Institutional Shareholder Services Inc. (ISS), a leading independent proxy advisory firm, has formally recommended that New Gold shareholders vote "FOR" the proposed plan of arrangement under the Business Corporations Act (British Columbia). ISS cited the strategic merits of the transaction, highlighting expected operational synergies, a stronger combined balance sheet and improved liquidity. In its written assessment, ISS noted that the implied per-share consideration has risen since the unaffected date and found no indications that the valuation lacks credibility. This recommendation follows unanimous support from New Gold’s Board of Directors and applies equally to Coeur Mining shareholders, who have also been urged by ISS to back the arrangement.

Under the terms of the transaction, each New Gold shareholder will receive 0.4959 shares of Coeur common stock for every New Gold share held. Upon completion, existing Coeur shareholders will own approximately 62% of the combined entity, while former New Gold shareholders will hold the remaining 38%. This share exchange ratio reflects a premium to New Gold’s unaffected trading levels and positions the combined company to benefit from scale efficiencies across its copper-gold and gold operations. The special meeting to approve the arrangement is scheduled for January 27, 2026, with proxy voting deadlines set for January 23, 2026. Shareholders have multiple avenues to cast their votes, including in-person attendance in Toronto or via live webcast, ensuring broad participation.