Coeur Mining Upgraded After New Gold Deal

Coeur Mining, Inc. has drawn multiple analyst upgrades after closing its acquisition of New Gold Inc. on March 20. The transaction is described as positioning the company as a leading North American-based precious metals producer.

On March 24, ATB Capital raised its rating on Coeur Mining to Outperform from Sector Perform and set a price target of C$25. The upgrade came one day after Coeur issued a corporate update reflecting the New Gold acquisition.

Separately, on March 23, Cantor Fitzgerald upgraded Coeur to Buy from Hold, while lowering its price target to $20 from $24. The firm cited the company’s 2026 guidance on mine-life extensions, dividends, and buyback policies, as well as a recent share price pullback.

Following the New Gold transaction, Coeur updated its 2026 consolidated production guidance to include contributions from two new Canadian mines, New Afton and Rainy River. Management said the outlook incorporates nine months of contribution from these assets.

The company now expects 2026 consolidated gold production of 680,000 to 815,000 ounces, silver production of 18.7 to 21.9 million ounces, and copper (HG1) production of 50 to 65 million pounds. For comparison, Coeur’s 2025 production totaled 419,046 gold ounces and 17.9 million silver ounces.

Before incorporating New Gold, Coeur had guided to 2026 gold production of 390,000 to 460,000 ounces and silver production of 18.2 to 21.3 million ounces. On a combined basis, it expects $3 billion of EBITDA and $2 billion of free cash flow.

For 2025, Coeur Mining reported revenue of $2.1 billion and net income from continuing operations of $493 million. These figures underpin the company’s updated capital return plans highlighted in recent analyst reports.

Coeur announced that its Board of Directors has authorized an expanded $750 million share repurchase program. In addition, the company introduced an inaugural $0.02 per share semiannual dividend policy, with payments expected in June and December each year.

Cantor Fitzgerald referenced Coeur’s dividend and buyback policies as part of the rationale for its rating change and revised price target, linking them to the company’s 2026 guidance and anticipated cash generation.

Coeur Mining is described as a U.S.-based, well-diversified and growing precious metals producer focused on gold and silver assets in North America. The company explores and develops mining properties in the United States, Canada, and Mexico.

Its operating segments include Palmarejo, Rochester, Kensington, Wharf, and Other. Palmarejo manages a gold-silver complex, while Rochester operates a silver-gold mine in northwestern Nevada. Kensington runs an underground gold mine, and Wharf is an open-pit heap leach gold mine.

The acquisition of New Gold adds the New Afton and Rainy River mines in Canada, which are described as strong additions to Coeur’s portfolio. The company states it is strategically focused on expanding its portfolio of high-grade assets.