Shareholders Approve New Gold Sale to Coeur; Deal Set to Close in First Half of 2026

Investors in New Gold have endorsed the transaction that will place the company under the ownership of a Coeur Mining subsidiary, clearing a crucial shareholder hurdle. Voting tallies show nearly the entire electorate supported the arrangement, with more than 476 million votes in favour and roughly 3.7 million opposed, representing a roughly 99.2% to 0.8% split. A technical exclusion under Canadian minority protection rules produced nearly identical percentages when excluded holders were removed from the count. Under the terms agreed by both boards, New Gold holders will receive 0.4959 shares of Coeur for each New Gold share they surrender, translating to an expected pro forma ownership of approximately 62% for existing Coeur holders and 38% for former New Gold investors. The parties anticipate completing the transaction in the first half of 2026, though that timing depends on final court clearance in British Columbia, customary regulatory consents and other closing conditions. Management positions the tie-up as a consolidation of North American precious-metals assets with potential to extend mine lives and surface exploration upside, while also pointing to projected cash-flow benefits and scale efficiencies. Practically, the exchange ratio and the post-closing ownership mix lock in the immediate economic allocation between the two shareholder bases and will determine voting and governance dynamics at the combined entity. The companies have signalled intent to list shares on major North American exchanges, which would influence liquidity and analyst coverage after closing. Execution risk remains material: required court and regulatory approvals, potential litigation, and integration complexity could delay or derail the timetable. Commodity price moves, life-of-mine revisions and operational disruptions at either set of assets will affect the combined company’s financial profile and the realization of anticipated synergies. For New Gold investors, the transaction converts direct exposure to New Gold’s asset portfolio into equity in a larger, combined issuer, changing both portfolio concentration and governance. For Coeur, the acquisition augments its asset base and shifts financial metrics depending on operating performance and commodity cycles. Looking ahead, the next public milestones are court approval filings, final regulatory sign-offs and the practical steps of integrating management, reporting and operating plans. If the deal closes as expected, the industry will see a clearer pathway for consolidation among North American intermediate precious-metals producers, with potential implications for M&A valuations and peer strategic responses.