U.S.-based Coeur Mining has completed its acquisition of New Gold in accordance with the definitive agreement previously announced on November 3, 2025.
Under the terms of the agreement, Coeur acquired all of the outstanding common shares of New Gold, with New Gold shareholders receiving 0.4959 shares of Coeur common stock for each New Gold common share, implying a total equity value of $7 billion based on New Gold’s common shares outstanding and a pro forma combined equity market capitalization of approximately $20 billion.
The addition of New Gold’s two Canadian mines – Rainy River and New Afton – results in a combined company with seven North American operations generating $3 billion of expected EBITDA and $2 billion of expected free cash flow in 2026 from production of approximately 20 million ounces of silver, 900,000 oz. of gold and 100 million pounds of copper.
BMO Capital Markets acted as financial advisor to Coeur. RBC Capital Markets also acted as a financial advisor to Coeur. Goodmans LLP and Gibson, Dunn & Crutcher LLP acted as Coeur’s legal advisors.