On November 18, 2024, Orla Mining Ltd. agreed to acquire the Musselwhite Gold Mine in Ontario from Newmont Corporation for $810 million upfront and $40 million in contingent payments. The deal, funded through debt facilities, a gold prepayment, convertible notes, and cash, avoids equity dilution. Financial backing includes support from Fairfax Financial, Pierre Lassonde, Trinity Capital Partners, and lenders such as BMO, CIBC, and ING Capital.

The acquisition doubles Orla’s annual gold production to over 300,000 ounces and adds 1.5 million ounces in reserves.

Stifel Canada and Scotiabank advised Orla, with Blake, Cassels & Graydon LLP as legal counsel. Goodmans LLP advised Newmont Corporation. Torys LLP acted as counsel to Fairfax, with a team including David Chaikof and Janan Paskaran. Closing is expected in early 2025.