New York, Jan 22, 2026, 15:51 EST — Regular session
- Shares of New Gold surged roughly 13% on heavy volume, while Coeur Mining also gained ground.
- Investors are zeroing in on the Jan. 23 voting deadline before next week’s shareholder meetings.
- Gold prices surged past $4,900 an ounce, driving activity in precious-metal stocks.
Shares of New Gold Inc surged nearly 13% on Thursday, following a strong rally in Coeur Mining, the potential buyer. Investors appeared to be gearing up for the crucial shareholder vote on the all-stock deal.
New Gold’s surge is significant as the deadline for a crucial shareholder vote approaches. This vote will determine if the company merges into Coeur through a Canadian “plan of arrangement,” a court-sanctioned merger route commonly employed in the country.
The deal is significant because it essentially transforms New Gold into a parcel of Coeur stock in motion. As Coeur’s shares rose today, the exchange ratio suggested a value for New Gold slightly above its current trading price, creating a narrow discount that deal traders keep a close eye on.
According to a company statement, New Gold shareholders will get 0.4959 shares of Coeur for every New Gold share they hold. Investors have until 11:00 a.m. ET on Friday, Jan. 23, to cast their votes ahead of the special meeting scheduled for Tuesday, Jan. 27. Proxy adviser Glass Lewis recommended a “FOR” vote, noting that “Strategically, the transaction is based on sound rationale,” the release said.
Coeur unveiled the acquisition back in November, framing it as a move to create a larger, all-North American precious-metals company. The exchange ratio at the time suggested a premium on the deal. (Coeur Mining)
The metals sector chipped in with its own boost. Gold climbed past $4,900 an ounce Thursday, setting a new record as a weaker dollar and anticipation of U.S. rate cuts fueled demand, Reuters reported. “Geopolitical tensions, generally weak dollar, expectations for the Fed easing this year are all factors,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. (Reuters)
Goldman Sachs lifted its gold price forecast for the end of 2026 to $5,400 an ounce in a note released Wednesday. The bank cited steady demand from private investors and central banks in emerging markets but warned that a steep decline in perceived policy risks might spur selling. (Reuters)
The math, however, works both ways. If Coeur shares slip, New Gold’s implied value drops alongside. Should the deal stall or get rejected, the discount could widen quickly, sending New Gold off on its own track, separate from Coeur’s performance.
