On October 4, 2024, Coeur Mining, Inc. (NYSE: CDE) announced a definitive agreement to acquire SilverCrest Metals Inc. (TSX: SIL; NYSE American: SILV) in a transaction valued at approximately $1.7 billion USD (about CAD 2.3 billion). Under the terms, SilverCrest shareholders would receive 1.6022 Coeur shares for each SilverCrest share, implying $11.34 USD (CAD 15.18) per share, representing an 18% premium to the 20-day VWAP and 22% to SilverCrest’s October 3 closing price.

The acquisition was designed to strengthen Coeur’s silver portfolio by adding SilverCrest’s high-grade Las Chispas mine in Sonora, Mexico. The combined company was projected to produce around 21 million ounces of silver and 432,000 ounces of gold annually, supported by expected cost savings and higher cash flow. SilverCrest’s strong balance sheet, with $122 million USD in treasury assets and no debt, was anticipated to accelerate Coeur’s deleveraging, reducing leverage by 40%.

Following completion, Coeur shareholders now own about 63% of the combined entity and SilverCrest shareholders 37%. SilverCrest CEO N. Eric Fier has joined Coeur’s board.

The transaction closed on February 14, 2025, with Coeur issuing 239,331,799 shares. Advisors included BMO Capital Markets and Goldman Sachs for Coeur, and Cormark Securities, Raymond James, and Scotiabank for SilverCrest, along with respective legal counsel. Coeur will provide updated 2025 production and cost guidance with its February 19, 2025 earnings release.