Coeur Mining’s Surging Stock Forces Short Sellers to Retreat

A dramatic 41% plunge in short interest during March tells a compelling story. Coeur Mining, having completed its transformative acquisition of New Gold on March 20, 2026, is now compelling skeptics to unwind their bets as its financial and operational momentum becomes undeniable. The stock’s performance underscores this shift, having more than tripled over the past twelve months and adding another 4.5% recently to trade at 17.55 euros.

The foundation for this confidence was laid in the final quarter of 2025. The company reported adjusted earnings of $0.35 per share, surpassing market expectations by five cents, while revenue surged to $674.85 million—a jump of nearly 121% year-over-year. This fundamental strength, coupled with the swift closure of the New Gold deal, left short sellers with little choice but to capitulate.

With the integration of the New Afton and Rainy River mines, Coeur has been transformed from a mid-tier silver producer into a senior precious metals miner with seven owned operations. The company’s production profile for 2026 reflects this new scale, targeting 680,000 to 815,000 ounces of gold, 18.68 to 21.93 million ounces of silver, and 50 to 65 million pounds of copper. The gold output alone represents an approximate 80% increase from pre-acquisition levels.

Should investors sell immediately? Or is it worth buying Coeur Mining?

To support its enlarged footprint, management has swiftly restructured the balance sheet. A new five-year, $1.0 billion revolving credit facility has been established, with an option to expand it by an additional $250 million. Concurrently, the company has nearly completed an exchange offer for the inherited New Gold 6.875% notes due 2032, valued at around $385 million, with the early tender results communicated on April 6.

Shareholders are set to benefit directly from the company’s growth. The board has approved an expanded share repurchase program authorizing up to $750 million in buybacks through March 2029. Furthermore, Coeur will initiate a semi-annual dividend of $0.02 per share, with the first payment scheduled for the second quarter of 2026.

Operationally, the immediate focus is on ramping up the C-Zone at the newly acquired New Afton mine, with throughput expected to reach 15,000 tonnes per day in the first half of 2026. The market will get its next comprehensive look at the post-merger progress soon. Coeur Mining is scheduled to release its first-quarter 2026 results after the U.S. market closes on May 6, followed by an analyst conference call on May 7.