We use Google Analytics to count anonymous page views and understand which content gets read. No ads, no profiles. Decline keeps you on cookieless mode. Details.
Coeur Mining, Inc.
Materials · Metals & Mining
Structural: post-SilverCrest, CDE is a ~40% silver / 60% gold producer with Las Chispas (one of the highest-grade primary silver mines globally, ~600 g/t AgEq) anchoring unit economics. Rochester expansion (POA 11) finally ramping to nameplate after multi-year capex overhang - 2026 is first year of full-rate throughput.
Net debt trending down from peak refi levels; free cash flow inflection underway at spot metals.
Bull case:
- Silver beta - every $1/oz move in spot silver ~$25M annualized EBITDA at current mix
- Las Chispas integration de-risks the silver leg; grade + recoveries beat legacy CDE assets
- Rochester ramp closes the credibility gap that kept CDE trading at a discount to AG/PAAS multiples
- Gold leg (Kensington + Wharf + Palmarejo byproduct) provides cash flow floor while silver thesis plays out
- Industrial silver demand (solar PV, EVs) provides structural bid independent of monetary trade
Bear case:
- Pure spot-price taker; no hedge book = full downside to silver/gold drawdowns
- Rochester ramp has slipped multiple times; execution risk not fully behind
- SilverCrest dilution still digesting; share count ~600M post-deal
- All-in sustaining costs at Palmarejo and Kensington remain above peer average
- Mexican mining policy + permitting overhang on Las Chispas / Palmarejo
No major news in the last 7 days for CDE - only listicles and opinion pieces, which we filter out by default. See everything anyway.
No key levels recorded for this ticker.