Coeur Mining, Inc. (NYSE: CDE) has announced impressive financial results for the third quarter of 2025, marking a continuation of its robust operational performance. The company reported record revenue of $555 million, a substantial increase from $481 million in the previous quarter and $314 million in the same quarter last year. Cash flow from operating activities also reached an impressive $238 million, further underscoring the company's operational strength.

The company’s GAAP net income from continuing operations hit a record $267 million, translating to earnings of $0.41 per share. On an adjusted basis, Coeur reported an EBITDA of $299 million, maintaining a healthy growth trajectory in its financial metrics.

Key Highlights

Record Production Levels: Coeur achieved record production levels, with silver output reaching 4.8 million ounces—up 1% quarter-over-quarter and a staggering 57% year-over-year. Gold production also saw an increase of 3% quarter-over-quarter and 17% year-over-year, totaling 111,364 ounces.

Positive Cash Flow: This marks the fifth consecutive quarter of positive free cash flow, which increased by 29% from the previous quarter to $189 million. The adjusted EBITDA grew by 23% versus the prior quarter, bringing the trailing twelve-month total to $808 million.

Strong Financial Position: Coeur significantly bolstered its liquidity position, with cash and equivalents more than doubling to $266 million compared to the previous quarter. The company has repaid over $228 million in debt year-to-date, reducing its net leverage ratio to an impressive 0.1x by the end of the quarter.

Refined Guidance: The company refined its full-year production guidance, increasing the midpoint for expected gold production to 415,250 ounces while slightly lowering the midpoint for expected silver production to 18.1 million ounces. Coeur also lowered its cost guidance at three of its five operations.

2. Operational Excellence

Mitchell J. Krebs, Chairman, President and CEO of Coeur, attributed the company’s success to balanced contributions across its five North American gold and silver operations, along with strong cost control measures. Krebs stated, “Coeur delivered another quarter of record financial results, driven by higher prices, balanced contributions from all five of our North American gold and silver operations along with overall strong cost control.”

Production Overview

Las Chispas, Mexico: This operation experienced notable success, with gold production of 16,540 ounces and silver production of 1.6 million ounces during the quarter.

Palmarejo, Mexico: The operation produced 24,802 ounces of gold and 1.5 million ounces of silver, although it faced challenges with lower grades.

Rochester, Nevada: Production increased to 1.6 million ounces of silver and 14,801 ounces of gold.

Kensington, Alaska: The operation produced 27,231 ounces of gold, showing a positive trend in production performance.

Wharf, South Dakota: Gold production increased to 27,990 ounces, achieving a 16% quarter-over-quarter growth.

Exploration Investments

Coeur continues to invest heavily in exploration, with approximately $30 million allocated during the quarter. The focus remains on expanding existing resources and discovering new deposits, particularly in regions such as Las Chispas and Palmarejo. The company is actively pursuing high-grade structures to enhance its free cash flow profile.

3. Conclusion

Coeur Mining Inc. is positioning itself strongly for the remainder of 2025 and beyond. With anticipated higher average realized prices and increasing margins, the company expects its full-year adjusted EBITDA to surpass $1 billion and free cash flow to exceed $550 million. As Krebs noted, the company is set to continue delivering record operating and financial results in 2026, reinforcing Coeur Mining’s status as a leading player in the precious metals sector.

For investors and stakeholders, Coeur Mining’s robust performance in Q3 2025 underscores a solid outlook for the future, driven by operational excellence and strategic financial management.

Original press release