Orla Mining Acquisition, Valuation & Financials

Orla Mining was acquired by Equinox Gold for $5.1B in May 2026.

Orla Mining acquisition price

$5.1B

Acquired by Equinox Gold · May 2026

Orla Mining revenue as a public company

$1.4B

Last twelve months · Jul 2026 · 64% EBITDA margin

Orla Mining revenue multiple before the deal

2.5x

EV/Revenue · last month listed · Jul 2026

Orla Mining EBITDA multiple before the deal

3.9x

EV/EBITDA · last month listed · Jul 2026

Orla Mining Overview

About Orla Mining

Orla Mining Ltd is a mineral exploration company. It is engaged in the acquisition and exploration of mineral properties. The company holds three gold projects; the Camino Rojo gold and silver project in Zacatecas State, Musselwhite gold mine project located in Ontario and the South Railroad projects in Nevada, USA, and the Cerro Quema gold project in Panama. It conducts business activities in Mexico, Panama, the United States, and Canada.


Founded

2007

HQ

CanadaCanada

Status

Acquired

Revenue

$1.4B (Jul 2026)

Valuation

$5.1B (acquired May 2026)

Orla Mining Acquisition

Orla Mining was acquired by Equinox Gold for $5.1B on 12 May 2026.

Equinox Gold agreed to acquire Orla Mining in an all-share transaction valued at $18.5 billion, creating a North America-focused gold producer with an implied market capitalization of $18.5 billion. Orla shareholders will receive one Equinox Gold common share plus a nominal cash payment of $0.0001 per Orla share. The deal includes break fees of $475 million for Equinox and $250 million for Orla, with closure anticipated in Q3 2026. The merger combines six operating mines across Canada and the US, positioning the entity as Canada's second-largest gold producer. The combined company expects 1.1 million ounces of gold production in 2026, with growth potential to over 1.9 million ounces. Equinox's Greenstone and Valentine mines are projected to produce 450,000 ounces, and Orla's Musselwhite mine 235,000 ounces, totaling nearly 700,000 ounces from Canada. The portfolio includes 22.7 million ounces of Proven & Probable Mineral Reserves, 25.1 million ounces of Measured & Indicated Resources (exclusive of reserves), and 13.0 million ounces of Inferred Resources. Equinox Gold operates multiple gold mines in North America, while Orla Mining contributes key assets including the Musselwhite mine in Ontario. The combination enhances scale, maintains jurisdictional focus, and provides a funded platform for expansion.

Orla Mining acquisition details
AcquirerDateTypePrice
12 May 2026Strategic M&A$5.1B

Orla Mining as a Public Company

Orla Mining traded as ASE: ORLA before it was taken private. Its acquisition was announced in May 2026. July 2026 is its last month on record as a listed company, with a market cap of $3.5B and an enterprise value of $3.4B.

Last-twelve-month revenue was $1.4B, with EBITDA of $885M (64% margin), and the shares traded at 2.5x EV/Revenue and 3.9x EV/EBITDA.

Over the 4 years before that, its market cap grew from $763M in July 2022 to $3.5B, while revenue grew from $93M to $1.4B.

Orla Mining market cap while listed

Orla Mining EV/Revenue (LTM) while listed

Orla Mining financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Jul 2026$3.5B$1.4B$885M64%2.5x3.9x
Jul 2025$3B$673M$380M56%4.9x8.6x
Jul 2024$1.2B$264M$131M50%4.5x9.0x
Jul 2023$1.5B$206M$109M53%7.4x13.9x
Jul 2022$763M$93M$54M58%9.6x16.4x

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Orla Mining traded.

Acquisitions by Orla Mining

Orla Mining has acquired 4 companies to date.

Last acquisition by Orla Mining was on November 18th 2024. Orla Mining acquired Newmont Corporation (Musselwhite Mine unit) for $810M.


