Equinox Gold and Orla Mining Ltd. announced a definitive arrangement agreement to combine in an at-market transaction that will create a new North American senior gold producer with approximately 1.1 million ounces of expected annual gold production and an implied market capitalization of approximately $18.5 billion. The combined company will continue operating under the name Equinox Gold Corp.
The companies said the combined entity will be anchored by three long-life Canadian gold mines and will have a path to producing more than 1.9 million ounces of gold annually through a North American growth pipeline funded internally. Under the agreement, Equinox will acquire all issued and outstanding shares of Orla through a court-approved plan of arrangement.
Under the terms of the transaction, Orla shareholders will receive 1.00 Equinox common share and a nominal cash payment of $0.0001 for each Orla common share held. Following completion of the deal, existing Equinox shareholders are expected to own approximately 67% of the combined company, while former Orla shareholders will own approximately 33%.
The combined portfolio will include six North American mines and approximately 23 million ounces of proven and probable mineral reserves. The companies expect the combined entity to generate approximately $1.4 billion in free cash flow during 2026 based on analyst consensus estimates and maintain roughly $1.4 billion in available liquidity.
Equinox and Orla said the merger creates the second-largest producer of Canadian gold through ownership of the Greenstone, Valentine, and Musselwhite mines, which are expected to collectively produce approximately 685,000 ounces of gold in 2026. The broader combined portfolio also includes assets in the United States, Mexico, and Nicaragua.
The companies said they expect annual production growth of more than 800,000 ounces from expansion and development projects including Valentine phase 2, South Railroad, Castle Mountain, Los Filos, and Camino Rojo underground.
Leadership of the combined company will include Darren Hall as Chief Executive Officer and Jason Simpson joining as President. Chuck Jeannes will serve as Chair of the board, while Ross Beaty will become Chair Emeritus and Special Advisor to the board.
The transaction is expected to close in the third quarter of 2026, subject to shareholder approvals, court approval, regulatory clearances, and customary closing conditions.
KEY QUOTES:
“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. 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% 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.”
Darren Hall, Chief Executive Officer, Equinox Gold
“Orla was built on a simple idea: Acquire the right assets, develop them with discipline, and operate them well. 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.”
Jason Simpson, President And Chief Executive Officer, Orla Mining
“Great companies are built on strong foundations and strong teams. The combination of Equinox and Orla strengthens our foundation of Canadian production, expands our portfolio of operating gold mines in North America, and combines two excellent operating teams to create a gold mining powerhouse. With improved scale, asset quality, and financial strength, Equinox Gold will be well positioned to deliver long-term value to its shareholders. I’m very excited about our future as an even better gold mining company. While I’ll be stepping down as Chair, I will become a Special Advisor to the board, entitled to attend board meetings as a non-voting advisor to contribute as much as I can to the future of this great company.”
Ross Beaty, Chair, Equinox Gold
“The best transactions are the ones in which the strategic logic is undeniable and both sets of shareholders come out stronger. This is precisely that kind of transaction. Equinox brings the scale and the platform that complements Orla’s portfolio, and Orla brings the assets and operational capability that make Equinox genuinely better. The Orla board reviewed the Transaction carefully and are unanimously supportive. We are confident this is the right outcome for our shareholders.”
Chuck Jeannes, Chair, Orla Mining
