Equinox Gold Announces Filing and Mailing of Meeting Materials for the Annual & Special Meeting of Shareholders on April 24, 2025
Equinox Gold (TSX: EQX, NYSE American: EQX) has announced its upcoming Annual & Special Meeting on April 24, 2025, where shareholders will vote on the proposed business combination with Calibre Mining Corp. Under the arrangement, Calibre shareholders will receive 0.31 Equinox Gold shares for each Calibre share, resulting in a 63%-37% ownership split between existing Equinox and Calibre shareholders.
The combined entity aims to become a major diversified gold producer in the Americas with potential for over 1.2 million ounces of annual gold production across five countries. The merger will create Canada's second-largest gold producer, with Greenstone Gold Mine and Valentine Gold Mine expected to collectively produce 590,000 ounces annually at capacity.
The Board unanimously recommends voting FOR the arrangement, citing benefits including substantial free cash flow generation, exceptional growth profile, and significant revaluation potential. Greg Smith will continue as CEO, while Calibre's CEO Darren Hall will serve as President and COO of the combined company.
Equinox Gold (TSX: EQX, NYSE American: EQX) ha annunciato la sua prossima Assemblea Annuale e Straordinaria il 24 aprile 2025, dove gli azionisti voteranno sulla proposta di fusione con Calibre Mining Corp. Secondo l'accordo, gli azionisti di Calibre riceveranno 0,31 azioni di Equinox Gold per ogni azione di Calibre, risultando in una divisione di proprietà del 63%-37% tra gli attuali azionisti di Equinox e Calibre.
L'entità combinata mira a diventare un importante produttore diversificato di oro nelle Americhe, con un potenziale di oltre 1,2 milioni di once di produzione annuale di oro in cinque paesi. La fusione creerà il secondo produttore di oro più grande del Canada, con la Greenstone Gold Mine e la Valentine Gold Mine che si prevede producano collettivamente 590.000 once all'anno a pieno regime.
Il Consiglio raccomanda unanimemente di votare a FAVORE dell'accordo, citando vantaggi tra cui una generazione sostanziale di flusso di cassa libero, un profilo di crescita eccezionale e un significativo potenziale di rivalutazione. Greg Smith continuerà come CEO, mentre il CEO di Calibre, Darren Hall, sarà Presidente e COO della società combinata.
Equinox Gold (TSX: EQX, NYSE American: EQX) ha anunciado su próxima Junta Anual y Especial el 24 de abril de 2025, donde los accionistas votarán sobre la propuesta de fusión con Calibre Mining Corp. Según el acuerdo, los accionistas de Calibre recibirán 0.31 acciones de Equinox Gold por cada acción de Calibre, resultando en una división de propiedad del 63%-37% entre los actuales accionistas de Equinox y Calibre.
La entidad combinada tiene como objetivo convertirse en un importante productor diversificado de oro en las Américas, con un potencial de más de 1.2 millones de onzas de producción anual de oro en cinco países. La fusión creará el segundo mayor productor de oro de Canadá, con la Greenstone Gold Mine y la Valentine Gold Mine que se espera produzcan colectivamente 590,000 onzas anuales a plena capacidad.
La Junta recomienda unánimemente votar a FAVOR del acuerdo, citando beneficios que incluyen una generación sustancial de flujo de caja libre, un perfil de crecimiento excepcional y un significativo potencial de revalorización. Greg Smith continuará como CEO, mientras que el CEO de Calibre, Darren Hall, será Presidente y COO de la empresa combinada.
Equinox Gold (TSX: EQX, NYSE American: EQX)는 2025년 4월 24일 예정된 연례 및 특별 회의를 발표하였으며, 주주들은 Calibre Mining Corp와의 제안된 사업 결합에 대해 투표할 예정입니다. 이 협정에 따라 Calibre 주주들은 Calibre 주식 1주당 0.31주의 Equinox Gold 주식을 받게 되며, 그 결과 Equinox와 Calibre 주주 간의 소유권 비율은 63%-37%가 됩니다.
