New Gold Obtains Final Court Approval for Plan of Arrangement with Coeur Mining
Rhea-AI Summary
New Gold (TSX: NGD / NYSE: NGD) announced that the Supreme Court of British Columbia issued a final order approving a plan of arrangement under which a wholly-owned subsidiary of Coeur Mining (NYSE: CDE) will acquire all issued and outstanding common shares of New Gold.
The Transaction remains subject to approval under the Investment Canada Act and customary closing conditions, with closing currently anticipated in the first half of 2026. For details, see New Gold's management information circular dated December 19, 2025.
Positive
- Supreme Court of British Columbia granted final court approval for the arrangement
- Buyer confirmed as a wholly-owned subsidiary of Coeur Mining (NYSE: CDE)
- Transaction expected to close in H1 2026, providing a clear near-term timetable
Negative
- Deal remains subject to Investment Canada Act approval, creating regulatory timing risk
- Completion contingent on other customary closing conditions, leaving potential for delay or failure
News Market Reaction
On the day this news was published, NGD declined 0.80%, reflecting a mild negative market reaction. Argus tracked a trough of -10.4% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $77M from the company's valuation, bringing the market cap to $9.58B at that time.
Data tracked by StockTitan Argus on the day of publication.
Market Reality Check
Peers on Argus
CDE fell 4.1% with elevated volume, while key gold peers EQX, EGO, IAG, OR, and BTG also declined between -1.11% and -5.74%, suggesting downside across the group even as this deal milestone advanced.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 27 | Deal shareholder vote | Positive | +1.0% | New Gold holders overwhelmingly approved the Coeur stock-for-stock arrangement terms. |
| Jan 21 | Conference appearance | Neutral | +0.2% | Management scheduled to present at TD Cowen’s global mining conference in Toronto. |
| Jan 14 | Earnings call timing | Neutral | +2.2% | Announced dates for Q4 and full-year 2025 earnings release and conference call. |
| Dec 22 | Deal documentation | Positive | +3.5% | New Gold filed the circular and disclosed key terms and approvals for the Coeur deal. |
| Dec 08 | Exploration update | Positive | -3.5% | Palmarejo drilling results and a new discovery were reported but shares fell afterward. |
Recent Coeur/New Gold transaction updates and corporate news have mostly seen price moves aligned with the generally positive or neutral tone, with one divergence on an exploration update.
Over the past few months, Coeur’s trajectory has centered on its stock-for-stock acquisition of New Gold. Key steps included the Nov 3, 2025 transaction announcement, the Dec 22, 2025 circular and approvals update, and the Jan 27, 2026 shareholder approvals at both companies. Alongside this, Coeur reported stronger Q3 2025 financials and Palmarejo exploration results. Today’s court approval continues that sequence of closing conditions toward the planned combination in the first half of 2026.
Market Pulse Summary
This announcement marks another step in Coeur’s stock-for-stock acquisition of New Gold, with the Supreme Court of British Columbia granting final approval to the plan of arrangement. Prior disclosures detailed the exchange ratio and expected ownership split, alongside shareholder approvals and regulatory filings. The news highlights continued progress toward an anticipated closing in the first half of 2026, while remaining approvals and customary conditions still need to be satisfied.
AI-generated analysis. Not financial advice.
The Transaction remains subject to approval under the Investment Canada Act and the satisfaction of certain other customary closing conditions for transactions of this nature. It is currently anticipated that the Transaction will close in the first half of 2026.
For further information regarding the Transaction, please refer to New Gold's management information circular dated December 19, 2025 (the "Circular"), which is available under New Gold's issuer profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
About New Gold
New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in
For further information, please contact: | Brandon Throop |
Forward-Looking Statements and Cautionary Statements
Certain statements in this press release concerning the proposed Transaction, including any statements regarding the expected timetable, the results, effects, benefits and synergies of the Transaction, future opportunities for the combined company, future financial performance and condition, guidance and any other statements regarding New Gold's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are "forward-looking" statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "likely," "plan," "positioned," "strategy," and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include, but are not limited to, statements regarding New Gold's plans and expectations with respect to the proposed Transaction; the timing of various steps to be completed in connection with the Transaction; and other statements that are not historical facts. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that any other condition to closing of the Transaction may not be satisfied; the risk that the closing of the Transaction might be delayed or not occur at all; the risk that the Transaction could be terminated by the parties in certain circumstances, including those in which New Gold would be required to pay a termination fee to Coeur; potential adverse reactions or changes to business or employee relationships of New Gold, including those resulting from the announcement or completion of the Transaction; the diversion of management time on Transaction-related issues; the ultimate timing, outcome and results of integrating the operations of New Gold and Coeur; the effects of the business combination of New Gold and Coeur, including the combined company's future financial condition, results of operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the risk that New Gold or Coeur may not receive the required stock exchange and regulatory approvals for the Transaction; the expected listing of shares on the New York Stock Exchange; the listing of Coeur common stock on the Toronto Stock Exchange; the risk of any litigation relating to the proposed Transaction; the risk of changes in governmental regulations or enforcement practices; the effects of commodity prices; life of mine estimates; the timing and amount of estimated future production; the risks of mining activities; and that operating costs and business disruption may be greater than expected following the public announcement or consummation of the Transaction. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for the combined company's operations, gold and silver market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters, and are subject to risks, uncertainties and assumptions that may prove incorrect.
Additional factors that could cause actual results to differ materially from those described above can be found in the Circular under the heading "Risk Factors", including those incorporated by reference therein, New Gold's annual information form for the year ended December 31, 2024, which is on file with the SEC and on SEDAR+ and available from New Gold's website at www.newgold.com under the "Investors" tab and in other documents New Gold files with the SEC or on SEDAR+.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. New Gold does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
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SOURCE New Gold Inc.
FAQ
What approval did New Gold (CDE/NGD) receive on Jan 30, 2026?
When is the Coeur Mining (CDE) acquisition of New Gold (NGD) expected to close?
What regulatory approval is still required for Coeur's (CDE) purchase of New Gold (NGD)?
Who will own New Gold (NGD) after the arrangement with Coeur (CDE)?
Where can investors find more details about the Coeur (CDE) transaction with New Gold (NGD)?
