On May 13, 2026, Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) and Orla Mining Ltd. (TSX: OLA, NYSE American: ORLA) announced that they had entered into a 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 $18.5 billion implied market capitalization. Equinox will acquire all of the issued and outstanding common shares of Orla pursuant to a court-approved plan of arrangement, with the combined company continuing under the name "Equinox Gold Corp." Under the terms of the Agreement, Orla shareholders will receive 1.00 Equinox common share and a nominal cash payment of $0.0001 for each Orla common share held. Upon completion, existing Equinox shareholders and former Orla shareholders will own approximately 67 percent and 33 percent of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The combined entity will be anchored by Equinox's Greenstone (Ontario) and Valentine (Newfoundland & Labrador) mines and Orla's Musselwhite mine (Ontario), collectively expected to produce 685,000 ounces of Canadian gold in 2026, making it the second largest producer of Canadian gold, supported by additional production from the U.S., Mexico and Nicaragua. The transaction requires approval by at least two-thirds of Orla shareholders and a simple majority of Equinox shareholders at special meetings expected in July 2026, plus regulatory clearances including competition approvals in Canada and Mexico. The deal is anticipated to close in the third quarter of 2026, with break fees set at $475 million for Equinox and $250 million for Orla.