On February 23, 2025, Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) entered into a definitive at-market business combination agreement with Calibre Mining Corp. (TSX: CXB, OTCQX: CXBMF), acquiring all outstanding Calibre shares through a court-approved plan of arrangement. The newly combined company, continuing as Equinox Gold, will become the second-largest gold producer in Canada. Calibre shareholders will receive 0.31 Equinox shares per Calibre share, resulting in Equinox and former Calibre shareholders owning approximately 65% and 35% of the combined company, respectively. The implied market capitalization of the combined company is approximately C$7.7 billion. The transaction strengthens Equinox’s production capacity, targeting 950,000 ounces of gold in 2025, with the potential to exceed 1.2 million ounces annually once the Greenstone and Valentine mines reach full operation.

BMO Capital Markets and GenCap Mining Advisory served as financial advisors to Equinox, with Blake, Cassels & Graydon LLP as legal counsel. Trinity Advisors Corporation and Canaccord Genuity Corp. advised Calibre, with Cassels Brock & Blackwell LLP providing legal counsel. Fairness opinions were provided by BMO Capital Markets for Equinox and by Canaccord Genuity Corp. and National Bank Financial Inc. for Calibre. Subject to shareholder, court, and regulatory approvals in Canada and Mexico, the transaction is expected to close in Q2 2025. The agreement includes termination fees of US$145 million for Equinox and US$85 million for Calibre under specific circumstances.