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New Gold (NGD) investor relations material
New Gold M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary3 Nov, 2025
Deal rationale and strategic fit
Creates the only all-North American senior precious metals mining company with seven operations and a $20 billion market capitalization, focused on gold, silver, and copper in the U.S., Canada, and Mexico.
Enhances scale, diversification, and sector profile, positioning the combined entity among the top 10 global precious metals companies and top 5 silver producers.
Provides exposure to a unique mix of gold, silver, and copper, with a balanced asset base and no single mine exceeding 25% of NAV.
Strengthens management and board with key additions from both companies, fostering a resilient and experienced leadership team.
Accelerates investment in high-return organic growth and exploration opportunities, particularly in Canada.
Financial terms and conditions
New Gold shareholders receive 0.4959 Coeur shares per New Gold share, implying $8.51 per share and a 16% premium to the October 31, 2025, closing price.
Total equity value of the deal is approximately $7 billion, with a pro forma combined equity market capitalization of $20 billion.
Upon closing, Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively.
Break fees of $414 million (Coeur) and $255 million (New Gold) apply if the deal is terminated under certain circumstances.
Shareholder meetings for approval are expected in Q1 2026, with closing anticipated in the first half of 2026.
Synergies and expected cost savings
Transaction is highly accretive on all key per share metrics, including net asset value, operating cash flow, and free cash flow.
Expected to generate $3 billion EBITDA and $2 billion free cash flow in 2026 at lower costs and higher margins.
Addition of low-cost Canadian mines expected to reduce overall costs and improve margins.
Enhanced operational synergies, including unlocking potential at New Afton and Rainy River, and reducing overall costs through portfolio optimization.
Focus is on creating a higher quality, more resilient business rather than traditional cost synergies.
What specific operational changes drive the FCF increase?
Detail growth pipeline investment plans.
How does North American focus reduce operational risk?
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Next New Gold earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
New Gold Inc. is a mining company engaged in the exploration, development, and production of gold, silver, and copper. The company operates a portfolio of assets, including the Rainy River Mine in Ontario and the New Afton Mine in British Columbia. New Gold focuses on optimizing operations, sustaining production, and advancing its development projects. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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