What Should Coeur Mining Stock Investors Be Watching Now?
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Coeur Mining (CDE) grew significantly over the past year, but its stock has not kept pace. Sales more than doubled over the twelve months to September 30, 2026, yet the shares lost 16.6% over the past six months while the S&P 500 barely moved. On its November 5 call, management said it expects record full-year results, but it also described forces working against the business. So what is squeezing Coeur Mining on both prices and costs?
Coeur Mining Faces Lower Metal Prices And Cost Inflation
Coeur is getting less for its metal while paying more for labor, supplies and fuel, and management said so itself. In fiscal Q3 2026, the company’s average realized silver price fell 13% from the quarter before, and gold fetched 4% less. Management said the quarter was lighter than expected given lower metals prices and a handful of operational challenges, including heavy rain at Rainy River and Palmarejo and a conveyor belt failure at New Afton.
Underlying inflationary pressures remain present across labor, consumables and contractor costs, management said. Diesel prices alone ran 32% higher than Coeur planned, and management put the extra cost at about $30 million. Because Coeur expects to finish near the low end of its production guidance, management also expects its full-year adjusted cost of the metal it sells to land near the upper end of its guided range.
How Much Of Coeur Mining’s Business Is Exposed?
Almost all of it is exposed, since Coeur generates its revenue by selling metal. Gold made up about 66% of fiscal Q3 2026 revenue, management said, with silver and copper making up most of the rest. Silver, the metal whose price fell most, brought in roughly $266 million of the quarter’s $984 million in revenue.
This revenue base is expanding rapidly. Coeur’s sales reached $3.6 billion over the twelve months to September 30, 2026, up 111.7% from the year before. Management credited a sharp rise in gold production to the New Afton and Rainy River mines it added in late March.
The stock has already fallen a long way. Coeur closed at $15.47 on November 6, 2026, standing 43.0% below its February 27 high. Even so, the shares trade at 22.8 times trailing earnings, against 21.8 for the S&P 500. Valued on sales, Coeur trades at 4.4 times, below the 7.0 it reached at the end of September 2025.
How Worried Should Coeur Mining Holders Be?
The squeeze is real, but management’s own figures show it is small so far. Management said the diesel overrun means less than a 2% increase in annual total direct costs. On the call, management put the fall in Coeur’s third-quarter adjusted cost of gold sold at about 16%, and said a noncash accounting charge tied to the new Canadian mines is now substantially complete. Management said that fall from the second quarter mainly reflected the mix of production and the fading effect of that charge.
Coeur also has the balance sheet to wait. The company held $1.17 billion of cash and short-term investments on September 30, 2026, against $0.709 billion of debt. Still, management’s forecast of record full-year adjusted EBITDA above $2 billion assumes current metal prices.
Shareholders have seen how hard this stock can fall. Coeur shares dropped 49% in the 2022 inflation shock, against 24% for the S&P 500. That history makes the squeeze worth watching closely, even though it is modest today.
When the company reports in February 2027, the figure to watch is the adjusted cost of the metal Coeur sells.
Who Is Watching Your Portfolio’s Risk When You’re Not?
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