CGAU vs. CDE: Which Mining Stock Offers Better Upside Today? – March 24, 2026

Web Desk March 24, 2026

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CGAU vs. CDE: Which Mining Stock Offers Better Upside Today? – March 24, 2026

Key Takeaways

CGAU produced 70,853 oz gold in Q4’25, down 3% as Oksut weakness offset Mount Milligan gains.
CDE delivered 112,429 oz gold and 4.6M oz silver, driven by Rochester and Las Chispas in Q4’25.
Coeur Mining held $553.6M cash, while Centerra ended with $528.9M and $103M operating cash flow.

Centerra Gold Inc. (CGAU – Free Report) and Coeur Mining, Inc. (CDE – Free Report) are both positioned to benefit from a supportive macro environment driven by elevated gold prices and safe-haven demand, yet they present distinctly different investment profiles.

Centerra maintains a more stable and cash-generative model. This is underpinned by disciplined capital allocation, a strong balance sheet and a self-funded growth pipeline anchored by core assets. CGAU’s operational consistency and cost control provide resilience.

Coeur is evolving into a larger, North America-focused producer. It enhances its long-term production and cash flow potential but introduces near-term integration risks and dilution concerns. Its performance is more contingent on execution and synergy realization.

Let’s dive deep and closely compare the fundamentals of these two miners to determine which one is a better investment now.

The Case for CGAU

Centerra reported steady operational performance for the fourth quarter of 2025. The consolidated gold production of 70,853 ounces reflects a modest 3% year-over-year decline. Output was supported by its two core assets, Mount Milligan Mine and Oksut Mine.

Mount Milligan remained the primary contributor and produced 44,105 ounces of gold along with about 13.0 million pounds of copper. Gold output increased strongly as a result of higher mill throughput. Improved ore grades and stable plant performance also supported the gains.

Oksut produced 26,748 ounces of gold. Output declined year over year mainly due to the absence of prior-period gold-in-circuit inventory. Variability in ore grades and lower leach recoveries further weighed on production.

Centerra continued to advance several strategic projects and operational improvements during the fourth quarter of 2025 as part of its long-term growth strategy. The company has been conducting development work at the Thompson Creek Mine, where activities during the year were directed toward site preparation, equipment mobilization and engineering work required for a planned restart.

The company continued optimization efforts at the Mount Milligan Mine, which remains a cornerstone asset in its portfolio. Development activities at the Oksut Mine site focused on maintaining heap-leach infrastructure and supporting ongoing mining and processing operations.

Centerra is also progressing studies and exploration programs across its broader asset base, including the Kemess Project. It represents a potential future development opportunity.

As of Dec. 31, 2025, Centerra held a cash balance of approximately $528.9 million. The company also had an undrawn credit facility of $400 million. The company generated $103 million in cash from operating activities, translating into free cash flow of $7.1 million.

The Case for CDE

Coeur delivered strong fourth-quarter 2025 production, with 112,429 ounces of gold and 4.6 million ounces of silver. Output rose sharply year over year, driven by higher grades and improved throughput along with the continued ramp-up of key operations.

Rochester Mine led growth as expansion activities boosted throughput and supported record mining volumes. It contributed 17,722 ounces of gold and 1.75 million ounces of silver. Kensington Mine also performed well with a higher gold output of 29,567 ounces due to improved grades and steady underground operations.

Wharf Mine saw lower production of 24,759 ounces after a fire incident temporarily reduced crushing capacity. Palmarejo Mine delivered a stable output of 25,662 ounces of gold and 1.6 million ounces of silver, while Las Chispas Mine made a strong contribution of 14,719 ounces of gold and 1.4 million ounces of silver, supported by higher gold and silver grades.

Coeur advanced key projects and strategic initiatives to support long-term growth. The expansion at Rochester Mine continued to ramp up and is transforming the site into a major silver producer. Higher ore placement and improved recoveries are expected to drive sustained production and stronger cash flow.

The company strengthened its portfolio with the acquisition of SilverCrest Metals, which added the high-grade Las Chispas Mine. This is set to boost margins and increase exposure to high-grade underground assets.

Work is also progressing at the Silvertip Project as Coeur evaluates a potential restart. The company announced plans to acquire New Gold Inc. The deal is expected to close in 2026 and would add the New Afton and Rainy River mines, further diversifying production across gold, silver and copper.

Coeur ended fiscal 2025 with a significantly strengthened financial footing, holding $553.6 million in cash and equivalents. The company generated $374.6 million in cash flow from operating activities during the quarter.