Equinox Gold and Calibre Mining Combine to Create a Major Americas-Focused Gold Producer
Equinox Gold (EQX) and Calibre Mining announced a merger to create New Equinox Gold, set to become Canada's second-largest gold producer. Under the agreement, Calibre shareholders will receive 0.31 Equinox shares for each Calibre share, with existing Equinox and Calibre shareholders owning 65% and 35% of the combined company respectively.
The merged entity will operate mines across five countries, anchored by two Canadian assets: the Greenstone Mine and Valentine Gold Mine, expected to collectively produce 590,000 ounces of gold annually at capacity. Total production is projected at 950,000 ounces in 2025, with potential to exceed 1.2 million ounces annually when both mines reach full capacity.
The transaction, valued at approximately C$7.7 billion in market capitalization, is expected to close in Q2 2025, subject to shareholder and regulatory approvals. Concurrent with the merger announcement, Calibre secured US$75 million in convertible notes from various investors including Equinox.
Equinox Gold (EQX) e Calibre Mining hanno annunciato una fusione per creare New Equinox Gold, che diventerà il secondo produttore di oro in Canada. Secondo l'accordo, gli azionisti di Calibre riceveranno 0,31 azioni di Equinox per ciascuna azione di Calibre, con gli azionisti esistenti di Equinox e Calibre che possiederanno rispettivamente il 65% e il 35% della società combinata.
L'entità fusa gestirà miniere in cinque paesi, con due asset canadesi: la Greenstone Mine e la Valentine Gold Mine, che si prevede producano collettivamente 590.000 once d'oro all'anno a pieno regime. La produzione totale è prevista a 950.000 once nel 2025, con il potenziale di superare 1,2 milioni di once all'anno quando entrambe le miniere raggiungeranno la piena capacità.
La transazione, valutata circa 7,7 miliardi di dollari canadesi in capitalizzazione di mercato, dovrebbe chiudersi nel secondo trimestre del 2025, soggetta all'approvazione degli azionisti e delle autorità di regolamentazione. Contestualmente all'annuncio della fusione, Calibre ha ottenuto 75 milioni di dollari USA in note convertibili da vari investitori, inclusa Equinox.
Equinox Gold (EQX) y Calibre Mining anunciaron una fusión para crear New Equinox Gold, que se convertirá en el segundo productor de oro de Canadá. Según el acuerdo, los accionistas de Calibre recibirán 0,31 acciones de Equinox por cada acción de Calibre, con los accionistas existentes de Equinox y Calibre poseyendo el 65% y el 35% de la empresa combinada, respectivamente.
La entidad fusionada operará minas en cinco países, anclada por dos activos canadienses: la Greenstone Mine y la Valentine Gold Mine, que se espera produzcan colectivamente 590,000 onzas de oro anualmente a plena capacidad. La producción total se proyecta en 950,000 onzas en 2025, con el potencial de superar 1.2 millones de onzas anuales cuando ambas minas alcancen su máxima capacidad.
La transacción, valorada en aproximadamente 7.7 mil millones de dólares canadienses en capitalización de mercado, se espera que se cierre en el segundo trimestre de 2025, sujeta a la aprobación de los accionistas y de las autoridades regulatorias. De manera concurrente con el anuncio de la fusión, Calibre aseguró 75 millones de dólares estadounidenses en notas convertibles de varios inversores, incluyendo Equinox.
Equinox Gold (EQX)와 Calibre Mining은 캐나다의 두 번째로 큰 금 생산업체가 될 New Equinox Gold를 만들기 위한 합병을 발표했습니다. 계약에 따라 Calibre 주주들은 Calibre 주식 1주당 0.31주 Equinox 주식을 받게 되며, 기존 Equinox 및 Calibre 주주들은 각각 65%와 35%의 지분을 보유하게 됩니다.