Latest Acquisitions by Orla Mining

Newmont Corporation (Musselwhite Mine unit)
Contact Gold
Gold Standard Ventures
Pershimex Resources
Description
-
Contact Gold is a gold exploration company with extensive land positions in Nevada. Focused on the Carlin Trend, Independence, and Northern Nevada Rift, it holds over 140 square miles prospective for district-scale deposits near major mines. Toronto-listed on TSX Venture, the firm employs advanced geophysics and drilling to advance projects like Pony Creek and Explore.
Gold Standard Ventures is a Vancouver-headquartered gold exploration company advancing the Railroad-Pinion Project in Nevada's Carlin Trend. The firm focuses on the South Railroad deposit through permitting and feasibility studies while exploring Bald Mountain, North Bullion, Dark Star, and Pinion targets on contiguous land packages totaling over 40,000 acres.
Pershimex Resources is a junior mineral exploration company developing gold properties in Quebec, Canada, including the Courvilier project with historical resources of 300,000 ounces. Rouyn-Noranda-based, it previously operated in Panama near the Minera Panama copper-gold mine and focuses on advancing assets to production through drilling and feasibility studies. Pershimex Resources leverages a team experienced in Canadian and Latin American projects.
HQ CountryUnited StatesCanadaCanadaCanada
HQ City
-
Vancouver
Vancouver
Montreal
Deal Date18 Nov 202426 Feb 202413 Jun 202214 Sep 2016
Valuation$810M$8M$179M$95M
EV/Revenue
EV/EBITDA

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Orla Mining Competitors

Orla Mining competitors include listed companies like K92 Mining, Capricorn Metals, Viohalco and Kobe Steel, and private ones like Alcoa Saudi Arabia and Lingbao Wason Copper Foil.

Public and private companies comparable to Orla Mining
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
K92 MiningCanadaCanadaPublicly listed$595M$414M$5.1B5.9x
Capricorn MetalsAustraliaAustraliaPublicly listed$505M$302M$5.1B8.7x
ViohalcoBelgiumBelgiumPublicly listed$8.3B$799M$5.1B0.8x
Kobe SteelJapanJapanPublicly listed$15B$1.6B$5.2B0.6x
Alcoa Saudi ArabiaSaudi ArabiaJeddahPrivate--$4.4B-
Lingbao Wason Copper FoilChinaLingbaoPrivate$280M-$6B21.5x

Orla Mining Public Comps

Orla Mining is no longer listed, but its public comps include K92 Mining, Capricorn Metals, Viohalco, Kobe Steel, Acerinox, Erdemir, Greatland Resources, Ramelius Resources, Vault Minerals and Grupo Simec.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
K92 Mining$595M$414M8.1x5.9x11.6x8.2x
Capricorn Metals$505M$302M9.4x8.7x15.6x13.3x
Viohalco$8.3B$799M0.8x0.8x8.5x8.0x
Kobe Steel$15B$1.6B0.6x0.6x5.7x5.4x
Acerinox$6.6B$386M1.0x0.9x17.0x10.5x
Erdemir$4.3B$420M1.5x1.2x15.1x10.3x
Greatland Resources$1.6B$961M2.8x2.8x4.6x5.0x
Ramelius Resources$854M$581M5.8x6.3x8.6x8.8x

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Common questions about Orla Mining

When was Orla Mining founded?Orla Mining was founded in 2007.
Where is Orla Mining headquartered?Orla Mining is headquartered in Canada.
Is Orla Mining publicly listed?No, Orla Mining was acquired by Equinox Gold in May 2026.
Who acquired Orla Mining?Orla Mining was acquired by Equinox Gold in May 2026.
How much was Orla Mining acquired for?Orla Mining was acquired for $5.1B in May 2026.
Which companies are comparable to Orla Mining?Companies comparable to Orla Mining include K92 Mining, Capricorn Metals, Viohalco, Kobe Steel, Alcoa Saudi Arabia and Lingbao Wason Copper Foil.
What was Orla Mining's market cap before the acquisition?Orla Mining had a market cap of $3.5B in July 2026, its last month on record as a listed company, trading at 2.5x EV/Revenue.
What was Orla Mining's revenue as a public company?Orla Mining's last reported twelve-month revenue was $1.4B (July 2026), with EBITDA of $885M.
How many companies has Orla Mining acquired?Orla Mining has acquired 4 companies, including Newmont Corporation (Musselwhite Mine unit), Contact Gold, Gold Standard Ventures and Pershimex Resources.
What was the largest acquisition by Orla Mining?The $810M acquisition of Newmont Corporation (Musselwhite Mine unit) in November 2024 is the largest acquisition Orla Mining has made to date.

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