Can Coeur Mining Sustain and Expand Its Free Cash Flow in 2026?Coeur Mining, Inc.BATS:CDEKalaGhaziThe fourth quarter of 2025 marked a pivotal moment for Coeur Mining, Inc. (CDE), as the company experienced a sharp and record-setting inflection in free cash flow generation. This key financial metric rose an impressive 66% sequentially, reaching a new high of $313 million. This record cash flow was driven by a convergence of powerful factors: Favorable Commodity Prices: The company benefited significantly from a strong pricing environment, with realized gold and silver prices of $3,184 per ounce and $40.01 per ounce, respectively. Operational Excellence: Higher production volumes and stringent cost control across the portfolio amplified the impact of the higher prices. Notable contributions came from the Palmarejo mine in Mexico, the Kensington mine in Alaska, and the Rochester operation in Nevada. Rochester Ramp-Up: A critical element of the quarter's success was the continued stabilization and successful ramp-up at Rochester following its major expansion. This drove higher throughput rates and improved margin realization, adding significant weight to the overall cash flow growth. The immediate consequence of this cash flow surge was a material strengthening of Coeur's financial foundation. The company used the influx of capital to execute meaningful debt reduction, bolstering its balance sheet, enhancing liquidity, and providing management with greater strategic flexibility. Looking ahead to 2026, the central question is whether this level of free cash flow can be sustained. Continued success would position Coeur to pursue further deleveraging, make opportunistic investments in growth, and potentially begin exploring avenues for enhancing shareholder returns.