Coeur Mining (CDE) presents a materially transformed balance sheet as of March 31, 2026 versus December 31, 2025, driven primarily by the closing of the New Gold Transaction in late March 2026, which added New Afton and Rainy River to the portfolio and resulted in issuance of approximately 393 million shares and a preliminary purchase price allocation that has inflated the asset base substantially. Under a liquidation lens, the recovery picture is structurally negative to equity despite the large gross asset figure. Total assets are $15.3B, but the dominant asset class is PP&E net of accumulated depreciation ($12.3B gross PP&E net of $2.6B accumulated D&D yields $12.3B net). At a 50-70% liquidation haircut, PP&E recovers $6.2-$8.6B. Goodwill of $626M receives zero recovery. Inventory of $568M (heavily weighted to ore stockpiles on leach pads at $316M and supplies at $139M) recovers roughly $340M at a 60% haircut. Cash of $843M recovers at par. Receivables of $88M current recover approximately $84M at 95%. Against these haircut assets, liabilities stand at face: current liabilities of $458M, long-term deferred tax liability of $3.16B (the single largest liability item and a direct product of the acquisition purchase price allocation), asset retirement obligation of $421M (with a material $139M upward revision in the quarter due to new site obligations from acquired mines), long-term non-current liabilities of $4.39B in aggregate, and total debt of $761M (up sharply from $341M at December 31, 2025, as the New Gold Transaction brought in legacy New Gold debt). The deferred tax liability of $3.16B is the decisive factor suppressing liquidation recovery — it represents tax on the embedded gain in acquired mineral assets and extinguishes the stated equity value on a liquidation basis. The company is net cash positive on a management-defined Net Debt basis ($843M cash vs. $761M total debt), but the true liquidation picture is governed by the full face-value liability stack. The filing discusses goodwill of $626M and preliminary purchase price allocations for New Afton and Rainy River inventories ($21M and $65M fair value step-up, respectively) in MD&A, consistent with XBRL tags. Asset retirement obligation revision of $139M is separately tagged and material. The filing does not separately disclose the stream obligation to Franco-Nevada at Palmarejo as a distinct balance sheet XBRL tag, though it is referenced in MD&A risk factors. Transaction costs of $19.9M were incurred in Q1 2026 (vs. $14.2M in Q4 2025), reflecting integration spend that reduces recoverable working capital.
▼ Community Notes