NEW YORK, July 23, 2026, 08:10 EDT
- Shares ended Wednesday at $15.84, rising 3.5%.
- Initial proposals indicate a cost of roughly $202 per drill metre at Las Chispas.
- Gold and silver declined ahead of the main NYSE session on Thursday.
Shares of Coeur Mining, Inc. NYSE:CDE gained 3.5% on Wednesday, marking the first complete trading day following the exploration update released on Tuesday. The stock ended the session at $15.84.
The budget allocation provided a clearer indication. An initial estimate indicates Las Chispas is set to receive 61% more intended drilling metres per dollar than Palmarejo.
This is significant as Coeur pointed to quick reserve conversion at Las Chispas. Increasing metres may expand the pipeline for conversion, but this does not ensure reserves.
At publication time, NYSE core trading was yet to begin, with the session slated to open at 9:30 a.m. EDT. CDE most recently settled at $15.84 in regular trade.
On Wednesday, Coeur outperformed three other U.S.-listed silver competitors.
| Company | Wednesday close | Daily change |
|---|---|---|
| Coeur Mining NYSE:CDE | $15.84 | up 3.5% |
| Hecla Mining NYSE:HL | $15.69 | up 2.6% |
| First Majestic Silver NYSE:AG | $17.31 | up 2.6% |
| Pan American Silver NYSE:PAAS | $45.29 | up 1.9% |
The group followed a surge in bullion prices. Spot gold increased by 1.7% on Wednesday. Silver advanced 2%. Coeur outperformed those peers, rising between 0.9 and 1.6 percentage points more.
The recovery came after a tough previous week. Coeur dropped 10.2% between July 10 and July 17. The stock has bounced back 10.4% this week as of Wednesday.
Coeur is setting aside a record $158 million for exploration activities in 2026. The company’s planned spending in Mexico displays a notable difference in projected costs.
| Asset | Planned spending | Planned drilling | Preliminary implied spend per metre |
|---|---|---|---|
| Palmarejo | $27 million | 83 km | Roughly $325 |
| Las Chispas | $24 million | 119 km | Roughly $202 |
These figures are preliminary and implied, rather than actual reported drilling costs. They do not account for factors such as hole depth, terrain, access, or the composition of the program. Based on these assumptions, Las Chispas appears to be 38% less expensive per metre.
Aoife McGrath, executive vice president for exploration, highlighted the pace of resource conversion. She stated Las Chispas is behind “one of the fastest discovery-to-reserve conversion cycles in our portfolio.” Business Wire
The newest assay results underscore management’s increased urgency. At Promesa, an intercept measured 0.3 metre at 68.4 grams per tonne of gold and 9,199 grams of silver. San Miguel produced 11.5 metres at 6.9 grams of gold and 1,250 grams of silver. Coeur reported that both figures represent estimated true widths.
The expenditure appears manageable in view of recent cash generation. The total annual budget represents 59% of non-GAAP free cash flow from the first quarter. Coeur posted $267 million for this metric, with cash holdings of $843 million. This comparison serves only as a scale reference.
The immediate outlook remains less favorable. Spot gold declined by 1% to $4,087.90 ahead of Thursday’s session. Silver slid 1.8% to $58.6591. The pullback followed gains in oil prices and ongoing worries about interest rates.
The Federal Reserve is scheduled to meet on July 28-29 next week. Coeur will provide its next company update on August 5, after the NYSE closes. The company’s earnings call will take place on August 6.
Risks: Drilled metres might not yield economic ounces. Coeur’s programs could be reduced or impacted by permitting, ground conditions, or grade issues. If metal prices fall, cash flow and project returns may decline. The company notes that these exploration results have not yet established mineral resources.
