Coeur Mining, Inc. Q3 2026 Earnings Recap

Coeur Mining’s share price was roughly flat after earnings, up 0.3%, as the quarter combined year-over-year growth with operational setbacks that made results lighter than expected. Wet weather, delayed access to higher-grade ore and a conveyor failure weighed on production, while management expects a fourth-quarter recovery and said it remains on track to finish near the low end of production guidance.

Key Takeaways

• Management cited lower metals prices and operational challenges as reasons the quarter was lighter than expected: heavy rain slowed open-pit mining at Rainy River and delayed higher-grade mining at Palmarejo; a conveyor failure temporarily constrained New Afton.
• Rainy River’s underground mining rate rose 50% to about 3,400 tonnes per day, though the operation is targeting 5,000 tonnes per day by year-end. New Afton has resumed its C-Zone ramp-up and reached its 16,000-tonne-per-day mining target.
• Rochester processed a record 6.8 million tonnes through its three crushing stages, and gold production rose 39% quarter over quarter. Silver recovery is slower than expected, which management said it is monitoring against full-year guidance.
• The company ended the quarter with $1.2 billion in cash and repurchased $111 million of shares during the quarter, bringing buybacks since mid-May to more than $230 million.
• Management expects fourth-quarter increases in production and cash flow, with full-year production around the low end of guidance; it forecast adjusted EBITDA above $2 billion and free cash flow above $1.3 billion, assuming current prices.