Equinox Gold Corp (TSE: EQX) (NYSEAMERICAN: EQX) (FRA: 1LRC) has agreed to sell its interest in three Nevada-based assets to Minera Alamos Inc. (CVE: MAI) (OTCMKTS: MAIFF) for USD$115 million.
Announced on Thursday, the transaction includes the Pan Mine, the Gold Rock Project, and the Illipah Project.
The deal consists of USD$90 million in cash and USD$25 million in equity. The equity portion will come in the form of Minera Alamos common shares and will not exceed 9.99 per cent pro forma ownership. If that threshold is surpassed, the equity will be reduced, and the cash payment will increase accordingly.
Equinox Gold CEO Darren Hall said the move reflects a strategy focused on capital discipline and portfolio optimization.
“This transaction simplifies our business and allows the team to focus our efforts and capital on core operations and key development opportunities,” Hall said in a statement.
“The US$90 million in cash proceeds will strengthen our balance sheet, and the significant equity ownership will provide continued exposure to the upside within the Nevada Assets as well as to Minera Alamos’ existing high-quality portfolio.”
Furthermore, Hall emphasized that the sale will help Equinox Gold drive stronger shareholder returns. In addition, it provides the company with flexibility to reinvest capital into its core assets.
The sale is expected to close in the fourth quarter of 2025. However, the transaction remains subject to regulatory and stock exchange approvals, as well as other standard closing conditions.
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Minera Alamos intends to expand into the United States
Minera Alamos gains several promising Nevada assets through this acquisition. The Pan Mine is a producing open-pit, heap-leach gold operation. Gold Rock and Illipah are earlier-stage exploration and development projects.
Additionally, the deal signals Minera Alamos’ intent to expand its footprint in the United States. Equinox Gold, meanwhile, retains exposure to the assets’ future upside through its new equity stake.
In mid-2025, Equinox Gold completed its merger with Calibre Mining, creating a diversified Americas-focused gold producer. The all-share transaction combined Equinox’s strong development pipeline with Calibre’s low-cost production assets. As a result, the merged company holds operations across Canada, the United States, Mexico, and Nicaragua.
The Pan Mine in Nevada came into Equinox Gold’s hands through this merger. Calibre had acquired the Pan Mine in early 2024, expanding its U.S. footprint before merging with Equinox. However, Equinox quickly identified the asset as non-core to its long-term growth plans.
The combined company now benefits from enhanced scale and a stronger balance sheet. In addition, it holds a production base of over 700,000 ounces per year with clear growth potential. Equinox also gained Calibre’s skilled operational team and a proven record of delivering consistent cash flow.
Furthermore, the merger allows the company to allocate capital more efficiently across a broader portfolio. The sale of the Pan Mine and other Nevada assets aligns with this strategy. Additionally, the integration of Calibre’s Nicaraguan operations gives Equinox access to high-grade, low-cost assets in a stable jurisdiction.
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