NEW YORK, June 24, 2026, 17:21 EDT
- Coeur Mining dropped 5.1% to $15.47, underperforming other big silver miners and the main gold and silver mining ETFs.
- Spot gold and silver were both much lower than the metals prices Coeur used for its 2026 outlook.
- The stock is valued around $16.0 billion, about $3.4 billion lower than the market cap Coeur showed in its June 23 investor deck.
Coeur Mining (CDE) shares lost $0.84, ending Wednesday at $15.47 after dropping roughly 5.1%. Precious metals sold off hard, weighing on the miner’s 2026 cash-flow outlook just days after its S&P MidCap 400 debut. Shares touched a session low of $15.15 as about 41.7 million shares traded.
Gold and silver prices slid hard, not just mining stocks. Reuters said spot gold dropped 3.3% to $3,973.79 an ounce by 2 p.m. EDT, with spot silver losing 9.1% at $56.41. That left gold about 13% under the $4,550 price Coeur used for its 2026 outlook, and silver nearly 27% below its $77.50 guidance price.
That gap is key. On June 23, Coeur used its J.P. Morgan Natural Resources Conference deck to outline targets of more than $3 billion of EBITDA and $2 billion of free cash flow for 2026. EBITDA stands for earnings before interest, tax, depreciation and amortization. Free cash flow means cash from operations after capital spending.
Coeur’s slide deck listed its market cap at $19.4 billion using a $18.79 share price from June 16. Shares closed Wednesday at $15.47, putting the market cap around $16.0 billion. That’s roughly $3.4 billion short of what the company showed in its deck.
The stock fell below all analyst targets shown in that deck. Cantor Fitzgerald’s Hold-rated target is the lowest at $19, while CIBC Capital Markets sits at $40. Shares are trading about 19% under Cantor’s $19.
Coeur picked up index backing this month when S&P Dow Jones Indices slotted the company into the S&P MidCap 400 ahead of the June 22 open. The stock landed in the Materials sector. BellRing Brands got dropped from the index.
The SPDR S&P MidCap 400 ETF gained 0.6%, but that didn’t keep pressure off Coeur. Shares dropped harder than Pan American Silver, which lost around 4.0%, Hecla Mining, off roughly 3.7%, and the Global X Silver Miners ETF, also down 3.7%.
Coeur has a bigger silver exposure than a lot of mid-cap miners. The company’s deck in June put its mix at around 65% gold, 30% silver and 5% copper after its latest deals. But in Coeur’s first-quarter statement, gold made up 56% of revenue and silver was 42%. Q4 Capital
Coeur Chairman and CEO Mitchell J. Krebs said in the May earnings release that the company is off to a “strong start to what is expected to be a record year.” He noted the first quarter would likely be the softest of the year, since New Afton and Rainy River only added 11 days of results after the New Gold deal closed on March 20. Coeur Mining
The big question now is if those assets can balance out weaker metal prices. For 2026, Coeur expects to produce 680,000 to 815,000 ounces of gold, 18.68 to 21.93 million ounces of silver, and 50 to 65 million pounds of copper. Rainy River is set to lead gold output, while Rochester and Palmarejo are slated for most of the silver.
Tai Wong, a precious-metals trader, told Reuters a hawkish Fed and a strong dollar are “putting heavy pressure on precious metals.” He said the “gold trade is now out of favor.” Reuters
Coeur’s risk is straight forward. If gold and silver remain below its guidance prices, it will have less flexibility to hit its free cash flow target and still cover $291 million to $337 million in sustaining capex, $146 million to $189 million in development capex, and $118 million to $132 million earmarked for expensed exploration this year. More output might help offset the gap, but price moves quicker.
