Equinox Gold and Calibre Mining Combine to Create a Major Americas-Focused Gold Producer
The Transaction will form an Americas-focused, diversified gold producer operating mines across five countries, anchored by two high-quality, long-life, low-cost Canadian assets. The Greenstone Mine in Ontario reached commercial production in November 2024, while the Valentine Gold Mine in Newfoundland & Labrador is nearing construction completion with a first gold pour targeted for mid-2025. Together, these cornerstone mines are expected to produce an average of 590,000 ounces of gold annually at full capacity, positioning New Equinox Gold as the second largest gold producer in Canada with 100% ownership of both assets.
Looking ahead, the combined company is forecast to produce about 950,000 ounces of gold in 2025 (excluding Valentine or Los Filos), with the potential to exceed 1.2 million ounces per year when operating at capacity. Additionally, New Equinox Gold will boast a substantial portfolio of Mineral Reserves and Mineral Resources, backed by a robust pipeline of development, expansion, and exploration projects designed for low-risk, sustainable growth.
Under the Arrangement Agreement, Calibre shareholders will receive 0.31 Equinox common shares for each Calibre share held immediately before the Transaction’s effective time. Once completed, existing Equinox shareholders and former Calibre shareholders will hold approximately 65% and 35% of the outstanding common shares, respectively, on a fully diluted in-the-money basis, implying a combined market capitalization of about C$7.7 billion.
New Equinox Gold will benefit from the seasoned expertise of industry leaders Ross Beaty and Featherstone Capital’s Blayne Johnson and Doug Forster—each with a proven record of generating substantial shareholder value—who will join the Board of Directors.
Diversified Producer: Merging Equinox and Calibre creates a major gold producer in the Americas, with the potential to produce over 1.2 million ounces annually from a portfolio spanning five countries.
- Canadian Leadership: With Greenstone and Valentine expected to yield a combined 590,000 ounces per year at full capacity, the combined company becomes the second largest gold producer in Canada.
- Strong Cash Flow: Immediate production increases amid record high gold prices promise substantial free cash flow, aiding in rapid deleveraging.
- Growth Opportunities: Beyond the ramp-up at Valentine, a promising pipeline of development and expansion projects supports long-term growth.
- Re-rate Potential: Enhanced scale, lower risk, near-term production growth, and robust free cash flow offer significant revaluation potential compared to peers.
- Proven Leadership: The combined entity is supported by an industry-leading team with decades of success in creating shareholder value.
Endeavour Silver Continues to Intersect High-Grade Silver-Gold Mineralization at its Bolañitos Operation
Highlight Drill Results from La Luz Vein Structure
1.17 g/t Au and 449 g/t Ag for 542 g/t AgEq over a 1.02 m ETW, including 1.73 g/t Au and 798 g/t Ag for 936 g/t AgEq over 0.38 m in hole LZ46-3
2.43 g/t Au and 1,063 g/t Ag for 1,258 g/t AgEq over a 1.62 m ETW, including 9.61 g/t Au and 4,070 g/t Ag for 4,839 g/t AgEq over 0.34 m in hole LZ48-1
In the last quarter of 2024, a surface diamond drilling program began in the north extension of the La Luz vein, in the area of the San Bernabé Adit and San Rafael Shaft, an area within 500 metres from the Asunción mine, exploited in previous years by the Company.
To date, eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025. The 2024/2025 program focused on one key area, drilling the La Luz vein. Surface drilling intersected high-grade gold and silver mineralization and provides opportunities to replace reserves, increase resources and extend mine life.
American Salars expands into Brazil’s lithium pegmatite-rich region.
The company has struck an all-scrip deal to acquire all of the outstanding shares of 1447377 BC, which wholly owns the 180km2 Jaguaribe Project – an LCT deposit also hosting rare earth elements (REE) and a suite of critical minerals.
American Salars will issue 1447377 BC shareholders 3.5 million units comprising one common share and one common share purchase warrant exercisable at C$0.20 within three years.
1447377 BC will then become a wholly owned subsidiary of American Salars.
American Salars says the Jaguaribe Project, which is located in the Jaguaribe/Solonópole region in the State of Ceará, hosts “multiple extensive” lithium and REE-bearing pegmatite dykes.
About the Jaguaribe Property
The Jaguaribe Property covers historic artisanal mining sites previously mined for lithium, coltan (tantalum and niobium) and tin.
Initial sampling of the Jaguaribe Pegmatites returned Spodumene bearing pegmatite samples that graded up to 3.72% Li2O as well as Rare Earth Elements.
Phase 2 sampling will test multiple additional LCT Pegmatite targets.
Ideal project location – Historical Pegmatite Province Brazil.
Approximately 4-hour drive on paved roads to port and international airport (Fortaleza).
The topography, land use and vegetation at Jaguaribe Property is well suited for exploration activities.
Arid, sparsely populated farmland, no rain forest.
Northern Brazil provides shipping routes and deep-water ports to North American and European battery chemical markets.
Founders Metals Hits 28.5 m of 7.12 g/t Au in First Drill Hole at Van Gogh Discovery
Highlights
Drilling confirms Van Gogh discovery with 28.5 m of 7.12 g/t Au from 18.6 m in first drill hole
3.8 km step-out from nearest drill hole on property
Early drilling suggests potential for multiple parallel zones
Pending drillholes with similar quartz-sulphide mineralization suggest continuity of mineralized body over >150 m
New discoveries at Van Gogh and Da Vinci further support Founders’ exploration strategy
Strong discovery potential for the additional 9 high-priority targets at Antino
Van Gogh is 2.0 km from Lawa and 3.8 km from Da Vinci, and forms part of an emerging multi-kilometre northwest oriented gold trend that extends to the Maria Geralda target. This trend aligns parallel to the Main Antino Shear Zone, which spans 15+ km from Upper Antino to Da Vinci (Figure 1).
Gold mineralization at Van Gogh occurs within a ~30 m wide mylonite zone with up to 5 m intervals of strongly silicified country rock and quartz. The gold-rich intervals locally contain up to 15% sulphide (pyrite) and the highest-grade intervals are often associated with brecciation. Moderate to strong sericite-chlorite-ankerite alteration occurs throughout the mineralized interval and up to several metres into the surrounding country rock.
Eloro Resources Further Expands Major Tin Zone with Significant Tin Intersections Highlighted by 49.5m grading 0.55% Sn within 91.5m grading 0.34% Sn in its Definition Drilling Program at its Iska Iska Deposit, Potosi Department, Bolivia
Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to a depth of least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections (see Eloro press release dated January 23, 2025) in this breccia unit which is very under-drilled.
The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a likely pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.
