$OLA.TO

Fairfax Financial Holdings Announces Acquisition of Additional Orla Mining Ltd Common Shares

Fairfax Financial Holdings (TSX: FFH and FFH.U) has acquired, through its insurance company subsidiaries, around 26.58 million common shares of Orla Mining Ltd (OLA.TO) resulting from the conversion of an aggregate amount of US$150 million principal amount of senior unsecured convertible notes of Orla, which were converted into common shares of Orla upon the election of Fairfax at a conversion price per common share of C$7.90 pursuant to the terms of the notes, the company said on Monday.The conversion shares represent approximately 7.1% of the issued and outstanding common shares of Orla and brings Fairfax's total holdings, through its insurance subsidiaries, of Orla's securities to around 58.39 million common shares and around 17.54 million warrants, which allow Fairfax to acquire up to around 17.54 million common shares at an exercise price of C$11.50 per warrant, representing approximately 15.7% of the issued and outstanding common shares (on a non-diluted basis) and approximately 19.5% of the issued and outstanding common shares (on a partially-diluted basis, assuming exercise of the warrants), stated the company."Fairfax holds the Common Shares and Warrants for investment purposes and in the future, it may discuss with management and/or the board of directors of Orla any of the transactions listed in clauses (a) to (k) of item 5 of Form 62-103F1 of National Instrument 62-103 - The Early Warning System and Related Take-over Bid and Insider Reporting Issues and it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of Orla, in such manner as it deems advisable to benefit from changes in market prices of Orla securities, publicly disclosed changes in the operations of Orla, its business strategy or prospects or from a material transaction of Orla, and it will also consider the availability of funds, evaluation of alternative investments and other factors," added the company.

Equinox Gold Price Target Lowered to US$14 at RBC

RBC Capital Markets lowered its price target on Equinox Gold (EQX.TO, EQX) to US$14 from US$17 on Monday.Analyst Josh Wolfson maintained an Outperform rating on shares of the Canadian mining company.On May 13, Equinox announced its acquisition of Orla Mining (OLA.TO) in a US$5.1 Billion cash and stock transaction."As compared to our positive first impressions of the transaction, our views are now more balanced - we see mixed valuation implications, while high growth is maintained at a now larger scale," Wolfson said in a note to clients."At spot, EQX-OLA pro forma valuation is fair versus a narrow new comparable group; however, the company's high torque to gold can materially change this conclusion," the analyst said."We reduce our target... as a result of lower estimates and modestly lower target multiples to reflect integration uncertainty," Wolfson said.

Orla Mining Resumes Operations at Camino Rojo

Orla Mining (OLA.TO, ORLA) reported that the "illegal blockade" has ended now and operations have resumed at its Camino Rojo Mine in Zacatecas, Mexico, on Friday.Dialogue continues onsite between management, employees, and the union including the resumption of bonus negotiations, it said. Without further interruptions, the company said it reiterated its 2026 gold production guidance for Camino Rojo of 110,000 to 120,000 ounces."We are pleased to welcome our employees back to work and thank the union and the Mexican Labour Authority for their partnership in resolving the matter," said Orla Mining Chief Executive Jason Simpson. "We look forward to continuing our dialogue with the employees and union partners to reach a mutually beneficial agreement on the productivity bonus."U.S.-listed shares of the company were last seen down 0.6% at US$11.25 in pre-market trading.

Orla Mining Down 7% as It Reports a Work Stoppage and Blockade at the Camino Rojo Mine in Mexico

Orla Mining (OLA.TO), down 7% on last look, on Monday said an illegal work stoppage and blockade is underway at its Camino Rojo Mine in Mexico. Mine operations have been temporarily halted.The work stoppage and blockade are connected with negotiations for a worker productivity bonus and a profit-sharing entitlement. Orla had previously paid workers the maximum profit-sharing entitlement stipulated under Mexican law, the company said.While the company and union representatives negotiated the productivity bonus, members of the unionized workforce objected to the amount paid under the entitlement and initiated the illegal stoppage and blockade, a statement added.A meeting of company representatives and the union along with the department of federal labor conciliation is scheduled for Tuesday, June 2. Given the duration of the production interruption and the nature of heap leach processing, Orla said it will assess any potential impact of the work stoppage on its full-year production guidance for Camino Rojo and provide an update in due course.Orla shares were last seen down $1.30 to $17.20 on the Toronto Stock Exchange.Price: $17.23, Change: $-1.27, Percent Change: -6.86%

