Equinox Gold to combine with Orla Mining in $18.5 billion deal
Equinox Gold Corp. announced plans to acquire Orla Mining in an $18.5 billion deal that would create a new North American gold producer withapproximately 1.1 million ounces of expected annual gold production.
The combined company will be anchored by three long-life Canadian gold mines, with a clear path to more than 1.9 million ounces of annual gold production from an internally funded North American growth pipeline, the Equinox Gold said in a press release.
Pursuant to the Agreement, Equinox will acquire all of the issued and outstanding common shares of Orla pursuant to a court-approved plan of arrangement. Existing Equinox shareholders and former Orla shareholders will own approximately 67 percent and 33 percent of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis.
The combined companies are expected to be able to produce 1.1 million ounces of expected annual gold from a highly complementary portfolio of six North American mines, underpinned by a significant endowment of approximately 23 million ounces of Proven & Probable Mineral Reserves with a clear path to more than 800,000 ounces of near-term gold production growth from the Valentine phase 2 expansion in Canada, South Railroad and Castle Mountain in the U.S., and Los Filos and Camino Rojo underground in Mexico.
Equinox’s Greenstone Mine in Ontario, its Valentine Mine in Newfoundland & Labrador, and Orla’s Musselwhite Mine in Ontario, are expected to collectively produce 685,000 ounces of gold in 2026, with significant potential for production growth and mine life extension from expansion and exploration upside
Equinox Gold and Orla Mining have acombined free cash flow profile of approximately $1.4 billion in 2026 based on current analyst consensus estimates; combined entity expected to have $1.4 billion of total available liquidity to drive growth and continued shareholder returns.
“Today is an incredibly exciting day for both Equinox and Orla shareholders as we announce a business combination that creates a senior North American gold producer with increased scale, high-quality long-life assets, and one of the strongest organic growth pipelines in the sector,” said Darren Hall, Chief Executive Officer of Equinox. “The combined company will produce 1.1 million ounces of gold in 2026 from a North American portfolio and enables a funded, tier-1 platform with the capacity to deliver a 70 percent growth trajectory to 1.9 million ounces, all while maintaining jurisdictional simplicity. By combining our operating teams, financial strength, and complementary asset bases, we are creating a differentiated North American gold producer with the scale, growth profile, and asset quality to drive a meaningful re-rate and deliver long-term value for shareholders.”
“Orla was built on a simple idea: Acquire the right assets, develop them with discipline, and operate them well,” said Jason Simpson, President and Chief Executive Officer of Orla. “That philosophy fits naturally with what Equinox has built — two companies with complementary assets, shared values, and a track record of continued execution and delivering on operational results. Together, we have the production base, the balance sheet, and the team to compete at a level otherwise unattainable by either company on its own – combined, this is a truly special company. The Canadian cornerstone assets provide the foundation that very few gold producers can match, and I am proud of what both teams have built to get here. With continued operational focus, we will have substantial financial flexibility to fund our peer-leading growth and continue to return capital to shareholders.”
In 2026, Equinox’s Greenstone and Valentine mines are expected to produce 450,000 ounces of gold, with Orla’s Musselwhite mine in Ontario expected to contribute another 235,000 ounces of production. At nearly 700,000 ounces of expected annual gold production from Canada, the combined company will be the second largest producer of Canadian gold, Equinox wrote in a press release.
This cornerstone Canadian production is supported by 75,000 ounces of expected gold production from the U.S., 115,000 ounces from Mexico and 225,000 ounces of gold from Nicaragua, immediately establishing a senior gold producer with 1.1 million ounces of expected gold production in 2026.
In addition, the combined company has a clear near-term path to increase annual production by more than 800,000 ounces of gold from a pipeline of advanced expansion and development projects in the U.S. (350,000 ounces) and Mexico (495,000 ounces) with this organic growth expected to be funded from operating cash flow and available liquidity. Importantly, all growth projects have established Mineral Reserves. Combined, Equinox Gold will have 22.7 million ounces of Proven & Probable Mineral Reserves, 25.1 million ounces of Measured & Indicated Mineral Resources, exclusive of Mineral Reserves, and 13.0 million ounces of Inferred Mineral Resources.
Equinox Gold will benefit from the expertise and successful track record of well-respected industry leaders, led by Chuck Jeannes as Chair of the board of directors, Darren Hall as CEO, and Jason Simpson as President, with continued support from Ross Beaty as Chair Emeritus.
