Equinox Gold has agreed to sell its full stake in two Nevada-based mining projects through its subsidiary, Calibre USA Holdings, to Minera Alamos for $115 million. The transaction involves the Pan Gold Mine, Gold Rock Project, and Illipah Project, all located in Nevada, USA, where Calibre USA Holdings holds a 100% economic interest.

The Pan Mine is an established gold-producing operation, while the Gold Rock Project offers higher-grade gold and significant exploration potential.

The deal comprises a $90 million cash payment and $25 million in Minera Alamos shares, structured to keep Equinox Gold’s ownership in Minera Alamos below 9.99%. If the equity portion exceeds this limit, the cash component will be adjusted to maintain the agreed ownership threshold.

“The sale of our non-core Nevada Assets reflects our commitment to portfolio optimisation and disciplined capital allocation,” said Equinox Gold CEO Darren Hall. “This transaction simplifies our business and allows the team to focus our efforts and capital on core operations and key development opportunities, positioning Equinox Gold to drive greater shareholder returns. The $90m in cash proceeds will strengthen our balance sheet, and the significant equity ownership will provide continued exposure to the upside within the Nevada Assets as well as to Minera Alamos’ existing high-quality portfolio.”

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory and stock exchange approvals, along with other standard conditions. Trinity Advisors and Blake, Cassels & Graydon are providing financial and legal advisory services to Equinox Gold for the deal.

The Pan Mine is an operational gold-producing site, while the Gold Rock Project offers higher-grade gold and significant exploration potential. Minera Alamos has also launched a private placement financing of subscription receipts, led by Stifel Canada, aiming to raise approximately C$110 million, with an option to increase by C$25 million. These funds will primarily cover the cash portion of the acquisition, with any remaining amount allocated to working capital to support the Pan Mine’s operations.

This strategic move allows Equinox Gold to streamline its portfolio, enhance financial flexibility, and focus on its primary operations while retaining exposure to the Nevada assets through its equity stake in Minera Alamos.