Coeur Mining, Inc. (CDE): Business Model Canvas [Dec-2025 Updated]

You're looking past the noise to see exactly how Coeur Mining, Inc. (CDE) is positioning itself as a major North American producer, especially with that massive New Gold acquisition on the horizon. Honestly, the numbers from late 2025 tell a compelling story of operational strength. Think about it: they posted record free cash flow of $189 million in Q3 alone, driving an impressive 54% Adjusted EBITDA margin while holding just 0.1x net leverage. This canvas breaks down the nine core elements-from their diversified North American asset base, where US operations account for 55% of Q3 revenue, to their primary revenue streams, which saw 65% from gold sales in that quarter. It's a blueprint for how they plan to turn that pending $7 billion deal into senior producer status. Dive in to see the full structure below.

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

You're looking at the relationships Coeur Mining, Inc. relies on to keep the ore flowing and the balance sheet strong. These partnerships, especially the massive pending acquisition, are central to the company's late 2025 strategy.

New Gold Inc. Acquisition (Pending $7 Billion All-Stock Deal)

The biggest partnership news is the definitive agreement, announced on November 3, 2025, to acquire New Gold Inc. This is an all-stock deal valued at approximately $7 billion. The terms set an exchange ratio of 0.4959 Coeur common shares for each New Gold common share, which implied consideration of $8.51 per New Gold share based on the October 31, 2025 closing price. This represented a 16% premium to New Gold's closing price on that date. Upon closing, expected in the first half of 2026, the combined entity is projected to have a pro forma equity market capitalization of about $20 billion. Existing Coeur stockholders are expected to own approximately 62%, with New Gold shareholders holding 38%.

This deal brings in New Gold's two Canadian mines, Rainy River in Ontario and New Afton in B.C., creating a new, 100% North American senior producer with seven total operations. The combined company is expected to generate approximately 1.25 million gold equivalent ounces in 2026, including 900,000 ounces of gold, 20 million ounces of silver, and 100 million pounds of copper. Financially, the projection is for the combined entity to generate about $3.0 billion in EBITDA and $2.0 billion in free cash flow in 2026, a significant jump from Coeur's expected 2025 figures of $1 billion EBITDA and $550 million FCF.

SilverCrest Metals Inc. (Las Chispas Integration Now Complete)

The integration of the Las Chispas mine in Sonora, Mexico, acquired from SilverCrest Metals Inc., is now complete and is outperforming initial expectations. The original transaction, valued at approximately $1.7 billion, closed around February 14, 2025, as Q2 2025 results reflected 45 days of contribution. Las Chispas alone generated $66 million in free cash flow in Q3 2025. The mine features high grades, with an average silver grade of 879 g/t and a gold grade of 7.43 g/t. The asset was expected to add 7.5-8.5 million silver equivalent ounces annually to Coeur's output.

Financial Institutions for Debt Financing and Hedging

Coeur Mining, Inc. has been aggressively managing its debt structure using cash flow generated from operations, including Las Chispas. As of Q3 2025, the company had repaid over $228 million in debt during 2025, driving the net debt ratio down to 0.1x. In Q2 2025, the company repaid the remaining $110 million balance on its revolving credit facility (RCF). The total debt was below $400 million as of Q2 2025, a decrease of nearly $250 million from the prior year. The cash balance stood at $266 million at the end of Q3 2025. The company also made an early repayment of $10 million in higher cost capital leases during Q3 2025.

Governments in the US, Canada, and Mexico for Permits and Operations

Operational continuity depends heavily on navigating regulatory environments across three nations. The company's Mexican assets, Palmarejo and Las Chispas, face a tax structure where the special mining duty was raised to 8.5% from 7.5%, and the extraordinary mining duty to 1% from 0.5% on January 1. As of the end of 2024, the mining chamber Camimex noted 116 pending procedures with the environment ministry (Semarnat) and 107 with the water authority (Conagua), representing $6.9 billion in potential investment. Still, the Sheinbaum administration is reportedly granting permits more quickly than before.

In Canada, the federal government's 2025 budget includes a $2 billion Critical Minerals Sovereign Fund and a First and Last Mile Fund to support projects like the New Gold assets. The government also plans to classify certain critical minerals as a national security priority under the Defence Production Act. In the US, Coeur's management expressed optimism for streamlining the cumbersome permitting process for its operations, like the Rochester mine in Nevada.

Key Equipment and Mining Technology Suppliers

Technology integration is a noted partnership area, particularly following the SilverCrest acquisition. Coeur Mining entered an agreement with Becker to deploy advanced computer vision (CV) applications at the Las Chispas mine for monitoring and compliance. This partnership aims to reduce reliance on manual supervision.

The successful integration of Las Chispas, which generated $66 million in FCF in Q3 2025 alone, has significantly strengthened the balance sheet, allowing for the repayment of over $228 million in debt during 2025. This financial strength is key as Coeur Mining, Inc. moves toward closing the transformative New Gold deal in 2026.

• New Gold Deal Implied Equity Value: $7 billion.
• Pro Forma Combined Market Cap: Approximately $20 billion.
• Expected 2026 Combined Production: Approximately 1.25 million gold equivalent ounces.
• Q3 2025 Net Debt Ratio: 0.1x.
• Las Chispas Q3 2025 FCF: $66 million.

Finance: draft pro forma debt schedule incorporating the New Gold transaction by next Tuesday.

