Mining Review 20th July 2025

Ora Banda Mining’s 2025 results and 2026 guidance disappointed the market. Equinox Gold reported Q2 2925 production of 219,122 ounces of gold.

Gold trod water as crypto seems to hold investor focus currently.

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City Investors Circle Mining Review 20th July 2025

Ora Banda Mining’s 2025 results and 2026 guidance disappointed the market. Equinox Gold reported Q2 2925 production of 219,122 ounces of gold.

Lefroy Exploration’s shareprice jumped on news that it has secured funding to allow the lucky Strike toll milling operation to start.

On the exploration front G2 Goldfields announced the best drill hole to date at their New OKO surface discovery in Guyana.

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Gold trod water as crypto seems to hold investor focus currently. Silver slid back a tad, after it’s recent sudden rise. Platinum and Palladium continued their recent surge.

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A list of all the significant news releases from our watchlist companies last week is below, please click on the link to be taken to the full story.

  Ora Banda Mining FY25 Production Results And FY26 Guidance

  Lefroy Exploration secures funding via BML Lucky Strike Profit Cash Advance

  G2 Goldfields Drills Best Holes to Date in New OKO Surface Discovery

  Barton Gold Expedites Tolmer Soil Sampling Tests

  Galiano Gold Announced Drilling Results Including 36m @ 2.5 G/T Au

  Equinox Gold Reported Q2 2025 Gold Production of 219,122 Oz

  Mining Review 13th July 2025

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Market Data

Weekly Price Changes

(US$ unless stated)

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

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Equinox Gold (TSX: EQX)

Announced production results for Q2 ended June 30, 2025, along with an update on construction and commissioning progress at its Valentine Gold Mine in Newfoundland & Labrador, and ramp-up at its Greenstone Gold Mine in Ontario, Canada.

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Equinox Gold (TSX: EQX)

Calibre Mining has officially delisted from the TSX as its acquisition by Equinox Gold has completed.

The new combined entity will become a major gold producer when they open the two new gold mines in construction.

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The Equinox Gold and Calibre Merger is Complete!

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Equinox Gold to become the second largest gold producer in Canada

Calibre Mining Corp. (TSX: CXB)

Announced that holders of Calibre common shares and holders of options issued under Calibre’s amended and restated long-term incentive plan have approved the business combination with Equinox Gold Corp.

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Calibre Securityholders Approve Business Combination with Equinox Gold

Calibre Mining (TSX: CXB)

Calibre shareholders can cheer the news that Equinox Gold is now offering them a 10% premium, after opposition ot a non-premium offer for their shares.

Van Eck opposed the original deal, will this improved offer appease them?

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Comment

I opposed the non-premium aspect of the original offer from Equinox Gold to buy out Calibre Mining, on the basis that they were getting more out of the deal than Calibre shareholders. I have voted against the deal, and still maintain that  stance despite this improved offer.

Van Eck opposed the deal, and perhaps as a result of that, Equinox Gold have now capitulated and offered a 10% premium to Calibre shareholders.

Given Equinox’ large debt, I maintain my opposition to the deal and will not change my vote for a 10% premium.

It remains to be seen if Van Eck support this improved offer.  I personally hope they still oppose it, as I would prefer Calibre to stay independent, rather than succumb to an offer with such a low premium from a company with such a large debt of over C$1 billion dollars.

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Equinox Capitulates and Offers Calibre Holders a Premium

Vancouver, British Columbia–(Newsfile Corp. – April 23, 2025) – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox Gold”) and Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) (“Calibre” and collectively the “Companies”) announce that the Companies have amended the arrangement agreement (the “Amended Arrangement Agreement”) pursuant to the proposed business combination previously announced on February 23, 2025 (the “Transaction”).

Under the terms of the Amended Arrangement Agreement, Calibre shareholders will receive 0.35 Equinox Gold common shares for each Calibre Share held (the “New Exchange Ratio”) immediately prior to the effective time of the Transaction. Upon completion of the Transaction, existing Equinox Gold shareholders and former Calibre shareholders will own approximately 61% and 39% of the outstanding common shares of the combined company, respectively, on a fully diluted basis. The New Exchange Ratio represents a 10% premium to the closing price of Calibre shares on the Toronto Stock Exchange on February 21, 2025, the last trading day before the Transaction was announced.

