Good morning and welcome to the Coeur conference call announcing the acquisition of New Gold. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mitch Krebs, President and CEO. Please go ahead. Good morning, everybody, and thanks for joining the call to discuss the transaction we announced earlier today. It's my absolute pleasure to have Pat Godin, New Gold's President, CEO, and Director, on the call with me. Before kicking off, I just want to quickly point out our cautionary language regarding forward-looking statements shown on slide two in our slide deck and refer you to our SEC filings on our website. This combination creates the industry's only all-North American senior precious metals mining company with an unrivaled production, cash flow, and liquidity profile. The rationale is clear and compelling, and it provides tremendous benefits for both sets of shareholders that we look forward to highlighting on today's call. When Pat and I first met about two and a half years ago and talked about how M&A factored into our thinking, we both said we were only looking for opportunities that could make our companies better faster than we could on our own. We also both agreed that successful transactions are about people, about bringing together companies with similar cultures and forming a stronger, deeper, and more resilient team and creating opportunities for them to develop and to unlock value for shareholders over time. We believe this transaction achieves both of these principles. We see right now as a unique window of opportunity to be bold, to take advantage of the current macro environment, and to leverage what our two companies have worked to put in place over the last several years and create a one-of-a-kind North American precious metals mining powerhouse like this. Turning to slide four, this transaction results in a $20 billion US-based precious metals producer with lower costs, higher margins, and over 80% of its revenue coming from the U.S. and Canada. It will be one of the world's top 10 largest precious metals companies, and it will remain a top five global silver producer. On a combined basis, the transaction is expected to catapult 2026 EBITDA to approximately $3 billion and free cash flow to approximately $2 billion, resulting in a sector-leading free cash flow yield and a rapidly growing cash balance. That cash can be reinvested in a wide range of organic growth opportunities, including the K-Z one at New Afton, Brownfields exploration at Rainy River, and across all of our existing operations in the U.S., Mexico, and Canada. We see the scale and quality of the combined company leading to a potential investment-grade credit rating, higher levels of capital returns to our stockholders, and provide investors with some of the sector's best trading liquidity. As an American company, we are uniquely positioned to be added to key major U.S. indexes that can further enhance that liquidity. Without a doubt, this transaction makes Coeur a stronger, more resilient company, and importantly, is per share accretive for our stockholders across all key metrics. Slide five highlights how New Gold's two growing, high-quality Canadian mines are an ideal complement to our five operations. Together, these seven operations are expected to produce approximately 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper, or approximately 1.25 million gold-equivalent ounces next year. As I mentioned, over 80% of the combined company's 2026 revenue will be generated from U.S. and Canadian operations. The pro forma revenue split by metal highlights the heavy gold and silver weighting of the combined company, along with a small but meaningful exposure to copper. We will continue to operate our headquarters here out of Chicago, and we will maintain New Gold's Toronto office, along with a small office we have had in Vancouver dating back to 2017. Before turning the call over to Pat, I just want to congratulate him and the entire New Gold team for what they have accomplished over the past several years. New Gold's talented and highly experienced Canadian team also deserves special recognition for advancing the company to where it is today. New Gold's strong culture of safety and commitment to excellence is evident throughout the organization and is a direct reflection of Pat's impact and leadership. We look forward to working together to combine our two teams to help lead this exciting new company going forward. Pat, over to you. Thanks, Mitch, and good morning, everyone. I'm very proud of where New Gold stands today. We are driven by strong common values. The courage to care culture is embedded in our behaviors. We build our reputation as a miner of choice quarter after quarter. We are a growing producer, and we are operating from the base of two long-life mines in one of the best mining jurisdictions. Last week's third-quarter results underscored the progress we have made and the sustained growth profile ahead of us. In talking with our management team and board about what the next chapter of the New Gold story would be, we came to a consensus that combining with Coeur was the best transaction for New Gold shareholders. For our two operations, for several reasons, as