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Calibre Mining's Largest Shareholder Opposes Equinox's $1.8 Billion Acquisition

Stjepan Kalinic
March 19, 2025

Equinox Gold's (AMEX:EQX) $1.8 billion acquisition of Calibre Mining (OTC:CXBMF) has hit a hurdle. A top shareholder in both companies publicly opposed the plan, citing synergy concerns.

"We are not supportive of this transaction. We don't see any synergies between any of the companies' operations," Imaru Casanova, a portfolio manager at Van Eck, said per Bloomberg's report on Tuesday.

"Both operate in the Americas, but in vastly different locations," she clarified, arguing that the deal dilutes Calibre's quality and potential, particularly as the company advances its flagship Valentine project in Canada.

According to Bloomberg, Van Eck is the largest Calibre shareholder, holding an 8.52% stake, and the second-largest Equinox shareholder, with an 8.86%.

Equinox announced the all-stock acquisition of Calibre last month as part of its strategy to consolidate gold assets and boost annual production. Equinox operates across Canada, Mexico, Brazil, and the United States, while Calibre's assets are primarily located in the United States and Nicaragua, Bloomberg writes.

Under the proposed structure, Calibre shareholders would receive shares of Equinox instead of cash at a 22% premium. The merger aims to create a mid-tier gold producer with a combined annual output of approximately 1.2 million ounces, placing it among the top 15 global producers.

The deal-making activity is unsurprising given the record-high gold prices, which have encouraged miners to expand. Gold broke the milestone price of $3,000 per ounce last week, driven by central bank purchases and investor demand for safe-haven assets.

Jeffrey Gundlach, CEO of DoubleLine, recently predicted that gold could reach $4,000 per ounce, citing the sharp increase in central bank buying and ongoing geopolitical risks. Meanwhile, analysts at Macquarie have raised their price target to $3,500 per ounce by the third quarter of 2025.

With gold outperforming in 2024, Equinox reported a record year. It produced 621,893 ounces of gold and generated $1.5 billion in revenue, with an operating cash flow of $430 million. Looking ahead to 2025, Equinox expects to produce between 635,000 and 750,000 ounces, with an all-in-sustaining cost (AISC) between $1,455 and $1,550 per ounce.

Thus, even using the upper AISC estimate and assuming an average realized price of $3,000 per ounce, Equinox would generate around $1.1 billion in gross profit, maintaining last year's production level, making a good acquisition a lucrative proposal.

Still, given the lack of geographical proximity to unlock the synergies, Van Eck's opposition might shape investor sentiment, as approval requires support from two-thirds of both companies' shareholders.

Price Watch: VanEck Gold Miners ETF (NYSE:GDX) is up 32.81% year-to-date.

Read Next:

  • Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand

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