Aegis Value Fund on Equinox Gold Corp.

Equinox shares weakened as gold corrected and investors reacted negatively to the all-stock merger with Orla Mining. Aegis believes the combination has strategic merit by adding Orla's Musselwhite mine to Equinox's Canadian Greenstone and Valentine assets, while the underlying business has continued to perform well. Equinox generated a $310 million first-quarter profit, repaid nearly $1 billion of debt and initiated both a dividend and a buyback. The resolution of the Los Filos land-access dispute also creates a path to restart an asset that Aegis believes is underappreciated, so the fund plans to hold its remaining position through the merger and restart process.