Orla Mining Ltd

Equinox Gold raised its 2026 production outlook and increased its dividend by 50% following the completion of its combination with Orla Mining. The company now expects consolidated production of 870,000 to 920,000 ounces of gold, with total cash costs of $1,600 to $1,700 per ounce and all-in sustaining costs of $1,900 to $2,000 per ounce. The board approved a dividend increase to $0.09 per share, reflecting confidence in the combined company's cash generation. The Orla transaction, which closed July 31, adds the Musselwhite and Valentine mines in Canada, creating a larger North American producer with pro forma annual output of about 1.1 million ounces. CEO Darren Hall also announced his retirement, with President Jason Simpson set to succeed him.

Equinox Gold and Orla Mining have completed their business combination, creating what they describe as North America’s new senior gold producer. The combined company is expected to produce approximately 1.1 million ounces of gold annually, with a clear path to more than 1.9 million ounces as its high-quality North American growth projects are developed. Ross Beaty has stepped down as Chairman and been appointed Chairman Emeritus and Special Advisor to the Board, while Chuck Jeannes becomes incoming Chairman. Darren Hall will retire as CEO effective October 31, 2026, and Jason Simpson will assume the role after a three-month transition. The company intends to delist Orla shares from the Toronto Stock Exchange and NYSE American and terminate its public reporting requirements as soon as possible.

Athena Gold Corporation has expanded its Forester project in Ontario's Musselwhite Gold Camp by more than 80% through map staking of an additional 3,939 hectares, bringing the total land package to 8,843 hectares. The new claims are contiguous with the existing project and cover volcanic rocks within the North Caribou Lake Greenstone Belt, strengthening Athena's position along strike of Orla Mining's Musselwhite Mine. The company also provided updates on its Laird Lake project in Red Lake, where all core from a maiden drill program has been submitted for assay with results expected as early as next month, and on its Excelsior Springs project in Nevada, where partner Mammoth Minerals has begun reverse circulation drilling at the Blue Dick target.

Orla Mining has reaffirmed its full-year 2026 gold production guidance of 340,000 to 360,000 ounces and all-in sustaining costs of $1,550 to $1,750 per ounce sold, following second quarter production of 88,265 ounces and year-to-date output of 169,471 ounces. The company's share price has recently pulled back, with a 90-day decline of 44.88% to CA$13.78, despite a three-year total shareholder return of 120.97%. A popular analyst narrative suggests the stock could be undervalued, estimating a fair value of CA$31.98 per share based on projected annual revenue growth of 16.8% and profit margin expansion from 19.5% to 55.5% over the next three years. However, investors should consider risks such as permitting setbacks or operational issues at the Camino Rojo mine.

Orla Mining stock appears fairly valued with some upside potential, according to an analysis by Simply Wall St. The stock trades at a price-to-earnings ratio of about 14.5 times, roughly in line with the Metals and Mining industry average of 14.4 times. However, a fair P/E estimate of about 28.0 times suggests the stock screens as undervalued on this measure, though broader checks show a mixed picture with only three of six valuation measures indicating undervaluation. The analysis notes that execution risk around integrating assets from the planned Equinox Gold transaction and meeting production and cost targets may influence how much investors are willing to pay.

Equinox Gold produced 176,836 ounces of gold in the second quarter of 2026, with Canadian operations contributing 97,273 ounces, an 11% increase over the prior quarter. Greenstone mine delivered 64,656 ounces and Valentine mine added 32,617 ounces, while Mesquite, Nicaragua, and Castle Mountain contributed the remainder. The company remains on track to meet its full-year guidance of 700,000 to 800,000 ounces, with year-to-date production at 374,464 ounces. CEO Darren Hall highlighted improving ramp-up at both Canadian mines, with Greenstone's mill exceeding nameplate capacity on 69% of days and Valentine's plant averaging 113% of nameplate. Equinox also announced a proposed business combination with Orla Mining and secured 20-year land access agreements for the Los Filos mine, initiating restart planning.

