Coeur Mining (CDE) Stock on December 11, 2025: Palmarejo Breakthroughs, $7B New Gold Deal and What Comes Next

Updated: December 11, 2025

Coeur Mining, Inc. (NYSE: CDE) has turned into one of 2025’s most dramatic comeback stories in precious metals. The U.S.-based gold‑and‑silver producer has delivered record cash flow, launched its largest exploration push in more than a decade, and unveiled a $7 billion all‑stock acquisition of New Gold Inc. that would create a new North American mining heavyweight. ^[1]

At the same time, the stock has gone from forgotten mid‑cap to momentum darling. On December 11, 2025, CDE is trading around $16.84 per share, up roughly 5% intraday, with a session range between about $15.89 and $17.00 and volume over 6 million shares. After a run that has taken the market value to roughly $10 billion and pushed 52‑week performance from a low near $4.58 to a high around $23.61, investors are asking the obvious question: how much upside is left? ^[2]

Key Takeaways for Coeur Mining (CDE) on December 11, 2025

Stock performance: CDE trades around $16–17 today and has rallied well over 100% year to date, with various data providers pegging the gain between roughly 120% and 180%. ^[3]
Operations & cash flow: Q3 2025 delivered record revenue (~$555 million), record GAAP net income ($267 million) and operating cash flow of $238 million, while gold and silver production jumped 17% and 59% year over year. ^[4]
Palmarejo exploration: Coeur is running its largest exploration campaign at Palmarejo since 2012, with high‑grade gold and multi‑kilogram silver intercepts and only about 3% of its 300 km² land package explored to date. ^[5]
Transformational M&A: A $7 billion all‑stock deal to acquire New Gold would create a 100% North American senior producer with expected 2026 output of ~1.25 million gold‑equivalent ounces, including 900,000 ounces of gold, 20 million ounces of silver and 100 million pounds of copper. ^[6]
Balance sheet reset: Cash has surged to about $266 million, net leverage has dropped to roughly 0.1x EBITDA, and Moody’s has placed Coeur and New Gold on review for potential rating upgrades. ^[7]
Mixed but generally positive analyst view: Consensus ratings cluster around Buy/Moderate Buy, but price targets vary widely—from the mid‑teens to the mid‑20s—and some quantitative shops now rate the stock only a Hold. ^[8]

Below, we break down the moving parts that matter most for CDE investors today.

Coeur Mining Stock Snapshot: Price, Range and Volatility

Real‑time quote data show Coeur shares trading around $16.84 on December 11, up about 5.4% on the day, with an intraday high of $17.00, a low of $15.89, and volume a little over 6 million shares in mid‑afternoon U.S. trading.

Over the last year the stock has been on a tear:

A third‑party technical service reports a 52‑week low of $4.58 and a 52‑week high of $23.61, implying that even after recent profit‑taking, CDE is still trading at more than triple its lows. ^[9]
Several independent analyses peg the year‑to‑date share price return somewhere between ~120% and ~180%, depending on methodology and the exact cut‑off date. ^[10]

That explosive move has pushed Coeur into the $10+ billion market‑cap bracket and put it on the radar of major institutional investors, with one Fintel/Nasdaq summary counting 767 funds or institutions reporting positions and noting that the put/call ratio of 0.41 points to a bullish options skew. ^[11]

At the technical level, StockInvest’s model currently classifies CDE as a “Hold/Accumulate” after downgrading it from Buy, citing a wide but falling short‑term trend and a three‑month forecast band between roughly $10.60 and $17.90 with 90% probability. ^[12] Translation: the chart still looks constructive over the medium term, but volatility cuts both ways.

Q3 2025: Record Quarter Turns the Balance Sheet Around

The fundamental inflection point for Coeur’s story is Q3 2025.

