A Pivotal Vote Approaches for Coeur Mining Shareholders

Coeur Mining US1921085049

In less than three weeks, shareholders of Coeur Mining and New Gold will cast their votes on a proposed $7 billion merger, a deal poised to reshape the North American precious metals landscape. The scheduled shareholder meetings on January 27, 2026, represent a critical juncture for the companies, a sentiment underscored by recent analyst upgrades for Coeur Mining.

Market experts have shown growing confidence in Coeur's strategic direction. Since November 2025, several investment banks have revised their price targets upward. TD Securities increased its target to $25 from $23, while Roth Capital raised its target to $23 from $20. TD Cowen issued a "Strong-Buy" rating on the stock. The consensus among analysts currently stands at a "Buy" recommendation, with an average price target of $21.29.

This optimism follows Coeur's latest quarterly report, which revealed significant revenue growth. Third-quarter 2025 sales surged by nearly 77% to $554.57 million. However, earnings per share of $0.23 fell two cents short of market expectations.

The Mechanics of the Landmark Deal

The transaction's structure has been clearly defined. Shareholders of New Gold would receive 0.4959 Coeur shares for each share they hold, granting them an approximate 38% ownership stake in the combined entity. Approval requires a two-thirds majority from New Gold shareholders and a simple majority from Coeur Mining's investors.

Regulatory clearance has already been secured, with the Canadian Competition Bureau granting its approval in December 2025. The voting deadline is set for January 23, just four days before the decisive annual general meetings.

Projected Scale and Synergies

Should the merger proceed, the newly formed company would operate exclusively in North America, boasting an estimated market capitalization of around $20 billion. Financial projections for 2026 paint a picture of a significantly larger and more robust producer:

• An estimated EBITDA of approximately $3.0 billion
• Projected free cash flow of about $2.0 billion
• Anticipated production of 1.25 million gold-equivalent ounces (comprising 900,000 ounces of gold, 20 million ounces of silver, and 100 million pounds of copper)

For context, Coeur Mining alone is forecasting 2025 EBITDA of roughly $1 billion and free cash flow of around $550 million.

Strategic Implications and Timeline

The coming 16 days are decisive. A successful vote would likely see the merger finalized in the first half of 2026. The combined company is projected to rank among the world's ten largest precious metals producers and the top five primary silver producers globally. Further plans include a secondary listing on the Toronto Stock Exchange, facilitating easier access for Canadian investors.