Equinox Gold Merges with Calibre Mining to Form $5.4 Billion Gold Giant

Greenstone and Valentine mines 

Strategic Merger to Boost Production and Market Standing

Equinox Gold and Calibre Mining have agreed to merge in a $1.8 billion deal, creating a new $5.4 billion gold production powerhouse. The transaction will be completed through a court-approved arrangement and aims to enhance production and market presence across the Americas.

Calibre shareholders will receive 0.31 Equinox shares for each of their shares. Once finalized, Equinox shareholders will own 65% of the new company, while Calibre shareholders will control 35%. The merger strengthens both companies’ financial positions and expands their resource base.

Expanding Operations and Production

The combined company will operate in five countries, anchored by two major gold mines: Greenstone Mine in Ontario and Valentine Gold Mine in Newfoundland and Labrador. Greenstone began production in November 2024, while Valentine will start operations by mid-2025. Once fully operational, these mines are expected to produce 590,000 ounces of gold annually.

The merger will position Equinox as Canada’s second-largest gold producer. The combined entity is projected to produce around 950,000 ounces of gold in 2025, excluding Valentine and Los Filos Mines. Over time, production could exceed 1.2 million ounces per year, cementing its position as a leading global producer.

Leadership Reactions and Future Growth Plans

Darren Hall, CEO of Calibre Mining, believes the merger will create a diversified, low-cost gold producer with robust growth opportunities. He emphasized that the Greenstone and Valentine mines would be key drivers of long-term value.

Greg Smith, CEO of Equinox Gold, added that combining the two companies’ assets and teams would significantly increase resilience and scale. “The merger will generate long-term value and open up further opportunities for growth,” Smith stated.

The deal requires shareholder and court approvals and regulatory clearance in Canada and Mexico. If successful, the merger will conclude by Q2 2025, setting the stage for accelerated growth and a strengthened market position.