On November 3, 2025, a definitive agreement was reached for Coeur Mining, Inc. to acquire all issued and outstanding shares of New Gold Inc. through a court-approved plan of arrangement. New Gold shareholders were to receive 0.4959 Coeur shares for each New Gold share, representing US$8.51 per share—a 16% premium to New Gold’s October 31, 2025, closing price. The transaction valued New Gold at approximately US$7 billion (C$9.6 billion), with the combined company’s pro forma market capitalization estimated at US$20 billion (C$27.5 billion). Upon closing, Coeur and New Gold shareholders were expected to own about 62% and 38% of the combined entity, respectively. The new company was projected to operate seven mines, producing approximately 1.25 million gold equivalent ounces in 2026, with more than 80% of revenue generated from the U.S. and Canada. The transaction was expected to be accretive on key financial metrics and to increase EBITDA and free cash flow.

Legal counsel for Coeur included Goodmans LLP and Gibson, Dunn & Crutcher LLP. Davies Ward Phillips & Vineberg LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Blake, Cassels & Graydon LLP acted for New Gold. BMO Capital Markets and RBC Capital Markets advised Coeur, while National Bank Capital Markets and CIBC Capital Markets advised New Gold.

The deal was completed on March 20, 2026.