Equinox Gold Corp

Equinox Gold raised its 2026 production outlook and increased its dividend by 50% following the completion of its combination with Orla Mining. The company now expects consolidated production of 870,000 to 920,000 ounces of gold, with total cash costs of $1,600 to $1,700 per ounce and all-in sustaining costs of $1,900 to $2,000 per ounce. The board approved a dividend increase to $0.09 per share, reflecting confidence in the combined company's cash generation. The Orla transaction, which closed July 31, adds the Musselwhite and Valentine mines in Canada, creating a larger North American producer with pro forma annual output of about 1.1 million ounces. CEO Darren Hall also announced his retirement, with President Jason Simpson set to succeed him.

Equinox Gold Corp. reported a sharp increase in second-quarter profit, with earnings reaching $230.62 million, or $0.25 per share, compared with $23.85 million, or $0.05 per share, in the same period last year. Revenue for the quarter rose 169.3% to $769.80 million from $285.82 million a year earlier.

Equinox Gold and Orla Mining have completed their business combination, creating what they describe as North America’s new senior gold producer. The combined company is expected to produce approximately 1.1 million ounces of gold annually, with a clear path to more than 1.9 million ounces as its high-quality North American growth projects are developed. Ross Beaty has stepped down as Chairman and been appointed Chairman Emeritus and Special Advisor to the Board, while Chuck Jeannes becomes incoming Chairman. Darren Hall will retire as CEO effective October 31, 2026, and Jason Simpson will assume the role after a three-month transition. The company intends to delist Orla shares from the Toronto Stock Exchange and NYSE American and terminate its public reporting requirements as soon as possible.

Equinox Gold produced 176,836 ounces of gold in the second quarter of 2026, with Canadian operations contributing 97,273 ounces, an 11% increase over the prior quarter. Greenstone mine delivered 64,656 ounces and Valentine mine added 32,617 ounces, while Mesquite, Nicaragua, and Castle Mountain contributed the remainder. The company remains on track to meet its full-year guidance of 700,000 to 800,000 ounces, with year-to-date production at 374,464 ounces. CEO Darren Hall highlighted improving ramp-up at both Canadian mines, with Greenstone's mill exceeding nameplate capacity on 69% of days and Valentine's plant averaging 113% of nameplate. Equinox also announced a proposed business combination with Orla Mining and secured 20-year land access agreements for the Los Filos mine, initiating restart planning.

Equinox Gold has sold 8,713,000 common shares of Versamet Royalties Corporation in a block trade for aggregate gross proceeds of C$130 million. Prior to the sale, Equinox Gold held 11,617,915 Versamet shares, representing approximately 10.7% of the outstanding shares. Following the transaction, its stake falls to 2,904,915 shares, or about 2.7% of the total. As a result, Versamet’s right of first offer on Equinox Gold’s royalties and streams will terminate, and the investor rights agreement between the two companies will automatically end once Equinox Gold’s ownership remains below 10% for 30 continuous days.

Equinox Gold has secured 20-year land access agreements with three communities surrounding its Los Filos Mine in Mexico, clearing a major operational hurdle. The agreements with the communities of Carrizalillo, Mezcala, and Xochipala allow the company to proceed with a gradual restart of heap leach operations and continue technical studies for expansion opportunities, including a carbon-in-leach processing facility. CEO Darren Hall stated the agreements reflect a shared commitment to responsible operations and sustainable benefits. Separately, ATB Cormark Capital Markets analyst Richard Gray reiterated a Buy rating on Equinox Gold and raised the price target from $20.4 to $21.11, implying a 108% upside from current levels.

Equinox Gold has signed 20-year land access agreements with all three host communities at its Los Filos Mine in Guerrero, Mexico, enabling a phased restart of heap leach operations and advancing technical studies on potential expansions, including a possible carbon-in-leach processing facility. The agreements secure long-term community and land stability around a deposit containing 5.4 million ounces of mineral reserves and further mineral resources. This development could materially influence how Equinox Gold evaluates the future role of Los Filos within its broader portfolio, particularly in light of its planned merger with Orla Mining, which aims to create a larger North American producer with six operating mines and about 23 million ounces of proven and probable reserves.

