On October 4, 2024, Coeur Mining, Inc. (NYSE: CDE) agreed to acquire SilverCrest Metals Inc. (TSX: SIL; NYSE American: SILV) in a $1.7 billion USD transaction, which was approximately CAD 2.3 billion at the time. SilverCrest shareholders were to receive 1.6022 Coeur shares for each SilverCrest share, implying a consideration of $11.34 USD per share (around CAD 15.18), a premium of 18% based on 20-day volume-weighted prices, and 22% over SilverCrest’s October 3, 2024, closing price.

The deal is expected to strengthen Coeur’s silver production capabilities by adding SilverCrest's Las Chispas mine in Sonora, Mexico, to Coeur's portfolio. The combined company was expected to produce approximately 21 million ounces of silver and 432,000 ounces of gold annually, with significant cost reductions and increased cash flow. SilverCrest’s strong balance sheet, including $122 million USD (about CAD 163 million) in treasury assets and no debt, was expected to accelerate Coeur’s deleveraging efforts, reducing its leverage ratio by 40%.

Upon closing, Coeur shareholders were to own 63% of the combined company, while SilverCrest shareholders would hold 37%. N. Eric Fier, SilverCrest CEO, will join Coeur’s board.

The transaction, subject to shareholder, court, and regulatory approvals, is expected to close in Q1 2025. Advisors included BMO Capital Markets and Goldman Sachs for Coeur, with Goodmans LLP and Gibson, Dunn & Crutcher LLP as legal counsel. Cormark Securities, Raymond James, and Scotiabank advised SilverCrest, with Cassels Brock & Blackwell LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP providing legal counsel.