Coeur Mining has acquired all shares of New Gold Inc. through a wholly‑owned subsidiary, issuing 0.4959 Coeur shares for each New Gold share. The exchange ratio values New Gold at approximately $7 billion, a 16% premium to its October 31, 2025 closing price. Upon completion, Coeur will own 62% of the combined entity and New Gold shareholders will hold 38%.
The combined company will operate seven mines across the United States and Canada, including New Gold’s New Afton copper‑gold mine in British Columbia and Rainy River gold mine in Ontario, and Coeur’s U.S. and Mexican operations such as Las Chispas (Sonora), Palmarejo (Chihuahua), Rochester (Nevada), Kensington (Alaska), Wharf (South Dakota), and the Silvertip exploration project (British Columbia). Projections for 2026 show roughly $3 billion of EBITDA and $2 billion of free cash flow, driven by production from the new and existing mines.
The deal expands Coeur’s geographic footprint, diversifies its metal mix, and leverages lower operating costs to improve margins. It positions the combined company among the top ten global precious‑metals producers and a top five silver producer, reflecting a broader consolidation trend in the mining sector.
Financially, Coeur reported record revenue, net income, and EBITDA in Q3 2025, with a significant increase in its cash balance and free‑cash‑flow generation. New Gold posted strong Q3 2025 results that exceeded analyst expectations for both earnings per share and revenue. Management changes include New Gold CEO Patrick Godin and one director joining Coeur’s board, with several New Gold executives expected to join Coeur’s senior management team. Coeur has committed to maintaining New Gold’s Toronto and Vancouver offices, sustaining Canadian employment, and increasing Canadian representation on its board and senior management.
The transaction is expected to close in the first half of 2026 after obtaining regulatory approvals and shareholder votes.
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