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Independent firms greenlight Equinox, Orla merger to create Canadian gold mining giant

Orla's Camino Rojo gold mine in Mexico

Orla's Camino Rojo gold mine in Mexico

13th July 2026

By: Marleny Arnoldi

Online News Editor

     

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Independent proxy advisory firms, including Institutional Shareholder Services, have issued positive voting recommendations to shareholders of TSX- and NYSE-listed Equinox Gold Corporation for the proposed merger with fellow-listed Orla Mining.

Both Equinox's and Orla's boards have unanimously recommended that shareholders vote in favour of the business combination arrangement.

Orla shareholders will receive one Equinox share per Orla share, leaving existing Equinox holders with 67% ownership in the $18.5-billion combined entity.

ISS says the acquisition appears to make strategic sense as it is expected to diversify Equinox's asset base, enhance strategic optionality and improve long-term production potential.

Equinox CEO Darren Hall encourages all shareholders to vote on the arrangement in advance of the voting by proxy deadline on July 20, or to attend in person or online a special meeting of shareholders on July 22. He also reaffirms the strategic rationale for the merger, saying that a merger with Orla will accelerate achievement of Equinox's growth objectives and deliver greater value to shareholders.

The merger is poised to create a new senior gold producer in North America with more than 1.1-million ounces of yearly gold production from six mines.

The merger also promises a growth profile to more than 1.9-million ounces a year.

The combined entity will be the second-largest producer of gold in Canada, with highly complementary assets in the US, Nicaragua and Mexico.

The combined free cash flow of the companies is expected to be $1.4-billion in 2026.

"The combined company can deliver advantages neither company could achieve on a standalone basis, including increased scale and liquidity, lower risk, peer-leading production growth underpinned by a sizeable mineral reserve endowment, and stronger free cash flow, providing significant re-rating potential," Hall states.

Edited by Creamer Media Reporter

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