Coeur Mining (TSX: CDE) has finalized its acquisition of New Gold (TSX: NGD), completing a merger that establishes a new heavyweight in the North American precious metals sector. The deal, first announced in late 2025, officially closed on March 19, and significantly expands Coeur’s operational footprint in Canada.
Under the terms of the agreement, New Gold shareholders received 0.4959 shares of Coeur common stock for each share held. The transaction involved the issuance of approximately 392.7 million new shares, bringing Coeur’s total share count to just over one billion. Coeur’s shares meanwhile began trading on the Toronto Stock Exchange under the symbol “CDE” earlier this week in connection with the deal.
The acquisition adds two major Canadian assets to Coeur’s portfolio: the New Afton gold-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario. With these additions, the combined company now operates seven wholly-owned mines.
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Executives are pitching the move as a play for scale and cash flow. Management expects the unified company to generate roughly $3 billion in EBITDA and $2 billion in free cash flow in 2026. The production profile is equally ambitious, with targets of approximately 900,000 ounces of gold and 20 million ounces of silver for the year.
“We believe this is an extraordinary opportunity to create an unrivaled North American-only mining powerhouse at just the right time,” said Mitchell J. Krebs, Coeur’s Chairman and CEO. The strategy appears focused on creating a cash flow powerhouse that can fund organic growth and potentially reach an investment-grade credit rating.
The leadership team is also getting a bit of a facelift. Patrick Godin, the former CEO of New Gold, is slated to join Coeur’s board of directors along with one other director from the New Gold side.
Coeur has scheduled a formal update for March 23, where it plans to release consolidated 2026 guidance and updated reserve figures for its newly acquired Canadian operations.
Coeur Mining last traded at $24.99 on the TSX.
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