결합된 기업은 아메리카에서 주요 다각화된 금 생산자가 되는 것을 목표로 하며, 연간 120만 온스 이상의 금 생산 잠재력을 가지고 있습니다. 이 합병은 캐나다에서 두 번째로 큰 금 생산자를 만들 것이며, Greenstone Gold Mine과 Valentine Gold Mine은 연간 59만 온스를 생산할 것으로 예상됩니다.
이사회는 상당한 자유 현금 흐름 생성, 뛰어난 성장 프로필 및 상당한 재평가 잠재력을 포함한 이점을 언급하며, 이 합의에 찬성하는 투표를 전적으로 추천합니다. Greg Smith는 CEO로 계속 활동하며, Calibre의 CEO인 Darren Hall은 결합된 회사의 사장 및 COO로 일할 것입니다.
Equinox Gold (TSX: EQX, NYSE American: EQX) a annoncé sa prochaine Assemblée Annuelle et Extraordinaire le 24 avril 2025, où les actionnaires voteront sur la proposition de fusion avec Calibre Mining Corp. Selon l'accord, les actionnaires de Calibre recevront 0,31 action d'Equinox Gold pour chaque action de Calibre, entraînant une répartition de propriété de 63%-37% entre les actionnaires existants d'Equinox et de Calibre.
L'entité combinée vise à devenir un important producteur d'or diversifié en Amérique, avec un potentiel de plus de 1,2 million d'onces de production annuelle d'or dans cinq pays. La fusion créera le deuxième plus grand producteur d'or du Canada, avec la Greenstone Gold Mine et la Valentine Gold Mine qui devraient produire collectivement 590 000 onces par an à pleine capacité.
Le Conseil recommande à l'unanimité de voter POUR l'accord, citant des avantages tels qu'une génération substantielle de flux de trésorerie libre, un profil de croissance exceptionnel et un potentiel de réévaluation significatif. Greg Smith continuera en tant que PDG, tandis que le PDG de Calibre, Darren Hall, sera Président et COO de la société combinée.
Equinox Gold (TSX: EQX, NYSE American: EQX) hat seine bevorstehende Jahres- und Sonderversammlung für den 24. April 2025 angekündigt, bei der die Aktionäre über die vorgeschlagene Unternehmenszusammenlegung mit Calibre Mining Corp abstimmen werden. Im Rahmen der Vereinbarung erhalten Calibre-Aktionäre 0,31 Equinox Gold-Aktien für jede Calibre-Aktie, was zu einer Eigentumsverteilung von 63%-37% zwischen den bestehenden Aktionären von Equinox und Calibre führt.
Das kombinierte Unternehmen strebt an, ein bedeutender diversifizierter Goldproduzent in Amerika zu werden, mit einem Potenzial von über 1,2 Millionen Unzen jährlicher Goldproduktion in fünf Ländern. Die Fusion wird den zweitgrößten Goldproduzenten Kanadas schaffen, wobei die Greenstone Gold Mine und die Valentine Gold Mine voraussichtlich gemeinsam 590.000 Unzen jährlich bei voller Kapazität produzieren werden.
Der Vorstand empfiehlt einstimmig, für die Vereinbarung zu stimmen und nennt Vorteile wie erhebliche Generierung von freiem Cashflow, ein außergewöhnliches Wachstumsprofil und erhebliches Neubewertungspotenzial. Greg Smith wird weiterhin als CEO tätig sein, während der CEO von Calibre, Darren Hall, Präsident und COO des kombinierten Unternehmens wird.
- Creation of a major gold producer with 1.2M oz annual production potential
- Becoming Canada's second-largest gold producer with 590,000 oz annual production from two new mines
- Expected immediate increase in production amid record high gold prices
- Received Canadian Competition Approval for the merger
- Strong leadership team with proven track record retained
- Transaction completion subject to multiple regulatory approvals and conditions
- Closing timeline extends to Q3 2025, creating execution uncertainty
- Significant shareholder dilution with 37% ownership transfer to Calibre shareholders
Insights
This merger of Equinox Gold and Calibre Mining represents a transformative consolidation in the American gold sector. The exchange ratio of 0.31 Equinox shares per Calibre share will create a significantly larger entity with potential production exceeding 1.2 million ounces annually, immediately establishing the combined company as Canada's second-largest gold producer.