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

You're looking at the core actions Coeur Mining, Inc. takes to run its business as of late 2025. It's all about getting metal out of the ground efficiently and then smartly deploying the capital that metal generates. Here's the breakdown of what keeps the lights on and drives growth.

Precious metals mining and processing (gold and silver)

This is the bread and butter. Coeur Mining, Inc. operates five wholly-owned mines across North America, focusing on extracting and processing gold and silver ore. The operational strength across this portfolio is driving record results, especially with favorable metal prices.

For the third quarter of 2025, the company reported solid output:

• Gold production: 111,364 ounces
• Silver production: 4.8 million ounces

The realized prices for the metals during that quarter really helped margins:

The company has refined its expectations for the full year 2025, showing confidence in its operational run-rate.

• Full-Year 2025 Gold Production Guidance Midpoint: 415,250 ounces
• Full-Year 2025 Silver Production Guidance Midpoint: 18.1 million ounces

Active exploration and resource development

To secure future production, Coeur Mining, Inc. is actively investing in exploration to extend mine lives and find new deposits. This is a capital-intensive but necessary activity for long-term sustainability. The spend rate in Q3 2025 was consistent with the overall annual plan.

Here's the breakdown for the third quarter of 2025 exploration investment:

• Total Exploration Spend (Q3 2025): Approximately $30 million
• Expensed Portion: Approximately $25 million
• Capitalized Portion: Approximately $5 million

The planned investment for the entire 2025 fiscal year is set at $85 million.

Project management for major expansions (e.g., Rochester crusher modifications)

Managing large-scale capital projects to increase throughput is a critical activity. The expansion at the Rochester silver-gold mine in Nevada, which included a new three-stage crushing circuit, has moved from construction to optimization. The focus now is on particle sizing to maximize recoveries.

The Rochester mine is now a major contributor, having achieved commercial production and operating at high rates:

• Rochester Full Design Capacity: Approximately 32 million tons annually
• Rochester Free Cash Flow (Q3 2025): $29.6 million

This project is key to the company's goal of becoming America's largest source of domestically produced and refined silver.

Strategic M&A integration (Las Chispas, pending New Gold)

Coeur Mining, Inc. is actively engaged in integrating recent acquisitions while executing on a major pending transaction. The integration of the Las Chispas mine, acquired from SilverCrest Metals, is complete and it's already a cash-flow powerhouse.

Las Chispas performance in Q3 2025:

• Free Cash Flow (Q3 2025): $66 million
• Q3 2025 Production: 1.6 million ounces of silver and 17,000 ounces of gold

The pending New Gold acquisition, announced November 3, 2025, is a massive undertaking that will transform the company's scale. This is an all-stock deal valued at approximately $7 billion.

The deal structure means existing Coeur stockholders are expected to own approximately 62% of the combined company, with New Gold shareholders holding 38%.

Maintaining regulatory compliance and permitting

Operating across multiple jurisdictions, including the U.S. and Mexico, requires constant focus on regulatory adherence and securing necessary permits. A key outcome of strong operational performance and M&A is the resulting balance sheet strength, which supports ongoing compliance and future investment.

The company's financial discipline in 2025 reflects this focus on stability:

• Quarter-End Cash and Equivalents (Q3 2025): $266 million
• Debt Repaid Year-to-Date (YTD 2025): Over $228 million
• Net Debt Ratio (End of Q3 2025): 0.1x

Management anticipates full-year 2025 results, before the New Gold transaction, to exceed $1 billion in Adjusted EBITDA and top $550 million in free cash flow.

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

You're looking at the core assets that power Coeur Mining, Inc. as of late 2025. These are the tangible and financial foundations the company relies on to generate value.

The physical assets are centered around a growing portfolio of wholly-owned North American operations. As of the third quarter of 2025, Coeur Mining, Inc. had five wholly-owned operations:

• Rochester silver-gold mine in Nevada, US.
• Palmarejo gold-silver complex in Chihuahua, Mexico.
• Las Chispas silver-gold mine in Sonora, Mexico.
• Kensington gold mine in Alaska, US.
• Wharf gold mine in South Dakota, US.

This operational base is being significantly enhanced by the acquisition of New Gold, which adds two Canadian operations, bringing the total to seven North American operations expected in 2026.

The resource base supports substantial production targets, reflecting the high-grade nature of key assets like Las Chispas, recognized as one of the lowest-cost and highest-grade silver operations globally. The company's 2025 production guidance was reaffirmed for:

The company also possesses integrated processing infrastructure, evidenced by the operational Rochester expansion, which crushed 6.7 million tons in Q2 2025, showing increasing availability. The technical workforce is demonstrated by the ability to execute complex projects like the Rochester expansion and the integration of Las Chispas, which delivered $66.1 million in free cash flow in Q3 2025 alone.

Financially, Coeur Mining, Inc. has built a strong liquidity position, a critical resource for weathering market volatility. As of the end of Q3 2025, the cash and equivalents balance stood at $266 million, more than doubling from the prior quarter. This financial strength is coupled with aggressive debt reduction, resulting in a net leverage ratio of just 0.1x adjusted EBITDA as of Q3 2025. The CFO even targeted a net cash position by the end of 2025.

Here's a quick look at the balance sheet strength:

• Q3 2025 Cash and Equivalents: $266 million
• Net Leverage Ratio (Q3 2025): 0.1x
• Debt Repaid Year-to-Date 2025: Over $228 million
• Q3 2025 Free Cash Flow: Record $189 million

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:

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:

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:

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.

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.

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:

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.