07:31 AM EST, 11/03/2025 (MT Newswires) -- Coeur Mining ( CDE ) said Monday it is acquiring New Gold ( NGD ) in an all-share transaction that values the company at US$7 billion. The transaction will create a combined company with a market capitalization of $20 billion. New Gold ( NGD ) is up 9% in U.S. pre-market trading.

New Gold ( NGD ) shareholders will receive 0.5 Coeur share per New Gold ( NGD ) share held. The exchange ratio implies consideration of $8.51 per New Gold ( NGD ) share, and represents a 16% premium to the Oct. 31 closing price of New Gold ( NGD ) on the NYSE American. Current Coeur and New Gold ( NGD ) shareholders will own 62% and 38% of the outstanding common stock of the combined company, respectively.

The combined company will create a North American senior mining company with seven operations producing 1.25 million gold equivalent ounces in 2026, including 20 million ounces of silver and 900,000 ounces of gold. Over 80% of its revenue will be generated from the U.S. and Canada. It is expected to generate $3.0 billion of EBITDA and $2.0 billion of free cash flow in 2026, a statement said.

Coeur will seek a new listing on the Toronto Stock Exchange. New Gold ( NGD ) shares will be delisted from the Toronto Stock Exchange and NYSE American.

New Gold ( NGD ) shares are up $0.67 to $8.03, in New York trade.