- Equinox Gold (EQX, Financial) receives positive voting recommendations from ISS and Glass Lewis for the proposed merger with Calibre Mining.
- The merger aims to create a gold producer with over 1.2 million ounces of annual production across five countries.
- The second-largest gold producer in Canada with 590,000 ounces expected annually at full capacity.
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) has announced that leading proxy advisory firms ISS and Glass Lewis have offered positive voting recommendations to its shareholders concerning the proposed business combination with Calibre Mining Corp. The proxy voting deadline is set for 1:30 pm on April 22, 2025, with the shareholder meeting scheduled for April 24, 2025.
The merger seeks to establish a major diversified gold producer in the Americas, with the potential for more than 1.2 million ounces of annual gold production originating from operations in five countries. This merger is set to position the new entity as the second-largest gold producer in Canada, leveraging the Greenstone and Valentine Gold Mines, which are expected to contribute a combined 590,000 ounces of gold annually once operating at full capacity.
Significant benefits are anticipated from this merger, including accelerated free cash flow generation due to the current high gold prices, with opportunities for further growth through the ramp-up of the Valentine Gold Mine and other development projects. The combined company will be spearheaded by Greg Smith as CEO, while Darren Hall from Calibre will serve as the President and COO.
With the board of directors from both companies unanimously recommending the merger, and backed by positive endorsements from ISS and Glass Lewis, the transaction is poised for favorable outcomes. This strategic move represents a substantial enhancement in operating scale and geographic diversification, providing an advantageous competitive position within the mining sector.
