Wednesday, October 8, 2025

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Equinox Gold To Acquire Calibre Mining At Discount To Market

There’s about to be one less producer in the mining space, with Equinox Gold (TSX: EQX) announcing this morning that it will be acquiring Calibre Mining (TSX: CXB) in an all-stock transaction for no premium.

The combination is being billed as an “at-market” transaction, which will see Calibre merged into Equinox to create an Americas-focused gold producer operating within five countries. The flagship assets of Equinox going forward will then become the Greenstone Mine in Ontario, and the under-construction Valentine Gold Mine in Newfoundland.

The two mines are expected to account for annual production of 590,000 ounces of gold, making Equinox the second largest gold producer in Canada. On a global basis, the entity is expected to have a production profile of 950,000 ounces in 2025. Once Greenstone and Valentine are at capacity, production is estimated to be near 1.2 million ounces, pushing Equinox into the gold major category.

Under the terms of the transaction, Calibre shareholders are to receive 0.31 common common shares of Equinox for every share of Calibre they hold. The ratio implies $3.00 in consideration on a per share basis based on Friday’s close, despite Calibre last traded at $3.09 a share. On a post-transaction basis, Calibre shareholders will own 35% of the resulting entity.

The revised Equinox will see Calibre CEO Darren Hall join the company in the role of President and COO, while five directors from Calibre will join the Equinox board, bringing the total board of directors to ten.

“This merger represents a transformative step forward for both Equinox and Calibre, bringing together two complementary companies with strong production, growth potential, operational expertise, and a shared commitment to responsible mining. By combining our assets, teams, and financial strength, we are creating a leading Americas-focused gold producer with enhanced scale, resilience, and the ability to generate significant long-term value for our shareholders and stakeholders,” commented Greg Smith, CEO of Equinox.

The transaction remains subject to shareholder approval from Calibre, with a special meeting to be held on May 31. Equinox shareholders will also be required to approve of the transaction, with a special meeting slated to be held before May 31.

Termination fees of US$145 million and US$85 million are payable by Equinox and Calibre in the event the transaction is not approved in certain circumstances.

Equinox Gold last traded at $9.69 on the TSX.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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