Labor Violations, Criminal Allegations at Mexico Mine Owned By Canada's Orla Mining, says USW union

An investigative panel appointed under the terms of the Canada-United States-Mexico Agreement (CUSMA) found severe violations of human and labor rights occurred at Orla Mining's (OLA.TO) Camino Rojo mine in Zacatecas, Mexico, the United Steelworkers (USW) union said Wednesday.The panel, appointed under terms of CUSMA's Rapid Response Mechanism (RRM), released its findings after investigating a complaint made to the U.S. government by Mexico's Los Mineros union, which was supported by the United Steelworkers union (USW), the USW added.According to the USW, the U.S. panel found that workers at the Camino Rojo mine, owned by Orla Mining, which is being acquired by Equinox Gold (EQX.TO), were pressured to disaffiliate from Los Mineros and join a pro-employer union. The panel also found that a contractor hired by Orla created "a climate of fear among the workers at the mine", it noted.In light of the CUSMA panel's finding, the USW's Canadian National Office is urging the Attorney General of Canada to consider criminal charges against Orla Mining.USW noted Orla Mining issued a statement on May 4, regarding its compliance with the CUSMA panel's findings. This included a statement of neutrality on unionization, training managers and workers on freedom of association, and recognition of the rights of the Mineros union at the mine, it said."While these statements are important, what is missing is reparation for the victims of organized crime and the company's complicity, especially the Mineros union members who were forced into hiding, and who continue to receive threats," the USW said. "Orla Mining and the Mexican government must guarantee the workers' ability to safely return to their jobs and homes by eliminating the presence of organized crime from the mine and the adjacent community," it added.The USW is also urging Employment and Social Development Canada (ESDC)ESDC to move the complaint to the next stage, an international panel.The USW represents 225,000 members in nearly every economic sector across Canada and is the largest private-sector union in North America, with 850,000 members in Canada, the United States and the Caribbean.

Update: Equinox Gold, Orla Mining Agree to Combine in Cash-and-Stock Deal to Create Senior Gold Producer

(Adding commentary from Wedbush in the second paragraph and share prices in the third paragraph)Equinox Gold (EQX.TO) and Orla Mining (OLA.TO) have entered into an agreement to combine into a new North American senior gold producer under the name of Equinox Gold, the companies said on Wednesday.According to Wedbush in a 'Special Situations' note published a short time ago, the stock should trade well near-term as the market prices in the re-rating from mid-tier to senior producer status, with the primary risk being gold price reversion and Mexican regulatory complexity around Camino Rojo/Los Filos.At last look, EQX was down 2.7% and ORLA down 0.8% in US premarket trade.Under the agreement, Equinox Gold will acquire all of Orla's issued and outstanding shares. Orla shareholders stand to receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla common share held prior to the effective time of the transaction.At deal completion, existing Equinox Gold shareholders and former Orla shareholders will own about 67% and 33% of the outstanding common shares of the combined company, respectively.The combined company will have about 1.1 million ounces of expected annual gold production and an implied market capitalization of US$18.5 billion.It will be anchored by three long-life Canadian gold mines, with a clear path to more than 1.9 million ounces of annual gold production from an internally funded North American growth pipeline.The combined company will be led by executives and directors from both Equinox Gold and Orla. Equinox Gold's chief executive officer, Darren Hall, will remain as CEO. Orla's president and CEO, Jason Simpson, will join Equinox Gold's leadership team as president.The board of directors of the combined company will consist of 11 directors, with Chuck Jeannes as chair, along with six directors from Equinox Gold and an additional four directors from Orla.The transaction will require approval by 66.67% of the votes cast by the shareholders of Orla at a special shareholders meeting expected to be held in July.The issuance of Equinox Gold common shares is subject to approval by the company's shareholders by a simple majority of the votes cast at a special shareholders meeting also scheduled for July.The board of directors of each of the companies have each unanimously approved the transaction and recommend that their respective shareholders vote in favor of the deal.The deal is expected to close in the third quarter, subject to the satisfaction of certain closing conditions.

