Coeur Mining Inc. (NYSE: CDE) has completed its acquisition of New Gold, creating a larger North American precious metals producer with expanded output, new Canadian assets and a significant capital return program, the company said Monday.
The deal marks a major shift for Coeur as it absorbs New Gold’s operations and boosts its production profile across gold, silver and copper. Additionally, the company now integrates the New Afton and Rainy River mines into its portfolio, both located in Canada.
Under the agreement first announced in November 2025, Coeur acquired all outstanding New Gold shares. Consequently, New Gold shareholders received 0.4959 shares of Coeur stock for each share held. The company issued roughly 392.7 million new shares to complete the transaction.
Meanwhile, Coeur now has just over 1.03 billion shares outstanding following the deal. Its stock also began trading on the Toronto Stock Exchange under the symbol CDE on March 16, 2026.
Company leadership framed the acquisition as a turning point in its growth strategy. Executives said the addition of New Gold’s assets significantly increases expected gold output and introduces meaningful copper production. In addition, management emphasized that the combined company operates seven mines across North America. They added that this platform strengthens long-term production and cash flow potential.
Coeur expects 2026 consolidated production to range between 680,000 and 815,000 ounces of gold. Furthermore, it projects silver output of 18.7 to 21.9 million ounces and copper production of 50 to 65 million pounds. These figures include nine months of contributions from the newly acquired Canadian mines. In comparison, Coeur reported 419,046 ounces of gold and 17.9 million ounces of silver production in 2025.
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Company opens dividend option for investors
Consequently, the acquisition represents a sharp increase in expected gold output. Executives indicated that total gold production could rise by about 80 per cent compared with prior levels.
Meanwhile, the company also pointed to strong free cash flow potential from the combined operations. Management said this financial strength supports both reinvestment and shareholder returns. In addition, Coeur announced a USD$750 million share repurchase program as part of an updated financial policy. The program replaces an earlier USD$75 million authorization and allows for both opportunistic and structured buybacks.
The company also introduced its first dividend policy. It plans to pay USD$0.02 per share twice a year, with the initial payment expected in the second quarter of 2026. Additionally, Coeur secured a new USD$1.0 billion revolving credit facility. Executives said this move strengthens liquidity and replaces a previous USD$400 million facility.
Management outlined three priorities for capital allocation. These include maintaining a strong balance sheet, reinvesting in operations and returning excess capital to shareholders. Furthermore, the company plans to invest approximately USD$500 million in sustaining and development capital projects in 2026. It also expects to spend about USD$160 million on exploration.
Executives noted that exploration spending has driven reserve growth in recent years. They added that continued investment near existing operations should extend mine life. The New Afton mine stands out as a key asset in the acquisition. Located in British Columbia, it combines gold and copper production with relatively low operating costs.
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Inferred resources add further upside
New Afton’s proven and probable reserves total 36.2 million tonnes. These reserves contain about 780,000 ounces of gold, 2.1 million ounces of silver and 591 million pounds of copper.
The company expects New Afton to produce roughly 105,000 ounces of gold and 88 million pounds of copper annually over the next five years. Meanwhile, throughput is set to ramp up to 15,000 tonnes per day in early 2026. Furthermore, management highlighted the C-Zone expansion at New Afton. This development extends the mine’s life to 2032 based on current reserves.
Coeur also pointed to a new resource discovery at the K-Zone. Measured and indicated resources there total 47.6 million tonnes, including significant gold, silver and copper content. In addition, inferred resources add further upside potential. Executives said the zone remains open both laterally and at depth, suggesting room for future expansion.
The company plans to advance development work at K-Zone over the next several years. Additionally, it expects to begin a feasibility study in the second half of 2026. Meanwhile, the Rainy River mine in Ontario provides another major boost to Coeur’s portfolio. The site offers large-scale gold production with additional silver output.
Rainy River holds proven and probable reserves of 2.2 million ounces of gold and 5.6 million ounces of silver. Further, measured and indicated resources include 1.6 million ounces of gold. The company expects annual production at Rainy River to average 287,000 ounces of gold over the next three years. It also forecasts silver production of about 527,000 ounces annually during that period.
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Acquisition expands Coeur’s presence in Canada
Consequently, Rainy River plays a central role in the company’s near-term production growth. Executives also noted that recent work has extended the mine’s life to 2035. Additionally, the operation continues to expand through both open-pit and underground mining. Management said the transition to underground production is progressing steadily.
The company estimates that Rainy River could generate USD$3.0 billion in life-of-mine EBITDA. It also expects roughly USD$2.2 billion in free cash flow based on current reserves. Meanwhile, New Afton could produce USD$3.4 billion in EBITDA and USD$2.8 billion in free cash flow. These projections reflect only proven and probable reserves.
Executives emphasized that these cash flow profiles support long-term growth and shareholder returns. Furthermore, they provide flexibility to invest in new projects and exploration. The acquisition also expands Coeur’s presence in Canada. Management said it values relationships with local teams and stakeholders across its new operations.
Moreover, executives indicated that integration efforts are already underway. They added that early engagement with employees and communities has been positive. However, the company faces typical integration risks associated with large acquisitions. These include aligning operations, managing costs and maintaining production targets.
In addition, commodity price fluctuations could affect financial performance. Gold, silver and copper prices all play key roles in determining revenue and profitability. Meanwhile, rising costs across the mining sector remain a broader challenge. Labour, energy and materials costs have increased in recent years.
Despite these risks, Coeur’s leadership expressed confidence in the combined platform. Executives said the scale and diversification of assets strengthen resilience across commodity cycles.
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Deal positions company as diversified producer
They also noted that the company now competes with larger peers in the precious metals sector. This shift reflects both increased production and expanded resource base. The company also sees potential in its broader project pipeline. Management pointed to opportunities such as the Silvertip silver project and regional development prospects at East Palmarejo.
Additionally, ongoing exploration could unlock further resources across the portfolio. Executives said this approach supports long-term growth beyond current mine plans. The deal positions Coeur as a more diversified producer with exposure to multiple metals. Gold remains central, but copper adds a new dimension tied to industrial demand. Meanwhile, silver continues to anchor the company’s production profile. Management described it as a dominant component of overall output.
Consequently, the combined company offers investors broader exposure across commodity markets. Executives said this mix enhances both growth potential and risk management. The transaction also reflects broader consolidation trends in the mining industry. Companies continue to pursue scale, diversification and stronger balance sheets.
Meanwhile, rising demand for critical minerals has driven interest in copper assets. New Afton’s copper production aligns with this trend. Coeur’s leadership indicated that further opportunities may emerge over time. However, they stressed that the current focus remains on integration and execution.
Meanwhile, the company plans to deliver on its updated production guidance and financial targets. Executives said consistent performance will remain a priority in the near term. The integration of New Gold marks a defining moment for Coeur’s strategy. Management believes the combined platform provides a foundation for sustained growth and capital returns.
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