Coeur Mining, Inc. (CDE): History, Ownership, Mission, How It Works & Makes Money

When you look at Coeur Mining, Inc. (CDE) today, are you seeing the same mid-tier producer that reported a record Q3 2025 revenue of $555 million, or the new North American powerhouse that just announced a $7 billion acquisition? The company is defintely in a transformative moment, moving from a strong year-projecting full-year 2025 Adjusted EBITDA to exceed $1 billion-to a new strategic tier, which should make you re-evaluate its history, ownership, and entire business model. This is a crucial time to understand how a 97-year-old company, founded in 1928, is leveraging its U.S.-centric asset base to become a projected $20 billion market cap entity, and what that means for its future cash flow and risk profile.

Coeur Mining, Inc. (CDE) History

You're looking for the foundation of Coeur Mining, Inc. (CDE), and honestly, it's a story of incredible resilience-a mining company that survived the Great Depression and transformed itself from a regional silver player into a diversified, multi-billion-dollar North American gold-silver powerhouse. The core takeaway is that Coeur Mining's nearly century-long history is defined by two major strategic pivots: diversification away from pure silver and a massive, recent push for scale and financial strength in 2025.

Given Company's Founding Timeline

The company's origin is rooted in the legendary silver district of Idaho, a far cry from its current Chicago headquarters.

Year established

The company was formally incorporated on May 15, 1928, as Coeur d'Alene Mines Corporation.

Original location

It was founded in the Coeur d'Alene district of northern Idaho, initially focused on consolidating and operating regional silver assets in the area known as the Silver Valley.

Founding team members

The company was established by a group of regional mine engineers, managers, and Spokane-Idaho financiers. To be fair, specific names of the original founding team members are not explicitly documented in public records, but the initial vision was clearly driven by local expertise in underground silver operations.

Initial capital/funding

Details regarding the exact initial capital or funding from 1928 are not readily available. What this estimate hides is that the company's early funding came from consolidating existing regional silver claims and securing backing from local investors familiar with the volatile cycles of the Silver Valley.

Given Company's Evolution Milestones

The company's evolution is a textbook example of a miner moving from a single commodity and region to a balanced, multi-asset portfolio, culminating in a massive push for scale in 2025.

Given Company's Transformative Moments

The company didn't just drift; it made a few defintely bold, decisive shifts that changed its DNA.

The first major transformation was the pivot from a pure-play, regional silver miner to a diversified precious metals producer in the 1980s. This was a crucial risk-mitigation move, adding gold assets like the Rochester and Wharf mines to balance the volatility of the silver market. That's how you build a resilient business.

The second big moment was the 2013 rebrand and the move of the headquarters out of Idaho to Chicago. This wasn't just a cosmetic change; it was a strategic decision to signal to institutional investors a new era of growth, disciplined capital allocation, and a focus on being a major, modern North American mining entity. This is where the company started to truly focus on its current portfolio of four core assets: Kensington, Palmarejo, Rochester, and Wharf.

The most recent, and arguably most impactful, transformation occurred in 2024-2025, driven by two simultaneous actions:

• Massive Operational Expansion: The Rochester expansion project in Nevada ramped up, substantially boosting silver and gold output and setting the stage for long-life, low-cost production.
• High-Grade Acquisition: The February 2025 acquisition of SilverCrest Metals Inc. for $1.58 billion brought the high-grade Las Chispas mine into the portfolio, dramatically improving the company's average grade and cash flow profile.
• Deleveraging and Performance: Strong operational performance in 2025 allowed for accelerated debt reduction, with the remaining $110 million on the revolving credit facility repaid in Q2 2025. The company is projected to achieve over $1 billion in full-year 2025 adjusted EBITDA and over $550 million in free cash flow, a huge step-change from prior years.

This recent success, fueled by higher realized metal prices (Q3 2025 average gold price was $3,148 per ounce) and operational execution, culminated in the November 2025 announcement of the $7 billion acquisition of New Gold, aiming for an even greater scale. If you want to dig into the market reaction to these moves, you should be Exploring Coeur Mining, Inc. (CDE) Investor Profile: Who's Buying and Why?

Coeur Mining, Inc. (CDE) Ownership Structure

Coeur Mining, Inc. is a publicly traded company on the New York Stock Exchange (NYSE: CDE), meaning its ownership is distributed among a wide base of institutional and individual investors. As of the end of the 2025 fiscal year, the company's control rests overwhelmingly with institutional funds, a common structure for a major precious metals producer with a market capitalization around US$9.7 billion.

