Coeur Mining (CDE) J.P. Morgan Natural Resources Conference Presentation summary

Strategic developments and portfolio overview

• Completed Rochester mine expansion, acquired SilverCrest (Las Chispas), and added New Gold's Canadian mines, creating a balanced North American portfolio with seven operations and a $20B market cap.

• Revenue mix for 2026E is projected at 65% gold, 30% silver, and 5% copper, with 66% of revenue from the U.S. and Canada.

• Institutional ownership is strong, with top holders including Van Eck, BlackRock, and Vanguard.

• Analyst consensus is overwhelmingly positive, with most rating the stock as Buy or Outperform and price targets up to $40.

Financial performance and guidance

• 2026 guidance targets over $3B in EBITDA and $2B in free cash flow, with sector-leading FCF yield and improved margins.

• Adjusted EBITDA margin reached 63% in Q1 2026, with free cash flow up 1,413% year-over-year.

• Cost control initiatives have offset inflation, with stable or reduced diesel, labor, and power costs per unit.

• Net leverage ratio improved to (0.1)x by Q1 2026, with a cash balance of $843M and a $750M share repurchase program.

• 2026 production guidance: 680,000–815,000 oz gold, 18.7–21.9M oz silver, and 50–65M lbs copper.

Capital allocation and exploration

• Updated financial policy prioritizes high-return organic growth, balance sheet strength, and enhanced shareholder returns.

• 2026 exploration budget is $147M–$169M, focusing on resource expansion at Palmarejo, Las Chispas, Silvertip, and reserve replacement at Kensington and Wharf.

• Major capital investments in 2026 include ramp-up at New Afton, Rainy River underground transition, and Silvertip project studies.