Coeur Mining, Inc. (CDE) entered a merger agreement on November 3, 2025, to acquire New Gold Inc. (NGD) in an all-stock deal valued at $7 billion.
New Gold shareholders will receive 0.4959 shares of Coeur common stock for each New Gold common share. The exchange ratio implies consideration of $8.51 per New Gold common share, representing a premium of 15.94% from the stock’s last close.
New Gold is a Canadian-based mining company focused on the exploration, development, and production of gold, copper, and silver, with core operations at the Rainy River mine in Ontario and the New Afton mine in British Columbia.
Coeur Mining is a U.S.-based precious metals producer with a diversified portfolio of gold, silver, and polymetallic mines across North America, including operations in Nevada, Alaska, South Dakota, and Mexico, and a critical minerals project in British Columbia.
Existing Coeur stockholders will own roughly 62% of the combined company, while New Gold shareholders will own approximately 38%.
The deal is expected to close in the first half of 2026.
New Gold is being advised by National Bank Capital Markets and CIBC Capital Markets, with legal counsel from Davies Ward Phillips & Vineberg, Paul Weiss, and Blake, Cassels & Graydon. Coeur Mining received financial advice from BMO Capital Markets and RBC Capital Markets, and legal counsel from Goodmans and Gibson, Dunn & Crutcher.
Coeur Mining is paying 8.67 times the EBITDA of New Gold.
For more details on this major M&A transaction, please visit the Deal Metrics page.
Deal metrics for the acquisition of New Gold Inc. (NGD) by Coeur Mining, Inc. (CDE)
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Editor’s Note: Baranjot Kaur contributed to this article