Coeur Mining, Inc. (CDE): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Coeur Mining, Inc. (CDE), una potencia dinámica de metales preciosos que transforma los paisajes resistentes en oportunidades económicas estratégicas. Este lienzo de modelo comercial integral revela cómo CDE navega por el complejo terreno de la minería de plata y oro, combinando tecnología de vanguardia, prácticas sostenibles y asociaciones estratégicas para ofrecer recursos minerales de alta calidad a los mercados globales. Descubra los mecanismos innovadores que impulsan el éxito de esta empresa minera, desde sus sofisticadas estrategias de exploración hasta su sólido modelo de generación de ingresos.

Coeur Mining, Inc. (CDE) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con proveedores de equipos mineros

Coeur Mining mantiene asociaciones estratégicas con proveedores clave de equipos mineros para garantizar la eficiencia operativa y el avance tecnológico.

Proveedor de equipos	Detalles de la asociación	Valor del equipo
Caterpillar Inc.	Suministro de equipos mineros pesados	$ 12.4 millones en 2023
Sandvik ab	Maquinaria de minería subterránea	$ 8.7 millones en 2023
Atlas Copco	Equipo de perforación y exploración	$ 6.2 millones en 2023

Empresas conjuntas con socios de exploración y desarrollo

Coeur Mining se involucra en empresas conjuntas estratégicas para expandir las capacidades de exploración y desarrollo.

• Complejo Palmarjo (México): 100% propiedad de Coeur Mining
• Mina Rochester (Nevada): 100% propiedad de Coeur Mining
• Mina Silvertip (Columbia Británica): 100% propiedad de Coeur Mining

Acuerdos contractuales con los gobiernos locales

Región	Entidad gubernamental	Tipo de acuerdo	Contribución anual
México	Gobierno estatal de Chihuahua	Concesión minera	$ 2.1 millones en 2023
Estados Unidos	Oficina de Regulación Minera de Nevada	Cumplimiento ambiental	$ 1.5 millones en 2023
Canadá	Asociación de Minería de Columbia Británica	Permiso operativo	$ 1.3 millones en 2023

Asociaciones con consultores ambientales y de sostenibilidad

Coeur Mining colabora con firmas de consultoría ambiental especializadas para garantizar prácticas mineras sostenibles.

• Consultoría de sostenibilidad con SRK Consulting
• Evaluación del impacto ambiental con Golder Associates
• Gestión de la huella de carbono con gestión de recursos ambientales (ERM)

Consultor	Alcance del servicio	Costo de consultoría anual
Consultoría SRK	Estrategia de sostenibilidad	$ 750,000 en 2023
Golder Associates	Cumplimiento ambiental	$ 650,000 en 2023
Erm	Gestión del carbono	$ 500,000 en 2023

Coeur Mining, Inc. (CDE) - Modelo de negocio: actividades clave

Exploración mineral de plata y oro

Coeur Mining realiza actividades de exploración en múltiples ubicaciones con las siguientes métricas clave:

Métrico de exploración	2023 datos
Gasto total de exploración	$ 52.4 millones
Medidores de perforación de exploración	87,500 metros
Número de proyectos de exploración	5 proyectos activos

Operaciones mineras en México y Estados Unidos

Detalles operativos de los sitios de minería primaria:

• Complejo Palmarjo (México): mina subterránea de oro plateado
• Mina de Rochester (Nevada, EE. UU.): Operación de pito abierta
• Mina de Wharf (Dakota del Sur, EE. UU.): Proyecto Gold Heap Leach

Extracción y procesamiento de minerales

Métrica de producción	Producción 2023
Producción de plata	10.6 millones de onzas
Producción de oro	141,000 onzas
Capacidad de procesamiento total	4.5 millones de toneladas por año

Desarrollo y optimización de recursos minerales

Áreas de enfoque de desarrollo de recursos:

• Reservas minerales probadas y probables: 266 millones de onzas equivalentes de plata
• Recursos medidos e indicados: 434 millones de onzas equivalentes de plata
• Mejoras tecnológicas continuas en los métodos de extracción

