Shareholder Vote Looms for Coeur Mining’s Transformative Acquisition

A pivotal shareholder vote scheduled for January 27, 2026, will determine the fate of Coeur Mining's proposed acquisition of New Gold. The transaction gained significant momentum this week after Institutional Shareholder Services (ISS), a leading proxy advisory firm, issued a recommendation in favor of the merger.

The supportive analysis from ISS carries considerable weight with institutional investors. In its report, ISS underscored the strategic rationale behind combining the two companies, pointing to anticipated synergies, a stronger consolidated balance sheet, and enhanced market liquidity. The advisor also noted that the implied value for New Gold equity holders has increased since the deal's initial announcement.

Under the agreed terms, New Gold shareholders will receive 0.4959 shares of Coeur Mining for each share they own. Upon completion, existing Coeur investors would own approximately 62% of the merged entity, with New Gold shareholders holding the remaining 38%. New Gold's board has unanimously recommended that its shareholders vote to approve the plan.

Should investors sell immediately? Or is it worth buying Coeur Mining?

Creating a North American Mining Leader

This merger is poised to create a premier precious metals producer with an operational portfolio of seven active mines. Management projections for 2026 forecast annual production of roughly 900,000 ounces of gold, 20 million ounces of silver, and 100 million pounds of copper. Financially, the combined company anticipates generating about $3 billion in EBITDA and $2 billion in free cash flow. More than 80% of the revenue is expected to originate from mining assets located in the United States and Canada.

For Coeur, this acquisition represents a major step toward greater scale and product diversification. The integration of New Gold's Canadian assets—the Rainy River and New Afton mines—broadens the production base. Notably, the added copper output provides a substantial revenue stream beyond the core gold and silver focus. A central financial objective of the union is a dramatic strengthening of the balance sheet, with the potential for the company to achieve a net cash position by 2026. This would mark a significant shift from Coeur's previous strategy of growth funded through debt.

Final Steps Before Completion

Separate special meetings for shareholders of each company are set for 11:00 a.m. Eastern Time on January 27, 2026. With the influential backing of ISS and the unanimous support of New Gold's directors, the merger is well-positioned to receive the necessary approvals. A successful vote would clear the way for the transaction to close in the first half of 2026, pending final court and regulatory consents.