Published: March 23, 2026 |

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Coeur Mining has completed its acquisition of New Gold for $7 billion based on New Gold’s common shares outstanding and a pro forma combined equity market capitalization of approximately $20 billion. Existing Coeur stockholders and New Gold shareholders own approximately 62 percent and 38 percent of the outstanding common stock of the combined company, respectively.

“This acquisition provides clear and compelling benefits for New Gold and Coeur shareholders by bringing together two companies with similar cultures to create a stronger, more resilient, and larger scale precious metals mining company. Both companies are in the early stages of generating significant cash flow after several years of heavy investment. We believe this is an extraordinary opportunity to create an unrivaled North American-only, mining powerhouse at just the right time,” said Mitchell Krebs, Coeur’s chairman, president, and chief executive officer.

“We also look forward to creating a deep and talented combined team that can deliver the benefits of this combination to our stockholders with the addition of several members of the New Gold management team and by having New Gold’s president and CEO Pat Godin join our board of directors along with one other existing New Gold director,” added Krebs.

“Today is a monumental day for New Gold and the culmination of diligent focus by the team on operational and development work that has transformed New Gold into the financially strong and significant free cash flow generating company it is today. A combination with Coeur unlocks the next level of potential for our shareholders, uniting with a company of similar financial strength and cash flow generation while also gaining exposure to a larger scale, diversified portfolio with new long-life assets and immense exploration potential,” said Patrick Godin, president, chief executive officer, and director of New Gold.

“The combination will provide New Gold shareholders with value from combined operational synergies including rapidly unlocking the potential of K-Zone at New Afton and the exploration potential of Rainy River while also diversifying our asset base by adding five high quality precious metals operations with significant upside. I strongly believe in the potential of the pro forma company, which is why I am keen to join the board, as we embark on the next stage in the evolution of both companies as a new, all North American senior precious metals company, one that is unique in our industry,” added Godin.

Coeur and New Gold said they believe that the combined entity will provide multiple tangible benefits to Canada, British Columbia, and Ontario — the communities where New Gold operates — and the Canadian mining industry more generally.

Coeur Mining is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. In addition, the company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia.

New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the New Afton copper-gold mine, and Rainy River gold mine. New Gold’s vision is to be the most valued intermediate gold and copper producer through profitable and responsible mining.

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