Coeur Mining ended the second quarter of 2026 with $1.1 billion of cash, nearly 10 times its balance a year earlier and twice its year-end 2025 cash position, as free cash flow surged 165% year-over-year.
Q2 free cash flow reached a record $388 million, increasing 45% sequentially and 165% from a year earlier despite lower realized gold and silver prices compared with the first quarter. Revenue reached a record $1.1 billion, up 126% year-over-year, while adjusted EBITDA increased 124% to a record $478 million.
The stronger financial position reflects the first full quarter of contributions from New Afton and Rainy River following Coeur’s acquisition of New Gold, along with continued output from its five legacy North American operations.
Quarterly gold production reached a record 163,490 ounces, increasing 51% year-over-year and 69% sequentially. The increase reflected New Afton and Rainy River as well as a near doubling in production at Wharf compared with the first quarter.
Coeur is already returning part of the increased cash generation to shareholders. Since launching its enhanced capital-return program in mid-May, the company had repurchased $121 million of common stock, representing 6.7 million shares, through July 31. Coeur also paid its inaugural $0.02-per-share semiannual dividend in June and eliminated $39 million of capital leases during Q2.
The company expects the second half of 2026 to deliver further increases in production and free cash flow. Based on the midpoint of updated guidance, Coeur expects approximately 690,000 ounces of gold, 20 million ounces of silver and 45 million pounds of copper during 2026.
Management also expects approximately $2.3 billion of full-year adjusted EBITDA and $1.5 billion of free cash flow, compared with approximately $1 billion and $666 million, respectively, in 2025.
KEY QUOTES:
“Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we’ve built through a combination of disciplined investments in organic growth and two well-timed acquisitions.”
“The second quarter also marked the launch of our enhanced capital return policy with $121 million of share repurchases made through the end of July and an inaugural dividend paid in June, all while significantly bolstering our cash levels to over $1.0 billion at quarter-end.”
Mitchell J. Krebs, Chairman, President And Chief Executive Officer Of Coeur Mining
