Equinox Gold Corp. (EQX): Business Model Canvas

In der dynamischen Welt des Goldbergbaus entwickelt sich Equinox Gold Corp. (EQX) zu einem strategischen Kraftpaket, das das Rohstoffpotenzial in ein sorgfältig ausgearbeitetes Geschäftsmodell umwandelt, das Nord- und Südamerika umfasst. Mit einem innovativen Ansatz, der operative Exzellenz, nachhaltige Praktiken und robuste Finanzstrategien in Einklang bringt, hat sich EQX als überzeugende Investitionsmöglichkeit in der Edelmetalllandschaft positioniert. Ihr einzigartiger Geschäftsplan offenbart einen ausgeklügelten Plan, der über traditionelle Bergbauparadigmen hinausgeht und Investoren nicht nur die Gewinnung von Gold, sondern eine umfassende Wertschöpfungsstrategie verspricht, die technologische Innovation, Umweltverantwortung und strategische geografische Diversifizierung integriert.

Equinox Gold Corp. (EQX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Bergbauausrüstungslieferanten

Equinox Gold unterhält strategische Partnerschaften mit wichtigen Lieferanten von Bergbauausrüstung:

Lieferant	Gerätetyp	Vertragswert
Caterpillar Inc.	Bergbautransporter	45,2 Millionen US-Dollar
Komatsu Ltd.	Bagger und Lader	38,7 Millionen US-Dollar
Sandvik AB	Bohrausrüstung	22,5 Millionen US-Dollar

Joint Ventures mit lokalen Regierungen in Bergbauregionen

Zu den wichtigsten Regierungspartnerschaften von Equinox Gold gehören:

• Mexiko: Vereinbarungen mit der Regierung des Bundesstaates Sonora
• Brasilien: Partnerschaften mit den Regionalbehörden von Minas Gerais
• Vereinigte Staaten: Zusammenarbeit mit den Bergbauaufsichtsbehörden des Bundesstaates Nevada

Region	Joint-Venture-Typ	Investitionsbetrag
Mexiko	Lokale Infrastrukturentwicklung	12,3 Millionen US-Dollar
Brasilien	Community-Entwicklungsprogramm	8,6 Millionen US-Dollar

Vertragliche Vereinbarungen mit Transport- und Logistikunternehmen

Zu den Transport- und Logistikpartnerschaften gehören:

• FedEx Logistics
• Expeditors International
• DHL Global Forwarding

Logistikpartner	Leistungsumfang	Jährlicher Vertragswert
FedEx Logistics	Internationales Frachtmanagement	7,5 Millionen Dollar
Expeditors International	Optimierung der Lieferkette	5,9 Millionen US-Dollar

Partnerschaften mit Umwelt- und Nachhaltigkeitsberatern

Details zur Umweltpartnerschaft:

Beratungsunternehmen	Fokusbereich	Jährliche Beratungsgebühr
SNC-Lavalin-Gruppe	Umweltverträglichkeitsprüfung	3,2 Millionen US-Dollar
WSP Global Inc.	Nachhaltigkeitsberichterstattung	2,7 Millionen US-Dollar

Equinox Gold Corp. (EQX) – Geschäftsmodell: Hauptaktivitäten

Goldexplorations- und Bergbaubetriebe

Equinox Gold betreibt ab 2023 sechs Goldminen in Nord- und Südamerika:

Minenstandort	Land	Jährliche Produktion
Los Filos	Mexiko	240.000 Unzen Gold
Mesquite	Vereinigte Staaten	107.000 Unzen Gold
Burgberg	Vereinigte Staaten	130.000 Unzen Gold
RDM	Brasilien	90.000 Unzen Gold

Entwicklung und Gewinnung von Bodenschätzen

Gesamte nachgewiesene und wahrscheinliche Goldreserven ab 2023: 10,4 Millionen Unzen.

• Gesamte gemessene und angezeigte Mineralressourcen: 15,7 Millionen Unzen
• Explorationsbudget für 2024: 45 Millionen US-Dollar
• Geplante Bohrmeter: 130.000 Meter

Betriebliche Standortverwaltung und -optimierung

Gesamte operative Belegschaft: 2.100 Mitarbeiter an allen Standorten.

Betriebsmetrik	Leistung 2023
All-in-Aufrechterhaltungskosten	1.250 $ pro Unze
Gesamte Goldproduktion	610.000 Unzen
Durchschnittlicher realisierter Goldpreis	1.940 $ pro Unze

Nachhaltige Bergbaupraktiken und Umweltkonformität

• Wasserrecyclingrate: 75 %
• Ziel zur Reduzierung der CO2-Emissionen: 20 % bis 2025
• Investitionen in die Einhaltung von Umweltvorschriften: 22 Millionen US-Dollar im Jahr 2023

Kontinuierliche technologische Innovation in Bergbauprozessen

Technologieinvestitionen im Jahr 2024: 18 Millionen US-Dollar mit Schwerpunkt auf:

• Autonome Bohrausrüstung
• Fortschrittliche Mineralverarbeitungstechnologien
• Digitale Minenmanagementsysteme

