Equinox Gold and Orla Mining: Proposed Merger Will Create Senior North American Gold Producer

Scale matters in gold mining.

So do high-quality assets, stable jurisdictions and the ability to grow responsibly over the long term.

That’s the thinking behind Equinox Gold’s proposed merger with Orla Mining – a transaction that would create a senior North American gold producer with the scale, resilience and growth pipeline to be one of the world’s top gold companies. 

The proposed merger brings together two complementary portfolios of operating mines and development projects across Canada, the United States, Mexico and Nicaragua. Together, these assets are expected to produce more than 1.1 million ounces of gold annually, with a clear path to more than 1.9 million ounces through internally funded development and expansion projects.

But this transaction is about more than increased production.

By combining high-quality assets, financial strength and two experienced operating teams, Equinox Gold is building a stronger platform for long-term growth and shareholder value creation.

Darren Hall, Chief Executive Officer of Equinox, stated: “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.”

Greenstone, Valentine and Musselwhite: Three Canadian gold mines to anchor a combined Equinox Gold

At the heart of the proposed merger is a strengthened Canadian platform anchored by three cornerstone assets: Greenstone Gold Mine in Ontario, Valentine Gold Mine in Newfoundland and Labrador and Musselwhite Gold Mine in Ontario.

Together, these mines are expected to produce 685,000 ounces of gold in 2026 with growth to 780,000 ounces of gold annually, positioning the combined company as the second-largest producer of Canadian gold.

Greenstone Gold Mine and Valentine Gold Mine are both ramping up toward design capacity and will be cornerstones, long-term contributors to the company’s production profile. The addition of Musselwhite further strengthens the company’s Canadian presence. A long-running, high-grade underground mine in Ontario, Musselwhite is expected to produce approximately 235,000 ounces of gold in 2026 and offers significant exploration and expansion potential through additional mill capacity and extensions along the mine trend.

“The Canadian cornerstone assets provide the foundation that very few gold producers can match,” says Jason Simpson, President and Chief Executive Officer of Orla, who will transition to become President of the merged entity. 

A North American development pipeline backed by financial strength

The proposed merger also creates a gold producer with the financial flexibility and project pipeline to support meaningful long-term growth.

In addition to expected annual production of more than 1.1 million ounces, the combined company has a clear path to increase production to more than 1.9 million ounces over the next five years through advanced-stage expansion and development projects across North America. These include Valentine Phase 2 in Canada, Castle Mountain and South Railroad in the United States and Camino Rojo and Los Filos in Mexico.

Importantly, this growth is expected to be self-funded through operating cash flow and available liquidity. Following the combination, the company is expected to have approximately US$1.4 billion of total available liquidity to support ongoing development and operational priorities.

This enhanced financial position provides greater resilience at a time when disciplined capital allocation and execution are increasingly important across the mining sector. It also offers an enhanced ability to return significant capital to shareholders.

“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,” added Simpson. “Combined, this is a truly special company.”

A new leadership team for the next phase of Equinox Gold’s growth

The proposed merger also brings together a leadership team with deep operational experience and a strong track record of building and running successful mining companies.

Equinox Gold will continue to be led by CEO Darren Hall, alongside Simpson as President, with support from an experienced board of directors including Chair Chuck Jeannes and Chair Emeritus Ross Beaty.

Ross Beaty, Chair of Equinox, stated: “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. I’m very excited about our future as an even better gold mining company.”

The combined company will be well positioned for the future – and focused on continuing to create long-term value through responsible mining, disciplined growth and operational excellence.

Subject to shareholders, court and regulatory approvals, the transaction is expected to close in the third quarter of 2026.

Learn more about the proposed merger of Equinox Gold and Orla Mining.