New Gold Inc. (TSX: NGD) has scheduled a special shareholders’ meeting for January 27 2026 to approve a transaction in which a wholly‑owned subsidiary of Coeur Mining, Inc. (NYSE: CDE) will acquire all of New Gold’s issued and outstanding common shares. The meeting will be held in person at the Davies Ward Phillips & Vineberg LLP offices in Toronto and will also be webcast. Management information circulars and proxy materials have been mailed to shareholders and are available online.
The transaction is an all‑share deal that will give each New Gold shareholder 0.4959 Coeur shares, resulting in New Gold shareholders owning roughly 38 % of the combined company and Coeur shareholders holding the remaining 62 %. The deal is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. The record date for voting is December 17, 2025, and the voting deadline is January 23, 2026. Coeur has already secured interim order approval and Competition Act clearance from the Canadian Commissioner of Competition as of December 5, 2025.
Strategically, the merger will create a leading North American precious metals producer, positioning the combined entity among the top 10 global precious metals companies and the top five silver producers. The seven North American operations will deliver a diversified commodity mix of gold, silver, and copper, with projected 2026 production of 1.25 million gold‑equivalent ounces, including 900,000 ounces of gold, 20 million ounces of silver, and 100 million pounds of copper. The combination is expected to generate approximately $3.0 billion in EBITDA and $2.0 billion in free cash flow for 2026, while improving the balance sheet and potentially achieving an investment‑grade credit rating.
Financially, Coeur’s Q3 2025 revenue exceeded forecasts, though EPS missed expectations, reflecting a mix of strong demand and cost pressures. New Gold’s Q4 2024 results showed robust cost performance and free cash flow, beating guidance. The merger is projected to accelerate Coeur’s transformation into a lower‑cost, lower‑risk company, while crystallizing value for New Gold shareholders and unlocking exploration upside at New Afton and Rainy River.
Management emphasized the benefits of the deal. New Gold Chair Richard O’Brien said the transaction “will create a unique, one‑of‑a‑kind North American precious metals mining company” and highlighted exploration upside. Coeur Chairman Mitchell J. Krebs noted that the merger “provides clear and compelling benefits for both companies by bringing together similar cultures to create a stronger, more resilient, larger‑scale entity.” New Gold President Patrick Godin added that the deal “rapidly unlocks the K‑Zone at New Afton and enhances exploration at Rainy River, diversifying our asset base with five high‑quality precious‑metal operations.”
The acquisition is the largest gold‑sector merger of 2025 and brings critical minerals such as copper into the combined portfolio, aligning with industry trends toward diversified commodity exposure. Coeur plans to maintain New Gold’s Toronto office and pursue a Canadian stock‑exchange listing, underscoring its commitment to Canadian investors and regulatory compliance.
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