Coeur Mining (NYSE:CDE) just delivered the biggest quarter in its history on August 6. Quarterly revenue crossed $1 billion for the first time, powered by the first full quarter of contributions from the newly acquired New Afton and Rainy River mines. Free cash flow hit a record, the cash balance topped $1 billion, and the company started paying a dividend for the first time in 30 years.
But an accounting quirk dented reported earnings, and the two new Canadian mines are still finding their footing. For the quarter reported August 6, revenue reached $1.1 billion, up 27% from the prior quarter, while EBITDA hit a record $478 million and free cash flow came in at $388 million, up 45% quarter-over-quarter and more than $4 million a day. The Canadian assets, despite still ramping up, contributed 45% of that free cash flow, roughly $175 million.
Cash on hand doubled from year-end 2025 to $1.1 billion by June 30, with total liquidity over $2 billion. Management is putting that strength to work. It expanded its buyback authorization to $750 million and repurchased $110 million of stock through June 30, alongside paying an inaugural $0.02 dividend, the company's first payout in three decades.
Rochester also had a standout quarter, crushing a record 6.8 million metric tons, a 15% jump from the prior quarter, and finished its Phase IIa leach pad expansion, which should support stronger silver output in the second half. Wharf returned to normal operations after last November's crusher fire damage, exploration results at Palmarejo and Las Chispas continued to look promising, and Coeur joined the S&P 400 MidCap Index effective June 22 (announced June 8). Full-year guidance now calls for roughly $2.3 billion of EBITDA and $1.5 billion of free cash flow.
The quarter had real friction. Realized gold and silver prices came in lower, especially in June, and diesel costs pushed overall expenses higher. Grades ran below plan at Kensington, Rochester, and Palmarejo.
A noncash accounting charge tied to the fair value uplift of acquired Rainy River inventory shaved $140 million, or about $0.10 per share, off second-quarter EPS and EBITDA, part of a full-year total of $244 million at Rainy River and $20 million at New Afton, with another $38 million expected in the third quarter. The ramp-ups themselves have been bumpy. New Afton averaged roughly 12,000 tonnes of daily mining in the quarter, and management now expects to reach its 16,000-tonne target only early in the fourth quarter, later than originally planned.
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