All-share Equinox Gold (EQX) and Orla Mining merger to form US$18.5B group

Orla Mining said the illegal blockade at its Camino Rojo mine ended and operations resumed, reiterating 2026 production guidance of 110,000–120,000 ounces for the asset. Despite the update, ORLA shares were down about 5.1% on roughly 0.8x average volume, according to a U.S. market snapshot. The company is also combining with Equinox Gold in a deal valued at $18.5 billion, expected to close in Q3 2026.

Canaccord Genuity senior investment adviser Cam Currie says gold’s February pullback has not weakened the case for precious-metals equities, citing stronger miner balance sheets, margins and capital discipline. He argues many gold stocks trade around ~10x earnings with little/no debt. Currie expects a new consolidation/M&A wave as reserve replacement needs grow, pointing to recent deals and valuing developers at ~0.2x NAV.

Canadian stocks opened June mixed as investors weighed Middle East geopolitical risks and uncertainty around U.S.-Iran talks, with energy markets in focus. The S&P/TSX Composite fell 34 points (0.1%) to 34,735. Equinox Gold, Orla Mining, G Mining Ventures and CCL Industries dropped over 6% each. Parex Resources rose 10% to $26.52 after completing a US$500m Frontera Energy acquisition adding 37,000 boe/d and supporting 2026 guidance.

Orla Mining said it temporarily suspended operations at its Camino Rojo gold mine in Mexico after a unionized worker work stoppage and blockade. The dispute involves a productivity bonus and profit-sharing payments, with Orla saying it negotiated the bonus but workers objected to profit-sharing amounts and the blockade allegedly didn’t follow Mexican legal procedures. Camino Rojo produced 96,764 oz in 2025; 2026 guidance is 110,000–120,000 oz at $1,150–$1,250/oz AISC. Orla shares fell nearly 8%

Orla Mining (TSX:OLA) recently secured the final environmental permit for its Camino Rojo Mine in Mexico, allowing full access to the remaining oxide open-pit. Despite reporting strong Q1 2026 gold production of 81,206 ounces and reaffirming its 2026 guidance, the stock dropped 9.0%. This permit reduces regulatory overhangs for the company, but investors remain wary of the lingering geotechnical and cost risks at the Camino Rojo operation.

TT International Asset Management LTD has acquired 1,719,905 shares of Equinox Gold Corp. ($EQX) during the fourth quarter, representing approximately 5.1% of its investment portfolio and making it its seventh largest holding. Equinox Gold has a market capitalization of $11.9 billion, a P/E ratio of 62.83, and a dividend yield of about 0.4%. Analyst sentiment for the company is largely positive, with a consensus "Buy" rating and a target price of $17.00.