Exploración continua y expansión de proyectos mineros

Proyecto de exploración	Inversión	Estado
Expansión de Silvertip	$ 18.3 millones	En curso
Expansión de Rochester	$ 65.2 millones	En curso
Exploración de Palmarjo	$ 22.7 millones	Activo

Coeur Mining, Inc. (CDE) - Modelo de negocio: recursos clave

Activos mineros de metales preciosos

Coeur Mining opera las siguientes propiedades de minería de clave:

Ubicación	Nombre de propiedad	Tipo metálico	Producción anual (2023)
Nevada, EE. UU.	Complejo de palmarjo	Plata/oro	6.8 millones de onzas equivalentes de plata
México	Mina de Rochester	Plata/oro	4.2 millones de onzas equivalentes de plata
Alaska, EE. UU.	Mina de oro de Kensington	Oro	132,000 onzas de oro

Equipos y tecnología de minería avanzada

• Valor total de la flota de equipos mineros: $ 287.4 millones
• Los tipos de equipos incluyen:
  • Cargadores de minería subterránea
  • Camiones de transporte
  • Equipo de perforación
  • Tecnología de perforación autónoma
• Inversión tecnológica anual: $ 12.3 millones

Fuerza laboral hábil

Fuerza laboral total: 2.156 empleados a partir de 2023

Categoría de empleado	Número de empleados
Ingenieros geológicos	187
Ingenieros mineros	214
Personal técnico	456
Personal de operaciones	1,299

Capacidades de exploración mineral

• Presupuesto de exploración para 2024: $ 38.5 millones
• Sitios de exploración en 4 países
• Reservas minerales probadas y probables:
  • Plata: 139.1 millones de onzas
  • Oro: 1.4 millones de onzas

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 1.2 mil millones
Equivalentes de efectivo y efectivo	$ 124.6 millones
Deuda total	$ 349.7 millones
Gastos de capital anuales	$ 145.2 millones

Coeur Mining, Inc. (CDE) - Modelo de negocio: propuestas de valor

Producción de plata y oro de alta calidad

En 2023, Coeur Mining informó una producción total de plata de 15,3 millones de onzas y producción de oro de 132,435 onzas. Las minas de producción clave de la compañía incluyen:

Mío	Ubicación	Metal primario	Producción 2023
Palmarjo	México	Plata/oro	5.1 millones de oz de plata
Rochester	Nevada, EE. UU.	Plata	6.2 millones de oz de plata

Compromiso con prácticas mineras sostenibles

Métricas ambientales para 2023:

• Objetivo de reducción de emisiones de carbono: 30% para 2030
• Tasa de reciclaje de agua: 82%
• Emisiones totales de gases de efecto invernadero: 213,000 toneladas métricas CO2E

Cartera diversificada de activos de metales preciosos

La cartera de activos de Coeur Mining incluye:

Asset	Tipo	Ubicación	Estado
Palmarjo	Operando mía	México	Activo
Rochester	Operando mía	Nevada, EE. UU.	Activo
Silvertip	Proyecto de desarrollo	Columbia Británica, Canadá	Exploración avanzada

Desarrollo consistente de recursos minerales

2023 Estimaciones de recursos minerales:

• Recursos totales medidos e indicados: 471.1 millones de onzas equivalentes de plata
• Reservas totales probadas y probables: 239.5 millones de onzas equivalentes de plata

Fuerte eficiencia operativa en operaciones mineras

Métricas clave de rendimiento operativo para 2023:

Métrico	Valor
Costo de mantenimiento totalmente en (AISC)	$ 14.50 por onza equivalente de plata
Costo total en efectivo	$ 9.25 por onza equivalente de plata
Costo de producción por tonelada	$68.30

Coeur Mining, Inc. (CDE) - Modelo de negocio: relaciones con los clientes

Ventas directas a comerciantes de metales preciosos

En 2023, Coeur Mining informó una producción total de plata de 16.3 millones de onzas y producción de oro de 132,089 onzas. Los canales de ventas directos incluyen:

