Coeur Mining reported record third‑quarter 2025 results, with revenue of $555 million and GAAP net income of $267 million, or $0.41 per share. Adjusted EBITDA reached $299 million, the highest quarterly figure in the company’s history, driven by higher metal prices and strong production across all five North American operations.
Cash and short‑term investments rose to $266 million, more than doubling from the prior quarter. Operating cash flow for the quarter was $238 million, and free cash flow was $189 million after capital expenditures. The company’s liquidity position has strengthened, supporting debt reduction and future growth initiatives.
Management reiterated its 2025 outlook, projecting adjusted EBITDA that will exceed $1 billion and free cash flow that will surpass $550 million. The company also confirmed its target of a near‑zero net leverage ratio by year‑end, with the net leverage ratio at 0.1x at quarter‑end.
The results were bolstered by a $216 million release of U.S. valuation allowance and a $96.9 million income and mining tax benefit, which contributed to an effective tax rate of –57.0 %. The acquisition of SilverCrest Metals, closed on February 14, 2025, added significant production and assets, further enhancing earnings.
Revenue from the Las Chispas mine contributed $58 million, and adjusted costs per ounce remained below guidance, at $1,215 for gold and $14.95 for silver. Production growth at the Rochester site was offset by challenges, but overall output increased across the portfolio.
Coeur’s debt reduction has been substantial, with over $228 million of total debt repaid year‑to‑date, reducing the net leverage ratio to 0.1x. The company’s cash position has more than doubled, providing a strong foundation for future capital allocation.
While the company’s performance is strong, insider selling by CEO Mitchell J. Krebs and concerns about valuation have been noted by market observers.
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