Equinox Gold, Orla Mining Agree to Combine in Cash-and-Stock Deal to Create Senior Gold Producer

Equinox Gold (EQX.TO) and Orla Mining (OLA.TO) have entered into an agreement to combine into a new North American senior gold producer under the name of Equinox Gold, the companies said on Wednesday.Under the agreement, Equinox Gold will acquire all of Orla's issued and outstanding shares. Orla shareholders stand to receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla common share held prior to the effective time of the transaction.At deal completion, existing Equinox Gold shareholders and former Orla shareholders will own about 67% and 33% of the outstanding common shares of the combined company, respectively.The combined company will have about 1.1 million ounces of expected annual gold production and an implied market capitalization of US$18.5 billion.It will be anchored by three long-life Canadian gold mines, with a clear path to more than 1.9 million ounces of annual gold production from an internally funded North American growth pipeline.The combined company will be led by executives and directors from both Equinox Gold and Orla. Equinox Gold's chief executive officer, Darren Hall, will remain as CEO. Orla's president and CEO, Jason Simpson, will join Equinox Gold's leadership team as president.The board of directors of the combined company will consist of 11 directors, with Chuck Jeannes as chair, along with six directors from Equinox Gold and an additional four directors from Orla.The transaction will require approval by 66.67% of the votes cast by the shareholders of Orla at a special shareholders meeting expected to be held in July.The issuance of Equinox Gold common shares is subject to approval by the company's shareholders by a simple majority of the votes cast at a special shareholders meeting also scheduled for July.The board of directors of each of the companies have each unanimously approved the transaction and recommend that their respective shareholders vote in favor of the deal.The deal is expected to close in the third quarter, subject to the satisfaction of certain closing conditions.

Equinox Gold and Orla Mining Add Co Will Have a "Clear Path" to More Than 1.9M Ounces of Gold From North American Growth Assets

Equinox Gold and Orla Mining Says Combined Co Expected to Produce 1.1M Ounces of Gold Annuallly

Equinox Gold and Orla Mining Combining

Orla Mining Posts Higher Q1 Adjusted Earnings YoY as Gold Price Increases

Orla Mining's (OLA.TO) adjusted earnings surged year over year in the first quarter, driven by higher realized gold prices, the company reported on Monday.Adjusted earnings were US$134.7 million, or $0.39 per share, up from $38.6 million, or $0.12 per share. The result beat the earnings per share consensus estimate of $0.35 as compiled by FactSet.Revenue was $378.9 million, an increase from $140.7 million. The result missed the sales consensus estimate of $408.8 million as compiled by FactSet.The company produced 81,206 ounces of gold, up from 47,759 ounces. Gold sales were 81,540 ounces, rising from 46,356 ounces. The average realized gold price rose to $4,575/ounce from $2,915/ounce.Orla remains on track to meet its full-year 2026 consolidated gold production guidance of 340,000 to 360,000 ounces.The company also declared a quarterly dividend of $0.015 per common share, payable June 9 to shareholders of record at the close of business on May 26.During the quarter, energy prices have risen sharply due to the war in the Middle East. To date, Orla has experienced an increase of about 6% in diesel price resulting in a $3.00/oz impact to all-in sustaining costs. The company has not experienced any fuel availability issues.

Orla Mining Takes Action to Protect Labour Rights at Camino Rojo

Orla Mining (OLA.TO and NYSE: ORLA) has taken "concrete steps" to safeguard labour rights and "address other concerns: at its Camino Rojo gold mine in Zacatecas, Mexico, the company said after trade Monday.

RBC Says Q1 Seasonally Weak for Gold Equities

RBC Capital Markets said Wednesday that the first quarter represents a seasonally weak period for operating results of gold equities.According to RBC, the market is expected to focus on forward-looking statements on the impact of higher gold and energy prices to costs, as well as emerging inflationary pressures."Although we expect no formal cost guidance revisions across our coverage, commentary on potential changes into mid-year updates could present surprise risk," RBC said.RBC said Alamos (AGI.TO), Barrick Mining (ABX.TO), Eldorado Gold (ELD.TO), G Mining (GMIN.TO), SSR Mining (SSR.TO) and Wheaton Precious Metals (WPM.TO) have outlined materially softer first quarter.RBC said companies with key upcoming deliverables into the first quarter include B2Gold (BTO.TO), Barrick, Alamos, Agnico Eagle (AEM.TO), Centerra (CG.TO), Franco Nevada (FNV.TO), Iamgold (IMG.TO), K92 (KNT.TO), Kinross (K.TO), Lundin Gold (LUG.TO), Orla Mining (OLA.TO), OR Royalties (OR.TO) and Wesdome (WDO.TO).According to RBC, gold equity valuations at spot have expanded in recent weeks, but are still reasonably attractively valued.Price: $66.72, Change: $-0.42, Percent Change: -0.63%