Minera Alamos, a Canadian gold production and development company, has entered into an agreement to acquire Calibre USA from Equinox Gold for $115m, subject to adjustment.
This acquisition includes a 100% economic interest in Nevada-based Pan Gold Mine, Gold Rock Project, and Illipah Project. Upon completion, this transaction will position Minera Alamos as a growing, diversified precious metals producer with immediate production capabilities and cash flow potential.
Pan Gold Mine is a heap leach operation producing approximately 40,000 ounces annually. The asset has been operational since 2017 and has produced over 335,000 ounces to date.
Recent expansions have increased its production capacity. Additionally, the acquisition of these Nevada assets aims to bolster Minera Alamos’ asset base to potentially produce over 175,000 ounces of gold annually once fully developed.
The financial consideration for Equinox includes $90m in cash and $25m in Minera Alamos common shares, payable upon the transaction’s closing date. Minera Alamos expects the transaction to close in Q4 2025, pending regulatory approvals and customary closing conditions.
Equinox CEO Darren Hall said: “The sale of our non-core Nevada Assets reflects our commitment to portfolio optimisation and disciplined capital allocation. 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 acquisition aligns with Minera Alamos’ strategy to take advantage of robust metal price environments.
The company also holds interests in other projects like Copperstone in Arizona and Cerro de Oro in Mexico. These projects are expected to enhance shareholder returns through low-capital investments.
Copperstone is projected to produce between 40,000 to 50,000 ounces annually. Cerro de Oro has an estimated annual production of about 60,000 ounces.
In addition to these developments, Minera Alamos plans extensive exploration programmes at its key sites to expand resources and extend mine life.
Minera Alamos anticipates that upon successful closing, the acquisition will strengthen its market presence as an Americas-focused precious metals producer with enhanced trading liquidity and capital markets profile.
Minera Alamos CEO Darren Koningen said: “This acquisition unlocks significant value in our late-stage project development pipeline and allows the company to leverage internal cash flow to significantly grow the company’s production profile over the next few years.
“Furthermore, the cash generated will provide our exploration team with the resources they require to demonstrate the true size potential of all the existing projects including Cerro De Oro, Copperstone and the newly acquired Pan complex.”
