Glass Lewis Endorses New Gold Shareholders to Support Coeur Mining Arrangement

Glass Lewis Recommends New Gold Shareholders Vote 'FOR' Coeur Mining Collaboration

In a significant development for New Gold Inc. and its stakeholders, leading independent proxy advisory firm Glass, Lewis & Co. LLC has recommended that New Gold shareholders endorse the proposed plan of arrangement with Coeur Mining, Inc. This endorsement comes ahead of the upcoming Special Meeting scheduled for January 27, 2026. The proposed transaction involves Coeur Mining acquiring all outstanding common shares of New Gold, an arrangement that promises various strategic advantages for shareholders.

Strategic Rationality of the Transaction

According to Glass Lewis, the strategic rationale behind this transaction is strong. By merging two prominent precious metals mining firms, the arrangement aims to form a larger entity capable of enhanced production and market capitalization. The benefits do not just stop at scale; significant improvements in cash flow and EBITDA are anticipated, potentially allowing the combined entity to reinvest in a plethora of organic growth opportunities. Importantly, this can also yield greater daily trading liquidity and eligibility for inclusion in major U.S. indexes.

One of the critical highlights of the proposed arrangement is that New Gold shareholders will receive 0.4959 shares of Coeur common stock for each share of New Gold they hold. After the successful completion of this transaction, ownership structure indicates that approximately 62% of the combined company will belong to existing Coeur shareholders, while New Gold’s shareholders will own about 38%.

Advantages for New Gold Shareholders

For shareholders of New Gold, this transaction is seen not just as beneficial but potentially lucrative. The company expects to offer a significant market premium estimated at around 16%. This is considerable in the mining sector, where valuation changes can be significant based on market conditions. Moreover, shareholders will gain exposure to Coeur's robust portfolio of mining assets and the productive capabilities of the combined company.

Having already received a positive vote recommendation from another leading independent proxy advisory firm, Institutional Shareholder Services Inc. (ISS), Glass Lewis's endorsement adds more weight to the perceived benefits of the deal.

Voting Information and Timelines

The Special Meeting will take place at 11:00 AM Eastern Time on January 27, 2026, at the offices of Davies Ward Phillips & Vineberg LLP located in Toronto. In addition to in-person attendance, there will also be a live webcast accessible via secure login credentials. Shareholders wishing to participate should ensure they have received the management information circular and a proxy voting form, which outlines all relevant details about the transaction.

To ensure that their votes count, New Gold shareholders are reminded to vote by 11:00 AM on January 23, 2026. The company urges all shareholders to act promptly to facilitate an efficient voting process.

Assistance and Further Information

For any questions regarding the voting process or the transaction itself, New Gold has made resources available through its strategic shareholder advisor, Kingsdale Advisors. Shareholders can access assistance via a toll-free number or email contact.

New Gold Inc. continues its commitment to being a responsible mining company, with a focus on delivering value to its shareholders. This proposed transaction with Coeur Mining is seen as an essential step toward that goal, combining assets and expertise to improve operational capabilities and profitability.

This also reflects New Gold's vision of being a leading intermediate producer of gold and copper in a sector known for its volatility and challenges. As shareholders prepare for the upcoming vote, the strategic alignment with Coeur Mining provides a promising outlook for the future, with anticipated benefits that could reshape New Gold's standing in the mining industry.

Conclusion
The proposed arrangement with Coeur Mining represents a pivotal moment for New Gold and its shareholders. The endorsement by Glass Lewis reinforces the potential for enhanced shareholder value and growth, which makes participation in the upcoming vote crucial for all stakeholders involved.