The strategic timing coincides with record-high gold prices, positioning the combined entity to generate substantial free cash flow that can accelerate deleveraging efforts. The transaction delivers immediate scale benefits while enhancing portfolio diversification across five countries, notably strengthening Equinox's Canadian footprint through the addition of Calibre's Valentine Gold Mine alongside Equinox's Greenstone operation.
With Canadian Competition approval secured and other regulatory clearances in progress, the deal structure appears sound, though Mexican competition authorization remains a closing condition. The proposed management integration combines complementary leadership teams, with Calibre's CEO Darren Hall stepping into the COO role while Equinox's Greg Smith continues as CEO.
The market will likely view this consolidation favorably given the current premium valuation environment for larger gold producers with stronger free cash flow profiles. The combined entity's enhanced scale, broader operational diversification, and strengthened balance sheet potential should support multiple expansion as the merger progresses toward an expected Q3 closing.
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") will hold its annual and special meeting of shareholders ("Annual Meeting") on April 24, 2025 commencing at 1:30 pm Vancouver time, followed by a corporate update commencing at approximately 1:45 pm.
In addition to electing directors and other annual approvals, at the Annual Meeting Equinox Gold shareholders will be asked to consider and approve a resolution ("Arrangement Resolution") to issue Equinox Gold common shares pursuant to the business combination with Calibre Mining Corp. ("Calibre") as announced on February 23, 2025 (the "Arrangement"). Under the terms of the Arrangement, each Calibre share will be exchanged for 0.31 of an Equinox Gold common share. If the Arrangement is completed, existing Equinox Gold and former Calibre shareholders (including former holders of restricted share units and performance share units of Calibre) will own approximately
Your vote is important, no matter how many Equinox Gold shares you hold. The Board of Directors of Equinox Gold has unanimously determined that the Arrangement is in the best interests of Equinox Gold and recommends that shareholders vote FOR the Arrangement Resolution.
Strategic Rationale
Combining Equinox Gold and Calibre will create:
- A major diversified gold producer in the Americas: Potential for more than 1.2 million ounces[1] of annual gold production from a portfolio of mines in five countries in the Americas.
- The second largest gold producer in Canada: Greenstone Gold Mine and Valentine Gold Mine, two new long-life, low-cost, open-pit gold mines, are expected to produce collectively 590,000 ounces[2] of gold per year when at capacity.
- Substantial free cash flow: Immediate increase in production at record high gold prices is expected to drive superior free cash flow to enable the combined company to quickly deleverage.
- Exceptional growth profile: Additional production growth from the ramp-up of Valentine Gold Mine 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 the combined company. In total, six directors of Equinox Gold will serve on the board of directors of the combined company, including Ross Beaty and Greg Smith, and four directors of Calibre will serve on the board of directors of the combined company, including Blayne Johnson and Doug Forster. Greg Smith, the President and Chief Executive Officer of Equinox Gold, will continue as Chief Executive Officer of the combined company, and Darren Hall, the President and Chief Executive Officer of Calibre, will serve as the President and Chief Operating Officer of the combined company with full responsibility of the combined operations going forward.
Meeting Materials
Equinox Gold's management information circular, which includes additional information regarding the background to and anticipated benefits of the Arrangement, the business of the Annual Meeting, and instructions for participating in the Annual Meeting and the voting process ("Meeting Materials"), is being distributed to shareholders. Upon receipt of the Meeting Materials, which contain personalized voting information, shareholders can vote their shares online, by telephone or by mail, or can attend the Annual Meeting and vote in person. Shareholders who cannot attend in person are invited to join an online webcast; however, the webcast is being provided for viewing purposes only. There will be no ability to vote via the webcast.
