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On June 17, 2025, Calibre Mining Corp. and Equinox Gold Corp. completed a business combination by court-approved plan of arrangement pursuant to which Equinox Gold acquired all of the issued and outstanding common shares of Calibre in exchange for common shares of Equinox, with an implied transaction value of approximately $2.56 billion.
The transaction creates 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.
BMO Capital Markets and GenCap Mining Advisory served as financial advisors to Equinox, with Blake, Cassels & Graydon LLP as legal counsel. Trinity Advisors Corporation and Canaccord Genuity Corp. advised Calibre, with Cassels Brock & Blackwell LLP providing legal counsel. Fairness opinions were provided by BMO Capital Markets for Equinox and by Canaccord Genuity Corp. and National Bank Financial Inc. for Calibre. Subject to shareholder, court, and regulatory approvals in Canada and Mexico, the transaction is expected to close in Q2 2025. The agreement includes termination fees of US$145 million for Equinox and US$85 million for Calibre under specific circumstances.
Parties
Company
Equinox Gold Corp.
Company
Calibre Mining Corp.
Deal Type
Merger & AcquisitionIndustry
MiningTransaction
$ 2,560,000,000Deal Status
ClosedClosing Date
17 June 2025