Coeur Mining, Inc.'s Current Status

Coeur Mining, Inc. is a U.S.-based, publicly listed precious metals producer, trading under the ticker CDE on the New York Stock Exchange. The company's status is currently defined by a major strategic move: the definitive all-stock agreement announced on November 3, 2025, to acquire New Gold Inc. in a landmark US$7 billion transaction.

This deal, while expected to close in the first half of 2026, is the single most important factor for future ownership, as existing Coeur stockholders are projected to own approximately 62% of the combined entity. The merger is designed to create one of North America's largest precious metals producers, with projected full-year 2025 adjusted EBITDA expected to exceed $800 million for the pre-merger Coeur.

You can read more about the strategic rationale for this expansion here: Mission Statement, Vision, & Core Values of Coeur Mining, Inc. (CDE).

Coeur Mining, Inc.'s Ownership Breakdown

Institutional investors hold the dominant stake, giving them significant collective influence over major corporate decisions, like the recent New Gold acquisition. This high institutional ownership-over 73%-means the stock price is defintely sensitive to the trading actions of these large funds.

Coeur Mining, Inc.'s Leadership

The company is steered by a seasoned executive team with an average tenure of 6.8 years, providing stability and deep industry knowledge. The leadership is currently focused on integrating the new assets from the New Gold acquisition to deliver on the projected 2026 production and financial targets.

The core executive leadership team as of November 2025 includes:

• Mitchell J. Krebs: Chairman, President, and Chief Executive Officer (CEO). He has led the company since 2011 and is the central figure in the company's strategic direction, including the recent merger.
• Thomas S. Whelan: Senior Vice President and Chief Financial Officer (CFO). He manages the financial strategy and capital structure, a critical role given the company's expansion.
• Michael Routledge: Senior Vice President and Chief Operating Officer (COO). He oversees the operational performance of the company's five wholly-owned mines across North America and Mexico.
• Casey M. Nault: Senior Vice President, General Counsel & Company Secretary.
• Emilie C. Schouten: Senior Vice President of Human Resources & Chief Human Resources Officer.

Coeur Mining, Inc. (CDE) Mission and Values

Coeur Mining, Inc.'s core commitment extends well past the balance sheet, centering on a mission to create value through mining that is both excellent and deeply responsible to people and the planet. This focus on ethical operations is the cultural bedrock supporting its ambitious growth, especially with the strategic additions in 2025.

You can see the direct impact of these principles in their operational targets; for instance, the company already surpassed its goal, reducing greenhouse gas (GHG) net intensity emissions by 38 percent as of the end of 2024, exceeding the 35 percent target.

Coeur Mining's Core Purpose

The company's purpose statement is the foundation for daily decisions, guiding an approach that balances financial performance with environmental and social stewardship. This is what you need to know about their formal aspirations.

Official mission statement

Coeur Mining's formal mission statement is: 'Creating value through excellence in socially responsible and safe mining.' This isn't just about digging up metal; it's a commitment to maximizing shareholder returns while adhering to the highest standards of safety and community engagement.

Here's the quick math on the value they're creating: the acquisition of SilverCrest Metals Inc., a $1.6 billion transaction completed in February 2025, is a clear move to deliver on this mission by enhancing their asset base.

Vision statement

The vision is focused on North American leadership and sustainability, aiming to be America's premier, growing provider of precious and critical minerals. This strategy is underpinned by a few clear components:

• Be a leading, socially responsible, precious metals company.
• Prioritize a balanced, prospective asset base in mining-friendly jurisdictions.
• Achieve sector-leading near-term expected growth.

The vision is tangible in the 2025 production forecasts, which project over 400,000 ounces of gold and 18 million ounces of silver, marking a 20 percent and 62 percent year-over-year increase, respectively. This growth is defintely tied to their strategic vision.

For a deeper dive into who is betting on this vision, check out Exploring Coeur Mining, Inc. (CDE) Investor Profile: Who's Buying and Why?

Coeur Mining slogan/tagline

Coeur Mining uses a clear and action-oriented purpose statement that functions as their internal tagline: 'We Pursue a Higher Standard.'

This higher standard is broken down into three core values that guide the work of their approximately 2,100 employees:

• PROTECT: Their people, places, and planet.
• DEVELOP: Quality resources, growth, and plans.
• DELIVER: Impactful results through teamwork.

What this estimate hides is the ongoing work, like the 2025 plan to expand the Biodiversity Management Standard to the newly acquired Las Chispas operation, which shows the 'PROTECT' value in action.

Coeur Mining, Inc. (CDE) How It Works

Coeur Mining, Inc. operates as a precious metals producer, primarily generating revenue by extracting, processing, and selling gold and silver from its five operating mines across North America. The company makes money by converting mineral reserves into high-value bullion and concentrate, capitalizing on strong metal prices and operational efficiencies, which drove trailing twelve-month revenue to approximately $1.70 billion as of September 30, 2025.

Coeur Mining, Inc.'s Product/Service Portfolio

The company's portfolio is centered on two primary precious metals and includes base metal by-products, all sold to refineries and industrial consumers globally.

Coeur Mining, Inc.'s Operational Framework

The company's value creation process is a focused mine-to-market model built around its North American asset base, which is currently undergoing a significant transformation. This is a capital-intensive process, so maintaining capital efficiency is defintely key.

• Exploration and Development: Identify and delineate commercially viable mineral deposits, such as the ongoing exploration at Silvertip, which secures the long-term resource pipeline.
• Mining and Extraction: Operate a diversified portfolio of mines-including the large-scale, open-pit Rochester mine and the underground Palmarejo and Kensington mines-to extract gold and silver ore.
• Processing and Refining: Process the extracted ore using heap leaching (like at Rochester) or milling/flotation (like at Palmarejo) to produce doré (unrefined bullion) or metal concentrates.
• Sales and Monetization: Sell the final products to third-party customers and smelters under off-take agreements, directly translating production into revenue. The company's 2025 production guidance is strong, projecting 380,000 to 440,000 ounces of gold and 16.7 to 20.3 million ounces of silver.

The successful ramp-up of the Rochester expansion and the integration of the Las Chispas operation are the biggest near-term drivers, helping the company project over $800 million in full-year 2025 adjusted EBITDA.

Coeur Mining, Inc.'s Strategic Advantages

Coeur Mining's market success is grounded in a few clear, actionable strategic advantages that set it apart in the competitive precious metals sector.

• North American Jurisdictional Focus: The portfolio is 100% focused on North America (US, Canada, and Mexico), which significantly de-risks operations from the geopolitical instability often seen in other mining regions.
• Operational Scale and Efficiency: The successful completion of the Rochester expansion has made it a massive silver producer, and the integration of high-grade assets like Las Chispas has driven record financial results, including a Q3 2025 revenue of $554.6 million.
• Transformative M&A for Diversification: The announced $7 billion acquisition of New Gold Inc. in November 2025, though closing in 2026, immediately positions the combined entity as a top-tier North American producer, adding significant copper exposure and further scale.
• Leverage to Precious Metal Prices: With a substantial production profile, the company is uniquely positioned to benefit from high gold and silver prices, which were near all-time highs as of late 2025.

The strategic move to acquire New Gold is a game-changer; it's about becoming a senior player with seven operating mines and an estimated pro forma equity market capitalization of roughly $20 billion. If you want to dive deeper into who is betting on this strategy, check out Exploring Coeur Mining, Inc. (CDE) Investor Profile: Who's Buying and Why?

Coeur Mining, Inc. (CDE) How It Makes Money

Coeur Mining, Inc. makes money the old-fashioned way: by mining and selling precious metals, primarily gold and silver, from its five key operations across North America. The company's revenue is a direct function of the volume of ounces it produces multiplied by the volatile, open-market price of those commodities.

Coeur Mining, Inc.'s Revenue Breakdown

As a precious metals producer, Coeur Mining's income streams are straightforward, but the balance between its two main metals is a critical factor in its financial health. The Q3 2025 results show a clear revenue mix, with gold contributing the larger share of the record-breaking quarter.

The revenue mix shifted slightly toward gold in Q3 2025 compared to the prior quarter, but the overall trend is one of significant expansion. The company's trailing twelve months (TTM) revenue ending September 30, 2025, hit roughly $1.701 billion, representing a massive 68.28% increase year-over-year, which tells you everything you need to know about the growth trajectory right now.

Business Economics

The economics of Coeur Mining's business are a classic study in operating leverage-the margin between the realized metal price and the cost to pull it out of the ground. The company doesn't set its price; it's a price-taker, so its profitability hinges entirely on cost control and production efficiency.

