New Gold, Coeur Mining Merger Wins Overwhelming Shareholder Approval

TORONTO, ON – January 27, 2026 – Shareholders of New Gold Inc. and Coeur Mining, Inc. delivered a powerful mandate on Tuesday, overwhelmingly approving a merger set to create a new North American precious metals powerhouse. The transaction, which will see Coeur Mining acquire all outstanding shares of New Gold, cleared its most significant hurdle with near-unanimous support from both sides, signaling strong investor confidence in the strategic consolidation.

At a special meeting, an astonishing 99.22% of votes cast by New Gold shareholders were in favor of the plan of arrangement. In a parallel meeting, Coeur stockholders also gave their resounding approval to the resolutions necessary to finalize the deal, creating a clear path toward closing the transformative transaction.

A Resounding Mandate for Consolidation

The near-perfect approval rating is being interpreted as a strong endorsement of the merger's strategic logic and a broader trend of consolidation within the intermediate mining sector. Investors are increasingly rewarding companies that pursue scale, operational efficiency, and a stable geopolitical footprint.

"The overwhelming support shown by New Gold shareholders is a strong endorsement for this transformative combination and marks a key milestone in bringing these two companies together," stated Patrick Godin, President & CEO of New Gold, in a statement following the vote. He emphasized the creation of "a new, all North American precious metals company that is unique to our industry."

Under the terms of the agreement, New Gold shareholders will receive 0.4959 shares of Coeur common stock for each New Gold share they hold. Upon completion of the transaction, current Coeur and New Gold shareholders will own approximately 62% and 38% of the combined entity, respectively. The deal structure, which had an implied premium of 16% for New Gold shareholders when first announced, has clearly resonated with investors looking for long-term value in a combined, more powerful entity.

Forging a North American Powerhouse

The strategic core of this merger is the creation of a company with an exclusively North American asset base. The new entity will combine New Gold's two core Canadian producing assets—the New Afton copper-gold mine and the Rainy River gold mine—with Coeur's robust portfolio, which includes the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, and the Kensington gold mine in Alaska. This results in a diversified portfolio of seven operating mines across the continent.

This geographic focus is a significant strategic advantage. With over 80% of the combined company's revenue projected to come from the United States and Canada, the new firm will be insulated from much of the geopolitical volatility that affects miners with more globally dispersed assets. This stability is highly attractive to institutional investors and provides a more predictable operational environment. The merger effectively establishes a new senior mining company with a 100% North American focus, filling a unique niche in the market.

The Financial Blueprint for a Mining Giant

The financial scale of the combined company is substantial. Projections released during the merger announcement painted a picture of a formidable player in the precious metals space. The new entity is anticipated to have a market capitalization of approximately $20 billion, with projected annual production reaching 1.25 million gold equivalent ounces in 2026.

More importantly, the merger is designed to unlock significant financial synergies and shareholder value. The combined company is forecast to generate around $3.0 billion in EBITDA and an impressive $2.0 billion in free cash flow in its first year of combined operations. This financial strength is expected to fund significant exploration programs, extend the life of existing mines, and ultimately grow the net asset value per share.

Patrick Godin highlighted these benefits, noting the companies share "similar financial strength and cash flow generation," which will provide "significant exploration upside and the potential to significantly extend mine life." This focus on reinvesting robust cash flows into sustainable growth and resource expansion was a key selling point for investors who have now given their full backing to the plan.

Final Hurdles and the Path to Integration

While shareholder approval marks the most critical milestone, several steps remain before the transaction is officially complete. The merger is still subject to the final approval of the Supreme Court of British Columbia, as well as certain other customary regulatory clearances. Both companies anticipate that these final conditions will be met and that the transaction will close in the first half of 2026.

Once the deal is finalized, the real work of integration begins. Combining two large mining operations involves significant complexity, from harmonizing corporate cultures and safety protocols to merging IT systems and operational teams. Successfully realizing the billions of dollars in projected synergies will depend entirely on a smooth and effective integration process. The arrangement agreement contains significant break fees—approximately $414 million for Coeur and $255 million for New Gold—underscoring the deep commitment from both parties to see the merger through to completion.

Following the closing, New Gold's common shares are expected to be de-listed from the Toronto Stock Exchange and the NYSE American, as the company is absorbed into the larger Coeur Mining entity. For now, the market and the industry will be watching closely as this new North American mining champion prepares to step onto the world stage.