NEW YORK, June 25, 2026, 17:01 EDT
- Coeur shares traded 3.4% higher at $15.99, outpacing moves in silver-miner and gold-miner ETFs.
- Coeur Mining’s S&P MidCap 400 entry was effective Monday, moving CDE into Materials.
- The $680.3 million still left for buybacks is about 4.1% of the company’s market cap on Thursday.
- Coeur set its 2026 exploration budget midpoint at $158 million — about 82% higher than 2025.
Coeur Mining, Inc. (NYSE:CDE) outpaced major precious-metals mining funds on Thursday. Still, investors focused on the company’s capital numbers after it used stock to buy New Gold and joined the S&P MidCap 400.
The shares last traded at $15.99, about 3.4% higher on the day. Global X Silver Miners ETF (NYSEARCA:SIL) was up 2.0%. VanEck Gold Miners ETF (NYSEARCA:GDX) added 1.5%. SPDR S&P MidCap 400 ETF Trust (NYSEARCA:MDY) picked up 0.9%. iShares Silver Trust (NYSEARCA:SLV) gained 1.1%, and SPDR Gold Shares (NYSEARCA:GLD) was up 1.0%.
Coeur is moving into the S&P MidCap 400, S&P Dow Jones Indices said, effective before the market opens June 22 in the index’s quarterly reshuffle. The company slots into the Materials sector, taking BellRing Brands’ place.
CDE gains a bigger holder base with that index bid, but the buyback is bigger news now. Coeur’s buyback authorization is up to $750 million. As of May 15, it had used $69.7 million, so $680.3 million remains. At Thursday’s closing price, that amount would allow Coeur to buy about 42.5 million shares, or about 4.1% of its $16.54 billion market cap.
Coeur issued around 392.7 million shares to close the New Gold deal, bringing its total to about 1.03 billion shares outstanding. At Thursday’s price, the rest of the buyback could erase about 11% of the new deal shares. This puts management under the gun to show that a bigger mine base actually helps per-share results.
Coeur CEO Mitchell J. Krebs called the company the “sector’s newest senior precious metals producer” following the New Gold close. Krebs said more free cash flow from the combined company will help it “accelerate and enlarge its return of capital strategy” and fund projects, naming New Afton’s K-Zone and Silvertip. Coeur Mining
Krebs appeared at the J.P. Morgan Natural Resources Conference this week with new slides, showing Coeur had $843.2 million in cash and $761.4 million total debt as of March 31. Net debt to adjusted EBITDA was negative 0.1 times. The slides showed S&P lifted Coeur’s rating two notches to “BB”, with Moody’s raising it three to “Ba2” after the New Gold close. Q4 Capital
Coeur is lifting its mine spending plans. According to its J.P. Morgan presentation, 2026 exploration investment is pegged between $147 million and $169 million, with the midpoint at $158 million. That’s up about 82% from the $87 million set for 2025. The unsused buyback authorization is still more than four times bigger than that 2026 exploration midpoint.
Coeur is often grouped among silver stocks, but looking at 2026, its revenue is expected to be more gold-favored. J.P. Morgan’s slides show a 2026 split of 65% gold, 30% silver, and 5% copper. Regional revenue is seen as evenly divided among the U.S., Canada, and Mexico.
Investors are watching what Coeur does with its cash as it drills, instead of focusing on index funds buying CDE. Progress at New Afton’s K-Zone, underground work at Rainy River, and the speed of share repurchases will show if the larger North American mine portfolio can support the mid-cap valuation Coeur just reached.
