Gold Merger Creates 1.1 Million-Ounce Producer With Path to 1.9 Million

Equinox Gold Corp. (EQX:TSX; EQX:NYSE.A) and Orla Mining Ltd. (OLA:TSX; ORRLF:OTCMKTS) completed their previously announced business combination on July 31, creating what the companies described as North America's new senior gold producer.

The combined company is expected to produce approximately 1.1 million ounces of gold annually, based on the midpoint of Equinox Gold's and Orla's 2026 guidance on a full-year basis. The companies also outlined a path to more than 1.9 million ounces of annual production through the development of North American growth projects. Those projects include the Valentine Phase 2 expansion in Canada, Castle Mountain and South Railroad in the United States, and Los Filos and the Camino Rojo underground project in Mexico.

Following completion of the transaction, Ross Beaty stepped down as Chairman of Equinox Gold's Board and was appointed Chairman Emeritus and Special Advisor to the Board. Chuck Jeannes was appointed incoming Chairman.

"The completion of this combination marks the beginning of an exciting new chapter for Equinox Gold," Jeannes said in the announcement. "Together, we have created North America's new senior gold producer with over 60% of production coming from three long-life mines in Canada, complemented by a portfolio of high-quality operations, a compelling pipeline of growth projects, and the financial strength to create long-term value for all shareholders."

Equinox Gold also announced a planned leadership transition. Darren Hall will retire from the company effective October 31. Hall will work with Jason Simpson during the next three months, after which Simpson will assume the role of Chief Executive Officer. Simpson currently serves as President.

The reconstituted Equinox Gold Board consists of Jeannes as Chairman, Lenard Boggio as Lead Director, Tamara Brown, Omaya Elguindi, Douglas Forster, Hall, Blayne Johnson, Rob Krcmarov, Simpson, David Stephens, and Mike Vint.

The company also intends to cause Orla to delist its shares from the Toronto Stock Exchange and the NYSE American stock exchange, apply to cease being a reporting issuer, and terminate its public company reporting requirements as soon as possible. Orla shares held in online or brokerage accounts are expected to update automatically to reflect receipt of Equinox Gold shares, generally within two weeks of closing.

Growth Projects Move Into Defined Work Programs

Equinox Gold's August corporate presentation identified more than 800,000 ounces of organic growth potential in North America across Valentine, South Railroad, Castle Mountain, Los Filos, and Camino Rojo underground. The presentation showed six operating mines across four countries and four growth projects, with approximately 23 million ounces of proven and probable gold reserves and approximately 25 million ounces of measured and indicated gold resources.

At Valentine in Newfoundland, Phase 2 construction is anticipated to begin in the third quarter of 2026, following Board approval. The expansion would increase throughput from 2.5 million tonnes per year to 5.0 million tonnes per year. The presentation listed a US$414 million capital cost for mill, fleet, and on-site infrastructure expansion, including a 20% contingency, with funding planned through cash flow from operating mines and the available credit facility. The 24-month construction program has a Phase 2 ramp-up target in the second half of 2028. Combined Phase 1 and Phase 2 plans call for average annual gold production of 223,000 ounces from 2026 through 2036.

Valentine also received permits for an underground decline in March, with a preliminary feasibility study targeted for 2027 and development of an exploration decline commencing in the second half of 2026. Exploration is underway for mine-life extension. The presentation identified the new high-grade Minotaur Zone, 8 kilometers north of the mill, and the Frank Zone along trend from existing reserves. Reported Frank Zone results included 2.43 g/t gold over 172.8 meters and 2.26 g/t gold over 78.3 meters, along with additional reported intervals.

At South Railroad in Nevada, the project is part of the FAST-41 program, with a Federal Record of Decision expected in the third quarter of 2026. Construction completion is targeted for the second half of 2027, while first production is targeted for the fourth quarter of 2027. The presentation listed an initial capital estimate of US$395 million and approximately 130,000 ounces of annual gold production for the first five years.

Castle Mountain in California is also part of the FAST-41 program, with a Federal Record of Decision expected in the fourth quarter of 2026. Equinox Gold is finalizing engineering and a feasibility study to prepare for construction, while a technical report update is underway, and construction is targeted for the second half of 2027. The presentation listed 4.1 million ounces of proven and probable reserves and 1.5 million ounces of measured and indicated resources, with approximately 218,000 ounces of annual gold production for 14 years outlined from open-pit heap leaching plus residual leaching.

At Los Filos in Guerrero, Mexico, restart activities have been initiated following the signing of 20-year land access agreements with all three host communities. Those activities include environmental remediation, permitting, workforce rehiring and retraining, and supplier contract negotiations. Exploration, engineering, and permitting are underway to support the restart and expansion, while technical and economic parameters are being updated to assess expansion opportunities. The presentation outlined approximately 280,000 ounces of annual production for 14 years from open-pit and underground deposits with construction of a carbon-in-leach plant operating alongside existing heap-leach facilities.

At Camino Rojo in Zacatecas, Mexico, the company has received permits for an underground decline and is targeting a preliminary feasibility study for 2027. Development of an exploration decline is scheduled to commence in the second half of 2026. The presentation described expansion potential to approximately 215,000 ounces per year on a first 10-year average basis with completion of underground development, with exploration, engineering, and permitting underway to complete the preliminary feasibility work.

Greenstone in Ontario and Valentine are both ramping up, with each targeted to achieve design capacity in 2026. Greenstone's 2026 guidance is 250,000 to 300,000 ounces of gold, while Valentine's guidance is 150,000 to 200,000 ounces. Greenstone's additional work includes potential expansion of the open pit to the west, conversion of inferred resources within the open pit, and evaluation of underground resources that are not included in current mine-life economics. The presentation also stated that power and equipment are available and designed to support a throughput of 30,000 tonnes per day.

The presentation also identified exploration work across the portfolio. At Greenstone, Equinox Gold outlined near-mine and belt-scale exploration within a 396-square-kilometer land package, including the Brookbank Deposit and Beardmore Property. In Nicaragua, more than 100 kilometers of exploration drilling is underway, with the presentation reporting year-over-year reserve and resource expansion and new high-grade discoveries at both Limon and Libertad.