Equinox Gold

Equinox Gold Corp. is a leading Canadian-based gold producer focused on delivering top quartile value through a diversified portfolio of high-quality assets in Tier-1 jurisdictions. Following the transformational merger with Calibre Mining completed in June 2025, the company now controls 23 million ounces of proven and probable gold reserves and 22 million ounces of measured and indicated resources across four production regions. 

The Q3 2025 inflection point marked a pivotal transition from development to cash flow generation, with meaningful operational improvements at the Greenstone Gold Mine and first production achieved ahead of schedule at the Valentine Gold Project. The company benefits from inherited infrastructure valued at over US$500 million and existing processing capacity of 2.7 Mt across its Nicaragua operations. 

Equinox Gold is advancing a robust growth pipeline including Castle Mountain (Federal Record of Decision expected December 2026) and Los Filos expansion, while planning to initiate shareholder returns within 18-24 months. The company is listed on the Toronto Stock Exchange (TSX: EQX) and NYSE American (NYSE-A: EQX).​

Equinox Gold presents a compelling investment opportunity as it transitions to a cash-generating, top quartile gold producer with significant near-term catalysts. The company is guiding 785,000-915,000 ounces of gold production in 2025 at all-in sustaining costs of $1,800-$1,900 per ounce, with substantial free cash flow growth expected as Greenstone optimizes and Valentine ramps to design capacity. 

The feasibility study for Valentine demonstrates a 14-year mine life averaging 180,000 ounces annually, while Greenstone's 15-year mine life supports 330,000 ounces per year at life-of-mine. With 52% of 2026 production from Canada and 65% of consensus NAV in Tier-1 jurisdictions, Equinox Gold ranks among the lowest-risk gold producers. 

The company's commitment to ESG excellence is evidenced by a 30% improvement in safety performance versus target and a 25% greenhouse gas emissions reduction strategy by 2030. As global demand for gold continues rising, Equinox Gold's operational momentum, strengthened balance sheet, and peer-leading 17.3% insider ownership position it to deliver significant shareholder returns.​

Equinox Gold is led by an experienced management team with deep expertise in mining operations, project development, and value creation. Ross Beaty serves as Chair, bringing over 50 years of experience as a geologist and resource company entrepreneur who founded Pan American Silver and numerous successful public mineral companies. 

Darren Hall, CEO and Director, contributes more than 35 years of mining industry experience, previously serving as COO of Kirkland Lake Gold and nearly 30 years with Newmont Corporation. Blayne Johnson and Douglas Forster, both Directors, co-founded Calibre Mining and Newmarket Gold, with the latter being acquired by Kirkland Lake Gold for $1 billion in 2016. 

The technical team is strengthened by Philippe LeBleu, P.Eng., VP Mining Engineering, who serves as Qualified Person for multiple properties. This leadership team is complemented by a Board of Directors with extensive mining, finance, and sustainability expertise, positioning Equinox Gold to execute its strategic vision while maintaining strong stakeholder relationships.​

Equinox Gold is executing a comprehensive growth strategy focused on operational excellence, portfolio optimization, and sustainable expansion to achieve top quartile valuation. The company is advancing its flagship assets through critical ramp-up phases, with Greenstone targeting sustained performance above 200,000 tonnes per day and Valentine expecting to reach nameplate capacity by Q2 2026. 

Environmental stewardship is central to the strategy, with a commitment to carbon neutrality through renewable energy integration and active engagement with Indigenous partners at Greenstone and community partners at Los Filos. While the portfolio already contains substantial reserves, the company continues aggressive exploration with a $90 million investment in 2025 targeting resource expansion at Valentine (Frank Zone discovery), Greenstone (western extension), and belt-scale opportunities in the Beardmore-Geraldton district. 

A key advantage is the company's infrastructure position, including existing processing capacity and power availability designed to support 30,000 tonnes per day throughput at Greenstone. Equinox Gold remains open to strategic portfolio optimization, as demonstrated by the $115 million sale of non-core Nevada assets, while maintaining flexibility for partnerships to maximize project value.​

As of Q3 2025, Equinox Gold maintains a robust financial position with C$348.5 million in cash and significant debt reduction of $139 million year-to-date. The company benefits from substantial infrastructure assets, including existing processing facilities and inherited infrastructure valued at over US$500 million across its operations. The initial capital investment for Valentine totaled US$1.08 billion, with the project now generating cash flow ahead of schedule, while sustaining capital across the portfolio is projected at $190-220 million for 2025. 

Equinox Gold is positioned to generate substantial free cash flow as Greenstone optimizes and Valentine ramps to design capacity, with analyst consensus projecting average annual EBITDA growth that ranks among the top tier of gold producers. 

The company maintains strong liquidity through an $850 million revolving credit facility ($320 million available) and a $350 million accordion feature. With a market capitalization of C$15.0 billion and peer-leading insider ownership, Equinox Gold is well-positioned to fund its growth pipeline while progressing toward capital returns to shareholders within 18-24 months.​

Equinox Gold Corp. has successfully transformed into a major North American gold producer, positioned at a critical inflection point with its Q3 2025 operational achievements and strengthened balance sheet. With 23 million ounces of reserves, a diversified Tier-1 jurisdiction portfolio, and two new long-life Canadian assets generating cash flow, the company offers a unique investment opportunity in the gold sector. 

The combination of experienced leadership, peer-leading insider ownership, and a commitment to responsible mining practices positions Equinox Gold to deliver sustainable shareholder returns. As the company advances toward its top quartile valuation target through operational optimization, exploration success, and potential capital returns within 18-24 months, it is well-positioned to benefit from favorable commodity markets and growing global demand for gold. For investors seeking exposure to a transformed, cash-generating gold producer with significant growth potential and strong ESG credentials, Equinox Gold presents a compelling investment case.​