To allow Equinox Gold shareholders and Calibre securityholders time to consider and vote on the Amended Arrangement Agreement, both Equinox Gold and Calibre are adjourning their respective shareholder meetings that were scheduled for April 24, 2025. The Equinox Gold meeting will now be held on May 1, 2025 at 1:30 pm (Vancouver time) and the Calibre meeting will now be held on May 1, 2025 at 10:00 am (Vancouver time). Details regarding how to attend the meetings in person or attend via webcast are included later in the news release.

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Greg Smith, President & CEO of Equinox Gold, commented:

“We believe this transaction is in the best interest of shareholders of both Equinox Gold and Calibre Mining.

 

“Combining these two companies will create a major gold producer with the potential to produce more than 1.2 million ounces of gold per year in the very near term, all from mining-friendly jurisdictions in the Americas and underpinned by production from two world-class Canadian gold mines.

“We also believe the offer of 0.35 Equinox Gold shares for every Calibre share is full and fair valuation that reflects both the current production and the growth potential of each company.”

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Darren Hall, President & CEO of Calibre, commented:

“With a focus on operational excellence and execution, the combination of Calibre and Equinox Gold will create more shareholder value together than either could achieve individually.

 

“The combined company will be the second largest gold producer in Canada and one of the top 15 gold producers globally. I encourage Calibre shareholders to cast your vote in favour of the transaction.”

 

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To read the full news release, please click HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Calibre Mining

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Calibre Mining (TSX: CXB)

Van Eck, Calibre Mining’s top shareholder at 8.9% as per a recent declaration, is opposing the takeover of Calibre by Equinox Gold.

I wholeheartedly agree with their opposition, and wonder if their lead will be followed by other institutional investors?

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Comment

I have been a shareholder of Calibre Mining for a few years, firstly after they took over Fiore Gold where I was a shareholder, and then they took over Marathon Gold Corp., where again I was a shareholder.

Marathon were struggling to complete the construction of the Valentine Gold Mine in Newfoundland due to financial constraints, so Calibre offered a route to production without massive dilution.

Equinox Gold recently announced they are acquiring Calibre in an all-share deal with no premium for Calibre shareholders.

I am very pleased to hear that Van Eck is oposing the Equinox Gold buyout of Calibre Mining, because I too think this is a bad deal for Calibre shareholders, of which I’m still one.

Van Eck shares my concerns, and it is not only the largest Calibre shareholder at 8.9%, it is also a large shareholder of Equinox Gold! 

Imaru Casanova, a portfolio manager for Van Eck Associates Corp., said that the merger “dilutes the quality and potential” of Calibre Mining.

With such an influential shareholder of both companies opposing the deal, this could get very interesting if other institutions agree.

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My main concerns

Equinox Gold’s huge debt of around $1.48 billion (source) that Calibre shareholders will end up partly repaying through profits from their operations.

No premium was offered.

The deal results in a mish mash of mines and projects spread over a number of countries. Interestingly this is one of the principal objections raised by Van Eck.

I feel the commencement of production at Valentine would have rerated the stock, hence Equinox’s opportunistic approach now before the CXB price moved upwards.

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In conclusion, I think this deal benefits Equinox shareholders at the expense of Calibre shareholders, and I too will be voting against when the time comes. My hope is that Van Eck’s objections will lead to other institutional objections, over 33% is required to prevent the transaction going ahead.

I did speak to a couple of people from the company at PDAC, and expressed my concerns, and they tried to convince me that with the current price of gold and when 900,000 ounces of annual production is achieved, the debt will be paid off quickly.

This may be so, but without this deal Calibre would have been banking money from Valentine from the word go, which when added to Nicaraguan production, and Nevada, would have created a huge cash pile for either shareholder dividends or acquisitions of their own.

A recent Article by Mining.com is here

The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

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,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Calibre Mining

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I am invested because of the past record of company achievements, and the opening of the large Valentine Gold Mine in Newfoundland later this year, an event that I consider will bring about a positive rerating of the share price.

