NEW YORK, July 22, 2026, 1:10 p.m. (EDT)
- Coeur stock gained 4.2% to reach $15.94 as of 12:53 p.m. EDT in active NYSE trade.
- Market value stood at $16.49 billion, coming in roughly 0.8% higher than Pan American’s $16.36 billion.
- The August 5 results will reflect the initial complete quarter since acquiring two Canadian mines.
Shares of Coeur Mining, Inc. NYSE:CDE rose alongside bullion on Wednesday, with the company’s market capitalisation hitting $16.49 billion, slightly surpassing Pan American Silver Corp. NYSE:PAAS.
The gap in valuation is narrow, but the difference in cash flow is significant.
Coeur generated $267 million in free cash flow for the first quarter. Pan American posted $488 million on an attributable basis. Coeur’s total accounted for 55% of its rival’s.
The comparison comes with a significant caveat. Coeur’s ownership of New Afton and Rainy River spanned just 11 days of the first quarter. August will mark the initial full-quarter assessment since the integration.
| Company | Intraday move | Market value | Q1 free cash flow | Illustrative annualized FCF yield* |
|---|---|---|---|---|
| Coeur Mining NYSE:CDE | up 4.2% | $16.49 billion | $267 million | 6.5% |
| Pan American Silver NYSE:PAAS | rising 1.5% | $16.36 billion | $488 million, attributable | 11.9% |
| Hecla Mining Co. NYSE:HL | advancing 3.4% | $10.67 billion | $144 million, continuing operations | 5.4% |
Initial estimate: company-disclosed free cash flow for the first quarter annualised and then divided by the latest market capitalization. This does not represent a projection. Criteria vary between companies.
The wager is evident. The newly acquired mines are expected to boost cash flow each quarter.
Metal prices increased on Wednesday, with spot gold climbing 1.8% to $4,150.91 per ounce as of 12:41 p.m. Silver advanced 2.2% to $60.09.
Coeur continued to outperform both metals as well as Pan American. FXTM analyst Lukman Otunuga said, “Gold exploded higher,” pointing to a softer dollar and buying on dips. Reuters
Coeur reported revenue of $856 million and adjusted EBITDA of $475 million for the first quarter. The company produced 96,503 ounces of gold and 4.4 million ounces of silver.
The company expects to produce between 680,000 and 815,000 ounces of gold for the full year. Guidance for silver is set in the range of 18.7 million to 21.9 million ounces. Copper production is projected to reach 50 million to 65 million pounds.
Chief Executive Mitchell Krebs described the results as “a strong start to what is expected to be a record year.” Cash stood at $843 million at the end of March. Coeur Mining
Coeur is set to announce its second-quarter results following market close on August 5. The quarter will reflect a complete three months of contribution from both Canadian mines.
Investors are set to monitor free cash flow, acquired mine costs, and overall capital expenditure. Coeur anticipates allocating approximately $500 million in sustaining and development capital during 2026. The company also projects exploration outlays of about $160 million.
Risks: Declining metal prices may reduce revenues and margins. Fluctuating grades, integration setbacks, and rising costs could put pressure on cash flow.
Coeur’s market value matched Pan American’s as of Wednesday. The upcoming August 5 results will reveal if the quarter’s cash flow has helped reduce the difference.