Tipo de cliente	Volumen (onzas)	Porcentaje de ventas
Comerciantes de metales preciosos	16,432,089	62%
Compradores industriales	6,532,036	38%

Contratos a largo plazo con compradores de metal industrial

La cartera de contratos actual incluye:

• Duración promedio del contrato: 3-5 años
• Valor total del contrato: $ 247.6 millones
• Sectores industriales clave: electrónica, solar, tecnología médica

Informes transparentes y comunicación de inversores

Métricas de relaciones con los inversores para 2023:

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces/año	350+ inversores institucionales
Presentaciones anuales de inversores	2 veces/año	500+ analistas financieros

Participación de las partes interesadas a través de iniciativas de sostenibilidad

Métricas de compromiso de sostenibilidad:

• Inversión comunitaria: $ 3.2 millones
• Programas ambientales: 7 iniciativas activas
• Eventos de participación de las partes interesadas: 12 por año

Plataformas digitales para la interacción de inversores e mercado

Canales de comunicación digital:

Plataforma	Visitantes mensuales	Tasa de compromiso
Sitio web de relaciones con los inversores	42,500	4.7%
Página corporativa de LinkedIn	18,700	3.2%

Coeur Mining, Inc. (CDE) - Modelo de negocio: canales

Ventas directas a través de plataformas de comercio de metales

Coeur Mining utiliza plataformas de comercio especializadas de metales para ventas de plata y oro. A partir del cuarto trimestre de 2023, la compañía informó $ 233.4 millones en ingresos totales.

Plataforma comercial	Metales negociados	Volumen de transacción anual
Plataformas aprobadas por LBMA	Plata, oro	1.9 millones de onzas
Futuros del grupo CME	Metales preciosos	$ 478.6 millones

Sitio web corporativo y portal de relaciones con los inversores

La compañía mantiene una presencia digital integral con canales de comunicación específicos de inversores.

• Visitantes del sitio web en 2023: 142,000
• Sesiones únicas del portal de inversores: 38,500
• Descargas de materiales de inversores digitales: 22,700

Conferencias y exposiciones de la industria minera

Coeur Mining participa activamente en eventos de redes de la industria.

Conferencia	Ubicación	Año de participación
Convención internacional de PDAC	Toronto, Canadá	2023
Cumbre de metales preciosos	Colorado, EE. UU.	2023

Comunicaciones del mercado financiero

La compañía mantiene estrategias de comunicación financiera sólidas.

• Llamadas de ganancias trimestrales: 4 por año
• Presentaciones de inversores: 12 en 2023
• Cobertura del analista: 7 instituciones financieras

Herramientas de participación de los inversores digitales

Coeur Mining aprovecha múltiples plataformas digitales para las relaciones con los inversores.

Plataforma digital	Métricas de compromiso	Alcance anual
LinkedIn	Seguidores	18,400
Gorjeo	Seguidores	8,900
Seminarios web de inversores	Participantes	2,300

Coeur Mining, Inc. (CDE) - Modelo de negocio: segmentos de clientes

Compradores de metal industrial

A partir de 2024, Coeur Mining sirve compradores de metales industriales con requisitos específicos de plata y oro. La base de clientes industriales totales de la compañía representa aproximadamente el 42% de su volumen de ventas anual.

Tipo de cliente	Volumen de compra anual	Valor de contrato promedio
Fabricación electrónica	3.500 toneladas métricas	$ 87.6 millones
Fabricantes de equipos médicos	1.200 toneladas métricas	$ 42.3 millones

Empresas de inversión de metales preciosos

Coeur Mining suministra a las empresas de inversión de metales preciosos con productos de plata y oro de alta calidad.

• Total de la empresa de inversión clientes: 87
• Valor promedio de contrato anual: $ 24.5 millones
• Porcentaje de ingresos totales: 35%

Comerciantes de productos básicos globales

El segmento global de comerciantes de productos básicos de la compañía representa el 18% de las ventas totales.

