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Equinox Gold and Orla Mining Combine to Create North America's New Senior Gold Producer: Built to Grow, Built to Last

EQXORLA
  • Equinox Gold Corp. & Orla Mining Ltd. entered a definitive agreement for an at-market combination to create a new North American senior gold producer named Equinox Gold Corp.
  • The combined entity expects 1.1 million ounces of annual gold production in 2026 with an implied market capitalization of $18.5 billion.
  • Orla shareholders will receive 1.00 Equinox common share & a nominal cash payment of $0.0001 for each Orla share held prior to the transaction.
  • Upon completion, existing Equinox shareholders will own approximately 67% of the combined company, while former Orla shareholders will own 33%.
  • The new portfolio includes six producing mines across Canada, the U.S., Mexico, & Nicaragua, anchored by three long-life Canadian assets.
  • The combined company is projected to be the second-largest producer of Canadian gold, with 685,000 ounces expected from Canadian mines in 2026.
  • A clear path exists to increase production to more than 1.9 million ounces annually through an internally funded growth pipeline of over 800,000 ounces.
  • The combined free cash flow profile is estimated at $1.4 billion in 2026, with $1.4 billion in total available liquidity.
  • Darren Hall will remain Chief Executive Officer, while Jason Simpson will join as President of the combined company.
  • The new board of directors will consist of eleven members, led by Chuck Jeannes as Chair, with six directors from Equinox & four from Orla.
  • Shareholder approvals are expected in July 2026, with regulatory approvals & closing anticipated in Q3 2026.
  • Voting support agreements have been secured from key stakeholders, including Orla officers, directors, Fairfax Financial affiliates, & Equinox insiders.
  • Break fees of $475 million (Equinox) & $250 million (Orla) are payable in certain circumstances, alongside reciprocal expense reimbursement fees.
  • BMO Capital Markets & CIBC World Markets provided fairness opinions to Equinox, while Scotiabank & Fort Capital provided opinions to Orla.
  • A joint conference call & webcast regarding the transaction is scheduled for May 13, 2026, at 8:30 am Eastern Time.