합병된 기업은 캐나다의 두 자산인 Greenstone Mine과 Valentine Gold Mine을 중심으로 다섯 개국에서 광산을 운영할 것입니다. 이 두 광산은 최대 용량에서 연간 총 590,000 온스를 생산할 것으로 예상됩니다. 2025년 총 생산량은 950,000 온스로 예상되며, 두 광산이 최대 용량에 도달하면 연간 120만 온스를 초과할 가능성이 있습니다.
이 거래는 시장 가치 약 77억 캐나다 달러로 평가되며, 2025년 2분기에 주주 및 규제 승인을 조건으로 종료될 것으로 예상됩니다. 합병 발표와 동시에 Calibre는 Equinox를 포함한 여러 투자자로부터 7,500만 달러의 전환사채를 확보했습니다.
Equinox Gold (EQX) et Calibre Mining ont annoncé une fusion pour créer New Equinox Gold, qui deviendra le deuxième producteur d'or du Canada. Selon l'accord, les actionnaires de Calibre recevront 0,31 action d'Equinox pour chaque action de Calibre, les actionnaires existants d'Equinox et de Calibre détenant respectivement 65 % et 35 % de l'entreprise combinée.
L'entité fusionnée exploitera des mines dans cinq pays, ancrée par deux actifs canadiens : la Greenstone Mine et la Valentine Gold Mine, qui devraient produire collectivement 590 000 onces d'or par an à pleine capacité. La production totale est prévue à 950 000 onces en 2025, avec un potentiel de dépasser 1,2 million d'onces par an lorsque les deux mines atteindront leur pleine capacité.
La transaction, évaluée à environ 7,7 milliards de dollars canadiens en capitalisation boursière, devrait être finalisée au deuxième trimestre de 2025, sous réserve de l'approbation des actionnaires et des autorités réglementaires. Conjointement à l'annonce de la fusion, Calibre a sécurisé 75 millions de dollars US en billets convertibles de divers investisseurs, y compris Equinox.
Equinox Gold (EQX) und Calibre Mining haben eine Fusion angekündigt, um New Equinox Gold zu schaffen, das zum zweitgrößten Goldproduzenten Kanadas werden soll. Laut der Vereinbarung erhalten Calibre-Aktionäre 0,31 Equinox-Aktien für jede Calibre-Aktie, wobei die bestehenden Aktionäre von Equinox und Calibre jeweils 65 % und 35 % des kombinierten Unternehmens besitzen werden.
Das fusionierte Unternehmen wird Minen in fünf Ländern betreiben, verankert durch zwei kanadische Vermögenswerte: die Greenstone Mine und die Valentine Gold Mine, die zusammen voraussichtlich 590.000 Unzen Gold jährlich bei voller Kapazität produzieren werden. Die Gesamtproduktion wird für 2025 auf 950.000 Unzen prognostiziert, mit dem Potenzial, jährlich über 1,2 Millionen Unzen zu überschreiten, wenn beide Minen ihre volle Kapazität erreichen.
Die Transaktion, die mit etwa 7,7 Milliarden kanadischen Dollar an Marktkapitalisierung bewertet wird, soll im zweiten Quartal 2025 abgeschlossen werden, vorbehaltlich der Genehmigung durch die Aktionäre und der Aufsichtsbehörden. Zeitgleich mit der Ankündigung der Fusion sicherte sich Calibre 75 Millionen US-Dollar in wandelbaren Anleihen von verschiedenen Investoren, einschließlich Equinox.
- Creation of second-largest gold producer in Canada with potential for 1.2M oz annual production
- Immediate production increase to 950,000 oz gold in 2025
- Two new long-life, low-cost Canadian mines (Greenstone and Valentine) to produce 590,000 oz/year
- Enhanced portfolio diversification across five countries
- Strengthened cash flow generation in high gold price environment
- Significant debt with need for quick deleveraging
- US$75M additional debt through convertible notes
- Large termination fees (US$145M for Equinox, US$85M for Calibre) if deal fails
Insights
This strategic merger creates a formidable player in the Americas gold sector, with several compelling advantages for investors. The combined entity's projected 950,000 ounces of gold production in 2025, expandable to 1.2 million ounces, positions it among the top-tier gold producers globally. The transaction's structure at 0.31 exchange ratio appears equitable, reflecting current market values while providing Calibre shareholders with immediate exposure to Equinox's larger, more diversified portfolio.
