U.S. Miner Announces $7B Acquisition of Co.

Source: Joe Reagor 11/06/2025

Coeur Mining Inc.’s (CDE:NYSE) pending takeout of New Gold Inc. (NGD:TSX; NGD:NYSE.MKT) is heavily focused on near-term metrics like free cash flow per share, noted a ROTH Capital Partners report.

Coeur Mining Inc. (CDE:NYSE) agreed to acquire New Gold Inc. (NGD:TSX; NGD:NYSE.MKT) in a US$7 billion all-stock transaction, reported Joe Reagor, managing director and senior research analyst at ROTH Capital Partners, in a November 4 research note. The deal is expected to close near the end of Q1/26.

“The acquisition appears accretive to near-term multiples, but both of New Gold’s mines have relatively short mine lives,” Reagor wrote. “The ultimate impact of the acquisition may be difficult to judge until many years from now.”

32% Return Implied

Because ROTH views this transaction as one strongly focused on the near term but with questions remaining about the long term, the investment banking firm maintained its Buy rating and US$20 per share target price on Coeur, noted the analyst.

In comparison, the Illinois-based gold and silver producer was priced at about US$15.14 per share at the time of Reagor’s report. From there, the return to target is 32%.

The company has 642.22 million shares outstanding. With the acquisition, New Gold shareholders are to receive 0.4959 of a Coeur share for every New Gold share.

Coeur’s market cap is US$11B. Its 52-week range is US$4.81–23.10 per share.

Near-Term-Focused Deal

Reagor pointed out similarities between the pending Coeur-New Gold acquisition and the past Coeur-SilverCrest Metals Inc. acquisition (February of this year). SilverCrest had one asset with a short mine life but with obvious expansion potential. New Gold has two assets, each with strong near-term production followed by periods of lower production, a relatively short mine life and significant potential for mine life extension. Despite the potential, the future of New Gold’s projects is unknown.

Also, the assets in both acquisitions were/are materially accretive with respect to near-term metrics like free cash flow per share, noted Reagor.

“Given the uncertainty of timing and shareholder approval required, we are excluding this [acquisition] from our forward estimates for now,” added the analyst.

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Disclosures for ROTH Capital Partners, Coeur Mining Inc., November 4, 2025

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month. Distribution of IB Services Firmwide IB Serv./Past 12 Mos. as of November 3, 2025 Rating Count Percent Count Percent Buy [B] 361 75.37 99 27.42 Neutral [N] 83 17.33 6 7.23 Sell [S] 2 0.42 1 50.00 Under Review [UR] 33 6.89 8 24.24 Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions – ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months.

Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.

( Companies Mentioned: CDE:NYSE, )

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