Equinox Gold and Orla Mining combine
Torys acted as counsel to Fairfax Financial as a shareholder in Orla Mining with a team that included Janan Paskaran (corporate/M&A) and John Tobin (tax).
On July 31, 2026, Equinox Gold Corp. ("Equinox") and Orla Mining Ltd. ("Orla") announced the completion of the previously announced definitive arrangement agreement for an at-market combination to create a new North American senior gold producer with approximately 1.1 million ounces of expected annual gold production and an US$18.5 billion implied market capitalization.
The combined company will continue under the name "Equinox Gold Corp." ("Equinox Gold") and will be anchored by three long-life Canadian gold mines, with a clear path to more than 1.9 million ounces of annual gold production from an internally funded North American growth pipeline.
Under the terms of the arrangement agreement, announced on May 13, 2026, Equinox acquired all of the issued and outstanding common shares of Orla. Orla shareholders received 1.00 Equinox common share and a nominal cash payment of US$0.0001 for each Orla common share held immediately prior to the effective time of the transaction.
The transaction was effected by way of a court approved plan of arrangement under the Canada Business Corporations Act.
Upon closing, existing Equinox shareholders and former Orla shareholders will own approximately 67% and 33% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis.
Further information can be found on Canada Newswire’s website.
Orla acquires, develops, and operates mineral properties. It has three material projects, consisting of two operating mines and one development project, all 100% owned by Orla
- Camino Rojo, an operating gold and silver open-pit and heap leach mine in Zacatecas State, Mexico;
- Musselwhite an underground gold mine in northwestern Ontario, Canada; and
- South Railroad, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada, United States.
Equinox is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects.