Coeur Mining, Inc. announced that its wholly‑owned subsidiary will acquire all outstanding shares of New Gold, Inc. in an all‑stock transaction valued at approximately $7 billion. The exchange ratio of 0.4959 Coeur shares for each New Gold share will give New Gold shareholders roughly 38 % ownership of the combined company.
The deal was signed on November 2, 2025, and the special shareholder meetings to approve the transaction are scheduled for January 27, 2026. Coeur expects the transaction to close in the first half of 2026, after both companies complete regulatory and shareholder approvals.
Projected financials for 2026 show the combined entity will generate about $3 billion of EBITDA and $2 billion of free cash flow, a dramatic lift from Coeur’s standalone 2025 EBITDA of over $1 billion. The upside reflects lower overall production costs, higher operating leverage, and a stronger mix of high‑margin silver and copper production from New Gold’s Canadian assets.
New Gold’s operations add two Canadian mines—Rainy River and New Afton—bringing additional copper production and expanding Coeur’s North American footprint. The acquisition also boosts Coeur’s silver output, positioning the company among the world’s top five silver producers and increasing its silver share of total revenue to about 30 % of the combined entity’s reserves.
Management highlighted the strategic fit: “With the addition of New Gold’s two Canadian operations to our five current operating mines we expect to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow in 2026 at significantly lower overall costs and higher margins,” said Mitchell J. Krebs, Coeur’s Chair, President, and CEO. New Gold’s CEO Patrick Godin added that the deal “rapidly unlocks the K‑Zone at New Afton and enhances exploration at Rainy River, while diversifying our asset base with five high‑quality precious‑metal operations.”
The transaction builds on Coeur’s recent growth strategy, which included the Rochester expansion and the $1.7 billion acquisition of SilverCrest Metals in February 2025. Together, these moves have expanded Coeur’s production base, lowered its cost profile, and positioned it as a leading North American precious‑metals producer. Analysts note that the combined company will generate over 1.25 million gold‑equivalent ounces of production in 2026, including 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper.
Market reaction to the announcement has been mixed. While the deal is viewed as a strategic win, some investors have expressed concerns about valuation, given Coeur’s recent rally. Analysts have adjusted their outlooks accordingly, with some upgrading their price targets to reflect the stronger earnings potential, while others have tempered expectations due to the all‑stock nature of the transaction and the need for shareholder approval.
The acquisition is expected to create significant synergies, including cost savings from shared support functions, improved mine‑site efficiencies, and a broader product mix that can better weather commodity price swings. Coeur’s management has emphasized that the combined entity will be more resilient, with a diversified geographic footprint and a stronger balance sheet to fund future growth.
Overall, the deal represents a major milestone in Coeur’s growth strategy, positioning it as a top‑10 global precious‑metals producer and enhancing its competitive position in the North American market.
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