In an October 29 press release, the company reported: ^[13]

Revenue: about $555 million, up from $481 million in Q2 and $314 million in Q3 2024.
Production:111,364 ounces of gold and 4.8 million ounces of silver, representing year‑over‑year growth of 17.2% and 59%, respectively. ^[14]
Realized metal prices: around $3,148/oz for gold and $38.93/oz for silver, reflecting both higher spot prices and favorable contracts. ^[15]
GAAP net income from continuing operations:$267 million, or $0.41 per share, a record for the company. ^[16]
Operating cash flow:$238 million, also a record, translating to roughly $2 million per day of free cash flow according to an earnings recap. ^[17]

Zacks and other analysts highlight that cash and equivalents nearly doubled quarter‑over‑quarter to about $266 million (from roughly $112 million), while net leverage fell to around 0.1x EBITDA, as Coeur used the cash windfall and stronger metals prices to aggressively pay down debt. ^[18]

In short: 2025’s third quarter transformed Coeur from a leveraged, turnaround name into a high‑growth producer with a balance sheet that rating agencies now view as upgrade‑worthy. Moody’s has placed Coeur’s B2 corporate family rating and related instruments on review for potential upgrade following the announced New Gold transaction, while S&P Global notes that the company’s metrics already warranted an upgrade to ‘B+’ with a stable outlook earlier in 2025. ^[19]

Palmarejo: Biggest Exploration Push Since 2012, with High‑Grade Hits

The second pillar of the bull case is Coeur’s Palmarejo gold‑silver complex in Chihuahua, Mexico.

On December 8, Coeur released an exploration update describing its largest drilling program at Palmarejo since 2012, with about 68,000 meters of diamond drilling carried out by eleven rigs across a 300 km² land package—of which only roughly 3% has been explored so far. ^[20]

An accompanying Investing.com write‑up and subsequent coverage highlight several key points: ^[21]

The campaign has extended multiple vein systems, including the Hidalgo, Libertad and San Juan veins, by up to hundreds of meters.
At Hidalgo, intercepts reportedly include intervals such as a few meters grading double‑digit grams per tonne (g/t) gold with hundreds of g/t silver.
In East Palmarejo, outside the Franco‑Nevada gold stream, drilling at San Miguel returned “exceptional” intercepts – one example being 17.9 meters at 4.2 g/t gold and 1,870 g/t silver – while La Unión delivered intersections over 20 meters with mid‑single‑digit gold grades.
Along the Camuchín trend, drilling has confirmed gold‑and‑silver mineralization over roughly 900 meters of strike, and Coeur describes the area as a new discovery with significant open potential.

CEO Mitchell Krebs has framed this as a continuation of the prior year’s 75% increase in Palmarejo’s inferred mineral resources, stressing that brownfields exploration around existing infrastructure remains a core capital allocation priority. ^[22]

A fresh Simply Wall St valuation note on December 10 ties this exploration success directly to valuation: the article points out that CDE closed at $16.07 with a year‑to‑date return of about 159%, yet their “narrative fair value” estimate sits near $20.86, suggesting the stock could still be roughly 20–25% undervalued if Palmarejo’s potential continues to be de‑risked and higher earnings materialize. ^[23]

The flip side, even in that bullish analysis, is that the stock trades on a price/earnings multiple around 25x, slightly above peers at roughly 22x, leaving a thinner margin of safety if metal prices or drilling results disappoint. ^[24]

The $7 Billion New Gold Deal: Building a North American “Powerhouse”

On November 3, Coeur surprised the market with news that it will acquire New Gold Inc. in an all‑stock transaction valued at approximately $7 billion. ^[25]

Key terms and strategic implications:

Structure: New Gold shareholders will receive 0.4959 Coeur shares for each NGD share, implying roughly $8.51 per New Gold share, a 16% premium to New Gold’s October 31 closing price. ^[26]
Ownership: Coeur shareholders are expected to own about 62% of the combined company, with New Gold shareholders owning 38%. ^[27]
Scale: The merged entity is expected to have a pro forma equity market cap around $20 billion, with seven operating mines across the U.S., Canada and Mexico, including New Gold’s New Afton (BC) and Rainy River (Ontario) assets. ^[28]
Production profile: Guidance materials point to ~1.25 million gold‑equivalent ounces in 2026, specifically 900,000 ounces of gold, 20 million ounces of silver, and 100 million pounds of copper annually. ^[29]
Financial outlook: Company presentations and Proactive’s summary reference expectations of around $3 billion of EBITDA and $2 billion of free cash flow for the combined business in 2026, under assumed commodity prices. ^[30]