Equinox Gold has filed and mailed meeting materials for a special shareholder meeting on July 22, 2026, to vote on the proposed business combination with Orla Mining. Shareholders will be asked to approve the issuance of up to 421,770,377 common shares in connection with the arrangement, under which each Orla share would be exchanged for 1.00 Equinox Gold share and US$0.0001 in cash. If completed, existing Equinox Gold and former Orla shareholders would own approximately 67% and 33% of the combined company, respectively, which would continue as Equinox Gold Corp. trading on the TSX and NYSE American under ticker EQX. The board of directors of both companies unanimously recommends a vote in favor, and the proxy voting deadline is 9:00 a.m. Vancouver time on July 20, 2026. The combined entity is expected to produce 1.1 million ounces of gold annually from six North American mines, with a growth path to more than 1.9 million ounces, and generate approximately $1.4 billion in free cash flow in 2026 based on analyst consensus estimates.

Orla Mining's Camino Rojo Mine in Mexico resumed operations on June 5 after a four-day illegal worker blockade over productivity bonus and profit-sharing disputes. The company stated it had already paid the maximum legally required profit-sharing amount, and federal labor intervention ended the stoppage. Orla Mining reiterated its 2026 production guidance for Camino Rojo of 110,000 to 120,000 ounces of gold. The mine recently received a key environmental permit for the remaining oxide open-pit and underground exploration decline, and a favorable Preliminary Economic Assessment supports a standalone underground project beneath the existing pit. Orla Mining also announced a merger with Equinox Gold that is expected to create a senior North American gold producer with combined near-term output of more than 800,000 ounces from assets including Camino Rojo, Valentine, South Railroad, Castle Mountain, and Los Filos, and total expected production of 1.1 million ounces from six mines.

Equinox Gold has published its 2025 Sustainability Report, detailing performance across environmental, social, and governance topics for the year ended December 31, 2025. The company recorded zero fatalities and a Total Recordable Injury Frequency Rate of 1.65 per million hours worked, down from 2.21 in 2024, while achieving a Significant Environmental Incident Frequency Rate of 0.00 with no significant environmental incidents. It reported an estimated 60,113 metric tonnes of carbon dioxide equivalent emissions reductions through operational efficiency and renewable energy initiatives, distributed $2.1 billion in economic value, and invested $14 million in community programs. The report also reflects the June 2025 combination with Calibre Mining and includes completion of external assurance against the World Gold Council's Responsible Gold Mining Principles.

Orla Mining Ltd. is a more compelling gold stock than Alamos Gold Inc. right now, according to a Zacks Investment Research analysis. Orla Mining trades at a forward 12-month earnings multiple of 6.69X, well below Alamos Gold's 13.52X, and its 2026 earnings estimates have been revised upward over the past 60 days while Alamos Gold's have trended lower. The pending at-market merger with Equinox Gold Corp. will give Orla shareholders immediate exposure to a diversified North American senior producer with six mines, including the recently acquired Musselwhite mine that helped drive first-quarter 2026 gold sales 76% higher year over year. Alamos Gold offers strong long-term growth from its Island Gold District expansion, targeting 534,000 ounces annually starting in 2028, but near-term production was flat in the first quarter and its 2026 earnings estimates have been cut. Both stocks carry a Zacks Rank #3, or Hold, yet Orla's cheaper valuation and positive estimate momentum give it the edge.

RBC Capital lowered its price target on Equinox Gold Corp. to $14 from $17 while maintaining an Outperform rating, citing a more balanced view of the company's ORLA deal with mixed valuation implications. The firm noted that scale, high growth, and geographic exposure were key aspects of the transaction. Equinox and Orla Mining announced a definitive arrangement agreement on May 13, 2026, to create a combined North American senior gold producer with expected annual production of approximately 1.1 million ounces and an implied market capitalization of $18.5 billion. Separately, Stifel raised its price target on Equinox to C$35 from C$31 and kept a Buy rating. Equinox reported first-quarter adjusted earnings per share of 40 cents, beating the consensus estimate of 29 cents, on revenue of $861.6 million.