• Pricing Mechanism: Coeur Mining sells its gold and silver at the prevailing spot market price (the current price for immediate settlement). In Q3 2025, the average realized gold price was $3,148 per ounce, and the average realized silver price was $38.93 per ounce, both substantially higher than the previous year.
• Cost Control: The key metric here is the Adjusted Costs Applicable to Sales (CAS), which is the direct operating cost per ounce. In Q3 2025, the CAS was $1,215 per ounce for gold and $14.95 per ounce for silver. Here's the quick math: a gold price of $3,148/oz versus a CAS of $1,215/oz means a gross margin of nearly $2,000 per ounce. That's a powerful margin.
• Capital Allocation: The company is investing heavily to maintain and grow production. In Q3 2025, capital expenditures totaled $49 million, with approximately 70%, or $34 million, dedicated to sustaining capital (keeping the current mines running). The remaining 30% goes to development projects like the Rochester expansion, which is now operational and driving future growth.
• Growth Driver: The recent, transformative $7 billion acquisition of New Gold, announced in November 2025, is defintely a game-changer, folding two major Canadian mines into the portfolio and is expected to boost future production and cash flow significantly.

Coeur Mining, Inc.'s Financial Performance

The company's financial performance in 2025 reflects the intersection of higher metal prices and improved operational execution, leading to a significant step-change in profitability and balance sheet strength. This is a story of margin expansion and deleveraging.

• Revenue: Q3 2025 revenue was a record $555 million, up 76.9% from the same quarter last year.
• Profitability (EBITDA): Full-year 2025 Adjusted EBITDA is now expected to exceed $1 billion, a huge jump that showcases the leverage in the business model.
• Cash Flow: The company generated record quarterly Free Cash Flow of $189 million in Q3 2025, which is roughly $2 million per day. Full-year 2025 Free Cash Flow is projected to top $550 million.
• Balance Sheet: Cash and equivalents more than doubled in Q3 2025 to $266 million. The company has aggressively repaid debt, reducing its net debt ratio to an impressive 0.1x Adjusted EBITDA, with a net cash position anticipated in 2026.

To be fair, the stock price reaction to Q3 results was mixed, but the underlying financial metrics-especially the cash flow and debt reduction-are unequivocally strong. If you want to dive deeper into who is betting on this turnaround, you should check out Exploring Coeur Mining, Inc. (CDE) Investor Profile: Who's Buying and Why?

Coeur Mining, Inc. (CDE) Market Position & Future Outlook

Coeur Mining, Inc. has fundamentally repositioned itself in late 2025, moving from a mid-tier producer to a major North American precious metals powerhouse with the landmark acquisition of New Gold Inc. This strategic move, announced in November 2025, is expected to generate a combined $3 billion in EBITDA and $2 billion in free cash flow in 2026, dramatically altering its scale and competitive standing.

You are looking at a company that is finally realizing the value of its multi-year capital investment cycle, shifting its focus from heavy spending to aggressive debt reduction and shareholder returns. Honestly, the biggest driver right now is the sheer scale of the new combined entity.

Competitive Landscape

The acquisition of New Gold Inc. immediately vaults Coeur Mining into the ranks of senior producers. The table below visualizes its estimated relative market share against key North American and international peers, based on their respective 2025/2026 production forecasts in Gold Equivalent Ounces (GEO).

Opportunities & Challenges

The company is uniquely positioned to capture value from both the precious metals rally and its operational improvements, but it still faces the defintely real risks of integrating a massive new asset base and managing project stabilization.

Industry Position

Coeur Mining is now a North American leader, a top-tier silver producer, and a multi-commodity player, which is a significant shift from its historical mid-cap status. This new scale provides better access to capital and greater resilience against localized operational issues.

• North American Focus: The combined entity is 100% North American-based, operating seven high-quality mines across the U.S., Canada, and Mexico, mitigating geopolitical risk often associated with mining.
• Silver Leadership: Post-acquisition, the company is positioned as a top 5 global silver producer, capitalizing on silver's dual role as a safe-haven asset and a critical industrial metal for solar and EV technology.
• Financial Strength: Q3 2025 revenue hit a record $555 million, driven by higher metal sales and average realized prices of $3,148 per ounce for gold and $38.93 per ounce for silver.
• Investment Thesis: The narrative has changed from a high-growth, high-capex story to a large-scale, free cash flow machine; the focus is now on execution and margin expansion.

For a detailed look at the company's recent financial performance and balance sheet health, see Breaking Down Coeur Mining, Inc. (CDE) Financial Health: Key Insights for Investors.