Coeur Mining is a North American precious metals producer focused on gold and silver, operating five mines across Nevada, Alaska, South Dakota, and northern Mexico. Coeur mines and sells gold and silver at prevailing market prices to bullion banks, trading houses, and refiners — meaning revenue is almost entirely driven by commodity prices rather than any pricing power of its own. The five operating mines each function as a discrete segment: Las Chispas (a high-grade underground silver-gold mine in Sonora acquired in early 2025), Palmarejo (a long-running underground silver-gold complex in Chihuahua, subject to a gold stream with Franco-Nevada), Rochester (an open-pit heap leach silver-gold mine in Nevada, described as the largest domestic U.S. silver source, currently ramping up after a major crushing capacity expansion), Kensington (an underground gold mine in Alaska that returned to positive free cash flow in 2025 after a multi-year development program), and Wharf (a mature open-pit heap leach gold mine in South Dakota). Coeur's profitability hinges on metals prices, production volumes, ore grades, and cost-per-ounce — key cost inputs include labor, diesel, power, and cyanide, with peso/dollar FX affecting Mexican operations. After heavy capital spending on Rochester and Kensington through 2024, capital intensity has normalized and free cash flow has improved. Growth is driven by the Rochester ramp-up to full crushing capacity, brownfield exploration near existing mines, and the longer-term Silvertip silver project in British Columbia. In late 2025, Coeur announced a deal to acquire New Gold, which would add two Canadian mines.