Equinox Gold & Orla Mining Merge; $18.5B Market Cap, 1.1M Oz Gold Output
Equinox Gold Corp. and Orla Mining Ltd. have entered into a definitive arrangement agreement for an at-market combination, creating a new North American senior gold producer. The combined entity, to be named Equinox Gold Corp., will have an implied market capitalization of $18.5 billion and is expected to produce 1.1 million ounces of gold annually in 2026, with a clear path to over 1.9 million ounces. Orla shareholders will receive 1.00 Equinox common share and a nominal cash payment of $0.0001 for each Orla common share, resulting in existing Equinox shareholders owning approximately 67% and former Orla shareholders 33% of the combined company. The transaction, which aims to enhance scale, growth profile, and financial strength, is expected to close in Q3 2026.
Key Highlights
- Equinox Gold to acquire Orla Mining via a court-approved plan of arrangement.
- Combined company to have an implied market capitalization of $18.5 billion.
- Expected annual gold production of 1.1 million ounces in 2026, with a path to over 1.9 million ounces annually.
- Orla shareholders will receive 1.00 Equinox common share and $0.0001 cash per Orla share.
- Existing Equinox shareholders will own approximately 67% and former Orla shareholders 33% of the combined company.
- Combined entity expected to generate approximately $1.4 billion in free cash flow and have $1.4 billion in available liquidity in 2026.
- Combined Proven & Probable Mineral Reserves of 22.7 million ounces.
- Transaction is expected to close in Q3 2026.