Coeur Mining announced the completion of its all‑stock acquisition of New Gold Inc. on March 20, 2026. Under the terms, each New Gold share is converted into 0.4959 shares of Coeur common stock, valuing the transaction at roughly $7 billion and giving New Gold shareholders a 16 percent premium to New Gold’s October 31, 2025 closing price.
The deal positions the combined company as a leading North American precious‑metals producer with a diversified portfolio of U.S., Canadian and Mexican assets. Management expects the merger to lift combined EBITDA to about $3 billion and free cash flow to $2 billion in 2026, compared with Coeur’s standalone 2025 projections of $1 billion EBITDA and $550 million free cash flow. The transaction also expands the company’s production base to an estimated 1.25 million gold‑equivalent ounces in 2026, including 900 000 ounces of gold, 20 million ounces of silver and 100 million pounds of copper.
The acquisition is part of a broader consolidation trend in the precious‑metals sector, driven by the pursuit of scale, operational efficiencies and access to institutional capital. Coeur’s shares began trading on the Toronto Stock Exchange under the symbol CDE on March 16, 2026, broadening its investor base and improving liquidity.
Mitchell J. Krebs, Coeur’s Chairman, President and CEO, said, “This transaction provides clear and compelling benefits for New Gold and Coeur shareholders by bringing together two companies with similar cultures to create a stronger, more resilient, and larger scale precious metals mining company.” Patrick Godin, former CEO of New Gold, added, “A combination with Coeur unlocks the next level of potential for our shareholders, uniting with a company of similar financial strength and cash flow generation while also gaining exposure to a larger scale, diversified portfolio with new long‑life assets and immense exploration potential.”
Investors have responded to the premium and the scale of the combined entity, while some caution remains over the execution risk of integrating a large acquisition. Coeur plans to release consolidated 2026 guidance, year‑end 2025 reserve and resource updates for the New Afton and Rainy River operations, and an update on its return‑of‑capital priorities on March 23, 2026.
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