Coeur Mining's Q2 2025: Unpacking Contradictions in Tax Strategy, M&A Focus, and Silvertip Development

Tax liabilities and strategy, M&A strategy and focus, Silvertip development timeline, and tax strategy and financial management are the key contradictions discussed in Coeur Mining's latest 2025Q2 earnings call.



Financial Performance and Free Cash Flow:
- Coeur Mining reported record free cash flow of $146 million, leading to the repayment of its revolving credit facility and initial share repurchases.
- The increase in free cash flow was driven by higher precious metal prices and strong operational performance across all operations.

Production Growth at Las Chispas and Rochester:
- Las Chispas achieved a full quarter of high-grade production, with 1.5 million ounces of silver and 16,000 ounces of gold, beating annual guided levels.
- Rochester saw a significant increase in crushed tons, which led to expectations for a strong second half of production growth.

Exploration and Resource Expansion:
- Exploration activities continued at pace, with up to 27 rigs drilling across the portfolio, focusing on expanding known deposits and testing new targets.
- Key areas of focus include Las Chispas and Kensington, where exploration has been exceeding expectations, with results supporting life-of-mine planning.

Balance Sheet Strengthening and Debt Reduction:
- Coeur Mining fully repaid the remaining balance of $110 million on its revolving credit facility, and its total debt is now below $400 million.
- The company's balance sheet strengthening is attributed to strong cash flow generation and strategic debt repayment.