Morning Briefing: Equinox Gold and Orla Mining to Combine Into a New Senior Gold Producer

Good morning and welcome back to the Mining Stock Daily morning briefing. 

It's Wednesday, May 13.

Gold is at $4,798 on the front month contract. Silver is at $88.05. Copper is up another 1.8% to a new all-time high of $6.65 a pound — China's industrial complex remains resilient, and supply continues to tighten.

There is a lot happening in the mining sector this morning and we are going to get right to it.

We’ll get to the news from the miners and explorers in just a moment, but first a word about today’s sponsor. 

This episode of Mining Stock Daily is brought to you by…Equinox Gold

Equinox Gold is a Canadian mining company with a multi-mine portfolio of producing and development-stage gold assets across the Americas. The company reported a strong Q1 2026 with nearly 198,000 ounces of gold produced, reduced total debt by approximately $990 million in the quarter, and paid its inaugural dividend in March. And as you'll hear in just a moment, Equinox is making a very big move this morning. Learn more at equinoxgold.com.

And here's what you need to know this morning…..

The biggest story in the gold sector this morning: Equinox Gold and Orla Mining have announced a combination to create North America's new senior gold producer. Under the terms, Orla shareholders will receive 1.00 Equinox share plus a nominal cash payment of $0.0001 for every Orla share held — effectively an all-share deal — giving existing Equinox shareholders approximately 67% of the combined company and former Orla shareholders approximately 33%. The implied combined market capitalization is approximately $18.5 billion.

The combined entity will have expected 2026 gold production of approximately 1.1 million ounces from six North American mines: Greenstone in Ontario, Valentine in Newfoundland, and Musselwhite in Ontario from the Canadian portfolio, plus producing assets in Nevada, Mexico, and Nicaragua. Together, the portfolio holds approximately 23 million ounces of proven and probable mineral reserves. On the financial side, the combined company is expected to generate approximately $3.4 billion in EBITDA and $1.4 billion in free cash flow based on current analyst consensus estimates.

The strategic logic is about growth. The combined company has laid out a path to 1.9 million ounces of annual production — a roughly 70% increase from current combined levels — driven by development and expansion projects within the existing portfolio. The transaction is expected to close in Q3 2026, subject to shareholder and regulatory approvals (TSX: EQX, NYSE American: EQX; Orla: TSX: OLA, NYSE American: ORLA). News Release

NGEx Minerals has released a gold-focused highlight from the Lunahuasi copper-gold-silver project in Argentina, with assay results showing 17.3 metres at 207.79 grams per tonne gold including 2.00 metres at an extraordinary 1,740 grams per tonne gold — plus a separate intercept of 4.88 metres at 60.10 grams per tonne gold. These are vein-hosted gold intervals within the broader copper-gold porphyry system that Lunahuasi is building out, and the grades underscore the polymetallic richness of the deposit beyond its copper endowment (TSX: NGEX, OTCQX: NGXXF). News Release

Scorpio Gold has released new results from the Goldwedge deposit at the Manhattan District in Nevada, with hole 26MN-078 returning 11.84 grams per tonne gold over 8.39 metres from 106.21 metres depth, including 40.15 grams per tonne gold over 0.88 metres. Goldwedge is the high-grade core of the Manhattan system and the result adds to a strong run of intercepts from the district in 2026 (TSX-V: SGN, OTCQB: SRCRF). News Release

Li-FT Power has released new results from the BIG East pegmatite at its Yellowknife Lithium Project in the NWT, with hole YLP-0312 intersecting 26 metres at 1.29% Li2O including 17 metres at 1.65% Li2O. The 2026 winter program covered 1,000 metres of strike length at BIG East to depths of 50 to 300 metres below surface. The consolidated Yellowknife mineral resource stands at 50.4 million tonnes at 1.00% Li2O in the inferred category, with BIG East the largest deposit at 16.5 million tonnes grading 1.06% Li2O (TSX-V: LIFT, OTCQX: LIFFF). News Release

Andina Copper has intersected 152 metres at 0.67% copper from 54 metres depth, within a broader envelope of 272 metres at 0.50% copper, from its latest drill program. The results extendi the Cobrasco Central Cu-Mo porphyry system to the north. Near-surface mineralization begins at approximately 52m downhole and is associated with multiple mineralized porphyry phases and related magmatic-hydrothermal breccias. Two additional drillholes have subsequently been completed from the same platform, including CDH009 and CDH010. Visual logging indicates sulphide mineralization consistent with the broader Cobrasco Central system in both holes. (TSX-V: ANDC, OTCQB: PMMCF). News Release

Tocvan Ventures has identified a new surface gold-silver target at Gran Pilar in Sonora, Mexico, located approximately 3 kilometres east of the Main Zone. Rock chip samples from the new area returned elevated gold and silver values in outcropping quartz veins consistent with the low-sulfidation epithermal style of mineralization seen at the Main Zone. The discovery expands the potential footprint of the Gran Pilar system and adds a new drill target for future programs (CSE: TOC, OTCQB: TCVNF). News Release

Talisker Resources has reported estimated year-to-date 2026 gold sales of 2,675 ounces generating approximately $12.7 million in net proceeds, and announced the completion of its logistics chain to Ocean Partners for ongoing gold sales from the Bralorne Gold Mine in British Columbia. The establishment of a direct logistics pipeline to a bullion buyer marks a meaningful operational milestone for the company as it ramps up production at Bralorne (TSX: TSK). News Release

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That's it for today everyone. Have a great day. Stay safe.

The information presented should not be considered investment advice. Mining Stock Daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.