Coeur Mining, Inc. (NYSE: CDE) is back in the spotlight on Friday, December 19, 2025, with the stock trading around $18.32, up roughly 7% on the session after touching an intraday high near $18.55. Volume is elevated at more than 20 million shares as traders weigh a rare cocktail of catalysts: a red-hot precious metals tape, a fresh wave of bullish gold forecasts from major banks, and Coeur’s own push to reshape itself into a bigger, more liquid North American precious-metals heavyweight. [1]
That backdrop matters because 2025 hasn’t been a “normal year” for metals. Reuters reports gold is up sharply in 2025 and hit a record around $4,381/oz earlier this year, while silver has been trading near record territory and is up triple digits year-to-date. When metals move like that, miners don’t just drift—they lurch. [2]
Below is a detailed roundup of the most relevant Coeur Mining stock news, forecasts, and analysis available as of Dec. 19, 2025, plus what investors are watching next.
Why Coeur Mining stock is moving today
1) Precious metals “supercycle” vibes are back on Wall Street’s whiteboard
The biggest near-term driver for CDE stock is straightforward: higher realized prices for gold and silver can expand margins quickly for producers—especially those already running well operationally.
In the last 48 hours, Reuters highlighted a fresh Goldman Sachs call projecting gold could climb to $4,900/oz by December 2026 in its base case, citing structurally strong central bank demand plus potential cyclical support from U.S. rate cuts. [3]
That’s not the only big-bank thunder. Reuters also reported Bank of America raised its 2026 gold forecast to $5,000/oz (average $4,400) and sees silver at $65/oz (average $56.25), while still warning a near-term correction risk is possible after such a powerful run. [4]
And the metal story isn’t just about gold. Reuters noted silver recently hit an all-time high around $64.64/oz, with prices up about 112% in 2025, driven by tightening inventories and sustained industrial demand (even as profit-taking creates volatility). [5]
For Coeur Mining investors, the punchline is simple: if gold and silver prices stay elevated into 2026, cash flow expectations for producers can be rewritten upward—fast.
The biggest company catalyst: Coeur’s planned acquisition of New Gold
Coeur’s most consequential corporate storyline right now is the planned acquisition of New Gold in a stock-for-stock deal announced in early November.
Deal structure (what investors need to know)
In an SEC filing, Coeur disclosed that the companies entered into an arrangement agreement in which each New Gold shareholder would receive 0.4959 shares of Coeur common stock for each New Gold share (subject to conditions and the plan of arrangement). [6]
Why the deal matters for CDE stock
In Coeur’s deal announcement materials syndicated via PR Newswire, the company positioned the transaction as a scale leap: a “new, all North American senior precious metals producer” with a larger operating footprint and (critically) a different cash flow profile. [7]
Key points Coeur emphasized:
- 2026 pro forma outlook: approximately 20 million oz of silver, ~900,000 oz of gold, and ~100 million lbs of copper annually. [8]
- 2026 financial ambition (company projection): about $3 billion in EBITDA and $2 billion in free cash flow, compared with Coeur’s own expectation at the time for ~$1 billion 2025 EBITDA and ~$550 million 2025 free cash flow. [9]
- New Gold asset base: New Gold describes its two core producing Canadian assets as the New Afton copper-gold mine and the Rainy River gold mine. [10]
Timeline and approvals (the “don’t skip this” part)
This is not a done deal yet. The PR Newswire release states the transaction requires approvals including a British Columbia court process, and a New Gold shareholder special meeting expected in Q1 2026 (with specific voting thresholds described). [11]
For Coeur Mining stock, that means 2026 becomes a two-track narrative:
- fundamentals of the current Coeur portfolio, and
- probability-weighted outcomes around closing, integration, and synergy capture.
Palmarejo drilling is giving bulls fresh fuel
Coeur’s most recent operational update (as of Dec. 19) is its December 8, 2025 exploration release from the Palmarejo gold-silver complex in Chihuahua, Mexico—and it reads like a “we found more stuff” highlight reel.
Coeur said the 2025 program is its largest Palmarejo exploration campaign since 2012, totaling about 68,000 meters of diamond drilling across an estimated 300 km² land package that the company says is only ~3% explored. [12]
Notable disclosed highlights include:
- Extensions along the Hidalgo Corridor with multiple veins extended (Coeur cited 500m/300m/150m extensions across specific structures). [13]
- Extremely high-grade results at San Miguel, including a reported intercept featuring multi-kilo silver grades (Coeur described part of the result as among the best assays ever returned at Palmarejo). [14]
- A new discovery in the Camuchín trend in East Palmarejo, with drilling confirming gold and silver mineralization along a stated strike length. [15]
Coeur’s CEO framed the update as mine-life-extension driven and emphasized the “brownfields” (near existing infrastructure) return profile—language the market generally likes because it implies growth without betting the farm on a brand-new build. [16]
The last earnings snapshot: record Q3 metrics and a stronger balance sheet
While Coeur hasn’t reported Q4 results yet, its Q3 2025 report provides a key baseline for how the company entered the year-end rally.
In that October 29 release, Coeur reported:
- Adjusted EBITDA:$299 million (record) and adjusted net income from continuing operations of $147 million (or $0.23 per share). [17]
- Production:4.8M oz silver and 111,364 oz gold in the quarter (with both cited as higher versus prior-year levels). [18]
- Liquidity: quarter-end cash and equivalents rising to $266 million, with over $228 million of debt repaid year-to-date and a net leverage ratio cited at 0.1x at quarter-end. [19]
- Capital return: nearly 10% of the company’s share repurchase program completed at an average price of $11.79 per share. [20]
Importantly, Coeur also stated it expected full-year 2025 adjusted EBITDA to exceed $1 billion and full-year 2025 free cash flow to exceed $550 million—a key part of the “fund the next leg” argument behind the New Gold transaction. [21]
Analyst forecasts for Coeur Mining stock: optimistic ratings, but a cautious average target
Here’s where the story gets delightfully contradictory (finance loves doing that).
MarketBeat’s consolidated view as of Dec. 19 shows:
- Consensus rating:Moderate Buy
- Analyst breakdown:0 Sell, 3 Hold, 8 Buy (based on 11 analyst ratings)
- Consensus price target:$16.75, which MarketBeat calculates as ~9% downside versus the then-current trading level around $18.47
- Target range:$8.25 low to $25.00 high [22]
That “Moderate Buy but average target below price” setup usually happens when a stock runs hard and fast—raising the bar for what good news must look like next.
MarketBeat also lists notable recent rating actions, including a Roth Capital price target increase to $23 from $20 with a Buy stance (as displayed in their recent ratings table). [23]
Meanwhile, MarketBeat flags rising bearish positioning too:
- Short interest:7.54% of float sold short
- Short interest change: up ~16% versus the prior month (per their data) [24]
That doesn’t automatically mean “trouble ahead,” but it does tell you the stock is increasingly a battleground name.
Valuation debate: “fully valued” vs “still cheap” depends on your metal-price religion
After a huge 2025, valuation becomes less about tidy ratios and more about one question:
Do you believe gold and silver prices stay structurally high long enough for the cash flows to show up?
One example of the bullish valuation case: Simply Wall St published a December 13 analysis using a discounted cash flow framework that estimates an intrinsic value of about $29.93 per share, implying Coeur was trading at a roughly 42% discount to that model’s fair value at the time. The same piece notes last-twelve-month free cash flow around $175 million and discusses analyst-driven projections rising toward $1.11 billion in free cash flow by 2029 (as presented in their model narrative). [25]
The cautionary counterpoint comes from macro reality: metals don’t trend upward in straight lines. Even Reuters’ silver coverage notes profit-taking pullbacks can appear quickly after record spikes, and BofA itself warned about near-term correction risk even while lifting long-term forecasts. [26]
Key risks for Coeur Mining investors to watch into 2026
Even with strong momentum, CDE stock carries classic miner risks—plus a few Coeur-specific ones:
- Metal price mean reversion: If gold or silver prices retreat sharply, margins can compress faster than costs can be cut.
- Execution and integration risk (New Gold deal): shareholder votes, court processes, and then the real work—integrating operating systems, capital plans, and teams—can surprise either direction. [27]
- Jurisdiction and operational complexity: Coeur runs across the U.S. and Mexico today; adding more Canada exposure changes the operating mix (potentially improving stability, but still adding moving parts). [28]
- Exploration “translation risk”: drill results are exciting, but converting discoveries into reserves, mine plans, and profitable ounces takes time—and capital. [29]
What happens next: the dates and catalysts that could matter most
As of Dec. 19, investors are watching three near-term threads:
- Gold and silver price action + bank forecasts
Reuters reports multiple major institutions see paths toward $4,500–$5,000 gold in 2026, with central bank demand remaining a foundational theme. If those forecasts gain traction, miners like Coeur can stay bid. [30] - New Gold shareholder process (Q1 2026)
The deal’s approval timeline is a looming catalyst, with New Gold’s special meeting expected in the first quarter of 2026 per the transaction summary. [31] - Next earnings checkpoint (Q4 / early 2026)
MarketBeat lists Coeur’s next estimated earnings date as Feb. 18 (after market close). Whether that date shifts or not, the next report will be the market’s first clean look at year-end costs, margins, and guidance updates since the New Gold announcement. [32]
Bottom line for Coeur Mining (CDE) stock on Dec. 19, 2025
Coeur Mining stock is acting like what it is right now: a high-beta “metals + merger” story.
- The bull case leans on structurally higher gold and silver prices, improving cash generation, and a potentially transformative New Gold combination that could scale Coeur into a larger North American producer with a broader metals mix and bigger liquidity. [33]
- The bear case argues that much of the good news is now priced in after a massive run, metals can correct violently, and integration/approval risk adds uncertainty—reflected in a consensus price target that sits below the current trading level even while ratings remain broadly positive. [34]
Either way, Dec. 19 makes one thing clear: CDE has become one of the market’s most closely watched precious-metals equities—because it’s no longer just a miner. It’s a miner trying to level up.
References
1. www.marketbeat.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.sec.gov, 7. www.prnewswire.com, 8. www.prnewswire.com, 9. www.prnewswire.com, 10. www.prnewswire.com, 11. www.prnewswire.com, 12. www.coeur.com, 13. www.coeur.com, 14. www.coeur.com, 15. www.coeur.com, 16. www.coeur.com, 17. www.coeur.com, 18. www.coeur.com, 19. www.coeur.com, 20. www.coeur.com, 21. www.coeur.com, 22. www.marketbeat.com, 23. www.marketbeat.com, 24. www.marketbeat.com, 25. simplywall.st, 26. www.reuters.com, 27. www.sec.gov, 28. www.prnewswire.com, 29. www.coeur.com, 30. www.reuters.com, 31. www.prnewswire.com, 32. www.marketbeat.com, 33. www.prnewswire.com, 34. www.marketbeat.com
