New York, Jan 22, 2026, 15:51 EST — Regular session
- New Gold’s shares jumped about 13% on heavy volume, with Coeur Mining also seeing gains.
- With the Jan. 23 voting deadline looming, investors are focusing sharply on next week’s shareholder meetings.
- Gold prices jumped above $4,900 an ounce, sparking a boost in precious-metal stock trading.
Shares of New Gold Inc jumped almost 13% on Thursday, boosted by a sharp rally in Coeur Mining, the potential acquirer. Investors seemed to be positioning themselves ahead of the key shareholder vote on the all-stock transaction.
New Gold’s jump comes ahead of a key shareholder vote that will decide whether it merges with Coeur via a Canadian “plan of arrangement,” a court-approved method frequently used for mergers there.
This deal matters because it effectively turns New Gold into a moving piece of Coeur stock. With Coeur’s shares climbing today, the exchange ratio implied a value for New Gold just above where it’s trading now, leaving a tight discount that deal traders watch closely.
New Gold shareholders are set to receive 0.4959 Coeur shares for each New Gold share they own, the company announced. Investors have until 11:00 a.m. ET on Friday, Jan. 23, to submit their votes before the special meeting on Tuesday, Jan. 27. Proxy adviser Glass Lewis backed the deal, recommending a “FOR” vote and calling the transaction “strategically based on sound rationale,” according to the release.
Coeur announced the acquisition last November, pitching it as a step toward building a bigger, all-North American precious metals firm. The exchange ratio back then indicated a premium on the deal. 1
The metals sector added to the gains. Gold surged beyond $4,900 an ounce Thursday, hitting a fresh record, driven by a softer dollar and bets on U.S. rate cuts, Reuters reported. Peter Grant, vice president and senior metals strategist at Zaner Metals, pointed to “geopolitical tensions, generally weak dollar, expectations for the Fed easing this year” as key factors. 2
Goldman Sachs bumped up its gold price target for the end of 2026 to $5,400 an ounce in a note on Wednesday. The firm pointed to solid demand from private investors and central banks in emerging markets. Still, it cautioned that a sharp drop in perceived policy risks could trigger selling. 3
The math cuts both ways. If Coeur shares fall, New Gold’s implied value takes a hit too. And if the deal falls through or gets blocked, that discount could widen fast, pushing New Gold onto its own path, detached from Coeur’s moves.