The timing is particularly strategic given current record-high gold prices, which should generate substantial free cash flow to accelerate debt reduction and fund future growth. The merger's focus on Canadian assets - particularly the new Greenstone and Valentine mines - significantly de-risks the portfolio, as Canada offers superior jurisdictional stability and established mining infrastructure.
From a financial perspective, the concurrent
The merger also addresses several key strategic imperatives: geographical diversification across five countries reduces single-jurisdiction risk; operational synergies should emerge from combining management expertise; and the enlarged market capitalization could trigger inclusion in major indices, potentially driving institutional investment flows. The combined company's enhanced scale and improved liquidity should support a valuation re-rating closer to larger peers, particularly given the focus on tier-one jurisdictions.
Key risks to monitor include execution challenges during integration, potential delays in ramping up the new Canadian mines, and the need to maintain operational excellence across an expanded portfolio. However, the involvement of industry veterans Ross Beaty and Featherstone Capital provides confidence in strategic oversight and execution capability.
The merger's operational strategy centers on two cornerstone Canadian assets - Greenstone and Valentine - which collectively target 590,000 ounces of annual gold production at full capacity. These modern, open-pit operations represent the future of Canadian gold mining, with state-of-the-art processing facilities and significant automation potential. Greenstone's recent achievement of commercial production and Valentine's approaching completion provide near-term catalysts for production growth.
The asset portfolio's quality is particularly noteworthy. Both flagship Canadian mines feature favorable grade profiles, strip ratios, and processing characteristics, suggesting competitive all-in sustaining costs. The extensive land packages surrounding these mines offer substantial exploration potential, particularly given the historically underexplored nature of their respective regions.
From an operational perspective, the merger creates opportunities for knowledge sharing and best practice implementation across the portfolio. Calibre's demonstrated operational excellence in Nicaragua can potentially enhance performance at Equinox's existing operations. The combined technical expertise should accelerate optimization initiatives and potentially unlock additional value through exploration success.
The transaction also addresses a critical industry challenge - replacing depleting reserves. The combined entity's substantial resource base provides a robust foundation for sustainable production, while the portfolio of development and expansion projects offers organic growth potential without the need for costly acquisitions.
New Equinox Gold to Become the Second Largest Gold Producer in Canada
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox") and Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) ("Calibre" and collectively the "Companies") are pleased to announce that the Companies have entered into a definitive arrangement agreement (the "Arrangement Agreement") in an at-market business combination whereby Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement (the "Transaction"). The combined company ("New Equinox Gold") will continue under the name "Equinox Gold Corp."
Equinox and Calibre will host a conference call and webcast to discuss the Transaction commencing at 7:30 am Eastern Time on Monday, February 24, 2025. Details are provided at the end of this news release.
The Transaction will create an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines. The Greenstone Mine ("Greenstone") in Ontario achieved commercial production in November 2024 while the Valentine Gold Mine ("Valentine") in Newfoundland & Labrador is nearing construction completion with first gold pour targeted for mid-2025. Collectively, these two cornerstone assets are expected to produce an average of 590,000 ounces of gold per year when operating at capacity. With
The combined company is expected to produce approximately 950,000 ounces of gold in 20251, not including production from Valentine or Los Filos. New Equinox Gold has the potential to produce more than 1.2 million ounces of gold per year with Greenstone and Valentine operating at capacity. Additionally, the combined company will have a large gold endowment of Mineral Reserves and Mineral Resources, and a highly prospective pipeline of development, expansion and exploration projects for low-risk sustainable growth.