PDAC 2025 Day 3

The weather relented a little today and the temperature rose to around zero, a welcome relief from the previous days of biting wind.

Another day trudging around the booths and I am struggling to find new companies of interest that meet my criteria.

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PDAC 2025 Day 3

The weather relented a little today and the temperature rose to around zero, a welcome relief from the previous days of biting wind.

A full day in the show for me, and despite wearing Nike Air shoes to combat the walking on hard concrete floors all day, the walking is taking it’s toll and my feet are in need of a rest.

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I caught up with a few of my current holdings today for an update.

I attended the Calibre Mining booth and spoke to the managment about their rationale for being acquired by Equinox Gold, a deal that disappointed me when I felt Calibre were in a good position by themselves.

Equinox Gold have substantial debt, so Calibre’s production will be going to pay that off, which I think works better for Equinox’ shareholders than Calibre personally.

As long as gold stays high this deal should work once the debt is paid off, but I feel a premium should have been given to Calibre shareholders.

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I then visited West Red Lake Gold Mining to hear the reason for their recent Charity flow through financing, another disappointment, especially as they upsized it with a full warrant.

This company continue to run financings when they have previously marketed on the basis of picking the mill up for a song, which they did, and for being close to resuming production.

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After those meetings it was another day trudging around the booths of PDAC 2025 and  struggling to find new companies of interest that meet my criteria, followed by the usual round of evening functions, this time starting on the 44th flooor in a solicitor’s office.

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Live metal prices can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Calibre Mining (TSX: CXB)

Have announced they have agreed to be acquired by Equinox Gold in an all share transaction.

The price in 0.31 Equinox shares per Calibre share, which is only a fraction over the current Calibre share price, and a disappointing premum for a company in about to become a significant producer when the Valentine mine commences production.

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Comment.

This is very disappointing, Calibre looked to be advancing so well and with 250,000 ounces of gold production per annum about to commence at Valentine, I had high hopes the company was going to grow organically from here.

The premium is miniscule, and is sure to disappoint investors.

With the Calibre CEO to become the CEO of the combined company it looks done and dusted, and I don’t see a challenging bid likely, although I would love to see one that gives Calibre shareholders a proper price for their shares rto reward them for their faith in managament.

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Equinox Gold to buy Calibre Mining

New Equinox Gold to Become the Second Largest Gold Producer in Canada

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Vancouver, British Columbia–(Newsfile Corp. – February 23, 2025) – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox”) and Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) (“Calibre” and collectively the “Companies”) are pleased to announce that the Companies have entered into a definitive arrangement agreement (the “Arrangement Agreement”) in an at-market business combination whereby Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement (the “Transaction”). The combined company (“New Equinox Gold”) will continue under the name “Equinox Gold Corp.”

Equinox and Calibre will host a conference call and webcast to discuss the Transaction commencing at 7:30 am Eastern Time on Monday, February 24, 2025. Details are provided at the end of this news release.

The Transaction will create an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines.

The Greenstone Mine (“Greenstone”) in Ontario achieved commercial production in November 2024 while the Valentine Gold Mine (“Valentine”) in Newfoundland & Labrador is nearing construction completion with first gold pour targeted for mid-2025.

Collectively, these two cornerstone assets are expected to produce an average of 590,000 ounces of gold per year when operating at capacity. With 100% ownership of Greenstone and Valentine, New Equinox Gold will become the second largest gold producer in Canada.

The combined company is expected to produce approximately 950,000 ounces of gold in 2025¹, not including production from Valentine or Los Filos. New Equinox Gold has the potential to produce more than 1.2 million ounces of gold per year with Greenstone and Valentine operating at capacity.

Additionally, the combined company will have a large gold endowment of Mineral Reserves and Mineral Resources, and a highly prospective pipeline of development, expansion and exploration projects for low-risk sustainable growth.

Under the terms of the Arrangement Agreement, Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held (the “Exchange Ratio”) immediately prior to the effective time of the Transaction (the “Effective Time”).

Upon completion of the Transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at C$7.7 billion.

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.To read the full news release please click HERE

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The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Calibre Mining

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