Equinox Gold trades at a deep discount to NAV (0.5x) compared to peers (7-8x) following its merger with Orla Mining. The combined company will produce ~1.1 Moz/year, mostly in safe jurisdictions (Canada/US), with strong management (Darren Hall, Jason Simpson, Chuck Jeannes) and backing from legends like Ross Beaty, Pierre Lassonde, and Prem Watsa. A 70% annual production growth rate over the next 5 years and a re-rating opportunity make the stock a compelling value play.