mentioned on slide six. It provides an immediate and attractive premium over our current share price, consistent with numerous recent transactions in the sector. Coeur's portfolio of five mines is hitting its stride precisely at the time that ours has, representing very compelling upside in our combined asset base. Given their New York Stock Exchange listing, index inclusion, and tremendous trading liquidity, we've become part of a unique platform with a sterling track record of safety and environmental compliance, as recognized by the MSCI as the safest U.S. mining company over the last three years. Being part of a resilient and durable multi-asset company with Coeur's existing operation footprint results in a robust North American producer with the size and scale to unlock further value in the two operations and benefits shareholders in the current strong market environment. Given these opportunities and the mutually beneficial characteristics that Mitch previously mentioned, we see potential for a re-rating of Coeur share price post-transaction. It creates career development opportunities for my talented colleagues that Mitch referred to a moment ago. I look forward to joining the Coeur board to support the integration and transition of New Afton and Rainy River into Coeur. I'm also looking forward to helping surface additional value to Coeur's operation and projects. I will now pass the call back to Mitch. Thanks, Pat. Slide seven summarizes the key transaction details. As disclosed in this morning's release, Coeur will acquire all of the outstanding common shares of New Gold via a plan of arrangement. New Gold shareholders will receive 0.4959 Coeur shares for each New Gold share, implying a total equity value of approximately $7 billion. This represents a 16% premium based on New Gold's closing share price last Friday. Upon completion, existing Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively. Regarding shareholder votes, the transaction requires a 66 2/3% shareholder approval from New Gold and majority approval from Coeur stockholders. Shareholder meetings are expected to be held in the first quarter of next year, and the transaction is expected to close in the first half of 2026. The transaction is subject to customary deal protections that are highlighted on slide seven, as well as to applicable stock exchange and regulatory approval, and the satisfaction of certain other customary closing conditions. I'll take just a couple of minutes to quickly review New Gold's two operations and how they make Coeur not just a bigger company, but a significantly better one. Starting on slide eight, New Afton is a highly prospective, low-cost gold and copper underground mine located in British Columbia that's been in operation for the last 13 years and adds significant free cash flow and multi-year growth to our current profile. New Afton's location makes it one of the best assets in Canada, and we're excited to add this world-class mine to our portfolio. Development of the C- Zone has ushered in a new growth phase at New Afton, as shown in the bottom right of the slide. With the ongoing exploration success at the K-Z one, we see significant potential to meaningfully extend New Afton's mine life. Turning to Rainy River in Ontario on slide nine, this large-scale open pit and underground gold mine with a 25,000 ton per day mill adds an additional linchpin to Coeur's gold production profile, with expected production of around 340,000 ounces in 2026. Rainy River reported record quarterly results last week, including over $200 million of free cash flow in the quarter, which reflected the ongoing ramp-up of underground mining activities to supplement open pit operations, which reminds us of a similar transition that took place at our Palmarejo mine several years back. We're impressed with the vast underground underexplored land package, along with other exploration potential both at surface and underground at Rainy River, and we look forward to accelerating the level of exploration investment there. As you can see on slide 10, these two operations position New Gold as one of Canada's largest and lowest-cost producers. This really is the proof in the pudding when we talk about only getting bigger if it makes us much better. Looking at slide 11, you can see just how well the two companies fit together to become such a powerhouse. The $20 billion combined market capitalization places the company in a unique and leading position and will provide investors with some of the best liquidity in the sector. I mentioned the significant combined production profile, and the overall cost and margin profile is dramatically enhanced. You can see in this table how our 2026 cost per ounce are expected to decline by double digits as a result of this transaction. I've also mentioned the EBITDA and free cash flow profile, but I want to point out the free cash flow per share metric on this table, which shows accretion of approximately 40%. Finally, from a balance sheet perspective, both companies reported strong third-quarter results last week with record free cash flow and growing cash balances. These themes are expected to continue, leading to a net cash position at closing and a