Equinox (EQX) and Orla Mining Announce At-Market Merger Agreement

Jeff Lewis

Tue, May 19, 2026 at 3:16 AM EDT 2 min read

Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the

8 Best Debt Free Gold Stocks to Buy.

On May 13, 2026, Equinox Gold Corp. (NYSEAMERICAN:EQX) and Orla Mining announced a definitive arrangement agreement for an at-market merger that would create a North American senior gold producer with approximately 1.1 million ounces of expected annual gold production and an implied market capitalization of about $18.5B. The combined company is expected to continue operating under the name Equinox Gold Corp. and would be anchored by three long-life Canadian gold mines, alongside a North American growth pipeline that management believes could support more than 1.9 million ounces of annual production over time. Under the terms of the agreement, Equinox Gold will acquire all outstanding Orla common shares through a court-approved plan of arrangement. Orla shareholders will receive 1.00 Equinox common share plus a nominal cash payment of $0.0001 per Orla share.

Following completion of the transaction, existing Equinox shareholders are expected to own about 67% of the combined company, while former Orla shareholders would own approximately 33% on a fully diluted in-the-money basis. The transaction remains subject to shareholder, court, and regulatory approvals, including Canadian and Mexican competition approvals and listing approval for the newly issued Equinox shares on the Toronto Stock Exchange and NYSE American. The companies expect the transaction to close during Q3 2026. The agreement also includes customary deal protections, including non-solicitation provisions, matching rights for superior proposals, reciprocal fiduciary-out clauses, and break fees of $475M payable by Equinox and $250M payable by Orla under certain circumstances.

Stifel later raised the firm’s price target on Equinox Gold Corp. (NYSEAMERICAN:EQX) to C$35 from C$31 previously while maintaining a Buy rating on the shares.

Equinox Gold Corp. (NYSEAMERICAN:EQX) explores, develops, and operates gold and silver mining properties across the Americas.

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