08:13 AM EST, 02/24/2025 (MT Newswires) -- Canada's Equinox Gold Corp. ( EQX ) sought to acquire Calibre Mining Corp. ( CXBMF ) in a deal that would value the combined companies at $5.4 billion, the latest example of dealmaking as miners capitalize on record gold prices, Bloomberg has reported.

Vancouver-based Equinox said on Sunday it entered into an agreement to purchase Calibre in an all-stock transaction. Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held, according to an Equinox press release. Existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company.

Shares of Equinox were trading at $6.82 in New York as of market close on Friday.

Bloomberg said the proposed acquisition is the latest sign of gold miners' increasing appetite for mergers as they generate bumper profits on soaring bullion demand. The price of the precious metal has rallied 45% over the past year and is closing in on $3,000 an ounce.

Equinox's proposal to buy Vancouver-based Calibre follows a spate of deals last year, including Gold Fields Ltd.'s purchase of Osisko Mining Inc. and AngloGold Ashanti Ltd's acquisition of Centamin Plc., Bloomberg noted.

The combination of Equinox and Calibre is expected to churn out around 950,000 ounces of gold in 2025, according to Equinox, making it one of the top producers in North America.

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