Equinox Gold Corp (TSE: EQX) (NYSEAMERICAN: EQX) (FRA: 1LRC) and Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) (FRA: WCLA) closed their widely anticipated business merger, creating a new Americas-focused diversified gold producer.
Completed on Tuesday, the newly diversified company will maintain the Equinox Gold name. It also connects a portfolio of mines in five countries with two high quality Canadian gold miens, including the Greenstone Gold Mine in Ontario and the Valentine Gold Mine in Newfoundland & Labrador.
At present, Valentine is nearly complete and is presently in the final stages of construction and plant commissioning. The company anticipates its first gold by the end of Q3, 2025. This new combination will also put Equinox as the second larger gold producer in Canada.
Ross Beaty, Equinox’s chair, announced the appointments of key former directors of Calibre to the Equinox’s board. These include Blayne Johnson, Doug Forster, Omaya Elguindi and Mike Vint.
“The combined company will be led by Greg Smith, Chief Executive Officer and Director, Darren Hall, President and Chief Operating Officer, and Peter Hardie, Chief Financial Officer,” said Beaty.
Earlier this month, the company updated its 2025 gold production metrics following the merger. It now projects pro forma full-year output between 785,000 and 915,000 ounces. It expects total cash costs to range from USD$1,400 to USD$1,500 per ounce. The company also forecasts all-in sustaining costs between USD$1,800 and USD$1,900 per ounce. These projections include Calibre’s full-year guidance.
The company excluded output and costs from Calibre’s Valentine Gold Mine and Equinox Gold’s Los Filos Complex.
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The leadership has a track record of results
Blayne Johnson, chair of Calibre Mining’s Board of Directors, thanked outgoing directors Ed Farrauto, Paula Caldwell St-Onge, Sian Tasaka, and Audra Walsh for their service and contributions to shareholder value. He also expressed gratitude to Calibre employees for their ongoing dedication and hard work.
Additionally, Johnson called the merger a pivotal milestone that strengthens the company’s foundation for increased gold production and long-term value. By combining assets and leadership, Equinox Gold gains scale, resilience, and growth potential.
Analyst coverage of the Equinox–Calibre merger has been mixed, reflecting both optimism and concern. TD Cowen noted the lack of a merger premium, calling the valuation low compared to recent industry transactions. The firm suggested a higher offer from another bidder remains possible. Additionally, RBC Capital Markets responded by downgrading Equinox Gold from Sector Perform to Underperform, citing uncertainty around the transaction’s strategic benefits.
In contrast, National Bank maintained an Outperform rating on Equinox and raised its price target to CAD$13. The bank highlighted potential long-term growth and improved production scale. Furthermore, BMO Capital Markets provided a fairness opinion to Equinox’s board, supporting the deal’s structure and value.
From Calibre’s side, Canaccord Genuity and National Bank Financial both issued fairness opinions, stating that the deal benefits shareholders. However, opposition from Van Eck, Calibre’s largest shareholder, added to the controversy. The firm questioned the merger’s operational synergies and long-term strategic fit.
Therefore, while some analysts and institutions support the deal, others remain skeptical. The diverging views suggest investors may see both opportunity and risk in the merger.
Equinox Gold plans to delist Calibre shares from the Toronto Stock Exchange and end Calibre’s public reporting obligations.
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