Calibre merges with Equinox to create Canada’s 2nd-largest gold producer
Impetus in the gold market is not just attracting investor attention—it’s also driving new activity in the mining sector, with another friendly merger between equals. Equinox Gold and Calibre Mining announced that they were merging to create a major Americas-focused gold producer. The new Equinox company would become Canada’s second-largest gold producer.
Under the agreement, Equinox will acquire all issued and outstanding common shares of Calibre through a court-approved plan of arrangement. Under the terms of the agreement, Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held immediately. Equinox stated that the implied market capitalization of the combined company is estimated at C$7.7 billion.
The merger will create a diversified gold producer with a portfolio of mines in five countries across the Americas, anchored by two high-quality, long-life, low-cost Canadian gold mines: the Greenstone Mine in Ontario and the Valentine Gold Mine in Newfoundland & Labrador.
Valentine is still under construction and is expected to see its first gold pour in mid-2025. Equinox noted that collectively, these two cornerstone assets are expected to produce an average of 590,000 ounces of gold per year once operating at full capacity.
