Coeur Mining on March 23 said its newly closed New Gold acquisition is already reshaping the company’s production profile, lifting 2026 consolidated output guidance 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.
That compares with 2025 production of 419,046 gold ounces and 17.9 million silver ounces for the company’s prior standalone portfolio. The updated outlook includes nine months of contribution from New Afton and Rainy River, the two Canadian mines acquired in the deal.
The company also moved sharply higher on capital returns. Coeur’s board approved a new $750 million share repurchase program, replacing a previous $75 million program, and introduced an inaugural semiannual dividend of $0.02 per share, with the first payment expected in the second quarter of 2026. To support liquidity, Coeur also put in place a new $1.0 billion revolving credit facility, up from the prior $400 million facility.
On spending, Coeur said it expects about $160 million of exploration investment in 2026, after more than $340 million over the last five years. It also plans about $500 million in sustaining and development capital this year.
At New Afton, year-end 2025 proven and probable reserves totaled 36.2 million tonnes containing 780,000 ounces of gold, 2.1 million ounces of silver and 591 million pounds of copper. Measured and indicated resources were 104.7 million tonnes containing 1.5 million ounces of gold, 5.6 million ounces of silver and 1.2 billion pounds of copper, while inferred resources were 7.2 million tonnes containing 100,000 ounces of gold, 338,000 ounces of silver and 83 million pounds of copper.
Coeur also reported a maiden K-Zone resource at New Afton. Measured and indicated resources there totaled 47.6 million tonnes containing 715,000 ounces of gold, 2.9 million ounces of silver and 606 million pounds of copper, with inferred resources of 5.9 million tonnes containing 86,000 ounces of gold, 309,000 ounces of silver and 77 million pounds of copper.
For Rainy River, year-end 2025 proven and probable reserves totaled 2.2 million ounces of gold and 5.6 million ounces of silver. Measured and indicated resources were 1.6 million ounces of gold and 6.5 million ounces of silver, and inferred resources were 418,000 ounces of gold and 1.0 million ounces of silver.
The mine-life picture also improved. New Afton’s reserves-only mine life was extended by one year to 2032, while Rainy River’s reserves-only mine life was extended by two years to 2035. Coeur said New Afton’s C-Zone is expected to average 105,000 ounces of gold and 88 million pounds of copper annually over the next five years, while Rainy River is expected to average 287,000 ounces of gold and 527,000 ounces of silver annually over the next three years.
For the combined 2026 plan, Coeur’s guidance includes gold production of 390,000 to 460,000 ounces from its existing portfolio before New Gold assets, plus 60,000 to 80,000 ounces from New Afton and 230,000 to 275,000 ounces from Rainy River. Silver guidance rises to 18.68 million to 21.93 million ounces, including 130,000 to 180,000 ounces from New Afton and 350,000 to 450,000 ounces from Rainy River. Copper guidance is 50 million to 65 million pounds, all from New Afton.
On costs, Coeur guided New Afton’s co-product costs at $1,000 to $1,200 per gold ounce and $1.20 to $1.35 per pound of copper, while Rainy River’s by-product gold costs were set at $2,150 to $2,350 per ounce.
The company said New Afton’s C-Zone throughput is expected to ramp to 15,000 tonnes per day in the first half of 2026, and about 6,800 meters of ramp development has been approved for the 2026-2028 period. A feasibility study on K-Zone is expected to begin in the second half of 2026. Today the company's shares have moved 6.41% to a price of $22.58. If you want to know more, read the company's complete 8-K report here.