The transaction still faces the usual hurdles:

It requires court approval in British Columbia and New Gold shareholder approval of at least 66⅔% of votes cast at a special meeting expected in Q1 2026. ^[31]
It is also conditioned on regulatory approvals and stock exchange listing approvals for the new Coeur shares on the NYSE and TSX. ^[32]
Coeur expects the transaction to close in the first half of 2026 if all conditions are met. ^[33]

Market reaction has been somewhat classic M&A math: on announcement, Coeur’s shares fell about 12% to around $15, while New Gold’s stock moved only marginally, as investors digested dilution, integration risk and execution complexity against the promise of scale and diversification. ^[34]

Despite that wobble, several fundamental analysts and newsletter writers have since upgraded CDE to Buy, arguing that the enlarged company will be a top‑10 global precious metals producer and top‑five silver producer with stronger index inclusion prospects and a deeper pipeline. ^[35]

Exploration + Liquidity Narrative: Why the Street Is Paying Attention Now

A December 11 German‑language overview, “Coeur Mining’s Strategic Exploration and Financial Strength Fuel Investor Confidence,” neatly summarizes the two main legs of the current bull narrative: ^[36]

Exploration momentum – anchored by high‑grade results at Palmarejo and a long runway on largely unexplored land.
A dramatically improved financial profile – driven by record operating performance, higher gold/silver prices and strict cost control.

That article and a related Zacks note emphasize that: ^[37]

Cash and equivalents are now around $266 million, almost double Q2 levels.
Operating cash flow before capital investments reached about $237.7 million in Q3.
Net leverage has dropped to roughly 0.1x EBITDA, giving Coeur flexibility to fund exploration and mine development internally, while continuing to de‑risk the balance sheet.
Shares of CDE have outperformed peers wildly, with Zacks citing a ~181% year‑to‑date gain versus about 34% for its industry basket.

From a macro standpoint, Zacks’ broader Mining – Non‑Ferrous industry outlook also points to rising metal prices, energy transition demand and the designation of silver, copper and uranium as “critical minerals”, all of which support investment flows into names like Coeur. ^[38]

In other words, Coeur is no longer just a levered bet on the gold price: it is increasingly viewed as a growth‑plus‑cash‑flow story with optionality from exploration and M&A.

What Wall Street and Quant Models Are Saying About CDE

There is no single “street view” on Coeur Mining right now. The picture is messy—and that’s often where the opportunity and risk both live.

Traditional Analyst Targets

MarketBeat tracks 11 Wall Street analysts with a “Moderate Buy” consensus rating (3 Hold, 6 Buy, 2 Strong Buy) and an average 12‑month price target of $16.32, with a range from $8.25 to $25.00. Given that CDE trades around $16–17, MarketBeat sees slight downside (~3–4%) from current levels. ^[39]
A Fintel/Nasdaq aggregation paints a more bullish picture: its latest update raised the average one‑year target to $21.27, up 22% from the previous estimate, with individual targets between roughly $16.16 and $26.25. At the time of that report, this implied about 44% upside from a closing price near $14.81. ^[40]

Some platforms explicitly flag valuation dispersion: Simply Wall St’s fair value estimate of about $20.86 implies roughly 25–30% upside from the mid‑$16s, whereas other datasets still cluster fair value in the mid‑teens. ^[41]

