Mining bankers are keeping busy, this time with an at-market combination of Equinox and Orla - creating a near-$20B market cap gold company with over 1M ounces of annual production…

… much of which is located in Canada, with the deal positioning Equinox (EQX) as the country’s second largest producer. Management sees a clear path to nearly 2M ounces…

… funded entirely by operating cash flow, which has the $2.1B of required growth CapEx through 2030 over four-times covered based on current estimates…

… giving investors line of sight to future scale and a potential re-rate towards the larger precious metals peer group.

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