The Supreme Court of British Columbia in Canada has granted final approval for the acquisition of New Gold by US-based Coeur Mining through a court-sanctioned plan of arrangement.
The decision allows a subsidiary of Coeur to acquire all outstanding shares of New Gold, as outlined in the plan under the Business Corporations Act of British Columbia.
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The transaction, which still requires approval under the Investment Canada Act and other typical conditions, is expected to be finalised in the first half of 2026 (H1 2026).
In November 2025, Coeur and New Gold announced a definitive agreement detailing the acquisition.
As per the agreement, New Gold shareholders will receive 0.4959 shares of Coeur’s common stock for each share they hold.
This exchange ratio was calculated using Coeur’s closing stock price on the New York Stock Exchange on 31 October 2025, valuing each New Gold share at $8.51.
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By GlobalDataThis represents a 16% premium over New Gold’s closing price on that date.
The deal assigns New Gold an equity value of approximately $7bn (C$9.54bn), with the combined company expected to have a market capitalisation of around $20bn.
Post-transaction, Coeur shareholders are expected to own around 62% of the new entity, while New Gold shareholders are expected to hold the remaining 38%.
In 2026, production is forecast to reach around 1.25 million gold equivalent ounces, comprising 20 million ounces of silver and 900,000oz of gold.
More than 80% of Coeur’s revenue is expected to be generated from the US and Canada, with a position in generating free cash flow within the sector.
In a similar development in February 2025, Coeur Mining completed its acquisition of SilverCrest Metals. The transaction followed a definitive agreement initially outlined in a joint announcement from Coeur and SilverCrest on 4 October 2024.
Under the terms of the agreement, Coeur obtained all outstanding common shares of SilverCrest.
Shareholders of SilverCrest received 1.6022 shares of Coeur’s common stock for each share they held, resulting in Coeur issuing a total of 239,331,799 shares for the transaction.
