Calibre Mining

Canaccord Genuity Acts as Financial Advisor to Calibre on its Pending At-Market Combination with Equinox

Canaccord Genuity is pleased to announce that, on February 24, 2025, its client, Calibre Mining Corp. (“Calibre” or the "Company") (TSX:CXB), entered into a definitive agreement pursuant to which Equinox Gold Corp. (“Equinox”) (TSX:EQX, NYSEAM:EQX) has agreed to acquire all of the issued and outstanding common shares of Calibre (the “Transaction”). The Transaction will be completed by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia).

Under the terms of the Transaction, Calibre shareholders will receive 0.310 Equinox common shares for each Calibre common share held (the “Consideration”), which implies an equity value of approximately C$2.7 billion on a fully-diluted in-the-money basis. The Consideration represents a nil premium based on the 5-day volume-weighted average price of Equinox and Calibre for the period ending February 21, 2025 on the Toronto Stock Exchange. Upon completion of the Transaction, Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the combined company, respectively, on a fully-diluted in-the-money basis. The combined company will become the second largest gold producer in Canada with an average annual Canadian gold production of 590,000 ounces.

Canaccord Genuity acted as financial advisor to Calibre and provided a fairness opinion to the Board of Directors of the Company.

Calibre is a Canadian-listed, Americas-focused intermediate gold producer with three operating gold mines in Nicaragua and the United States, as well as a robust pipeline of development and exploration opportunities in Newfoundland & Labrador, Nevada, Washington and Nicaragua. Calibre is currently focused on completing construction of its Valentine Gold Mine in Newfoundland & Labrador with first gold pour expected mid-2025.

Equinox is a Canadian-listed, Americas-focused intermediate gold producer with six operating gold mines in Canada, the United States, Mexico and Brazil. With a robust pipeline of expansion projects, Equinox is on a clear path to achieve over one million ounces of annual gold production.