Coeur Mining posted a 229% year-to-date return with revenues of $1.7B and gross margins expanded to 78.6%.
The proposed acquisition of New Gold would boost market cap to roughly $20B and increase 2026 EBITDA guidance to $3B.
Rochester facility expansion drove 80% production increase in Q2 2025. New mineral deposits were discovered at Palmarejo Complex.
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2025 will surely be remembered as the year that both gold and silver prices exploded. The S&P 500 has a year-to-date return of roughly 17%. Gold started off in January at $2,669/oz. and is at $4,387/oz. at the time of this writing, which equates to 69.46%. Silver has gone likewise in the same timespan from $29.90 to nearly $70.00 (133.51%). The large, dominant precious metal mining companies like Barrack Mining and Newmont Corp. have made commensurate gains. However, a case can be made for Coeur Mining (NYSE: CDE), which is ranked by Investopedia at #8 among the top 10 largest North American gold and silver mining entities, to be the one to watch going into 2026.
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Coeur Mining’s Canadian, US and Mexican operations in producing gold and silver have helped it to a current #8 market cap size industry rating.
Headquartered in Chicago, IL, Coeur Mining controls five mines in North and Central America, focused on gold and silver. They are (all reserves proven 2024):
Las Chispas Mine in Sonora, Mexico (reserves: 33.5M oz. Ag and 357,000 oz. Au)
Palmarejo Complex in Chihuahua, Mexico (reserves: 46.0M oz. Ag and 681,000 oz. Au)
Rochester Mine in Nevada (reserves: 191.0M oz. Ag and 1,298,000 oz. Au)
Kensington Mine in Alaska (reserves: 501,000 oz. Au)
Wharf Gold Mine in S. Dakota (reserves: 757,000 oz. Au)
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Thanks to the jump in gold and silver market prices, Coeur Mining stock has a YTD return of +229%.
Coeur Ming’s Rochester facility expansion posted a +80% production increase in Q2 2025, which contributed in part to its 2025 growth. However, the company is in the midst of aggressively expanding its operations, which can potentially help it climb higher up the Top 10 list.
2025 has been an excellent year for Coeur Mining. The company has notched a +229.02% year-to-date return. Overall, its 1-year return is +220.06%, its 3-year return is +442.36%, and its 5-year return is +97.89%. As of the market close on 12/19, Coeur Mining had $1.7 billion in revenues, an LTM operating margin of 29.7%, and LTM revenue growth of 68.3%.
A number of analysts have pointed out the following Coeur Mining details that make it attractively stand out from its rivals, such as:
Gross margins have expanded to 78.6% thanks to gold prices.
2025 CDE debt-to-equity ratio is 0.01 with revolving loan being retired.
Coeur Mining anticipates 2025 EBITDA guidance north of $1 billion.
From a technical analysis perspective: while the stock is up +220%, they note that CDE is still trading roughly 20% below its 52-week high, meaning there is still considerable upside
Roth Capital and Market Screener, among others, have rated CDE a “buy” and projected a price target of $23.00 – $23.10 as of December 22, 2025.
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Coeur Mining’s bid to acquire New Gold can result in the combined company earning a projected 2026 EBITDA of $3 billion.
Drilling commenced on previously unexplored sections of the Palmarejo Complex. In addition to drilling sites in areas where there were proven, but yet unrecovered reserves, a discovery of new gold and silver mineral deposits was made in Camuchin, roughly 6km northeast of Palmarejo. Further geologic studies are underway to determine reserves and other criteria for future drilling and recovery operations.
The San Miguel location in Palmarejo returned multi-kilo silver grades.
New Palmarejo veins at Hidalgo, Independencia Sur, and La Unión were also uncovered.
Coeur Mining’s Silvertip polymetallic exploration project is located in northern British Columbia, Canada. Silvertip is one of the highest-grade silver-zinc-lead projects in the world and sits within a highly prospective land package. The company suspended mining and processing activities at Silvertip in early 2020. However, Coeur Mining has since started to evaluate a larger potential expansion and restart.
Coeur Mining has made an offer to acquire New Gold Inc. (NYSE: NGD), which goes to a New Gold shareholder vote on January 27 2026. The combined company will give Coeur Mining significant gains, such as:
A boost in market cap size from $12.13 billion to roughly $20 billion.
2026 projected production would increase to approximately 1.25 million oz. of gold, 20 million oz. of silver, and roughly 100 million lbs of copper.
2026 guidance would increase to $3 billion EBITDA and $2 billion free cash flow.
The addition of NGD assets will increase Coeur operations to a 7-location platform in the Americas.
Coeur Mining’s strong gold operations gives it a solid operating base that is instantly bankable for liquidity purposes due to gold’s standard as a currency and mode of exchange. Concurrently, its sizable silver production is riding a jet fueled rocket. Due to silver’s enormous industrial demand in electronics, solar, AI, and other applications, its production has fallen short of demand annually for the past 7 years, and that gap is likely to widen further in 2026.
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