1. Like a smaller **Newmont** (NEM) or **Barrick Gold** (GOLD), but also actively mining and selling significant amounts of silver, zinc, and lead across North America.

2. Think of it as a scaled-down, North American version of a diversified global miner like **Rio Tinto** (RIO) or **BHP**, with a primary focus on gold, silver, zinc, and lead.

• Gold: A precious metal extracted from its various mines, including Palmarejo, Rochester, Kensington, and Wharf.
• Silver: A precious metal mined at properties such as Palmarejo, Rochester, and Silvertip.
• Zinc: A base metal produced and sold from its Silvertip mine.
• Lead: A base metal extracted and marketed from its Silvertip mine.

Based on the provided company description, Coeur Mining (CDE) sells its products, primarily metal concentrates (gold, silver, zinc, and lead), to other companies rather than individuals.

The company markets and sells its concentrates to third-party customers and smelters under off-take agreements. The description does not specify the names of these individual customer companies or their public symbols.

Mitchell J. Krebs, Chairman, President and Chief Executive Officer

Mitchell J. Krebs was appointed President, Chief Executive Officer, and a member of the Board of Directors of Coeur Mining, Inc. in July 2011, and became Chairman of the Board in May 2024. He joined Coeur in 1995 as Manager of Acquisitions. Prior to his CEO role, Mr. Krebs served as Senior Vice President and Chief Financial Officer from March 2008 to July 2011, and held various positions in the corporate development department, including Senior Vice President of Corporate Development. He has led over $2 billion in capital market transactions and facilitated over $2 billion of acquisitions and divestitures during his twenty-year tenure with Coeur. Before joining Coeur, Mr. Krebs was an investment banking analyst at PaineWebber Inc. He is a former Chairman of the National Mining Association and a past President of The Silver Institute.

Thomas S. Whelan, Executive Vice President and Chief Financial Officer

Thomas S. Whelan was appointed Senior Vice President and Chief Financial Officer of Coeur Mining, Inc. effective January 1, 2019. Prior to joining Coeur, Mr. Whelan served as CFO of Arizona Mining Inc. from September 2017 to August 2018, a company that was acquired by South32 Limited. He also held the position of CFO for Nevsun Resources Ltd. from January 2014 to August 2017. Mr. Whelan is a Chartered Professional Accountant and was previously a partner with the international accounting firm Ernst & Young (EY) LLP, where he served as the EY Global Mining & Metals Assurance sector leader.

Michael Routledge, Senior Vice President, Chief Operating Officer

Michael Routledge serves as the Senior Vice President and Chief Operating Officer for Coeur Mining. He was appointed Chief Operating Officer in May 2020.

Aoife McGrath, Senior Vice President of Exploration

Aoife McGrath joined Coeur Mining as Senior Vice President of Exploration in March 2022. She has over 20 years of experience in various exploration and leadership roles within the metals and mining industry. Most recently, Ms. McGrath was the Vice President of Exploration for the Africa and Middle East region at Barrick Gold Corp. Her prior roles include serving as head of Exploration and Geology for Beadell Resources Limited and various positions at Alamos Gold Inc., including Director, Exploration and Corporate Development and Vice President, Exploration.

Emilie C. Schouten, Senior Vice President, Chief Human Resources Officer

Emilie C. Schouten is the Senior Vice President, Chief Human Resources Officer at Coeur Mining.

Key Risks to Coeur Mining (CDE)

1. Commodity Price Volatility: Coeur Mining's financial performance is highly dependent on the market prices of gold, silver, and to a lesser extent, zinc, lead, and copper. These prices are subject to significant fluctuations due to various factors beyond the company's control, including global economic conditions, currency movements, and speculative trading. A sustained period of declining metal prices would materially and adversely affect Coeur Mining's revenue, profitability, cash flows, and overall financial condition.
2. Operational Risks: The company faces a range of operational risks common to the mining industry. These include dependency on the fluctuating prices and availability of input commodities such as fuel and electricity, the inherent imprecision in estimating mineral reserves and resources, and the potential for operational disruptions at mine sites. Examples of such disruptions include unplanned downtime, equipment failures, labor disputes, and unforeseen geological challenges or accidents like the fire incident at the Wharf mine. Additionally, maintaining consistent ore grades and production levels can be challenging due to mine sequencing, impacting output.
3. Regulatory and Political Risks: Coeur Mining operates in multiple jurisdictions, including the United States, Canada, and Mexico, exposing it to diverse regulatory and political environments. Changes in environmental laws, mining regulations, and tax policies, particularly in countries like Mexico, could lead to increased operational restrictions, higher compliance costs, or the imposition of greater royalties. The company also needs to maintain its social license to operate through ongoing engagement with local communities and stakeholders, as political or social instability could impact its operations. Furthermore, the ability to obtain and maintain necessary permits and comply with various requirements for mining claims and concessions is crucial.

Addressable Markets for Coeur Mining's Main Products

Coeur Mining, Inc. explores for and produces gold, silver, zinc, and lead. The addressable markets for these main products are global, with specific regional insights available for North America where Coeur Mining operates.

Gold

The global gold precious metal market size was valued at US$ 354,004.4 million in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2030. Another estimate placed the global gold market size at USD 291.68 billion in 2024, projected to reach USD 400 billion by the end of 2030 with a CAGR of 6.51% over the forecast period of 2025-2030. In terms of volume, the global gold market size stood at 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034.

North America is a significant region within the global gold market, with one projection indicating it is expected to reach 394.5 tons in 2026. North America held approximately 15% of the global gold market in 2024, driven by robust investment demand and sophisticated mining activities in the U.S. and Canada.

