Coeur Mining, Inc. (NYSE: CDE) was sharply higher in Monday trading on Dec. 22, 2025 (22.12.2025), with shares around $18.25, up roughly 6.7% from the prior close at the time of writing.
The move comes as investors juggle two big storylines at once:
- M&A visibility is improving: New Gold has formally kicked off the shareholder-vote process for Coeur’s all-stock acquisition. [1]
- Exploration optimism is staying sticky: fresh analysis on Coeur’s Palmarejo drill results is reinforcing the idea that 2026–2028 could be about extending mine life and feeding future production growth. [2]
Below is a clean breakdown of the news, forecasts, and market analysis circulating today—and what it could mean for Coeur Mining stock heading into 2026.
The biggest catalyst today: New Gold sets Jan. 27, 2026 vote on Coeur acquisition
Early on Dec. 22, New Gold Inc. (TSX/NYSE American: NGD) said it has filed and begun mailing its management information circular and proxy materials for a special shareholder meeting on Jan. 27, 2026 to vote on Coeur’s planned acquisition. [3]
Key deal terms and timing highlighted in today’s release include:
- Consideration: New Gold shareholders would receive 0.4959 shares of Coeur for each New Gold share. [4]
- Post-deal ownership: New Gold shareholders are expected to own about 38% of the combined company. [5]
- Voting logistics: Shareholders of record on Dec. 17, 2025 can vote; the deadline to vote in advance is 11:00 a.m. ET on Jan. 23, 2026 (intermediaries may set earlier cutoffs). [6]
- Deal status: New Gold said it received an interim court order authorizing meeting and mailing, and it also announced Canadian Competition Act approval, noting an advance ruling certificate dated Dec. 5, 2025. [7]
- Expected close: still targeted for the first half of 2026, subject to approvals and closing conditions. [8]
Why this matters for Coeur Mining stock: markets hate uncertainty, and M&A adds extra layers—regulatory, shareholder votes, and dilution math. Today’s procedural update doesn’t “finish” the deal, but it reduces timeline fog, which can tighten the range of investor expectations.
What the combined company is pitching: “Top-tier” scale and 2026 cash flow
New Gold’s circular announcement repeats the strategic argument that this combination creates an all–North American precious metals producer with meaningful scale.
Among the headline targets repeated today:
- Implied pro forma equity market cap of ~$20 billion (as of the signing date reference in the release). [9]
- 2026 production estimate: about 1.25 million gold-equivalent ounces, including ~20 million oz of silver, ~900,000 oz of gold, and ~100 million lbs of copper. [10]
- 2026 financial targets: roughly $3.0 billion EBITDA and $2.0 billion free cash flow (company projections). [11]
Coeur has also framed the tie-up as a way to build a seven-operation North American platform (including New Gold’s Rainy River and New Afton assets in Canada). [12]
Important reality-check for readers: these are forward-looking projections, not guaranteed outcomes. Execution risk doesn’t vanish just because the slide deck is confident.
Coeur Mining stock in the spotlight: “movers” lists and momentum talk
Coeur didn’t just drift higher—it showed up on premarket “stocks moving” radar, alongside other notable gainers. Barron’s flagged Coeur Mining among names rising at least 4% in premarket trading on Dec. 22. [13]
That kind of visibility matters in the modern market ecosystem: once a stock becomes a “headline ticker,” flows can amplify fundamentals—up or down.
Why Palmarejo is back in the conversation today
While the M&A vote timeline is the cleanest “today” headline, a lot of the bullish narrative oxygen around Coeur still traces back to Palmarejo—the gold-silver complex in Mexico that has been producing for years but is now being treated like a renewed exploration engine.
On Dec. 22, Simply Wall St tied today’s move to Palmarejo drilling, highlighting extensions of multiple deposits and the Camuchín discovery trend across a large land package (and the potential for mine-life extension beyond streamed areas). [14]
Coeur’s own December exploration update described 2025 drilling that:
- extended near-mine resources,
- returned multi-kilo silver grades at San Miguel,
- and identified new mineralization at East Palmarejo. [15]
A separate summary of the drilling program described ~68,000 meters of diamond drilling and pointed to strong intercepts and step-outs (including expansions along key veins). [16]
Why investors care: for miners, exploration is the long game that can change the “story arc” from harvest and decline to extend and grow. Palmarejo’s renewed exploration success is being interpreted as an argument that Coeur can keep feeding its future production profile—even while pursuing a major acquisition.
Fundamentals recap: Coeur’s 2025 results have been loud
It’s not just vibes and drill holes. Coeur’s recent financial performance has been a major reason the stock became a momentum name in the first place.
Third quarter 2025: record revenue, record earnings, record free cash flow (per company)
In its Q3 2025 release, Coeur reported:
- Revenue of $555 million and operating cash flow of $238 million
- GAAP net income of $267 million ($0.41/share)
- Adjusted EBITDA of $299 million and free cash flow of $189 million
- Quarter-end cash and equivalents of $266 million
- Updated 2025 guidance ranges and cost refinements [17]
Management also said it expected another strong quarter to close the year, citing higher realized prices and margin expansion (again: forward-looking). [18]
Where Coeur produces today
Reuters’ company profile describes Coeur as a diversified precious metals producer with five wholly owned operations: Las Chispas, Palmarejo, Rochester, Kensington, and Wharf, plus Silvertip as a critical minerals exploration project. [19]
This matters because Coeur’s “multiple assets, multiple metals” footprint can smooth (not eliminate) the volatility that comes with any single mine underperforming.
Forecasts and analyst views as of Dec. 22: bullish targets exist, but not everyone is chasing the stock
Today’s coverage shows a market split that’s common after a huge run: some analysts are still raising targets, while other consensus metrics look more cautious.
MarketBeat: consensus “Moderate Buy,” but average target below recent trading levels
MarketBeat’s latest coverage indicates:
- A consensus rating described as “Moderate Buy”
- An average price target around $16.75 (based on the analyst set referenced there) [20]
If a stock is trading above the average published target, it doesn’t automatically mean it’s “wrong”—it just means expectations are elevated, and the company has less room for disappointment.
Roth Capital raises target to $23
MarketBeat also reported that Roth Capital raised its target on Coeur to $23 (from $20) and reiterated a buy rating (coverage dated Dec. 15 in that report). [21]
MarketScreener’s Dec. 22 technical take: “Buy on stand-by,” target $23.10
A MarketScreener technical analysis published early on Dec. 22 laid out a trade framework with:
- entry reference around $18.25
- a target of $23.10
- a stop level around $15.63 [22]
That’s not a promise; it’s a snapshot of how one technical model is framing the current setup—and it underscores the same point fundamentals do: volatility is part of the package with a fast-moving miner stock.
Simply Wall St: wide dispersion in “fair value” views
Simply Wall St’s analysis emphasized that fair value estimates can vary widely and framed Palmarejo exploration success as a narrative boost—but still flagged execution and capital discipline risks. [23]
The calendar: what to watch next for CDE stock
Here are the most concrete upcoming catalysts implied by today’s news flow:
- Jan. 23, 2026 (11:00 a.m. ET): deadline for New Gold shareholders to vote in advance (with possible earlier intermediary deadlines). [24]
- Jan. 27, 2026 (11:00 a.m. ET): New Gold’s special meeting to vote on the transaction. [25]
- First half of 2026: targeted closing window, assuming approvals and conditions are met. [26]
- Coeur’s own shareholder process: Coeur has communicated it expects to file a proxy statement related to approvals needed for the transaction (including share issuance and a charter amendment to increase authorized shares). [27]
Key risks that still matter (even in a bullish tape)
Even with strong 2025 numbers and today’s deal-progress headline, Coeur Mining stock still carries miner-specific and deal-specific risks that investors should keep in view:
- Commodity sensitivity: cash flow can swing with gold/silver price moves (and cost inflation).
- Integration and dilution risk: if the New Gold deal closes, shareholders will care about synergy delivery, operational execution, and whether the combined portfolio performs as advertised. [28]
- Exploration-to-production gap: drill results are exciting, but converting exploration success into mine plan changes takes time, capital, and permitting discipline. [29]
- Volatility: today’s technical commentary itself is a reminder that this is not a “sleepy utility stock” kind of chart. [30]
Bottom line: Dec. 22 is about “visibility” + “optionality”
On Dec. 22, 2025, Coeur Mining stock is being bid up as the market reacts to a clearer New Gold vote timeline and continued enthusiasm around Palmarejo exploration upside, all against the backdrop of a company that has already delivered record-level results in 2025. [31]
For readers tracking CDE stock into 2026, the story is no longer just “gold and silver prices.” It’s a layered thesis about whether Coeur can:
- keep executing across its existing operations,
- turn exploration success into durable mine life and margins,
- and—if the vote process succeeds—absorb New Gold into a larger, more liquid North American platform. [32]
References
1. www.prnewswire.com, 2. www.coeur.com, 3. www.prnewswire.com, 4. www.prnewswire.com, 5. www.prnewswire.com, 6. www.prnewswire.com, 7. www.prnewswire.com, 8. www.prnewswire.com, 9. www.prnewswire.com, 10. www.prnewswire.com, 11. www.prnewswire.com, 12. www.sec.gov, 13. www.barrons.com, 14. simplywall.st, 15. www.coeur.com, 16. www.mining.com, 17. www.coeur.com, 18. www.coeur.com, 19. www.reuters.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. www.marketscreener.com, 23. simplywall.st, 24. www.prnewswire.com, 25. www.prnewswire.com, 26. www.prnewswire.com, 27. www.sec.gov, 28. www.prnewswire.com, 29. www.coeur.com, 30. www.marketscreener.com, 31. www.prnewswire.com, 32. www.reuters.com
