NEW YORK, August 6, 2026, 13:03 EDT — Coeur Mining (CDE.N) shares slid 9% after the miner reduced its Canadian segment guidance, overshadowing its report of a record quarterly cash flow.
- Coeur shares fell 8.8% to $15.90 in early New York trading.
- Free cash flow for the quarter increased by 45%, while an early per-share metric fell by 1.9%.
- The revised outlook lowered the midpoint for gold by 7.7% and lifted capital expenditure by 16.8%.
Shares in Coeur Mining, Inc. NYSE:CDE slid 8.8% to $15.90 on Thursday, as robust second-quarter cash flow failed to offset softer guidance from its Canadian operations. The price was observed at 12:48 p.m. EDT.
The response highlights a per-share issue. Free cash flow climbed 45% from the previous quarter. However, the weighted-average share count jumped 48% after the March acquisition.
Free cash flow per weighted share declined by approximately 1.9%. This figure is based on an initial calculation from company figures and is not an official disclosure. Growth in cash per share remains pending.
Coeur posted adjusted earnings of 12 cents per share, missing the prior consensus forecast of 26 cents. Revenue totaled $1.09 billion, compared to an expected $1.24 billion.
Results reflected a $140 million non-cash purchase-accounting expense. Coeur calculated the effect as 10 cents per share. Including this adjustment would yield 22 cents, which remains 15% under consensus. This initial number does not represent the company’s official reported earnings.
The quarter-on-quarter data highlights the difference between scale and output per share.
| Metric | Q2 2026 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | $1,085.6 million | $856.2 million | +26.8% |
| Adjusted EBITDA | $478.3 million | $474.9 million | +0.7% |
| Free cash flow | $387.5 million | $266.8 million | +45.2% |
| Adjusted EPS | $0.12 | $0.36 | -66.7% |
| Weighted-average shares | 1,034.4 million | 698.7 million | +48.0% |
| FCF per weighted share | $0.375 | $0.382 | -1.9% |
Initial estimate based on free cash flow reported by the company and weighted average shares.
Gold output jumped 69% quarter-on-quarter to an all-time high of 163,490 ounces. Silver production held steady at 4.4 million ounces. Realized prices for gold and silver dropped 6% and 14%, respectively.
Coeur maintained its guidance for output at its five established sites. The main cuts affected New Afton and Rainy River, assets purchased in March. Both sites are seeing underground expansions proceed at a slower pace than initially anticipated.
| 2026 measure | Previous guidance | Updated guidance | Midpoint change |
|---|---|---|---|
| Total gold output | 680,000–815,000 oz | 630,000–750,000 oz | -7.7% |
| Total silver output | 18.68–21.93 Moz | 18.68–21.93 Moz | No change |
| Total copper output | 50–65 million lb | 40–50 million lb | -21.7% |
| New Afton gold CAS | $1,000–$1,200/oz | $1,300–$1,600/oz | +31.8% |
| New Afton copper CAS | $1.20–$1.35/lb | $2.00–$2.30/lb | +68.6% |
| Rainy River gold CAS | $2,150–$2,350/oz | $2,700–$3,000/oz | +26.7% |
| Total capital spending | $437–$526 million | $520–$605 million | +16.8% |
A portion of the increased cost outlook is due to accounting impacts, not solely mining operations. Rainy River’s forecast factors in $244 million related to purchase price allocation and streaming accounting. New Afton’s projection incorporates a $20 million allocation. Operational challenges persist with gradual production ramps.
Chief Executive Mitchell J. Krebs predicted “sharp increases in our production levels and free cash flow” over the second half. Coeur anticipates adjusted EBITDA around $2.3 billion and free cash flow of $1.5 billion in 2026. The company projects year-end cash nearing $2 billion. Coeur Mining
Based on Thursday’s market capitalisation of $16.34 billion, the projected cash flow suggests a forward yield of about 9.2%. This estimate is initial and relies significantly on metals prices and production for the second half.
Market conditions indicate the decline is confined to the company. Gold climbed 0.4% to a seven-week peak, as losses were milder among mining sector peers. Hecla Mining Company NYSE:HL, Pan American Silver Corp. NYSE:PAAS and the VanEck Gold Miners ETF NYSEARCA:GDX each fared better than Coeur.
| Security | Price at about 12:48 p.m. EDT | Session change |
|---|---|---|
| Coeur Mining | $15.90 | down 8.8% |
| Hecla Mining | $15.99 | down 3.3% |
| Pan American Silver | $47.85 | down 0.8% |
| VanEck Gold Miners ETF | $83.30 | down 0.5% |
Coeur has started to counteract the dilution from its acquisition. By July 31, the company had bought back 6.7 million shares for $121 million. This amount represents roughly 1.7% of the 392.7 million shares issued in March. Despite these buybacks, shares outstanding rose by 60% between December and June.
Wall Street stayed upbeat at the dateline, but confidence had waned. The current count could be from before the second-quarter report.
| Analyst recommendation | Current | One month earlier |
|---|---|---|
| Buy | 9 | 10 |
| Overweight | 1 | 1 |
| Hold | 2 | 1 |
| Underweight | 0 | 0 |
| Sell | 0 | 0 |
| Consensus | Buy | Buy |
The median price target was $24.00, while the mean was $24.20. Estimates ranged between $18.75 and $35.00. These targets could be revised as analysts assess the updated guidance.
Key risks continue to centre on underground execution, contractor reliability, and fluctuations in metal prices. Increased capital requirements may also limit funds available for additional share repurchases. The majority of the company’s annual cash target is expected later in the year.
New Afton is projected to achieve 16,000 tonnes per day at the start of the fourth quarter. Rainy River aims for a daily throughput of 5,000 tonnes by the end of the year, increasing from 3,300 in July. These benchmarks will demonstrate whether record cash flow can translate into per-share increases.
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