Silver

The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period (2025-2033). Another report estimated the global silver market size at USD 23.51 billion in 2025, with an expected increase to USD 36.51 billion by 2035, at a CAGR of 4.50% during 2026-2035. In terms of volume, the global silver market size is expected to grow from 37.78 kilotons in 2025 to 39.53 kilotons in 2026 and is forecast to reach 49.54 kilotons by 2031.

Mexico was identified as the largest mine producer of silver in 2024. The U.S. silver market is influenced by steady production and strong industrial demand, particularly in electronics and solar panels.

Zinc

The global zinc mining market generated a revenue of USD 66,085.3 million in 2022 and is expected to reach USD 91,334.1 million by 2030, growing at a CAGR of 4.1% from 2023 to 2030. The global zinc market size was also valued at USD 27.2 billion in 2024 and is poised to grow to USD 52.14 billion by 2033. Another projection indicates the global Zinc market is projected to reach USD 25 billion to USD 27 billion in 2025, expanding to USD 29 billion to USD 33 billion by 2030.

North America accounted for 10.3% of the global zinc mining market in 2022. The U.S. zinc market is poised for sustainable growth. New zinc mine capacity is coming online in Mexico.

Lead

The global lead market was valued at USD 29.9 billion in 2025 and is estimated to reach USD 31.2 billion in 2026 and approximately USD 47.1 billion by 2036, reflecting a CAGR of 4.2% during the forecast period. Other estimates for the global lead market size include USD 23.34 billion in 2024, expected to reach USD 37.20 billion by 2032, and USD 21.25 billion in 2024, poised to grow to USD 35 billion by 2033.

North America leads the global lead market, primarily due to high demand from the automotive industry, especially in the U.S. The U.S. and Canada are significant consumers within the global lead market.

Expected Revenue Growth Drivers for Coeur Mining (CDE) Over the Next 2-3 Years

Coeur Mining (CDE) is anticipated to experience significant revenue growth over the next two to three years, driven by a combination of strategic acquisitions, operational optimizations, and robust exploration efforts across its North American precious metals portfolio.

1. Strategic Acquisition and Integration of New Gold Inc.

A primary driver for future revenue growth is the pending acquisition of New Gold Inc., which includes the New Afton and Rainy River operations in Canada. This transaction, expected to close in the first half of 2026, is set to significantly enhance Coeur's production capabilities and geographic diversification within politically stable jurisdictions. Analysts project the combined entity to achieve an annual gold-equivalent production exceeding 1.2 million ounces and annual silver output surpassing 20 million ounces. This expansion is expected to lead to a substantial increase in annual EBITDA, potentially reaching approximately $3 billion, and around $2 billion in free cash flow, based on consensus commodity price assumptions at the time of the transaction announcement.

2. Optimized Production and Continued Ramp-up at Rochester Mine

The multi-year expansion project at the Rochester silver and gold mine in Nevada, completed in 2024, is a crucial internal growth driver. This expansion has transformed Rochester into one of the largest primary silver producers in the United States, enabling substantially higher ore placement and improved recoveries. The mine is now positioned for sustained production growth and stronger free cash flow generation, with expectations for continued operational improvements in 2026.

3. Full-Year Contribution from Las Chispas Mine

The high-grade Las Chispas silver and gold mine in Mexico, acquired in February 2025, is expected to provide a full year of contribution to Coeur's production in the upcoming years. This asset adds a meaningful new source of high-margin gold and silver production, strengthening Coeur's overall production profile and contributing significantly to cash flow.

4. Enhanced Exploration and Resource Expansion

Coeur Mining's commitment to increased exploration spending is a key long-term revenue driver. The company plans to allocate between $120 million and $136 million to exploration in 2026, reflecting management's focus on extending mine life and improving returns through resource expansion. Significant exploration success has already been noted, with a 10% increase in mineral reserves and a 40% expansion in inferred resources across the portfolio in 2025, including notable reserve increases at the Wharf and Palmarejo operations. This ongoing investment is crucial for converting resources to reserves and ultimately expanding future production volumes.

Share Repurchases

• Coeur Mining initiated a $75 million share repurchase program in May 2025, which is set to remain active until May 31, 2026.
• The company repurchased approximately $9.6 million in shares during 2025.

Share Issuance

• Coeur Mining shareholders approved the issuance of shares of Coeur common stock to New Gold shareholders as part of a business combination, with New Gold shareholders expected to own approximately 38% of the combined company.
• Shareholders approved an amendment to Coeur's Certificate of Incorporation to increase the number of authorized shares of common stock from 900,000,000 to 1,300,000,000.
• Coeur Mining's shares outstanding increased by 54.66% in 2025 to 0.615 billion, by 15.85% in 2024 to 0.397 billion, and by 24.67% in 2023 to 0.343 billion.

Inbound Investments

• CI Investments Inc. purchased a new position of 536,528 shares in Coeur Mining during the third quarter (likely 2025), valued at approximately $10.07 million.
• Institutional ownership reached approximately 63.01% as large institutions, including Tidal, Arrowstreet, American Century, UBS, and JPMorgan, significantly increased their stakes.

Outbound Investments

• Coeur Mining announced an agreement to acquire New Gold Inc., a transaction expected to close in the first half of 2026, which will add the New Afton and Rainy River mines and further diversify Coeur's production profile.

Capital Expenditures

• Full-year capital expenditures for 2025 totaled $221.2 million, falling within Coeur's guidance range of $187 million to $225 million.
• Approximately 78% of the 2025 capital spending was allocated to sustaining capital, while the remaining 22% was directed towards development activities across its operating assets.
• Aggressive exploration is planned for 2026, with a record budget primarily allocated outside current stream areas to unlock further upside.