v3.26.1
Acquisitions (Notes)
 3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisitions ACQUISITIONS
On November 2, 2025, the Company entered into a definitive agreement (the “Arrangement Agreement”) whereby, a wholly-owned subsidiary of Coeur (“Canadian Sub”) would acquire all of the issued and outstanding shares of New Gold Inc. (“New Gold”) pursuant to a court-approved plan of arrangement (the “New Gold Transaction”). Under the terms of the Arrangement Agreement, New Gold shareholders received 0.4959 Coeur common shares for each New Gold common share (the “Exchange Ratio”). The Company completed the New Gold Transaction on March 20, 2026, acquiring all of the issued and outstanding shares of New Gold in exchange for approximately 392,682,578 common shares. Based on the closing price of Coeur common shares on the NYSE on March 20, 2026 (the “Acquisition Date”), the implied total equity value was approximately $6.9 billion. The acquisition of New Gold materially increases the Company’s level of gold production while adding meaningful copper production alongside Coeur’s existing substantial silver production profile. It also significantly increases Coeur’s presence in Canada with the addition of the New Afton gold-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario.
The Company retained an independent appraiser to assist with the determination of the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of New Gold has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods.
As of March 31, 2026, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore, the purchase price allocation for New Gold is preliminary. At March 31, 2026, remaining items to finalize include the fair value of inventory, property plant and equipment and mine development, reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available
at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the acquisition date. Total transaction costs were $34.3 million with $19.9 million incurred in the three months ended March 31, 2026. These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income and are reflected in pro forma earnings in the table below for the three months ended March 31, 2026 and 2025.
The following table summarizes the preliminary Acquisition Date purchase price allocation for the New Gold Transaction as of March 31, 2026:
(Amounts in thousands, except shares and share price amounts)
Common shares issued (392,682,578 at $17.67)
$6,938,701 
Total purchase price$6,938,701 
Assets:
Cash and cash equivalents$128,259 
Short-term receivables13,669 
Inventory489,032 
Prepaid expenses and other17,379 
Property, plant and equipment and mining properties9,628,460 
Long-term stockpile195,591 
Other3,303 
Total Assets$10,475,693 
Liabilities:
Accounts payable94,179 
Accrued liabilities and other(1)
40,314 
Debt424,822 
Reclamation141,234 
Deferred tax liabilities (2)
2,833,201 
Other long-term liabilities3,242 
Total liabilities$3,536,992 
Net assets acquired$6,938,701 
(1) As of March 31, 2026, 1.4 million cash-settled replacement restricted units were granted.
(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and a tax basis increase to the fair value of the assets acquired in Canada and the historical carryover tax basis of assets and liabilities in all other jurisdictions.
Pro Forma Financial Information
Sales and net income in the Condensed Consolidated Statement of Comprehensive Income includes New Gold revenue and net loss of $134.2 million and $17.8 million, respectively, from the acquisition date of March 20, 2026 to March 31, 2026. The following unaudited pro forma financial information presents consolidated results assuming the New Gold Transaction occurred on January 1, 2025.
Three Months Ended
March 31, 2026March 31, 2025
In thousands
Revenue$1,191,119 $626,248 
Net income (loss)$211,723 $(183,376)
Pro forma amounts assume that transaction costs were incurred in the first quarter of 2025. The pro forma results have been calculated after applying the Company’s accounting policies and adjusting the results of New Gold to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties and the impact of purchase price allocation on acquired inventory which have been applied from January 1, 2025, with the consequential tax effects.