New Gold Inc. (NGD)

New Gold Inc. was a Canadian intermediate gold producer headquartered in Toronto, Ontario, with operations in Canada. The company focused on gold, with significant by-product copper and silver, and it described its strategy as operating a small number of mines in stable jurisdictions while advancing exploration and development projects.

Its two principal assets were the Rainy River mine in northwestern Ontario, which combined open pit and underground gold mining, and the New Afton mine in British Columbia, a copper-gold underground block-cave operation near Kamloops. New Afton also had an expansion project known as the C-zone and a long-term plan to extend mine life. The company previously owned the Cerro San Pedro mine in Mexico, which ended its mining operations.

New Gold grew through acquisitions and development in the 2000s and 2010s and became a publicly traded company with shares listed on the Toronto Stock Exchange under NGD and on NYSE American under the same symbol. The company went through a period of heavy debt after building Rainy River and later worked to reduce debt, improve operations, and extend mine plans.

Its financial results were influenced by gold and copper prices, mining costs, and the performance of its two main mines. Higher gold prices in the mid-2020s improved its cash flow and market value, and the company prioritized balance sheet strength and operating performance at Rainy River and New Afton.

In November 2025, Coeur Mining, Inc., a U.S. precious metals producer whose stock trades on the New York Stock Exchange under the symbol CDE, agreed to acquire New Gold in an all-stock transaction. The deal was to be carried out through a court-approved plan of arrangement under Canadian law, subject to shareholder, court and regulatory approvals, and it valued New Gold at several billion U.S. dollars.

The arrangement was completed in March 2026, with New Gold shareholders receiving Coeur common shares at an exchange ratio of 0.4959 per New Gold share. New Gold became a subsidiary of Coeur, and a Form 25 for the removal of its shares from NYSE American was filed on March 20, 2026. The transaction gave Coeur additional gold and copper production in Canada alongside its existing operations in the United States and Mexico.

Because the consideration was stock, former New Gold shareholders became shareholders of Coeur, whose combined business covers producing mines in Canada, the United States and Mexico. New Gold's Toronto Stock Exchange listing also ended as part of the arrangement. The Form 25 became effective about ten days after filing under the SEC's rules.