New Gold Inc. (NGD:CA) Special Shareholder and Analyst Conference Call

On January 27, 2026, New Gold Inc. (“New Gold” or the “Company”) held a special shareholder and analyst call to discuss the proposed arrangement with Coeur Mining Inc., corporate governance updates, strategic priorities, and operational highlights.

This detailed article summarizes the prepared remarks and commentary offered by Company leadership during the live webcast meeting, reflects key themes from questions raised by analysts, and provides context for investors and stakeholders investigating the Company’s strategic direction as of early 2026.

Introduction: Purpose of the Call

The meeting was convened in both physical and virtual formats to ensure maximum participation by shareholders and proxy representatives. The principal objective was to formally present the proposed arrangement with Coeur Mining Inc. and provide shareholders an opportunity to ask questions and vote.

Richard O’Brien, the Chair of New Gold’s Board of Directors, opened the conference by emphasizing the importance of transparent engagement with shareholders, and introduced senior members of Company management: Patrick Godin (President & CEO), Keith Murphy (Executive VP & CFO), Ankit Shah (Executive VP & Chief Strategy Officer), Sean Keating (VP, General Counsel & Corporate Secretary), and Dan Sharkey (Chief Human Resources Officer).

Procedural Remarks and Format

Sean Keating, serving as Secretary of the meeting, highlighted procedural details, including how questions would be handled, how voting would be conducted, and the rights of attendees joining via webcast. He stressed that while guests could attend and listen to the broadcast, only registered shareholders and proxy holders were permitted to vote or ask questions.

Strategic Context: Proposed Arrangement with Coeur Mining

A central focus of the call was the proposed transaction between New Gold and Coeur Mining. While detailed financial terms were not fully disclosed on the live call, the context provided emphasized:

• The potential strategic benefits of combining two North American precious metals producers;
• The ability to enhance operational scale and shareholder value;
• The Board’s recommendation that shareholders support the arrangement proposals at the upcoming vote.

The Board of Directors underscored the importance of institutional alignment and long-term growth prospects in supporting the transaction. Shareholders were encouraged to review the proxy materials distributed ahead of the meeting for detailed disclosures.

Questions from Shareholders and Analysts: Key Themes

During the live Q&A portion, analysts from major financial institutions raised a range of questions focused on production guidance, reserve replacement, capital allocation priorities, and growth strategy. Below is a summary of the most relevant topics discussed.

Production Outlook and Mine Sequencing

Analysts sought clarity on production performance expectations for 2026 and beyond, especially with respect to the transition from the B3 zone to the C zone at the New Afton mine. CEO Patrick Godin clarified that this sequencing was planned and aligned with the Company’s forward guidance. While feed grades may vary between mining zones, there was no anticipated deviation from the initial production outlook, and New Gold remains on track to fulfil its guidance profile.

Reserve Renewal and Resource Development

A critical topic addressed was the strategy for reserve replacement. Management noted that the New Afton and Rainy River operations are undergoing targeted drilling programs designed to increase resources and ultimately convert them into probable reserves for future production plans. Drilling efforts at the Northwest Trend and other key zones were highlighted as drivers of exploration value and reserve conversion potential. While full replacement of mined reserves was not promised, the Company expects meaningful additions that support 2026 reserve reports and beyond.

Capital Allocation and Shareholder Returns

On the topic of how New Gold plans to deploy anticipated free cash flow growth, executives emphasized a disciplined approach. With ongoing investments in growth projects and exploration efforts, additional focus on shareholder returns such as dividends or share buybacks was described as “top of mind” for later in the year once free cash flow inflection points have been reached.

The CFO indicated that the Company has reduced debt levels and may explore shareholder return mechanisms in the future, but that primary near-term focus remains internal, including ramping up key projects and finalizing the C zone development.

Mergers, Acquisitions and Strategic Opportunities

When asked about potential M&A activity, management reiterated that acquiring additional core assets remains an ongoing evaluation, but that opportunities would only be pursued if they enhance New Gold’s strategic profile and create shareholder value. The consolidation of the New Afton asset was cited as a recent example of disciplined execution.

Operational Insights and Mine Performance

Although the call was primarily focused on governance and strategic matters rather than operational results, management also provided context on how operations are progressing:

• New Afton Mine: B3 zone performance was noted to be strong, with grade reconciliation exceeding expectations. While this extended the life of B3 mining activities, it also delayed initial C zone extraction sequencing by a planned margin, ultimately contributing to a smoother ramp-up and improved resource management.
• Rainy River Mine: Strong June production, driven by higher-grade open pit ore, provided a pipeline of valuable feed material for the second half of the year. Management reiterated its confidence in meeting production guidance for annual targets.

Exploration Priorities and Future Resource Potential

Exploration efforts at both Rainy River and New Afton were described as “robust” and strategically focused on zones with high potential for reserve conversion. With multiple drills active at key targets and infill programs underway, executives expressed confidence in advancing geological understanding and long-term resource growth. These programs are expected to feed into reserve reporting processes in 2026 and beyond.

Closing Remarks from Management

Executives concluded the formal portion of the meeting by thanking shareholders and analysts for their engagement and participation. They reiterated the Board’s recommendation to vote “FOR” the proposals related to the arrangement with Coeur Mining, encouraged further questions post-call, and emphasized the Company’s commitment to transparency, operational excellence, and long-term value creation for shareholders.

Summary and Takeaways

The New Gold Inc. shareholder and analyst call in January 2026 provided a comprehensive view into the Company’s strategic priorities, including the proposed arrangement with Coeur Mining, operational sequencing across its core assets, and the execution of exploration programs designed to sustain resource growth. While much of the dialogue focused on governance and future strategy rather than immediate financials, several key themes emerged:

• Board support for the strategic combination with Coeur Mining and recommendations to shareholders;
• Confidence in production guidance and mine sequencing for 2026 and beyond;
• Reserve and resource development as a cornerstone of long-term planning;
• Capital allocation discipline with a balanced focus on growth projects and future shareholder returns;
• Exploration advancement at strategic zones to support future reserve reporting.

Investors and stakeholders interested in New Gold’s trajectory should continue monitoring proxy materials, quarterly earnings reports, and regulatory filings for more detailed financial insights and updated guidance as 2026 progresses.

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