Coeur Mining (TSX: CDE) updated its 2026 outlook after completing its acquisition of New Gold. The combined company now guiding to 680,000 to 815,000 ounces of gold, 18.68 million to 21.93 million ounces of silver, and 50 million to 65 million pounds of copper in 2026, reflecting nine months of contribution from New Afton and Rainy River.
That guidance marks a sharp step up from Coeur’s 2025 output of 419,046 gold ounces and 17.9 million silver ounces. Management said the acquisition increases expected overall gold production by 80% and adds a meaningful copper stream to a portfolio still anchored by silver.
The production bridge is concentrated in Canada. Rainy River is expected to contribute 230,000 to 275,000 ounces of gold and 350,000 to 450,000 ounces of silver in 2026, while New Afton is expected to add 60,000 to 80,000 ounces of gold, 130,000 to 180,000 ounces of silver, and all 50 million to 65 million pounds of copper.
New Afton is guided at adjusted costs applicable to sales of $1,000 to $1,200 per gold ounce and $1.20 to $1.35 per pound of copper. Rainy River is expected at $2,150 to $2,350 per gold ounce, making it the highest-cost gold operation in the group. Among legacy mines, Las Chispas carries a $750 to $950 per gold ounce range and $12.50 to $14.50 per silver ounce, while Rochester is guided at $1,350 to $1,550 per gold ounce and $23.00 to $25.00 per silver ounce.
Management paired that heavier spending plan with a more shareholder-friendly financial policy. Coeur’s board authorized a $750.0 million share repurchase program. The company also entered into a new $1.0 billion revolving credit facility, replacing its prior $400.0 million facility, while reiterating a policy goal of maintaining net cash.
Exploration and reinvestment remain central to the strategy. Coeur said it has spent more than $340.0 million on exploration over the last five years and expects to invest about $160.0 million in exploration in 2026. It also expects to invest about $500.0 million in sustaining and development projects this year, including leach pad expansions at Rochester and added tailings capacity at Kensington, while advancing longer-dated opportunities at K-Zone, East Palmarejo, and Silvertip.
Coeur Mining last traded at $24.12 on the TSX.
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