The proposed merger between Coeur Mining and New Gold has progressed significantly, having cleared two major procedural hurdles. The path toward creating a combined precious metals producer is becoming more defined, though final regulatory clearance is still pending.
Shareholder and Judicial Endorsement Received
In a decisive move, shareholders of both companies voted overwhelmingly in favor of the transaction. The most resounding support came from New Gold investors, with 99.22% approving the deal on January 27, 2026. This was followed by the final approval from the Supreme Court of British Columbia on January 30, 2026.
The acquisition is structured as a share exchange. Under the terms, holders of New Gold stock will receive 0.4959 Coeur Mining shares for each share they own. Upon completion, pre-merger Coeur shareholders are expected to own approximately 62% of the enlarged entity, with former New Gold investors holding the remaining 38%.
Final Regulatory Step Awaits
Despite these approvals, the transaction is not yet finalized. Outstanding conditions include a review under Canada’s Investment Canada Act. Coeur Mining continues to target closing the deal in the first half of 2026.
The scale of the combination is substantial. When announced on November 3, 2025, New Gold carried an implied valuation of approximately $7 billion. Coeur projected that the merged company would boast a market capitalization of around $20 billion.
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Key Transaction Details:
– Shareholder Vote (New Gold): 99.22% in favor (January 27, 2026)
– Court Approval: Granted January 30, 2026
– Exchange Ratio: 0.4959 Coeur shares per New Gold share
– Post-Merger Ownership: ~62% Coeur / ~38% New Gold
– Targeted Closing: First Half of 2026
Integration and Synergy Prospects Come to the Fore
The merger would integrate New Gold’s Canadian assets—the New Afton (copper/gold) and Rainy River (gold) mines—with Coeur’s five existing operational sites across the United States and Mexico. Projections from the initial announcement indicate the combined company could produce roughly 1.25 million gold-equivalent ounces in 2026, including an estimated 20 million ounces of silver and 900,000 ounces of gold. More than 80% of the revenue is anticipated to originate from the U.S. and Canada.
Financially, Coeur has suggested the merged group could generate about $3 billion in EBITDA and roughly $2 billion in free cash flow for 2026. For context, Coeur alone was expected to deliver approximately $1 billion in EBITDA and $550 million in free cash flow for 2025. The achievability of these projections will largely depend on the speed and effectiveness of the integration process and synergy realization.
Coeur’s stock has faced recent market pressure, declining by 22.44% over the past week.
Investor attention now turns to Coeur Mining’s upcoming financial report. The company is scheduled to release its Q4 and full-year 2025 results after the U.S. market closes on February 18, followed by a conference call on February 19. While the historical figures will be noted, market participants are likely to focus more intently on any concrete updates regarding the integration timeline and synergy targets for the New Gold combination.
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