New Gold generated $532 million in free cash flow in 2025 with strong Q4 production meeting guidance. The acquisition is anticipated to close in the first half of 2026, subject to final court and regulatory approvals.
Cyborg Score Rationale
New Gold demonstrated strong operational execution with $532 million in annual free cash flow and solid cash generation in 2025. The Supreme Court of British Columbia approved the acquisition, clearing a major hurdle for the merger. However, the company is mid-acquisition, introducing execution and integration risks.
Top Insights
99.22% of voting New Gold shareholders approved the plan of arrangement clearing a key milestone.
Q4 production of 107,778 ounces of gold and 11 million pounds of copper with quarterly free cash flow of $240 million met guidance.
Scotiabank raised price target from $10.50 to $12.75 and Canaccord raised to C$18 post-court approval.
Combined company expected to produce approximately 20 million ounces of silver, 900,000 ounces of gold and 100 million pounds of copper in 2026.
Named Competitors
Newmont — Major precious metals producer with global operations
Barrick Gold — Large-cap precious metals mining company
Agnico Eagle Mines — Mid-tier gold mining company with Canadian operations
Coeur Mining — Acquiring company creating combined North American precious metals producer
Recent Developments
(February 2026) Supreme Court of British Columbia approved the acquisition creating shareholder and analyst momentum with price target increases
(January 2026) 99.22% of New Gold shareholders voted in favor of the Coeur Mining merger at special shareholder meeting
(January 2026) Supreme Court of British Columbia issued final order approving the plan of arrangement
(December 2025) Q4 2025 production results met guidance with $532M annual free cash flow generation
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