Attend in Person
Suite 200, 1133 Melville Street, Vancouver, BC
Attend Online
www.equinoxgold.com/shareholder-events
The Meeting Materials can be downloaded at www.equinoxgold.com/shareholder-events and from Equinox Gold's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Shareholders may request that printed copies of the Meeting Materials be mailed to them at no cost by contacting the Company by phone at 1-833-EQX-GOLD (1-833-379-4653) (North America) or +1-604-558-0560 (International) or by email at info@equinoxgold.com.
Shareholder Questions & Voting Assistance
Shareholders can submit questions in advance about Equinox Gold, the Annual Meeting or the voting process using the Submit a Question form on our dedicated meeting site at www.EquinoxGold.com/investors/agm-contact/. The deadline for voting by proxy is 1:30 pm (Vancouver time) on April 22, 2025.
Advance Ruling Certificate & Conditions of Closing
The Company is pleased to advise that on March 25, 2025, Equinox Gold received an advance ruling certificate that satisfies the Canadian Competition Approval closing condition for the Arrangement. In addition to shareholder and court approvals, the Arrangement is subject to applicable regulatory approvals, including both Canadian (received) and Mexican competition authorization, approval of the listing of the Equinox Gold common shares to be issued pursuant to the Arrangement on the Toronto Stock Exchange and NYSE American Exchange, and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Arrangement is expected to close in the next several months and in any event by the end of Q3 2025.
Annual Filings
The Company has filed its Annual Information Form and its Annual Report on Form 40-F for the year ended December 31, 2024. The Annual Information Form is available for download on SEDAR+, on EDGAR and on Equinox Gold's website. The Form 40-F is available for download on EDGAR.
Equinox Gold Contacts
Greg Smith, President & CEO
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com
Cautionary Note Regarding Forward-looking Statements
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 Gold's expectations for the combined company post-closing. Actual results and outcomes of the proposed plan of arrangement between the companies ("Arrangement") may vary from the information set out in any Forward-looking Information. As well, Forward-looking Information may relate to: the satisfaction of the conditions precedent to the Arrangement and timing for closing of the Arrangement; the success of Equinox Gold and Calibre Mining in combining operations upon closing; the ability to achieve the anticipated benefits of the Agreement; the success and timing of completing construction of the Valentine Gold Mine; the production and operating capabilities of the Valentine Gold Mine; expectations for operation of the Greenstone Mine; the production, cash flow, deleveraging and growth potential of the combined company; the potential of the combined company to meet industry targets, public profile, and expectations; the ability to successfully advance the expansion and development projects; and the potential for a market revaluation.
Forward-looking Information is generally identified by the use of words like "will", "create", "subject to", "is expected", "proposed" 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 Gold believes 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 Gold 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 closing of the Arrangement; the ability to achieve the anticipated benefits of the Agreement; risks related to Canadian and United States sanctions on 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 Equinox Gold; risks relating to changes in the gold price; risks related to completion of the Valentine Gold Mine and achieving production in accordance with expectations; risks related to achieving design capacity at Greenstone in accordance with expectations; the ability to achieve the 2025 guidance announced by Equinox Gold and Calibre; the ability to successfully advance the development and expansion projects in accordance with expectations; the ability to successfully negotiate new agreements with local communities at Los Filos Mine; the ability to work successfully with First Nations and Indigenous partners and local communities; 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 Mining'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 Gold'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 Gold assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information 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 Equinox Gold updates any one or more forward-looking statements, no inference should be drawn that the 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.
[1] Mid-point of Equinox Gold's 2025 guidance plus mid-point of Calibre's 2025 guidance, on a full-year basis, plus an additional 65,000 ounces with Greenstone at capacity and 200,000 ounces with Valentine at capacity. Does not include any production from Equinox Gold's Los Filos Gold Mine or either company's expansion projects.
[2] Average annual production as estimated in the most recent technical reports for each project, which are available for download on each company's website and on SEDAR+.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246489
FAQ
What is the exchange ratio for Calibre Mining shares in the EQX merger?
What will be the total gold production potential of the combined EQX-Calibre entity?
When is the deadline for proxy voting on the EQX-Calibre merger?
What is the expected production from EQX's Greenstone and Valentine Gold mines combined?
What will be the ownership structure of the combined EQX-Calibre company?
