VANCOUVER – Equinox Gold Corp. has signed an all-stock deal to acquire Calibre Mining Corp. and its Valentine gold mine in Newfoundland and Labrador in a proposal that values the company at about $2.6 billion.

The companies say the combined gold miner will become the second largest gold producer in Canada with ownership of Valentine and Equinox’s Greenstone mine in Ontario.

Equinox chief executive Greg Smith says the deal brings together two complementary companies with strong production, growth potential, operational expertise, and a shared commitment to responsible mining.

Under the deal, Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held.

The transaction requires approval by Calibre and Equinox shareholders.

Existing Equinox shareholders will own about 65 per cent of the combined company, while former Calibre shareholders will own about 35 per cent. The companies said the implied market capitalization of the combined firm is about $7.7 billion.

This report by The Canadian Press was first published Feb. 24, 2025.

Companies in this story: (TSX:CXB, TSX:EQX)