Name: NGD Verdict Framework Scorecard — AVOID
Item: New Gold Inc.
Rating: 8
Author: Mining Stock Report

Composite Score 8/25

Management Skin-in-the-Game

1/5

New Gold Inc. no longer exists as a standalone public company. Coeur Mining Inc. completed its acquisition of all outstanding New Gold common shares on March 20, 2026, pursuant to a plan of arrangement announced November 3, 2025. Each New Gold shareholder received 0.4959 Coeur Mining shares per New Gold share held. The implied total equity value at deal announcement was approximately US$7 billion. New Gold common shares were delisted from the Toronto Stock Exchange (TSX) and the NYSE American shortly following the March 20, 2026 closing date. New Gold has also applied to cease to be a reporting issuer under applicable Canadian securities laws.

There is no independent management team to evaluate for a standalone investment thesis. The last CEO of New Gold as a standalone entity was Patrick Godin, who oversaw operations at Rainy River (Ontario) and New Afton (British Columbia). Coeur Mining's management team — led by CEO Mitchell Krebs — now controls all former New Gold assets as wholly owned subsidiaries. Former New Gold shareholders are now Coeur Mining shareholders.

Score of 1/5 reflects the complete absence of a standalone management team or governance structure to assess. This is not a commentary on management quality during the company's operating history — it reflects the physical impossibility of investing in a management team that no longer governs a publicly listed entity.

Project Geology Quality

3/5

As a standalone entity, New Gold operated two producing mines: Rainy River (Ontario, open-pit and underground gold mine, approximately 220,000-230,000 oz Au per year) and New Afton (British Columbia, block-cave copper-gold mine). Both assets had multi-year production track records supported by full Feasibility Study-level economics and Proven and Probable reserve declarations filed on SEDAR+. New Afton is subject to a gold and silver stream held by Royal Gold, which limits New Gold's revenue realization per ounce mined at that asset.

The geological quality of both assets was a key rationale cited by Coeur Mining for the acquisition, which created what Coeur described as 'a new, all North American senior precious metals producer' with seven operating mines producing approximately 1.25 million gold equivalent ounces in 2026. Rainy River is a multi-zone deposit with open-pit and underground mining potential, while New Afton is a high-grade copper-gold block-cave with significant copper byproduct revenue. NI 43-101 technical reports for both assets were filed on SEDAR+ prior to the arrangement.

The geology score of 3/5 acknowledges the quality of the underlying assets as they existed — both were FS-backed, producing mines with credible reserve bases in favourable Canadian jurisdictions. This score does not imply investability. The assets now belong to Coeur Mining and are not accessible through any TSX or NYSE American-listed vehicle. This rating is included for completeness and archival accuracy.

Capital Structure Health

1/5

New Gold's capital structure has been completely dissolved into Coeur Mining following the March 20, 2026 acquisition completion. There are no standalone New Gold shares, bonds, or any other investable instrument. The TSX and NYSE American listings have been terminated. New Gold is in the process of ceasing to be a reporting issuer under Canadian securities laws.

At deal close, Coeur Mining became a combined entity with a pro forma equity market capitalization of approximately US$20 billion, with seven operating mines producing approximately 1.25 million gold equivalent ounces annually (including 900,000 oz Au and 20 million oz Ag). Former New Gold shareholders received 0.4959 Coeur Mining shares per New Gold share and are now exposed to Coeur's capital structure, geographic diversification, and operational risk profile (NYSE: CDE).

Score of 1/5 reflects the complete absence of any investable capital structure for New Gold as a standalone entity. There is no share count, no debt to evaluate, no liquidity position, and no capital allocation framework to assess.

Catalyst Proximity

1/5

No catalysts exist for New Gold as a standalone entity. The company was acquired and delisted on March 20, 2026. There are no pending drill results, updated resource estimates, feasibility studies, production decisions, or any other material news events that would accrue to New Gold shareholders — because New Gold shareholders no longer exist as a distinct class. They are now Coeur Mining shareholders.

Former New Gold investors who held through the acquisition close received 0.4959 Coeur Mining shares per New Gold share and should evaluate any future catalysts through the lens of Coeur's operational profile and investor relations disclosures. Coeur Mining (NYSE: CDE) is not within the scope of this platform's coverage.

Score of 1/5 reflects the total absence of any standalone catalyst horizon. This company should be flagged as ACQUIRED / DELISTED in the research queue system and removed from future automated research cycles.

Comparable Acquisition Value

2/5

The Coeur Mining acquisition of New Gold was completed at an implied equity value of approximately US$7 billion based on 0.4959 Coeur Mining shares per New Gold share at announcement (November 3, 2025). The transaction represented approximately a 17% premium to New Gold's pre-announcement share price on November 2, 2025. New Gold shareholders voted overwhelmingly to approve the arrangement. The premium was consistent with acquisition premiums for North American producing mid-tier gold companies with stable, permitted, operational assets.

Since New Gold has been delisted and absorbed, no price or NAV calculation is applicable to a standalone investment thesis. The nav_per_share and current_price fields are null. Score of 2/5 acknowledges that: (1) the acquisition validates the quality of the underlying assets at a market-recognized premium, but (2) the standalone investment opportunity is permanently closed — former New Gold investors have been converted to Coeur Mining shareholders and bear Coeur's risk profile going forward.

For informational context only: at the deal's implied valuation, the EV/oz of New Gold's P&P reserves was estimated to be within the US$600-800/oz range — consistent with North American mid-tier acquisition multiples. This data point is archival. No NAV per share is calculable or applicable for this scorecard.

Analyst Summary

New Gold Inc. (formerly TSX: NGD) receives an AVOID verdict with a composite score of 8/25. This rating does not reflect underlying asset quality — New Gold operated two solid North American gold-copper mines (Rainy River, Ontario; New Afton, British Columbia) supported by Feasibility Study-level economics and Proven and Probable reserve declarations. The AVOID verdict reflects the fundamental reality that this company no longer exists as a standalone, investable public entity. Coeur Mining completed its all-share acquisition of New Gold on March 20, 2026, at an implied equity value of approximately US$7 billion, and New Gold's shares were subsequently delisted from the TSX and NYSE American.

The factor scores are categorical: management (1/5) — no independent management team to evaluate; capital structure (1/5) — no standalone shares, debt, or investable instruments; catalyst proximity (1/5) — no standalone catalysts exist. The geology score of 3/5 is an archival acknowledgement of the asset quality that attracted Coeur's US$7 billion bid. The acquisition premium of approximately 17% confirmed strategic value, but this is irrelevant to new capital allocation decisions. All reserves were Proven and Probable (Feasibility Study-backed) at both Rainy River and New Afton — solid geology that is now Coeur Mining's to benefit from.

This company should be immediately flagged as ACQUIRED / DELISTED in the research queue and removed from future automated research cycles. Investors seeking exposure to the Rainy River and New Afton assets should evaluate Coeur Mining (NYSE: CDE) independently as a separate investment thesis. No further coverage of NGD is warranted.

New Gold Inc.