ISS Recommends New Gold Shareholders Vote "FOR" the Plan of Arrangement with Coeur Mining

On January 13, 2026, Institutional Shareholder Services Inc. (ISS), a leading independent proxy advisory firm, recommended that New Gold shareholders vote "FOR" the proposed plan of arrangement with Coeur Mining (CDE). ISS concluded that the transaction is strategically sound, citing benefits from operational synergies, a stronger pro-forma balance sheet, and improved liquidity. ISS further noted that the implied per-share consideration has increased since the unaffected date and that the valuation remains credible. The special meeting for shareholders to vote is scheduled for January 27, 2026.

This news is highly material as it significantly increases the probability of the merger's successful execution. - Institutional De-risking: ISS recommendations carry significant weight with institutional investors. Their support almost guarantees that large blocks of shares will vote in favor, reducing the risk of a shareholder-led rejection. - Valuation Validation: NGD's stock has seen a parabolic run over the last year (from ~$4 to ~$14). ISS’s confirmation that the valuation remains "credible" despite this run-up suggests that the 0.4959 exchange ratio remains fair for NGD holders in a "rising tide" scenario for both companies. - Strategic Shift: This confirms the transition of New Gold from a standalone "inflection point" producer to a subsidiary part of a major North American senior producer.

New Gold is a Canadian-focused intermediate producer with two core assets: - Rainy River (Ontario): A combined open-pit and underground gold mine. It recently achieved record production of 100k oz in Q3 2025. - New Afton (British Columbia): A premier copper-gold block cave mine. The company recently consolidated 100% ownership by buying out the Ontario Teachers' Pension Plan's 19.9% interest. The flagship development is the C-Zone, which is currently ramping up and expected to extend mine life to 2031 and beyond.