U.S. markets reopen after the Dec. 25 holiday with investors turning back to one of 2025’s standout precious-metals names: Coeur Mining, Inc. (NYSE: CDE). Heading into the Friday, December 26, 2025 open, the story around CDE stock is less about a single headline and more about a fast-moving mix of M&A execution, cash-flow momentum, and gold/silver sentiment—all amplified by thin year-end liquidity.
Below is what matters most right now, based on the latest filings, company updates, and current analyst and market coverage.
Where Coeur Mining stock stands heading into the Dec. 26 open
Coeur last traded at $18.72 (as of Wednesday, Dec. 24, 2025), down 1.94% on the day, with an intraday range of $18.09–$19.20 and lighter-than-usual volume (holiday week conditions). Coeur’s market capitalization sits around $12.4 billion based on that latest pricing.
In context, the stock is still sitting well above its 2025 spring lows while below its October peak. The company’s own investor “Stock Info” page shows a 52-week range of roughly $4.58 to $23.61 (data delayed), underscoring how volatile the move has been this year. [1]
For a widely-followed benchmark, the Financial Times markets page also noted Coeur closed at $18.72 on Wednesday, about 20.7% below its 52-week high of $23.62 set on Oct. 16, 2025. [2]
The biggest catalyst: Coeur’s proposed acquisition of New Gold
The single most important “know before the bell” item is that Coeur is in the middle of a transformational all-stock acquisition of New Gold—and the deal’s formal voting process is now in motion.
Deal terms (what shareholders are actually agreeing to)
Coeur and New Gold announced a definitive arrangement under which New Gold shareholders would receive 0.4959 shares of Coeur for each New Gold common share. Coeur pegged that exchange ratio to implied consideration of $8.51 per New Gold share (based on Coeur’s Oct. 31 close) and described it as a 16% premium to New Gold’s Oct. 31 closing price. [3]
Coeur framed the transaction as creating an “all North American” senior precious-metals producer and published forward-looking 2026 targets for the combined company, including:
- ~$3.0B expected EBITDA and ~$2.0B expected free cash flow in 2026
- Production of roughly 20M ounces of silver, 900K ounces of gold, and 100M pounds of copper in 2026 [4]
Those combined metrics matter because they are a major part of the bull case for CDE stock: a bigger platform, more liquidity, and (in theory) lower unit costs and higher margins after combining. [5]
The deal calendar: January 27, 2026 is the key date
In the last few days, the process became much more concrete:
- New Gold announced it filed and began mailing its management information circular and proxy materials for a special meeting on January 27, 2026 to vote on the arrangement, and also said it received a British Columbia interim court order and Competition Act approval for the transaction. [6]
- Coeur filed its definitive merger proxy statement for its own special meeting on January 27, 2026 (10:00 a.m. Central Time). The filing lays out the two big items Coeur shareholders are being asked to approve:
- A charter amendment increasing authorized shares from 900,000,000 to 1,300,000,000, and
- Approval of the stock issuance to New Gold shareholders in the arrangement. [7]
This is important for Dec. 26 trading because it means the market now has a clear near-term path: deal-related headlines can intensify between now and late January, including proxy solicitations, advisory firm commentary, and any last-mile regulatory or financing details.
Approval thresholds (why the vote can still move the stock)
Coeur’s announcement spelled out that New Gold’s shareholder vote requires:
- 66⅔% of votes cast, and
- A separate majority-of-the-minority approval under Canadian rules (excluding certain related holders), among other conditions. [8]
Coeur also disclosed deal protections, including break fees of about $414 million (Coeur) and $255 million (New Gold) under certain circumstances—another reminder that the agreement has real teeth, but also real walk-away consequences. [9]
Fundamentals check: Coeur’s 2025 cash-flow surge is the backdrop
Even without the New Gold transaction, Coeur’s operational performance in 2025 has been the engine behind the stock.
In its Q3 2025 results (Oct. 29, 2025), Coeur reported (among other items):
- Revenue of ~$555M
- Operating cash flow of ~$239M
- GAAP net income from continuing operations of ~$267M [10]
The company also said it expected full-year 2025 adjusted EBITDA to exceed $1B and full-year 2025 free cash flow to exceed $550M, citing higher realized prices and margin expansion. [11]
Balance sheet metrics in the same release showed net debt of about $97.2M and cash and cash equivalents of about $266.3M, with a reported leverage ratio of 0.1—a sharp contrast versus the higher-debt posture many miners carry during expansion cycles. [12]
2025 guidance: what Coeur changed, and why it matters
One reason Coeur’s quarter mattered is that management refined 2025 production and cost guidance and disclosed where performance was improving—and where friction showed up.
Company-wide midpoints (the quick version)
Coeur said the refined guidance implied:
- A 1% increase in the midpoint of expected full-year gold production to 415,250 ounces
- A 2% decrease in the midpoint of expected full-year silver production to 18.1 million ounces [13]
The most important mine-level change: Rochester’s revised outlook
Coeur attributed a revision at Rochester to “crusher down time” and upgrade work, lowering expected 2025 production guidance there to 6.0–6.7 million ounces of silver and 55,000–62,500 ounces of gold (from higher prior ranges). [14]
That kind of operational detail matters for CDE stock because Rochester has historically been a key driver of Coeur’s silver profile—so any throughput or reliability issue can affect near-term sentiment, even when the broader financial picture looks strong.
Updated per-mine production ranges (selected highlights)
From the updated guidance table:
- Las Chispas: gold guidance updated to 50,000–58,000 oz; silver to 5,000–5,500 K oz
- Palmarejo: gold 96,000–106,000 oz; silver 6,000–6,800 K oz
- Rochester: gold 55,000–62,500 oz; silver 6,000–6,700 K oz
- Kensington: gold 98,500–108,500 oz [15]
Latest company “organic growth” news: Palmarejo and Las Chispas exploration
While deal headlines dominate, Coeur has kept feeding the market a second narrative: mine-life extension and resource growth through brownfield exploration.
Palmarejo: the largest exploration campaign there since 2012
On Dec. 8, 2025, Coeur detailed a 2025 program at Palmarejo described as its largest since 2012, with ~68,000 meters of diamond drilling using 11 drill rigs across an extensive 300 km² land package—of which the company says only 3% has been explored to date. [16]
Coeur highlighted strong results at San Miguel, including one hole reported at 58.8 feet with 0.12 oz/t gold and 54.55 oz/t silver (including a higher-grade interval inside that). [17]
It also pointed to continued work at Independencia Sur—an asset Coeur said it acquired from Fresnillo in 2024—noting the 2025 drill program is designed to establish a compliant resource estimate and that additional infill drilling is expected in early 2026 to support nearer-term reserve additions. [18]
Las Chispas: extremely high-grade drill results after the SilverCrest deal
Coeur also continues to emphasize Las Chispas (Sonora, Mexico), which joined the portfolio through the SilverCrest acquisition in February 2025. In a Sept. 3, 2025 exploration update, Coeur said its post-acquisition review suggested current resources covered only about 55% of known veins, and it described ramping up exploration activity. [19]
That release included examples of exceptionally high-grade intercepts, such as a North Las Chispas vein interval reported at 1.0 foot grading 4.61 oz/t gold and 392 oz/t silver (with metric conversions also provided by the company). [20]
Coeur’s asset base today (and what changes if the deal closes)
As of late 2025, Coeur describes itself as a diversified precious-metals producer with five wholly-owned operations:
- Las Chispas (Mexico)
- Palmarejo (Mexico)
- Rochester (Nevada)
- Kensington (Alaska)
- Wharf (South Dakota)
…and it also wholly owns the Silvertip polymetallic exploration project in British Columbia. [21]
If the New Gold deal closes, Coeur says it would add two Canadian mines (New Afton and Rainy River) and shift into a larger-scale producer with meaningful copper exposure—one reason the market may treat CDE as more than just a gold/silver lever. [22]
Analyst forecasts and sentiment: targets cluster in the low-to-mid $20s, but the debate is “valuation vs. upside”
Going into Dec. 26, published targets and ratings remain broadly constructive, but not uniform.