rapidly growing cash balance looking ahead. Slide 12 highlights how each company is in the early stages of generating significant cash flow after several years of heavy investment. Our recent and expected cash flow profiles are similar and together represent a true step change. In the case of Coeur, it was only two short years ago that our EBITDA was $142 million, and our free cash flow was negative $297 million. Even compared to our expected EBITDA of over $1 billion and free cash flow of approximately $550 million this year, the combined cash flow over the next couple of years represents a massive increase. Slides 13 and 14 demonstrate the leapfrog effect of the addition of New Gold to the company compared to peers, moving us to the front of the pack in terms of production, market cap, EBITDA, and free cash flow, and positioning the combined company as an attractive alternative for investors looking for high-quality North American precious metals exposure. Importantly, as slide 15 highlights, Coeur will retain its status as one of the world's largest producers with expected 2026 silver production of about 20 million ounces. In addition to the sheer number of production ounces, silver will represent over 30% of the value of our total reserves, which is in line with other traditional silver peers. Two of the many benefits of this transaction are the larger scale it creates and the expanded presence in British Columbia we'll have with the addition of New Afton. Both of these factors can help us advance our high-grade Silvert ip critical minerals project and its large and growing silver resource in Northern BC in the future. Slide 16 highlights the impact of adding New Gold's lower-cost assets to our overall positioning on the global cost curve. Going forward, Coeur will be much more resilient and much better positioned throughout the cycle, and together with the strong combined balance sheet, can not only make money but can actually be opportunistic during low-price environments rather than simply fighting to survive them. Slide 17 pulls together several of the key benefits of this combination that Pat and I have mentioned this morning. We think these attributes translate into strong re-rate potential based on how the combined company benchmarks against peers. On the right side of this slide, you can see the peer-leading free cash flow yield of around 10%, which helps support the case for this upside potential. We've also both mentioned trading liquidity, and slide 18 shows how Coeur is expected to be among the most liquid names in the sector. As a US-listed, US-domiciled large-cap precious metals producer, our trading volume should appeal to institutional investors of any size and could be further enhanced by being added to key major U.S. indexes. Also, we plan to seek a TSX listing post-closing. Slide 19 summarizes some of the value we feel we can bring to New Gold's operations to unlock their full potential. I mentioned our Palmarejo experience earlier. We have a long track record operating and optimizing underground operations that we look forward to leveraging at New Afton and Rainy River. Similarly, we've invested heavily in exploration over the past five years, which has successfully and meaningfully grown our reserves and resources and extended our mine lives. Maintaining this commitment to drilling across a wide range of opportunities within this larger platform can unlock significant value and help to further increase our ROIC over time. We're honored that the New Gold team is entrusting us to uphold the responsible stewardship of these two proudly Canadian operations. Our experience at Silvert ip has helped establish deep roots at all levels of government and among important stakeholders across the country. We enjoy strong relationships with First Nations at Silvert ip, and we take very seriously the high standards of conduct necessary to operate safely and responsibly. We look forward to maintaining New Gold's head office in Toronto as part of our robust commitment to Canada. Slide 21 summarizes our shared priorities and values that we'll carry forward regarding health and safety, protecting the environment, and maintaining meaningful partnerships and having a positive impact in the communities where we operate. Just to close out on slide 22, hopefully you'll take away from this call the strong underlying rationale for this transaction and the many benefits it provides both sets of shareholders. We're excited to be creating a company that doesn't exist in the industry and to be doing it at such an exciting and opportune time. This transaction will result in a truly better, more relevant, and more resilient company, which is what investors have been asking for and what we've been pursuing with our recent initiatives, including the recent Rochester expansion, elevated levels of investment in exploration, and the transformative Silvert ip transaction we completed earlier this year. With that, let's go ahead and open it up for questions. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Wayne Lam with TD Securities. Please go ahead. Yeah, thanks, guys, and congratulations on the transaction. Maybe just wondering in terms of opportunities that you had evaluated over the past year, just wondering why this one made the most sense. Maybe a comment in terms of timing, given you guys had just completed the SilverCrest transaction earlier this year. Yeah, hi, good morning, Wayne. Good question, thanks. Just in terms of other opportunities, I mentioned that Pat and I have been talking for over two and a half years. Last year, we decided to pivot to Silver Crest just given there was a window of opportunity and the timing associated with that opportunity, which, as you mentioned, we closed in February of this year, and then we kind of pivoted back to Pat and the New Gold team. We've always seen this as a really interesting and unique combination to add two high-quality Canadian assets into our portfolio, what it does for the combined company and that cash flow profile, and to be able to do it on an accretive basis. You really can't find opportunities out there. We have pretty stringent M&A filters, and New Gold is the one that checks all of the boxes. That's why we've had this opportunity really on our radar screen going back now over two and a half years. Okay, great. Maybe just wondering how you guys viewed the Rainy River asset within the context of the broader portfolio, given the shorter mine life there. Yeah, sure. I mean, I mentioned the third quarter, I think, was a great indication of just how far Pat and the team have come with transitioning and repositioning Rainy River with over $200 million of free cash flow just in the third quarter. I think the reserve mine life right now is out to 2023. There has been a lot of work that has gone in to get Rainy River to where it is today. The one thing that only now is really starting up is the exploration focus. That is something we are excited to come in and carry on and, in fact, accelerate. We see a lot of potential there. It is still early days, both at surface and underground, and then on that large land package that they have. I think there is a lot going on there at Rainy River between the transition from open pit to underground over the next few years. I think another evolving chapter there now will be on the exploration front as we increase and sustain a higher level of investment there in exploration. Okay, great, thanks. Maybe just last one. How should we think about Silvert ip here still in the pipeline? Do you view potential for divestment of some of the other gold assets like Wharf or Kensington? Given the strong free cash flow profile, are you going to look to further deploy that cash following this transaction? Yeah, let's see. On the kind of non-Coeur question, at this point, we look at every asset that we have as being strong contributors. We've gotten really over the hump at Kensington. That's the one that needed a fair amount of investment to get to where it is now, a solid free cash flow contributor. Wharf just continues to give. I think we're over now $500 million of free cash flow since we acquired Wharf for $100 million back in 2015. We're looking to the end of this year there at Wharf to hopefully deliver a meaningful increase in the mine life at Wharf. Each of our assets, I think, is contributing. Once we get past closing and integration, we can always look at the portfolio and assess. Right now, we like the composition of the portfolio that we have. It's great balance. Silvert ip, yeah, I think, and I tried to allude to it in the comments, obviously having a larger platform, having a bigger presence in British Columbia, those are both things that could be additive to Silvert ip as we continue to evaluate that high-grade polymetallic critical minerals project with a hefty silver component up there in northern British Columbia. Probably doesn't change the timing. We still have drilling. We still have project stage gates around completing an initial assessment. If that's attractive, moving on to the next phase of a pre-feasibility study, and if that's successful, etc., etc. I think Silvert ip is still sort of that longer-term option for that next leg of growth, but it probably puts us in a better position from a capacity standpoint to be able to take that on when the timing is right, assuming there's an economically viable project there. Return to capital, yeah, sure. I think, yeah, that's one of the attributes that really attracted us to this opportunity. This company, on a combined basis, whether you look at spot prices or you look at consensus prices, is going to be literally accumulating billions of dollars of cash over the next several years. There are some great places to allocate that capital back into the business. We mentioned the K-Z one. That's a significant driver of future growth and likely worthy of investment. The exploration I mentioned at Rainy River, but throughout our portfolio, we've got a lot of brownfields exploration potential at places like Palmarejo, Kensington, at Las Chispas. We'll continue to deploy capital into those high-return opportunities. As cash builds up, we will definitely be talking to our board post-closing about how do we return capital, a higher amount, maybe in a more sustained way, and what the alternatives are there to have a robust capital return policy back to stockholders. Okay, perfect. Thanks