Under the terms of the Arrangement Agreement, Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held (the "Exchange Ratio") immediately prior to the effective time of the Transaction (the "Effective Time"). Upon completion of the Transaction, existing Equinox shareholders and former Calibre shareholders will own approximately
New Equinox Gold will benefit from the expertise and successful track record of two industry leaders: Ross Beaty and Featherstone Capital (Blayne Johnson and Doug Forster), who have created substantial shareholder value over multiple decades in the mining sector, all of whom will serve on the Board of Directors of New Equinox Gold.
Strategic Rationale of the Transaction
Merging Equinox and Calibre will create:
- A major diversified gold producer in the Americas: Potential for more than 1.2 million ounces of annual gold production from a portfolio of mines in five countries in the Americas
- The second largest gold producer in Canada: Greenstone and Valentine, two new long-life, low-cost, open-pit gold mines, are expected to produce collectively 590,000 ounces of gold per year when at capacity
- Substantial free cashflow: Immediate increase in production at record high gold prices drives superior free cash flow to quickly deleverage
- Exceptional growth profile: Additional production growth from the ramp up of Valentine and a pipeline of development and expansion projects
- Significant re-rate potential based on valuation of peers: Greater scale, lower risk, near-term production growth, and superior free cash flow relative to peers, providing significant revaluation potential
- An industry-leading team: Proven track record of delivery and shareholder value creation led by Ross Beaty, and Blayne Johnson and Doug Forster of Featherstone Capital, who will all serve on the Board of Directors of New Equinox Gold
Greg Smith, President and Chief Executive Officer of Equinox, stated: "This merger represents a transformative step forward for both Equinox and Calibre, bringing together two complementary companies with strong production, growth potential, operational expertise, and a shared commitment to responsible mining. By combining our assets, teams, and financial strength, we are creating a leading Americas-focused gold producer with enhanced scale, resilience, and the ability to generate significant long-term value for our shareholders and stakeholders."
Darren Hall, President and Chief Executive Officer of Calibre, stated: "The merger with Equinox provides combined shareholders a diversified gold production base with significant growth opportunities. The combination of two new, long-life, low-cost, open-pit gold mines, Valentine and Greenstone, will be the cornerstone of an exciting new major Canadian gold producer that will be positioned to generate substantial shareholder value. I look forward to working with the combined team to continue Calibre's track record of superior execution and delivering on our commitments."
Benefits to Shareholders
Combining Equinox and Calibre unlocks benefits for both sets of shareholders that would be unavailable on a standalone basis, including:
100% ownership of two cornerstone Canadian gold mines at the beginning of their mine lives- Immediate increase to production and cash flow in a record gold price environment
- Enhanced portfolio diversification and reduced risk
- Exposure to several significant growth opportunities within the portfolio
- Substantial reserve and resource base with exploration and expansion potential
- Enhanced capital markets profile with greater significance for indices and investors
- Strengthened leadership team with key additions to both the Board and management
- Realizable synergies and improved efficiencies with the combination of two strong teams
Leadership and Governance
Upon closing of the Transaction, management of the combined operations will include executives from both Equinox and Calibre, with Equinox's current President and Chief Executive Officer, Greg Smith, remaining as Chief Executive Officer and Calibre's current President and Chief Executive Officer, Darren Hall, joining management as President and Chief Operating Officer of New Equinox Gold.
The Board of Directors of the combined company will consist of ten directors, with Ross Beaty as Chair, along with five additional directors from Equinox, including Greg Smith, and four directors from Calibre, including Doug Forster and Blayne Johnson.
Ross Beaty, Chair of Equinox, stated: "Great companies are built on strong foundations and strong teams. The combination of Equinox and Calibre brings together two new Canadian cornerstone gold mines, Greenstone and Valentine, a portfolio of operating gold mines in the Americas, and two excellent operating teams to create a gold mining powerhouse. With improved scale, diversification and financial strength, New Equinox Gold will be well positioned to deliver long-term value to its shareholders. I'm really excited about our future as a great new major gold mining company."