Orla Mining has released its 2025 Sustainability Report, detailing its environmental, social, and governance performance. The company partnered with 24 First Nations and Wataynikaneyap Power to establish a US$6.6 million education and skills development fund for Indigenous youth and communities in Northwestern Ontario. Its lost time injury frequency rate improved to 2.43 from 2.59 in 2024, while greenhouse gas emissions intensity held at 0.24 tonnes of CO2 equivalent per ounce of gold produced, even after adding the Musselwhite mine to its portfolio. Orla also introduced an all-Indigenous virtual mental health and wellness clinic and a Cultural Leave Policy at Musselwhite, and supported food security by helping deliver over 20,000 meals in Nevada, distributing 900 food packages in Mexico, and backing expanded food processing facilities in Northwestern Ontario. All of the company's 2025 ESG-linked corporate goals, which made up 20% of its total corporate goals, were achieved.

Equinox Gold has signed 20-year land access agreements with all three host communities at its Los Filos Mine in Guerrero, Mexico, enabling a phased restart of heap leach operations and advancing technical studies on potential expansions, including a possible carbon-in-leach processing facility. The agreements secure long-term community and land stability around a deposit containing 5.4 million ounces of mineral reserves and further mineral resources. This development could materially influence how Equinox Gold evaluates the future role of Los Filos within its broader portfolio, particularly in light of its planned merger with Orla Mining, which aims to create a larger North American producer with six operating mines and about 23 million ounces of proven and probable reserves.

Orla Mining has reached an agreement with employees and their union at the Camino Rojo Mine regarding the outstanding 2025 productivity bonus. The agreement was approved by a majority of employees at the mine site and has been signed before the Mexican Labour Authority. President and CEO Jason Simpson said the company will continue to honour the terms of the Collective Bargaining Agreement while working to create sustained, long-term value for all stakeholders.

Equinox Gold has filed and mailed meeting materials for a special shareholder meeting on July 22, 2026, to vote on the proposed business combination with Orla Mining. Shareholders will be asked to approve the issuance of up to 421,770,377 common shares in connection with the arrangement, under which each Orla share would be exchanged for 1.00 Equinox Gold share and US$0.0001 in cash. If completed, existing Equinox Gold and former Orla shareholders would own approximately 67% and 33% of the combined company, respectively, which would continue as Equinox Gold Corp. trading on the TSX and NYSE American under ticker EQX. The board of directors of both companies unanimously recommends a vote in favor, and the proxy voting deadline is 9:00 a.m. Vancouver time on July 20, 2026. The combined entity is expected to produce 1.1 million ounces of gold annually from six North American mines, with a growth path to more than 1.9 million ounces, and generate approximately $1.4 billion in free cash flow in 2026 based on analyst consensus estimates.

Orla Mining's Camino Rojo Mine in Mexico resumed operations on June 5 after a four-day illegal worker blockade over productivity bonus and profit-sharing disputes. The company stated it had already paid the maximum legally required profit-sharing amount, and federal labor intervention ended the stoppage. Orla Mining reiterated its 2026 production guidance for Camino Rojo of 110,000 to 120,000 ounces of gold. The mine recently received a key environmental permit for the remaining oxide open-pit and underground exploration decline, and a favorable Preliminary Economic Assessment supports a standalone underground project beneath the existing pit. Orla Mining also announced a merger with Equinox Gold that is expected to create a senior North American gold producer with combined near-term output of more than 800,000 ounces from assets including Camino Rojo, Valentine, South Railroad, Castle Mountain, and Los Filos, and total expected production of 1.1 million ounces from six mines.

Orla Mining Ltd. is a more compelling gold stock than Alamos Gold Inc. right now, according to a Zacks Investment Research analysis. Orla Mining trades at a forward 12-month earnings multiple of 6.69X, well below Alamos Gold's 13.52X, and its 2026 earnings estimates have been revised upward over the past 60 days while Alamos Gold's have trended lower. The pending at-market merger with Equinox Gold Corp. will give Orla shareholders immediate exposure to a diversified North American senior producer with six mines, including the recently acquired Musselwhite mine that helped drive first-quarter 2026 gold sales 76% higher year over year. Alamos Gold offers strong long-term growth from its Island Gold District expansion, targeting 534,000 ounces annually starting in 2028, but near-term production was flat in the first quarter and its 2026 earnings estimates have been cut. Both stocks carry a Zacks Rank #3, or Hold, yet Orla's cheaper valuation and positive estimate momentum give it the edge.