Shareholders of Equinox Gold (TSX: EQX) (NYSE: EQX) and Orla Mining (TSX: OLA) (NYSE: ORLA) have voted to approve a merger valued at $18.5 billion, establishing Canada's second-largest gold-producing company with projected annual output of approximately 1.1 million ounces.

The all-share transaction received backing from investors in both companies. Under the terms of the agreement, existing Equinox shareholders will retain roughly 67% ownership of the combined entity, while Orla shareholders will receive one Equinox share for every Orla share held. Because the deal is structured in shares rather than cash, investors in both companies will continue to have exposure to the combined producer's operating mines and development pipeline. The merged company will operate six mines across North America, positioning it behind only Agnico Eagle Mines (TSX: NYSE: AEM) among Canadian gold producers.

Orla Mining is the operator of the Camino Rojo gold-silver mine in Zacatecas, Mexico, which entered commercial production in 2021. Equinox Gold operates a portfolio of gold mines spanning Canada, the United States, Mexico, and Brazil, with a development pipeline focused on expanding production capacity across the Americas.

Jason Simpson, CEO of Orla Mining, said the deal marks a transformative step for the company. "The combination with Equinox dramatically enhances our North American portfolio and propels us to a senior gold producer with industry leading growth potential," Simpson said in a news release. "I am excited for what's to come next from this combination with Equinox."

Independent proxy advisory firms endorsed the transaction earlier in July, citing benefits including diversification of Equinox's asset base, improved strategic flexibility, and strengthened long-term production outlook.

Equinox CEO Darren Hall said the merger creates a new senior North American gold producer generating more than 1.1 million ounces annually from six operating mines. For gold miners, scale can be important because larger operators typically have more flexibility to allocate capital across assets, sequence development projects, and manage mine-specific operating risks.

Growth Pipeline

The combined company expects production to increase approximately 70% to more than 1.9 million ounces per year as development projects advance toward production. This growth profile would rank among the strongest in the gold sector across mining jurisdictions regarded as politically stable.

The transaction extends an ongoing consolidation trend in the gold mining industry, as companies seek greater operational scale, reduced risk exposure, and stronger balance sheets. The wave of mergers and acquisitions comes as gold prices trade near record levels, driven by sustained investor demand and macroeconomic uncertainty. Following shareholder approval, investors and industry observers will be watching how the combined company integrates its North American asset base and advances the projects underpinning its production targets.

Further details are available in the Equinox Gold announcement and the Orla Mining announcement.