Updating estimates. We have lowered our 2021 EPS and EBITDA estimates to $0.18 and $237.1 million from $0.21 and $249.0 million, respectively, due to lower commodity price assumptions. Our 2021 revenue estimate is $845.6 million versus our prior estimate of $875.3 million. We forecast 2022 revenue, EBITDA, and EPS of $931.6 million, $279.2 million, and $0.35, respectively.Third quarter earnings release. Coeur will report third quarter operational and financial results after the market close on October 27 and will host a conference call for investors on October 28 at 11:00 am ET. We think Coeur could announce some new management appointments and will provide updates on the Rochester expansion and Silvertip.Victoria Gold investment. Coeur acquired an 18% interest in Victoria Gold Corp. (TSX, VGCX) from Orion Mine Finance in May for $117 million. Coeur entered into a support agreement under which Orion agreed to transfer restriction on its remaining shares in Victoria and to support, vote in favor of, or deposit all shares it owns in favor of an offer that would result in Coeur acquiring more than 50% of the common shares of Victoria. The support agreement expires on October 31 and so it will be interesting to see if any actions are taken prior to expiration or whether the agreement is extended. So far, management has been understandably restrained in commenting about its intentions.Rating remains Market Perform. While the company is in a capital-intensive period, we think the Rochester expansion could create long-term value and position the company to begin generating free cash flow once it is complete. While we are increasingly bullish on precious metals prices going into 2022, Coeur has a full plate and we would like to see a few of the pieces related to Rochester, Silvertip, and Victoria Gold fall into place before taking a more constructive stance. At this point, we think risk and reward is balanced. Read More >>