11:19 AM EDT, 05/14/2026 (MT Newswires) -- Stifel Canada on Thursday maintained its buy rating on the shares of Equinox Gold (EQX.TO) while raising its price target to C$35.00 from C$31.00 after the company agreed to acquire Orla Mining (OLA.TO) to create a senior gold producer.

"Equinox Gold (EQX) and Orla Mining (OLA) announced a definitive agreement for an at-the-market, all-share combination to create a new North American intermediate gold producer with an implied market cap of approx. $18.5Bln. Under terms of the transaction, OLA shareholders will receive 1.00 EQX common shares for each OLA share held, with existing EQX and OLA shareholders owning approx. 67% and 33% of the combined entity, respectively, on a fully diluted in-the-money basis. We are most positive on Internally funded organic growth opportunities of 800+Koz/yr from four advanced projects that represents one of the strongest growth profiles among senior and intermediate peers and the multiple-uprate from a transition to 1.0+Moz/year of gold production. We estimate the transaction is NAVPS-neutral with 53% of combined NAV residing in Canada (85% in North America) and growth projects internally funded from operating cash flow and available liquidity,"analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 19.37, Change: -0.54, Percent Change: -2.69