for taking my questions and congratulations on the transaction. Okay, yeah. Thanks, Wayne. The next question comes from Lawson Winder with Bank of America Securities. Please go ahead. Yes, thank you very much, operator, and thank you for taking my question today, gentlemen. Patrick. Hi. Question for you. Patrick, question directed more towards you, I think. Just looking at slide 11, which does a great job of highlighting some of the benefits of this transaction and some of the high-quality assets in both of the portfolios. One thing that jumps out is the market capitalization of Coeur is about 2x New Gold. While New Gold and Coeur Mining have about the same gold equivalent production, so Coeur has about 644,000 ounces next year, you guys about 598. I mean, the two companies look rather comparable. I guess the question on my mind is, why sell now when this slide strongly argues for a doubling in New Gold's market cap from here as a standalone company? Thank you for the question. It's pertinent. The fact is, on the short term, is why now, but we look in the long term too. We are at the inflection point to execute C-Z one and to complete also the development of Rainy River. We are now seeing a bigger scale. We look at different opportunities with the cost of that and believe that the combination with Coeur is the best next step for New Gold. Based on their mine life too. We're getting in scale. We're diversified. We have a higher quality portfolio, long-life asset. Also, where to play was an important factor for us. I think that feeds the restriction where we're working in, are really attractive, and it will generate a robust free cash flow. That's the— and we diversify the risk on seven assets too. I'm not saying that I'm not used to deal with risk. It's my job. Two assets that are performing today, it's excellent. If you can build that on seven assets, you can take decisions on the long term and make decisions that are in the best interest of the shareholders on the long term. I think the fact that we are adding, we have the benefit, we expose our shareholders to silver. I think that is excellent. The three commodities are really a really good mix. It's really accretive. Our shareholders are keeping exposure to copper and gold, but they're adding silver. None of the assets on the seven assets, there are no assets that are more than 25% of the NAV, sorry. I think it's excellent. It's well-balanced. Also, what is interesting, because we did our work on Coeur assets, we really like the assets. Rochester is having a promising future in terms of exploration. I think it's there for good reason for a long period of time. I was personally really impressed by the quality of the execution, the commitment of people, and the future that we can have at Palmarejo and Las Chispas with a low tonnage but high quality and an asset that is having a promising future in terms of exploration. I think that previously we had a question about Wharf. Wharf is having also, if you look in the mine life, we're seeing the potential to extend the mine life of Wharf. It's well-managed, good discipline, and also is low risk. Also, it's the same for Kensington. I think we're bolting seven mines in great reduction with exploration potential. I think it's going to be a really nice platform and de-risk for a lot of the value for shareholders on the long term. Okay, understood. Could I ask about, looking at New Gold from the point of view of having a critical mineral asset in New Afton? I mean, have you guys had any preliminary discussions with Investment Canada just to get a sense of how they might think about this transaction, particularly vis-à-vis the large copper component at New Afton? And do you perceive any risk around the Investment Canada ruling? Yeah, I'll take that. Pat, feel free to chime in if I do not cover anything. We have not had any preliminary conversations. We see this. We will submit an application. We see this as providing multiple benefits to Canada. I mean, with the elevated levels of investment, not only in exploration, but in things like a Block K, maintaining the Toronto office, the team, the TSX listing, we see this as in mostly a precious metals, through a precious metals lens. We will go through the process. It is probably the reason why the estimated closing date is in the first half of 2026, because that will probably be the long pole in the tent. We do not see there being a significant level of risk associated with Investment Canada Act approval. Okay. Yeah, thank you very much for that. And then if I could just push you guys a little bit on the exact timing of the shareholder vote. You have mentioned Q1. I mean, do you have a sense if it would be like January, February, March, or even a week within Q1 that you have potentially narrowed it down to at this point? That should be a simple question, Eric, but then you talk about the government shutdown here in the U.S. and the SEC trying to clear a merger proxy to file and get clear in mail. That is an added level of complexity, I guess, when thinking about an answer to your question. Early in the first quarter would be the goal, but let's see how quickly we can get through the SEC and mail out a proxy. Okay, thank