Coeur Mining announced the completion of its all‑stock acquisition of New Gold Inc. on March 20, 2026. The deal, valued at roughly $6.8 billion, exchanges 0.4959 Coeur shares for each New Gold share, and will result in the delisting of New Gold’s shares from the Toronto Stock Exchange and NYSE American, ending its status as a reporting issuer under Canadian securities law.
The transaction positions the combined company as a North American senior precious‑metals producer with a diversified portfolio that includes New Gold’s New Afton copper‑gold mine and Rainy River gold mine. New Afton’s negative all‑in sustaining cost, driven by copper credits, and the block‑cave mining technology at both sites provide a strong cost advantage that Coeur expects to extend across its portfolio.
New Gold’s 2025 financial results were a record for the company: revenue rose to $1.476 billion, net earnings climbed to $857.9 million, and free cash flow exceeded $532 million, with a $205 million record in Q3 alone. The performance was largely driven by the asset impairment reversal at Rainy River and the continued productivity of the block‑cave operation.
Coeur’s own 2025 results were equally impressive, with revenue reaching $2.1 billion, adjusted EBITDA tripling to $1.0 billion, and free cash flow of $666 million—its first positive free cash flow in a decade. The company’s record results were attributed to higher realized prices, strong production, and disciplined cost management across its five operating mines.
The combined entity is projected to deliver about $3 billion in EBITDA and $2 billion in free cash flow in 2026, placing it among the world’s largest precious‑metals producers. The scale and cost efficiencies are expected to enhance profitability and provide a platform for future growth.
Mitchell Krebs, Coeur’s 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, New Gold’s President and CEO, added, “The performance from our two assets led to a record $205 million of free cash flow, a 225% quarter‑over‑quarter improvement over our previous record last quarter.”
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