v3.26.1
Acquisitions (Notes)
 6 Months Ended
Jun. 30, 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 increased the Company’s level of gold production while adding meaningful copper production alongside Coeur’s existing substantial silver production profile. It also significantly increased 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 fair values at the Acquisition Date. The fair value estimates were based on income, market and cost valuation methods.
As of June 30, 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 (“PPA”) for New Gold is preliminary. At June 30, 2026, remaining items to finalize include the fair value of reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary PPA 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 PPA 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 $38.1 million, with $23.9 million incurred in the six months ended June 30, 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 and six months ended June 30, 2026.
The following table summarizes the preliminary Acquisition Date PPA for the New Gold Transaction as of June 30, 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 
Inventory467,275 
Prepaid expenses and other17,379 
Property, plant and equipment and mining properties9,585,545 
Long-term stockpile218,159 
Other3,303 
Total Assets$10,433,589 
Liabilities:
Accounts payable94,179 
Accrued liabilities and other(1)
45,170 
Debt414,767 
Reclamation144,443 
Deferred tax liabilities (2)
2,793,678 
Other long-term liabilities2,651 
Total liabilities$3,494,888 
Net assets acquired$6,938,701 
(1) In connection with the transaction, 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 of $438.1 million and $572.3 million and New Gold net loss of $52.0 million and $69.9 million in the three and six months ended June 30, 2026, respectively. The following unaudited pro forma financial information presents consolidated results assuming the New Gold Transaction occurred on January 1, 2025.
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
In thousands
Revenue$1,085,592 $791,443 $2,276,711 $1,417,691 
Net income (loss)$156,835 $(48,108)$368,559 $(231,484)
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 PPA on acquired inventory, which have been applied from January 1, 2025, with the consequential tax effects.