Coeur Mining's Liquidity Increases on Gold Price Surge & Production

Coeur Mining Inc. CDE recorded a significant boost in its liquidity in the third quarter of 2025, with cash and cash equivalents climbing to roughly $266 million, almost double the $111.6 million at the end of the second quarter of 2025. 

The company saw record operating cash flow and solid free cash flow, underpinned by strong gold and silver prices, record quarterly production across its portfolio and disciplined cost control. CDE produced 111,364 ounces of gold and 4.8 million ounces of silver in the quarter, up 17.2% and 59%, respectively, on a year-over-year basis. The realized gold price averaged $3,148 per ounce, and the silver price averaged $38.93 per ounce.  

Coeur generated a record $237.7 million in operating cash flow before capital investments, compared with $111.1 million in the third quarter of 2024, reflecting strong cash generation from core operations.  

The sharp improvement in Coeur Mining’s cash position in the third quarter had a meaningful impact on the company’s overall financial profile. Coeur reduced its net leverage to just 0.1X EBITDA, significantly lowering balance-sheet risk. This strengthened liquidity gives the company greater resilience against gold and silver price volatility, improves its credit profile and reduces reliance on external financing. The stronger cash position provides flexibility to fund mine development and exploration, continue deleveraging and support shareholder actions. 

Among the peers, Agnico Eagle Mines Ltd. AEM significantly bolstered its cash and liquidity at the third quarter-end. AEM reported $2,354.8 million in cash and cash equivalents, up from $926.4 million over the same period last year, a dramatic increase of roughly $1.43 billion. The surge was driven by high realized gold prices and robust production, a substantial cash flow from operations, the monetization of non-core assets and strategic debt repayment, which significantly improves its financial flexibility for growth, capital expenditures and shareholder returns. 

Newmont Corporation NEM reported $5.639 billion in cash and cash equivalents at the third quarter end, reflecting a robust liquidity base for the company. Newmont generated $2.3 billion in net cash from operating activities in the third quarter and delivered a record free cash flow of $1.6 billion. The surge was driven by strong operating performance and higher realized gold prices, executed on its asset and portfolio optimization strategy, generating roughly $640 million in net cash proceeds and disciplined capital allocation and cost control. 

The Zacks Rundown for CDE

Shares of CDE have popped 181% year to date compared with its industry’s 34.1% rise, underpinned by higher gold prices, splendid quarterly production and cost control. 

From a valuation perspective, CDE is currently trading at a forward 12-month price-to-sales of 5.85X to the industry’s average of 3.85X. It carries a Value Score of D. 

The Zacks Consensus Estimate for CDE for 2025 earnings implies year-over-year growth of 383.33%.  

Estimates for 2025 have been trending higher over the past 60 days. 

CDE currently carries a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) here.

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This article originally published on Zacks Investment Research (zacks.com).

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