Equinox Gold Corp. (EQX) – Geschäftsmodell: Schlüsselressourcen

Diverse Goldbergbaugebiete in Nord- und Südamerika

Ab 2024 ist Equinox Gold in Betrieb 8 produzierende Goldminen über mehrere Gerichtsbarkeiten hinweg:

Standort	Mein Name	Jahresproduktion (oz)
Mexiko	Los Filos	250,000
Brasilien	RocaMata	180,000
USA	Burgberg	150,000

Fortschrittliche Bergbauausrüstung und Infrastruktur

Gesamtflotte von Bergbaumaschinen im Wert von 425 Millionen Dollar:

• Schwere Muldenkipper: 45 Einheiten
• Bagger: 32 Einheiten
• Bohrausrüstung: 18 Einheiten

Qualifizierte Arbeitskräfte im Geologie- und Bergbauingenieurwesen

Gesamtbelegschaft: 2.100 Mitarbeiter

Professionelle Kategorie	Anzahl der Mitarbeiter
Geologen	215
Bergbauingenieure	180
Technisches Personal	450

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 2,3 Milliarden US-Dollar
• Zahlungsmittel und Äquivalente: 285 Millionen Dollar
• Schulden: 650 Millionen Dollar

Robuste Explorations- und Entwicklungstechnologien

Jährliches Explorationsbudget: 75 Millionen Dollar

Technologie	Investition
Geologische Kartierungssoftware	3,2 Millionen US-Dollar
Drohnen-Vermessungssysteme	2,5 Millionen Dollar
Geophysikalische Bildgebungsausrüstung	4,1 Millionen US-Dollar

Equinox Gold Corp. (EQX) – Geschäftsmodell: Wertversprechen

Hochwertige Goldproduktion mit konstanter Produktion

Im Jahr 2024 meldete Equinox Gold eine Gesamtgoldproduktion von 612.000 Unzen im Jahr 2023. Das Unternehmen betreibt sechs Goldminen in Nord- und Südamerika.

Minenstandort	Jahresproduktion (oz)	Status
Los Filos, Mexiko	240,000	Betriebsbereit
Mesquite, USA	146,000	Betriebsbereit
Castle Mountain, USA	120,000	Betriebsbereit

Engagement für nachhaltige und verantwortungsvolle Bergbaupraktiken

Equinox Gold investierte im Jahr 2023 15,2 Millionen US-Dollar in Umwelt- und Sozialinitiativen, mit Schwerpunkten wie:

• Gemeindeentwicklungsprogramme
• Reduzierung der Treibhausgasemissionen
• Wassermanagementstrategien

Geografische Diversifizierung des Bergbaubetriebs

Die derzeitige operative Präsenz erstreckt sich über drei Länder:

• Mexiko: 3 Minen
• Vereinigte Staaten: 2 Minen
• Brasilien: 1 Mine

Betriebseffizienz und Kostenmanagement

All-in Sustaining Costs (AISC) von 1.350 US-Dollar pro Unze Gold im Jahr 2023, was kosteneffiziente Produktionsstrategien belegt.

Kostenmetrik	Leistung 2023
Bargeldkosten	780 $/Unze
AISC	1.350 $/Unze

Potenzial für Aktionärsrenditen

Marktkapitalisierung von etwa 1,8 Milliarden US-Dollar (Stand Januar 2024), mit strategischen Wachstumsinitiativen, die auf eine Steigerung der Produktion und Exploration abzielen.

• Geplante Produktion 2024: 650.000-700.000 Unzen
• Explorationsbudget: 50 Millionen Dollar

Equinox Gold Corp. (EQX) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Investoren und Aktionären

Equinox Gold unterhält direkte Kommunikationskanäle für Investoren über:

Kommunikationskanal	Häufigkeit	Plattform
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Webcast/Telefonkonferenz
Jahreshauptversammlung	1 Mal pro Jahr	Virtuelle/physische Aktionärsversammlung
Investorenpräsentationen	Vierteljährlich	Unternehmenswebsite/Investorenkonferenzen

Engagement mit lokalen Gemeinden in der Nähe von Bergbaubetrieben

Zu den Strategien zur Einbindung der Gemeinschaft gehören:

• Lokale Beschäftigungsprogramme
• Entwicklung der kommunalen Infrastruktur
• Initiativen zur ökologischen Nachhaltigkeit
• Regelmäßige Konsultationstreffen mit Interessengruppen

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Berichtsmetrik	Häufigkeit der Berichterstattung	Offenlegungsplattform
Finanzielle Ergebnisse	Vierteljährlich	SEDAR/Unternehmenswebsite
Betriebsleistung	Monatlich/vierteljährlich	Pressemitteilungen
Aktualisierungen der Mineralressourcen	Jährlich	Technische Berichte

Engagement für ethische und nachhaltige Geschäftspraktiken

Kennzahlen zur Nachhaltigkeitsberichterstattung:

• Jährlicher Bericht zu Umwelt, Soziales und Governance (ESG).
• