Published: December 10, 2025
Coeur Mining, Inc. (NYSE: CDE) is ending 2025 in the market’s spotlight. A record year for silver and gold prices, a sharp improvement in cash flow, an aggressive exploration push in Mexico and a $7 billion deal to acquire New Gold have turned the mid-tier producer into a highly leveraged bet on precious metals going into 2026. [1]
Today’s fresh research and news flow – notably a Zacks liquidity update, a new valuation piece from Simply Wall St, macro coverage of silver’s surge and institutional-ownership headlines – sharpen the picture of what’s now priced in, and what might still be ahead for CDE. [2]
CDE stock today: where Coeur Mining stands after a huge 2025 rally
As of trading on December 10, 2025, Coeur Mining shares are hovering around $15.8–$16.0 on the NYSE – modestly lower on the day and below recent highs but still massively above where the stock started the year. TradingView data shows a current quote near $15.82, down roughly 2–3% over the last 24 hours. [3]
Depending on the data source and exact cut‑off date, CDE is up roughly 160–180% year to date, far outpacing both the broader gold and basic materials sectors. Zacks pegs the YTD gain at about 181%, while Simply Wall St cites a 159% share‑price return with a one‑year total shareholder return close to 130%. [4]
The stock’s 12‑month range remains extreme for a miner: a low near $4.58 and a high around $23.61, implying that volatility is still very much part of the CDE story. Recent data from StockInvest and MarketBeat puts market capitalization around $10–11 billion, with a forward P/E in the mid‑20s. [5]
New December 10 coverage: liquidity jump and balance sheet reset
Zacks: liquidity almost doubles on record cash generation
The key December 10 headline is a Zacks / Nasdaq piece highlighting a step‑change in Coeur’s liquidity after its third‑quarter 2025 results. [6]
From that article and Coeur’s own Q3 release:
- Cash and equivalents + short‑term investments jumped to roughly $266 million at the end of Q3 2025, up from about $112 million in Q2, more than doubling quarter‑over‑quarter. [7]
- Q3 operating cash flow was a record $237.7 million, more than double the $111.1 million generated in Q3 2024.
- Free cash flow reached about $188.7 million in the quarter, versus roughly $69 million a year earlier. [8]
- Net leverage (net debt / EBITDA) has fallen to around 0.1x, sharply de‑risking the balance sheet. [9]
Operationally, Coeur delivered:
- 111,364 ounces of gold and 4.8 million ounces of silver in Q3, up roughly 17% and 59% year‑on‑year respectively.
- Average realized prices of about $3,148/oz gold and $38.93/oz silver, reflecting the powerful macro tailwind in precious metals. [10]
Zacks notes that, as a result, Coeur’s shares have dramatically outperformed their industry and that earnings estimates for 2025 have been revised higher. However, it also flags valuation concerns, with CDE trading at roughly 5.9x forward 12‑month price‑to‑sales versus an industry average near 3.9x, and assigns a Zacks Rank #3 (Hold) with a Value Score of D. [11]
In other words: the business has finally grown into its earlier capex cycle – but a lot of that improvement is already in the price.
Silver’s record year: macro backdrop supercharges CDE’s leverage
Today’s macro backdrop is unusually favorable for a silver‑heavy producer like Coeur.
A detailed MarketMinute feature on December 10 describes silver breaking above $60/oz, massively outpacing gold and compressing the gold–silver ratio from extremes above 100:1 earlier in 2025 to below 70. [12]
Key points from that coverage:
- Silver is in its fifth consecutive annual supply deficit in 2025, with a projected shortfall of 95–149 million ounces.
- Industrial demand – especially from solar PV, EVs, electronics and AI data centers – is now more than half of total silver consumption and still growing.
- Analysts cited in the piece see silver prices potentially in the $65–95/oz range over the next 12–24 months, assuming the structural deficit persists. [13]
Coeur is explicitly named among the key corporate beneficiaries alongside Hecla and other major silver miners, thanks to its meaningful silver production at Palmarejo and Rochester and, via M&A, Las Chispas in Mexico. [14]
Separately, a Benzinga article titled “The Year Silver Went Parabolic: 5 Metal Miners To Add To Your Portfolio” (also dated December 10) includes Coeur among a handful of silver‑levered names positioned to gain if the rally continues. [15]
Palmarejo exploration push and today’s valuation debate
On December 10, Simply Wall St published a valuation check that leans heavily on Coeur’s recently announced Palmarejo exploration update. [16]
From Coeur’s own December 8 release and follow‑up coverage:
- Palmarejo is now seeing its largest exploration campaign since 2012, with around 26 km of diamond drilling planned for 2025.
- Work is focused on multiple zones – La Unión, Camuchín, Hidalgo Corridor and Independencia Sur – with early drilling suggesting extensions of high‑grade mineralization and the potential to convert historical resources into compliant reserves. [17]
Simply Wall St’s framing today:
- It notes CDE’s last close at $16.07 (Dec 9) and a YTD return of ~159%, attributing the move not just to metal prices but to growing resource confidence at Palmarejo. [18]
- Its internal “narrative fair value” model pegs Coeur’s fair value around $20.86 per share, implying roughly 23% upside from that $16.07 reference price.
- At the same time, it shows a much lower consensus analyst price target around $13.08, with a range from $12 to $14.50, reflecting older, more conservative models. [19]
- On simple multiples, Simply Wall St estimates CDE trading at ~25x earnings vs ~22x for peers, leaving only a thin valuation cushion if growth or metals prices stumble. [20]
So the tug‑of‑war today is clear: fundamentals and exploration news argue for more upside, while some valuation metrics flash “full‑to‑rich.”
Inside the numbers: record Q3 2025 and upgraded full‑year guidance
Coeur’s own Q3 2025 release (dated October 29) is the backbone beneath today’s commentary. [21]
Headline metrics for Q3 2025:
- Revenue: about $554.6 million, up from $480.7 million in Q2 and $313.5 million in Q3 2024 – roughly 77% year‑on‑year growth.
- Adjusted EBITDA: around $299.1 million, more than double the year‑earlier level.
- Free cash flow: roughly $188.7 million, versus $17.6 million in Q1 and $69.1 million in Q3 2024 – evidence that the heavy investment cycle is finally translating into cash.
- Net income: about $266.8 million (or $0.41 per share), boosted by a large deferred‑tax asset recognition; adjusted EPS was $0.23. [22]
Guidance and outlook from that release:
- 2025 production guidance midpoints now sit around 415,250 ounces of gold (slightly increased) and 18.1 million ounces of silver (slightly reduced), with lower cost guidance at three of five operations. [23]
- Management expects full‑year 2025 adjusted EBITDA above $1 billion and free cash flow above $550 million, setting up “record‑setting” 2026 results if metals prices stay strong. [24]
With gold trading above $4,100/oz and silver around $60–61/oz today, that guidance currently looks conservative rather than heroic. [25]
Transformational M&A: New Gold and earlier SilverCrest deals
The big structural news for Coeur this quarter is its November 3 announcement that it will acquire New Gold Inc. in an all‑stock transaction valued at about $7 billion. [26]
Key terms and implications of the New Gold transaction:
- New Gold shareholders will receive 0.4959 CDE shares for each NGD share, implying about $8.51 per NGD share at the reference price used in the deal.
- The transaction values New Gold equity at roughly $7 billion and the combined company at around $20 billion of market cap.
- On completion (expected after a New Gold shareholder vote and court approvals in Q1 2026), existing Coeur holders should own about 62%, New Gold shareholders about 38% of the combined entity. [27]
- Management is guiding for 2026 combined production of roughly 20 million ounces of silver, 900,000 ounces of gold and 100 million pounds of copper, generating around $3 billion in EBITDA and $2 billion in free cash flow at current metals prices. [28]
This comes on top of Coeur’s 2024 acquisition of SilverCrest, which added the Las Chispas low‑cost silver‑gold mine in Sonora, Mexico. That earlier deal was framed as transforming Coeur into a leading silver producer, with Las Chispas helping push annual silver output toward ~21 million ounces. [29]
Taken together, Coeur is morphing from a high‑cost mid‑tier into a multi‑asset North American precious‑metals platform with:
- Seven operating mines (post‑New Gold),
- A mix of gold, silver and copper, and
- Very high sensitivity to metals prices – on both the upside and the downside.
The catch: integration, execution and capital allocation risks all rise with scale. And regulators and New Gold shareholders still need to bless the deal.
What Wall Street and big money are doing with CDE
Analyst ratings and price targets
Across the various data providers cited today:
- MarketBeat data (as of early December) shows 2 “Strong Buy,” 6 “Buy,” and 3 “Hold” ratings, for a consensus “Moderate Buy” and an average price target around $16.32 – not far from where the stock trades now. [30]
- The Simply Wall St narrative leans more bullish, implying fair value near $20.86 per share, while still acknowledging that earnings multiples are already above peers. [31]
- Zacks, despite highlighting 383%-plus expected 2025 EPS growth and raising estimates, keeps Coeur at Rank #3 (Hold), reflecting the tension between momentum and valuation. [32]
- A late‑November note referenced by Yahoo/NetDania reports BMO and Roth MKM both reaffirming “Buy” ratings on CDE and citing it as one of the stronger silver‑mining plays in the current cycle. [33]
So the consensus picture is constructive but not euphoric: positive ratings, limited near‑term target upside, and a lot riding on continued metals strength and successful M&A integration.
Institutional ownership and new positions
Today’s MarketBeat article highlights a new $2.31 million position in Coeur by Aperture Investors LLC, which acquired about 261,000 shares in Q2. The same piece notes that other institutions – including NewEdge Advisors, Qube Research and several funds in Europe – have recently added to or initiated stakes, leaving institutional and hedge‑fund ownership at roughly 63% of outstanding shares. [34]
Separately, another MarketBeat alert today notes that Norges Bank, Norway’s central‑bank investor, has also built a position in CDE. While the stake (roughly 520,000 shares in that filing) is small relative to total float, the presence of large, long‑horizon investors tends to support the “de‑speculation” of the name. [35]
Short‑term technical picture: signals, support and options activity
Technical and trading‑flow data around CDE are also getting attention:
- StockInvest’s December 9 update upgraded CDE to a “Buy candidate” based on smoothing indicators and MACD, even while noting that the stock remains in a short‑term falling trend. It sees support around $15.63 and resistance near $17.42, and estimates that, statistically, the share price could trade anywhere between roughly $10.9 and $18.4 over the next three months. [36]
- Investing.com’s moving‑average dashboard shows a 5‑day MA near $15.56 and a 200‑day MA around $15.54, both slightly below current levels, while the 50‑day MA near $16.34 sits above, creating a mixed short‑term picture (short‑term “sell,” longer‑term “buy”). [37]
- On December 2, MarketBeat reported unusually heavy call‑option volume, with about 25,700 call contracts traded – roughly 79% above typical daily call volume. That kind of skew in options flow usually signals that traders are betting on further upside (or hedging short positions) over the near term. [38]
For traders, the combination of high volatility, dense options activity and clear support/resistance bands makes CDE attractive – but also underscores that this is not a “sleep‑well‑at‑night” utility stock.