- TradingView’s compiled analyst view shows an average target around $21.75, with a high estimate of $25 and a low estimate of $16. [23]
- A TipRanks/TheFly note posted on TipRanks reports Raymond James lowered its price target to $21 from $22 while maintaining an Outperform rating, citing Coeur’s diversified mine portfolio and exploration strategy. [24]
- Market summaries also reflect a mix of upgrades/downgrades around year-end, including mentions of Roth Capital raising a target to $23 and Zacks moving to Hold in late November (as reported by MarketBeat’s roundup). [25]
- Another MarketBeat roundup referenced TD Securities lifting its price target to $25 and Raymond James setting $21. [26]
The takeaway for readers: Wall Street seems to like the story, but not everyone agrees how much upside remains after a massive 2025 move, especially with a large share issuance pending for the acquisition.
Macro backdrop: precious metals remain supportive, but holiday liquidity can amplify swings
In the broader market, precious-metals pricing has stayed a major tailwind for miners. Reuters noted that gold and copper were near record levels and suggested the gold rally could persist unless investor buying behavior changes significantly—while also emphasizing thin holiday trading dynamics. [27]
Earlier in the week, Barron’s premarket coverage also highlighted strength in gold futures and listed Coeur among notable premarket risers on Dec. 22—a reminder that CDE can move sharply when the sector is “on.” [28]
What to watch before the bell on Dec. 26, 2025
Here are the near-term signals most likely to matter for CDE stock as the market opens:
- New Gold deal headlines (and proxy chatter)
The next major hard date is the Jan. 27, 2026 vote, but headlines can hit at any time now that proxy materials are out. [29] - Any new details on the Coeur share authorization/issuance
The Coeur proxy makes it explicit: the deal depends on (a) increasing authorized shares and (b) approving the issuance. That puts potential dilution and transaction math front and center. [30] - Gold and silver direction (and broader risk sentiment)
When metals are moving, miners often react fast—especially in thin sessions. [31] - Operational follow-through at Rochester
Coeur already flagged downtime-related impacts in guidance; traders will stay sensitive to any additional reliability or throughput updates. [32] - The next earnings date window
The company has not (as of these sources) formally confirmed a date in this prompt, but earnings calendars commonly estimate Coeur’s next report around Feb. 18, 2026. Treat this as an estimate until Coeur posts an official announcement. [33]
Key risks investors should keep in mind
Even in a bullish tape, the main risk buckets around Coeur are straightforward:
- Deal completion risk: shareholder votes, court approvals, remaining regulatory and listing steps, and integration execution all matter—especially in an all-stock merger where market prices can shift the perceived economics. [34]
- Share dilution optics: the proxy explicitly proposes a large increase in authorized shares to facilitate the issuance, which can pressure sentiment even if the deal is “accretive” on paper. [35]
- Commodity sensitivity: gold/silver direction can overwhelm mine-level progress in the short run. [36]
- Operational variability: guidance revisions (like at Rochester) show that execution risk remains real even in a strong year. [37]
Bottom line for Dec. 26: Coeur is trading a merger timeline, not just a miner narrative
Going into the Dec. 26, 2025 open, Coeur Mining is best viewed as a stock with two engines:
- Strong 2025 operating and cash-flow momentum, supported by refined guidance and a lower-leverage balance sheet; and [38]
- A high-impact M&A catalyst with clear next steps and a defined vote date, which can create bursts of volatility and headline-driven repricing. [39]
If you’re watching CDE stock into the bell, the most practical approach is to track deal-related news flow, metals prices, and any incremental signals on operating consistency—because those three inputs are likely to set the tone more than any single technical level in a holiday-thin session.
This article is for informational purposes only and is not investment advice.
References
1. www.coeur.com, 2. markets.ft.com, 3. www.coeur.com, 4. www.coeur.com, 5. www.coeur.com, 6. www.prnewswire.com, 7. www.sec.gov, 8. www.coeur.com, 9. www.coeur.com, 10. www.coeur.com, 11. www.coeur.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.coeur.com, 23. www.tradingview.com, 24. www.tipranks.com, 25. www.marketbeat.com, 26. www.marketbeat.com, 27. www.reuters.com, 28. www.barrons.com, 29. www.sec.gov, 30. www.sec.gov, 31. www.reuters.com, 32. www.coeur.com, 33. www.zacks.com, 34. www.coeur.com, 35. www.sec.gov, 36. www.reuters.com, 37. www.coeur.com, 38. www.coeur.com, 39. www.sec.gov