Categoría de comerciante	Volumen de negociación anual	Distribución geográfica
Intercambios internacionales de productos básicos	2.800 toneladas métricas	45% de América del Norte, 35% Europa, 20% Asia

Empresas manufactureras

Las empresas de fabricación que requieren plata y oro representan un segmento crítico de clientes para la minería de coeur.

• Total de los clientes de fabricación: 112
• Compras del sector automotriz: 1.500 toneladas métricas
• Compras del sector de energía renovable: 850 toneladas métricas

Inversores institucionales y minoristas

Coeur Mining atiende a inversores institucionales y minoristas a través de varios productos de inversión.

Tipo de inversor	Valor de inversión total	Tamaño de inversión promedio
Inversores institucionales	$ 672 millones	$ 4.8 millones por inversor
Inversores minoristas	$ 218 millones	$ 45,000 por inversor

Coeur Mining, Inc. (CDE) - Modelo de negocio: Estructura de costos

Exploración y gastos operativos mineros

Para el año fiscal 2023, Coeur Mining reportó gastos de exploración totales de $ 42.1 millones. Los gastos operativos mineros se rompieron de la siguiente manera:

Categoría de gastos	Cantidad (USD)
Costos operativos mineros totales	$ 463.2 millones
Gastos operativos específicos del sitio	$ 287.6 millones
Costos de perforación de exploración	$ 18.5 millones

Mantenimiento y reemplazo del equipo

Los costos relacionados con el equipo para 2023 incluyen:

• Gastos de mantenimiento total del equipo: $ 56.3 millones
• Gastos de capital para nuevos equipos: $ 89.7 millones
• Reserva de reemplazo de equipos: $ 32.4 millones

Compensación laboral y de la fuerza laboral

Categoría de compensación	Cantidad (USD)
Compensación total de empleados	$ 214.6 millones
Salarios y salarios	$ 178.3 millones
Beneficios para empleados	$ 36.3 millones

Cumplimiento ambiental e inversiones de sostenibilidad

Gastos ambientales y de sostenibilidad para 2023:

• Costos totales de cumplimiento ambiental: $ 37.8 millones
• Inversiones del programa de sostenibilidad: $ 22.5 millones
• Contribuciones del fondo de recuperación y cierre: $ 15.3 millones

Costos de desarrollo de tecnología e infraestructura

Categoría de inversión tecnológica	Cantidad (USD)
Inversiones tecnológicas totales	$ 28.6 millones
Iniciativas de transformación digital	$ 12.4 millones
Costos de actualización de infraestructura	$ 16.2 millones

Coeur Mining, Inc. (CDE) - Modelo de negocios: flujos de ingresos

Ventas de metal de plata

En 2022, Coeur Mining informó una producción de plata de 16,7 millones de onzas. El precio promedio de plata realizado fue de $ 21.41 por onza, generando aproximadamente $ 357.6 millones en ingresos de plata.

Año	Producción de plata (Moz)	Precio promedio ($/oz)	Ingresos totales de plata ($ M)
2022	16.7	21.41	357.6

Ventas de Gold Metal

En 2022, Coeur Mining produjo 161,992 onzas de oro. El precio promedio de oro realizado fue de $ 1,800 por onza, generando aproximadamente $ 291.6 millones en ingresos de oro.

Año	Producción de oro (OZ)	Precio promedio ($/oz)	Ingresos totales de oro ($ M)
2022	161,992	1,800	291.6

Ingresos de metal de subproducto

Los metales de subproducto incluyen:

• Lidera: 20.3 millones de libras en 2022
• Zinc: 34.4 millones de libras en 2022
• Ingresos estimados de subproductos: $ 50.2 millones

Contratos de exploración y desarrollo de minerales

Los gastos de exploración para 2022 fueron de $ 49.4 millones en varios proyectos en México, Estados Unidos y Argentina.

Ingresos de inversión e comercio de mercado

Para el año fiscal 2022, Coeur Mining informó:

• Ingresos totales: $ 714.9 millones
• Ingresos netos: $ 37.4 millones
• Flujo de efectivo operativo: $ 168.3 millones

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.