you very much. Yeah, thanks, Eric. The next question comes from Eric Winmill with Scotiabank. Please go ahead. Yeah, good morning, Mitch and Patrick. Congratulations on the deal. I think a lot of my questions have been answered. Hey, Eric. I think a bit of confusion there anyway. Just to follow up quickly on the capital allocation, and obviously New Gold is set to generate pretty strong free cash flows in the year ahead. Any additional detail in terms of the Coeur side, in terms of big capital programs underway, or is there an ability to pay down debt sooner on the Coeur side? Thank you. Yeah, sure. Coming into this year, debt repayment was definitely. That, along with closing Silver Crest and integrating Silver Crest, were right at the top of our to-do lists. We have repaid debt faster, as you might imagine, than planned, and have really now gotten to the point where the only thing left on our balance sheet are the 5 and 1/8 senior notes. There's about $300 million of those outstanding. They're not due till 2029. That's a pretty low-cost, patient, flexible piece of capital that allocating capital to taking out 5 and 1/8 paper is probably not the highest and best use. We'll probably just leave those. I mean, we've been chipping away at a small amount of remaining capital leases. As we end the year here, and I think last week on our earnings call, I mentioned we expect cash to exceed $500 million by the end of the year. We'll go into 2026 continuing to build cash, which we think is okay. We've lived life the last few years with a pretty lean cash balance as we've gone through a lot of this heavy investment. Letting cash build up, then we can get on the other side of the closing of this transaction, and then we can have a good discussion with our board about allocating that capital. In terms of big projects, like I said, we've come out of the heaviest cycle there with the Rochester expansion in particular. We have a few. We have a leachpad expansion out there at Rochester. We have a tailings dam raise that's underway up at Kensington, those kinds of things. Otherwise, we're now getting into this phase of more just of a sustaining CapEx and heavy free cash flow, which is what we've been working toward the last five years or so. Okay, fantastic. Thank you for that. I really appreciate it. Maybe just one more on deal synergies. Any additional details you can provide there on where you see opportunities for synergies? Yeah, this is less about synergies and really more about what these two companies together represent and how unique and special of a company this is. With the scale, the quality, with the U.S., Canada footprint, with likely an investment-grade credit profile. This is going to be a much lower risk, higher quality, more resilient business. It is really driven more by that and less about synergies. In fact, the New Gold team is a critical part of the success of this transaction going forward. When you think about the ramping up Block C and then hopefully future Block K out at New Afton, the transition from open pit to underground at Rainy River, those teams are amazing. They're experienced, and they're really critical toward retaining and continuing to deliver on those key priorities at those operations. It is more about that and less about synergies. All right, fantastic. Thanks again. Really appreciate it. Congrats on the deal. I'll hop back in the queue. Cheers. Okay, thanks. Again, if you have a question, please press star then one. The next question comes from John Tumazos with John Tumazos Independent Research. Please go ahead. Thank you very much. If you paid all the New Gold debt off next year, and all the miscellaneous derivative liabilities, funded reclamation, and every wish list for CapEx and exploration on both sides, at current prices, roughly how much cash would you have left over? At current prices? I'll bet you you'd still be around that billion dollar zip code, John. You got a lot of work to figure out how to spend the money. It's a high-class problem. We'll think of it less as spending and more about investing and how do we prioritize that in a way that feeds the best returns and drives that ROIC that's been going up for us. In the case of New Gold, it's also one of the peer-leading ROICs. How do we keep moving that in the right direction? Once all of those priorities are funded, with what's left over, how do we most efficiently return that capital back to stockholders? I remember meeting Justin Rice and Dennis Wheeler in 1980 in Wallace, Idaho, when it was just the Coeur` mine, and I'm just pinching myself at 20 million ounces of silver and almost 1 million ounces of gold. Congratulations. Thanks, John. Yeah, those are two names. Yep. I appreciate your comment. Thanks. Take care. You too. There are no further questions at this time. This concludes our question and answer session. I would like to turn the conference back over to Mitch Krebs for any closing remarks. Okay, hey, thanks everybody for joining on such short notice. We look forward to updating you as we move ahead on this transaction and work to deliver the benefits of this exciting combination. Thanks again. Have a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.