Blayne Johnson, Chair of Calibre, stated: "This merger creates a major gold producer with a solid foundation of two brand-new, high-quality, long-life mines: Greenstone and Valentine. Positioned in Canada's top gold regions, this combination transforms New Equinox Gold into the country's second-largest gold producer. With a strong portfolio of highly profitable and prospective assets across the United States, Mexico, Nicaragua, and Brazil, the company is well-positioned for long-term growth and sustained shareholder value creation. Doug and I look forward to continuing as directors and shareholders, working closely with Ross and the combined Equinox-Calibre team to build on Calibre's strong track record of operational excellence and execution for its shareholders."
Transaction Details
Pursuant to the terms and conditions of the Arrangement Agreement, Calibre shareholders will receive 0.31 of an Equinox common share for each Calibre common share held immediately prior to the Effective Time. In addition, Calibre's outstanding convertible securities will be treated in accordance with the terms of the Arrangement Agreement.
The Transaction will be effected pursuant to a court approved plan of arrangement under the Business Corporations Act (British Columbia). The Transaction will require approval by 66 2/3 percent of the votes cast by the shareholders of Calibre and 66 2/3 percent of the votes cast by the shareholders and option holders of Calibre, voting together as a single class, at a special meeting of Calibre shareholders expected to be held before May 31, 2025. The Transaction will also require approval of a simple majority of votes cast by the shareholders of Calibre, excluding those votes attached to Calibre common shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holder in Special Transaction.
The issuance of the Equinox common shares pursuant to the Transaction is also subject to approval by the shareholders of Equinox with a simple majority threshold of votes cast in favour at a special meeting of shareholders, also expected to be held before May 31, 2025.
Officers and directors of Equinox who hold approximately
In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including both Canadian and Mexican competition authorization, approval of the listing of the Equinox common shares to be issued under the Transaction on the Toronto Stock Exchange ("TSX") and NYSE American Exchange ("NYSE-A"), and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Transaction is expected to close in Q2 2025. The Arrangement Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants, and the right to match any superior proposals. Additionally, termination fees in the amount of US
Full details of the Transaction will be included in the respective management information circulars of Equinox and Calibre, expected to be mailed to shareholders in March 2025.
None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Concurrent Convertible Note Financing
Concurrent with entering into the Arrangement Agreement, Calibre has entered into irrevocable subscription agreements to complete the issuance of an aggregate principal amount of approximately US
The private placement is expected to close on or about March 4, 2025 and is not conditional on the closing of the Transaction. The private placement is also subject to approval of the TSX, including Calibre fulfilling the requirements of the TSX. The Convertible Notes and Warrants will be subject to a four month and one day hold period, pursuant to securities laws in Canada. The Convertible Notes and Warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Calibre, nor shall there be any offer or sale of any securities of Calibre in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Board of Directors' Recommendations
The Arrangement Agreement has been unanimously approved by the board of directors of each of the Companies. Both boards of directors unanimously recommend that their respective shareholders vote in favour of the Transaction.
BMO Capital Markets has provided a fairness opinion to the board of directors of Equinox stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications set forth therein, the Exchange Ratio provided for pursuant to the Transaction is fair, from a financial point of view, to Equinox.
National Bank Financial Inc. and Canaccord Genuity Corp. have each provided oral fairness opinions to the board of directors of Calibre stating that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated in each such opinion, the consideration to be received pursuant to the Transaction is fair, from a financial point of view, to the shareholders of Calibre (other than Equinox).
Advisors and Counsel
BMO Capital Markets and GenCap Mining Advisory are acting as financial advisors to Equinox. Blake, Cassels & Graydon LLP is acting as Canadian legal advisor to Equinox.
Trinity Advisors Corporation and Canaccord Genuity Corp. are acting as financial advisors to Calibre. Canaccord Genuity Corp. and National Bank Financial Inc. have provided fairness opinions to the board of directors of Calibre. Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to Calibre.
Conference Call and Webcast
Equinox and Calibre will hold a joint conference call and webcast on February 24, 2025, commencing at 7:30 am Eastern Time to discuss the Transaction.
Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813
Webcast login
The webcast will be archived on both the Equinox and Calibre websites until the Transaction closes.
Qualified Person
The Calibre scientific and technical information contained in this news release was approved by David Schonfeldt P.Geo., Calibre's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.
The Equinox scientific and technical information contained in this news release was approved by Doug Reddy, MSc, P.Geo, Equinox's Chief Operating Officer and a "Qualified Person" under National Instrument 43-101.
About Equinox Gold Corp.
Equinox (TSX: EQX) (NYSE American: EQX) is a growth-focused Canadian mining company operating entirely in the Americas. The Company has six operating gold mines in Canada, the United States, Mexico and Brazil and a clear path to achieve more than one million ounces of annual gold production from a pipeline of expansion projects. Further information about Equinox's portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.
About Calibre Mining Corp.
Calibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.
For further information, please contact:
Equinox Gold Corp.
Rhylin Bailie
Vice President, Investor Relations
T: 604.260.0516
E: ir@equinoxgold.com
W: www.equinoxgold.com
Equinox's head office is located at Suite 1501, 700 West Pender St., Vancouver, British Columbia V6C 1G8.
Calibre Mining Corp.
Ryan King
SVP Corporate Development & IR
T: 778.998.3700
E: calibre@calibremining.com
W: www.calibremining.com
Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia V6C 3L6.
Cautionary Note Regarding Forward Looking Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). These include statements regarding Equinox and Calibre's intent, or the beliefs or current expectations of the officers and directors of Equinox and Calibre for the combined entity ("New Equinox Gold") post-closing. Actual results and outcomes of the proposed plan of arrangement between the companies ("Arrangement") may vary materially from the amounts set out in any Forward-looking Information. As well, Forward-looking Information may relate to: future outlook and anticipated events, such as the consummation and timing of the Arrangement; the strategic vision for New Equinox Gold following the closing of the Arrangement and expectations regarding exploration potential, production capabilities and future financial or operating performance of New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost guidance; the potential valuation of New Equinox Gold following the closing of the Arrangement; the accuracy of the pro forma financial position and outlook of New Equinox Gold following the closing of the Arrangement; the success of the new management team; the satisfaction of the conditions precedent to the Arrangement; the conversion of Mineral Resource and Mineral Reserves; the success of Equinox and Calibre in combining operations upon closing of the Transaction; the success and timing of completing construction on the Valentine Gold Mine; the production and operating capabilities of the Valentine Gold Mine; expectations for the operation of Greenstone, including future financial or operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design capacity; the potential of New Equinox Gold to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.
Forward-looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Equinox and Calibre believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox and Calibre as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to the closing of the Arrangement; risks related to Canadian and United States sanctions on New Equinox Gold Nicaraguan operations; risks related to the financial impact that tariffs placed on Canada or Mexico by the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; risks related to new members of management and the board of New Equinox Gold; risks relating to changes in the gold price; risks related to the completion of the Valentine Gold Mine; risks related to achieving design capacity at Greenstone in accordance with expectations; and the factors identified in the section titled "Risks Related to the Business" in Equinox's most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section titled "Risk Factors" in Calibre's most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox and Calibre's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox and Calibre assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If either Equinox or Calibre updates any one or more forward-looking statements, no inference should be drawn that the either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.
Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources
Disclosure regarding mineral properties included in this news release, was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the "SEC") generally applicable to U.S. companies. Accordingly, information contained in this news release is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.
1 Mid-point of Equinox's 2025 guidance plus mid-point of Calibre's 2025 guidance, on a full-year basis. Does not include any production from Equinox's Los Filos Gold Mine or Calibre's Valentine Gold Mine.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242006
FAQ
What is the exchange ratio for Calibre shareholders in the EQX merger?
What will be the production capacity of New Equinox Gold after the merger?
When is the EQX-Calibre merger expected to close?
What is the combined market capitalization of the New Equinox Gold?
What percentage will current EQX shareholders own in the merged company?
How much gold will Greenstone and Valentine mines produce together?
