 Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is expected to exceed $1 billion. This projection is based on anticipated higher average realized prices and margin expansion seen through Q3.

Here's a quick look at the revenue composition based on the Q3 2025 figures:

Revenue Component	Q3 2025 Percentage of Total Revenue	Approximate Q3 2025 Revenue Amount	Q3 2025 Average Realized Price
Gold Sales	65%	$360.75 million	$3,148 per ounce
Silver Sales	35%	$194.25 million	$38.93 per ounce
Total Metal Sales Revenue	100%	$555 million	N/A

The operational strength is clear when you look at the volumes that drove that revenue. You can see the underlying production metrics that feed these sales:

• Gold production for Q3 2025 totaled 111,364 ounces.
• Silver production for Q3 2025 reached 4.8 million ounces.
• Adjusted cash costs applicable to sales were $1,215 per ounce for gold and $14.95 per ounce for silver in the quarter.

Also, Coeur Mining, Inc.'s revenue streams aren't purely precious metals. The company generates sales of by-products, such as zinc and lead, primarily from certain operations like the Silvertip polymetallic project. While the exact percentage contribution isn't broken out in the primary revenue figures, these sales provide an important, albeit smaller, diversification to the overall cash inflow.

The financial results from Q3 also showed other key metrics that relate to cash generation, which is what ultimately funds future revenue-generating activities. For instance, the company reported a record quarterly Adjusted EBITDA of $299 million and free cash flow of $189 million for the third quarter alone.

Finance: draft the Q4 2025 revenue forecast based on current metal prices by next Tuesday.