Key risks to the bullish Coeur Mining narrative
Even with today’s positive headlines, several risks are front and center:
- Metals‑price volatility
Coeur’s earnings are highly leveraged to gold and silver prices. The bullish case assumes silver can stay elevated in the $60+ range and gold in the $4,000+ range into 2026. A sharp pullback in either metal would hit margins, free cash flow and, by extension, the investment case laid out in today’s research. [39] - Integration risk: New Gold and SilverCrest
The New Gold transaction – on top of integrating Las Chispas – massively increases operational complexity. The combined company will juggle seven mines across multiple jurisdictions, with large underground operations like New Afton and Rainy River demanding sustained capital and management attention. M&A synergies are notoriously easy to model and hard to deliver. [40] - Execution at Rochester, Palmarejo and Las Chispas
Coeur has already had to lower Rochester’s 2025 production guidance and raise its cost guidance due to crusher downtime and leach timing. If those issues continue, or if Palmarejo’s and Las Chispas’ high‑grade expectations are not fully realized, the growth narrative could fray. [41] - Valuation compression
With CDE trading at premium P/S and P/E multiples relative to many peers, even continued good news could be met with muted price response if investors increasingly demand cheaper exposure to the same macro story. Zacks’ Value Score of D is a reminder that the easy “re‑rating” phase may already be behind the stock. [42] - Regulatory and permitting pressures
The same ESG and environmental factors that are constraining global silver supply also increase operational and permitting risk for Coeur’s own operations in Mexico, the U.S. and Canada, especially as silver has now been labeled a “critical mineral” in the U.S. and policy scrutiny rises. [43]
Bottom line: what today’s news means for the Coeur Mining (CDE) stock story
The December 10 news flow around Coeur Mining can be boiled down to a few key themes:
- Financially, the company has turned a corner. Record Q3 revenue, free cash flow and a much stronger balance sheet show that years of investment in Rochester, Palmarejo and Las Chispas are finally paying off. [44]
- Macro tailwinds are unusually strong. Silver’s breakout above $60/oz and gold near all‑time highs give CDE powerful leverage to metals prices heading into 2026. [45]
- Growth is being turbo‑charged via M&A. The New Gold deal, following the SilverCrest acquisition, would leave Coeur with a seven‑mine North American portfolio and a credible claim to senior‑producer status – but also a bigger execution challenge. [46]
- Valuation is no longer a lay‑up. While some models (like Simply Wall St’s narrative fair value) still show upside, standard multiples and conservative price targets suggest that a lot of good news is already embedded in today’s price. [47]
- Market participants are leaning bullish, but not unanimously. Institutions are building stakes, options traders are active on the call side, and several brokers reaffirm “Buy”, yet consensus ratings remain “Moderate Buy” and Zacks is sitting at “Hold”. [48]
For investors reading today’s headlines, CDE is no longer the deeply contrarian turnaround bet it once was. It is now a high‑beta, institutionally‑owned, cash‑generating precious‑metals producer with ambitious growth plans and a valuation that assumes those plans mostly work.
References
1. www.coeur.com, 2. www.nasdaq.com, 3. www.tradingview.com, 4. www.nasdaq.com, 5. stockinvest.us, 6. www.nasdaq.com, 7. www.nasdaq.com, 8. www.coeur.com, 9. www.nasdaq.com, 10. www.coeur.com, 11. www.nasdaq.com, 12. markets.financialcontent.com, 13. markets.financialcontent.com, 14. markets.financialcontent.com, 15. www.benzinga.com, 16. simplywall.st, 17. www.stocktitan.net, 18. simplywall.st, 19. simplywall.st, 20. simplywall.st, 21. www.coeur.com, 22. www.coeur.com, 23. www.coeur.com, 24. www.coeur.com, 25. markets.businessinsider.com, 26. www.coeur.com, 27. www.prnewswire.com, 28. www.coeur.com, 29. www.businesswire.com, 30. www.marketbeat.com, 31. simplywall.st, 32. www.nasdaq.com, 33. finance.yahoo.com, 34. www.marketbeat.com, 35. www.marketbeat.com, 36. stockinvest.us, 37. www.investing.com, 38. www.marketbeat.com, 39. markets.financialcontent.com, 40. www.coeur.com, 41. www.sec.gov, 42. www.nasdaq.com, 43. markets.financialcontent.com, 44. www.coeur.com, 45. markets.financialcontent.com, 46. www.coeur.com, 47. simplywall.st, 48. www.marketbeat.com
