Cassiar Gold Corp. (TSXV: GLDC, OTCQX: CGLCF)
Revitalizing the Cassiar Gold District in British Columbia, Canada
Equinox Gold (TSX: EQX; NYSE: EQX) has announced its plan to acquire Calibre Mining (TSX: CXB) in an all-stock transaction valued at C$2.6 billion (approximately US$1.8 billion). The combined company will become Canada’s second-largest gold producer and rank among the world’s top 15.
Following the announcement on Monday, Equinox’s share price dipped 3% in early trading on the NYSE to US$6.60, reducing its market capitalization to around US$3 billion. Calibre’s stock price on the TSX dropped 7% to C$2.80 (about US$1.90), bringing its market cap down to about C$2.5 billion (US$1.7 billion). The implied market value of the merged company stands at roughly US$5.4 billion.
This deal continues the wave of mergers and acquisitions in the gold sector in recent years, following notable transactions such as Gold Fields’ takeover of Osisko and AngloGold Ashanti’s acquisition of Centamin.
Under the definitive Arrangement Agreement signed by both companies, Equinox will acquire all outstanding common shares of Calibre through a court-approved plan of arrangement. Each share of Calibre will be exchanged for 0.31 shares of Equinox. Once the deal closes, which is expected in the second quarter of this year, composition of the merged entity’s share ownership will be:
The new company’s management team will retain Equinox CEO Greg Smith as Chief Executive Officer, while Calibre CEO Darren Hall will serve as President and Chief Operating Officer. The 10-member Board of Directors will be chaired by Equinox founder Ross Beaty, with five seats held by Equinox’s existing team.
Post-merger, the new Equinox Gold will own nine producing mines, one mine under construction, and five projects across multiple countries.
In 2024, Equinox achieved a record gold production of 622,000 ounces from its seven mines located in Canada, the United States, Mexico, and Brazil. Its Greenstone Mine in Ontario achieved commercial production in November 2024, with an anticipated average annual output of 390,000 ounces over the first five years and about 330,000 ounces over the next 15 years, making it one of Canada’s largest high-grade open-pit gold mines. Calibre’s assets include the Valentine Gold Project in Newfoundland and Labrador, planned to begin production in mid-2025, along with operations in Nicaragua and Nevada.
With Greenstone and Valentine both ramping up, the new Equinox Gold is expected to surpass 1.2 million ounces of gold in annual production—second only to industry leader Agnico Eagle in Canada and among the top 15 gold producers globally. In a statement, Ross Beaty emphasized that combining these two emerging flagship mines with established operations throughout the Americas, alongside a top-tier operational team, will create a new giant in the gold mining sector.