Retail‑Facing and Quant Views

Public.com aggregates 4 analysts and currently shows a “Strong Buy” consensus, but with a 2025 price target around $14.31, which is actually below today’s trading level—an artifact of older targets lagging behind the recent rally. ^[42]
Zacks, focusing heavily on valuation and revisions, gives Coeur a Zacks Rank #3 (Hold) and a Value Score of “D”, noting that CDE trades at about 5.85x forward 12‑month price‑to‑sales, versus 3.85x for its industry. The same report, though, points out that consensus 2025 earnings estimates imply year‑over‑year EPS growth north of 300%, and that estimates have been trending higher. ^[43]
StockInvest’s technical model, as noted earlier, calls the stock a Hold/Accumulate, expecting high volatility but no clear short‑term directional edge after the recent surge. ^[44]

Independent Commentary

On the commentary side:

Several Seeking Alpha authors have recently tagged CDE as a “Buy”, arguing that Q3 strength, the New Gold deal and a supportive silver price backdrop make any pullbacks “buy the dip” opportunities. ^[45]
Other analysts, including a Cantor Fitzgerald note summarized on Investing.com, have grown more cautious, downgrading CDE from Overweight to Neutral/Hold after the rally, even while raising their price target from $12.25 to $16. ^[46]

Net‑net, the rating skew is positive, but targets are scattered—a classic signal that the underlying story (exploration success + major M&A + cyclic commodity leverage) is still being digested.

Key Risks: What Could Go Wrong from Here?

Investors who arrived late to Coeur’s party should be thinking as much about risk as about upside. Some of the main issues on the radar:

Deal Execution and Integration Risk
- The New Gold merger dramatically increases scale and complexity. Realizing the projected $3 billion EBITDA / $2 billion free cash flow profile depends on smooth integration of assets like Rainy River and New Afton, plus the successful completion of approvals and closing by mid‑2026. ^[47]
- Any delays, overruns, or underperformance at legacy or acquired mines could quickly compress the optimistic deal math.
Commodity Price Cyclicality
- Coeur’s remarkable cash‑flow improvement is heavily tied to elevated gold and silver prices; Zacks and others highlight that strong Q3 liquidity was fueled by both record production and favorable price realizations. ^[48]
- A sharp pullback in metals could retrace some of the earnings and valuation expansion investors are currently paying for.
Exploration and Permitting Uncertainty
- Palmarejo’s exploration results are undeniably impressive, but resource expansion is not the same as reserves, and converting high‑grade hits into long‑life, low‑cost production requires sustained drilling, engineering and permitting success. ^[49]
- Projects like Silvertip and any new satellite deposits will also have to run the gauntlet of community, environmental and regulatory review.
Valuation and Expectations
- Depending on which model you trust, CDE is either modestly undervalued, roughly fairly valued, or getting expensive vs. peers, particularly on sales‑based multiples. ^[50]
- After a triple‑digit percentage rally, the margin of error is smaller: earnings beats, exploration wins and smooth M&A execution are now expected, not optional upside.

Bottom Line: A Re‑Rated Growth Story with Real Execution Stakes

As of December 11, 2025, Coeur Mining sits at the intersection of several powerful forces:

Operational momentum, with record Q3 results and a significantly stronger balance sheet. ^[51]
Exploration‑driven upside, especially at Palmarejo, where only a small fraction of the land package has been drilled and high‑grade intercepts continue to emerge. ^[52]
Transformational scale pending the New Gold merger, which would make Coeur a top‑tier North American precious‑metals player with meaningful copper exposure. ^[53]

The market has already rewarded this narrative with a massive rerating. The debate now is not whether Coeur has improved—that part is pretty well established—but how much of that improvement is already priced in, and whether management can execute flawlessly on exploration, operations and M&A while metal prices do their usual roller‑coaster routine.

For news readers and investors tracking CDE, the next major checkpoints will likely be:

Further Palmarejo and Las Chispas drill results and any resource/reserve updates. ^[54]
Regulatory and shareholder milestones on the New Gold transaction. ^[55]
Q4 2025 and early‑2026 earnings, which will test whether Q3’s record cash generation is sustainable. ^[56]