Coeur Mining Inc

The top 10 silver-focused miners collectively held roughly $4.2 billion in net cash in the second quarter of 2026, more than double the sector's prior peak of about $2.0 billion during the 2010-2011 silver rally. The group-level figure, drawn from filings across companies that derive more than 50% of revenue from silver, marks a reversal from 2014 through 2024, when debt exceeded cash at the group level for most quarters. Hecla Mining closed the quarter with $483.48 million in cash, up 63.03% year over year, after redeeming $263 million of senior notes to become effectively debt-free. Coeur Mining crossed $1 billion in cash for the first time, ending the quarter at $1.05 billion, up 842.51% year over year, and guided year-end cash approaching $2.00 billion. First Majestic Silver ended the quarter with a treasury of $1.25 billion, up 34% from year-end 2025, as silver averaged $70 to $85 per ounce across recent quarters versus sub-$35 a year earlier.

Hecla Mining and Coeur Mining each surged 13% after the Treasury Department said it would at least double buybacks of long-dated government debt, pushing yields lower and lifting precious metals. The 10-year Treasury yield fell 5 basis points to 4.7%, while the 30-year yield declined 8 basis points to 5.2% after hitting its highest level since 2007 earlier this week. Lower yields reduce the opportunity cost of holding metals that pay no income, and miners like Hecla and Coeur carry heavy operating leverage to metal prices. Despite the rally, Hecla Mining stock was down 6% year to date through Tuesday's close, and Coeur Mining shares were up just 4%, so the move looks like a catch-up rather than a confirmed uptrend. First Majestic Silver leads silver peers with an 11% year-to-date gain, while Endeavour Silver has managed just 3%, both lagging the underlying metal.

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Coeur Mining reported its biggest quarter ever on August 6, with revenue crossing $1 billion for the first time, driven by the first full quarter of contributions from the newly acquired New Afton and Rainy River mines. Free cash flow hit a record $388 million, cash on hand doubled to $1.1 billion, and the company initiated its first dividend in 30 years at $0.02 per share. However, a noncash accounting charge of $140 million tied to the fair value uplift of acquired Rainy River inventory dented reported earnings, and both Canadian mines are still ramping up below original targets. Management expanded its buyback authorization to $750 million and repurchased $110 million of stock through June 30, while full-year guidance calls for roughly $2.3 billion of EBITDA and $1.5 billion of free cash flow.

Coeur Mining reported record second-quarter financial results, with revenue of $1.1 billion, a 27% increase over the previous quarter and the first time the company has exceeded the $1 billion quarterly threshold. Adjusted EBITDA was $478.3 million, driven by the inclusion of a full quarter of results from the New Afton and Rainy River operations, while free cash flow reached $387.5 million, a 45% increase quarter over quarter. Gold production rose 69% to 163,490 ounces, silver production was flat at 4.4 million ounces, and copper production was 11.4 million pounds. The company ended the quarter with $1.1 billion in cash, more than double its balance at the end of 2025, and repurchased $121 million of shares while paying its first dividend in 30 years. Management updated full-year 2026 guidance to approximately $2.3 billion in EBITDA and $1.5 billion in free cash flow, reflecting a more gradual ramp-up at the Canadian assets and adjusted metal price assumptions.

Global X Silver Miners ETF has delivered a 46% return over the past three years, surpassing the 27.7% return of SPDR Gold Shares, even as the gold fund leads over five- and ten-year periods with annualized returns of 17.5% and 11.3% compared to 14% and 7.6% for the silver miners fund. The silver miners ETF carries a higher expense ratio of 0.65% versus 0.40% for the gold ETF and exhibits significantly greater volatility with a beta of 0.84 against 0.17. While SPDR Gold Shares holds physical bullion and offers a direct hedge against currency devaluation, the Global X fund invests in silver mining companies, providing operational leverage and potential shareholder returns through dividends and buybacks. The analysis concludes that the silver miners ETF may be the better buy due to management's ability to enhance returns, despite the gold fund's lower cost and stability.

Coeur Mining's stock may be trading at a 46.8% discount to its intrinsic value of about $31.07 per share, according to a Discounted Cash Flow analysis by Simply Wall St. The estimate is based on the company's trailing twelve-month free cash flow of approximately $732.4 million and assumes continued growth. In contrast, Coeur Mining's price-to-earnings multiple of 21.4x sits close to the Metals and Mining sector average of 20.9x and Simply Wall St's fair P/E of 22.3x, suggesting the stock is roughly fairly valued on an earnings basis. The mixed valuation picture comes after a roughly 7x return over three years, with catalysts including recent acquisitions, upcoming index inclusion, and new capital return programs.