Equinox, Orla to Forge US$18.5 Billion North American Gold Giant

Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) and Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) have agreed to an all-stock merger to forge a US$18.5 billion North American gold titan.

Under the terms of the definitive arrangement, Equinox shareholders will retain a 67 percent stake in the combined entity, which will keep the Equinox Gold name, while Orla investors will hold the remaining 33 percent. Orla shareholders will receive one Equinox share and a nominal cash payment for each share held.

The deal anchors the new company in Canada.

By combining Equinox’s Greenstone and Valentine mines (located in Ontario and Newfoundland, respectively) with Orla’s Musselwhite asset, also in Ontario, the merged entity is set to become Canada’s second-largest gold producer, with projected domestic output of 685,000 ounces this year.

Factoring in operations across the US, Mexico, and Nicaragua, management sees a clear development runway to push annual production beyond 1.9 million ounces.

“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,” Equinox CEO Darren Hall said in a company press release.

Hall will retain his position as CEO, while Orla’s current chief, Jason Simpson, will step into the President role.

“Orla was built on a simple idea: Acquire the right assets, develop them with discipline, and operate them well,” said Simpson.

The merger’s heavy emphasis on Tier-1 North American mining jurisdictions continues a trending industry retreat from volatile regulatory environments.

In January, Equinox closed a US$1 billion sale of its Brazilian gold assets to Chinese metals miner CMOC Group (OTCPL:CMCLF). However, a Brazilian court abruptly halted the transfer of mineral rights in March after state-run CBPM alleged the transaction violated its regional leasing agreements.

By pivoting decisively toward North America, the combined entity is projected to generate roughly US$1.4 billion in free cash flow in 2026, armed with matching available liquidity to self-fund its growth pipeline.

The transaction is slated to close in the third quarter of 2026, pending shareholder and regulatory approvals. The agreement also includes a US$475 million break fee payable by Equinox and a US$250 million fee payable by Orla under certain conditions.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.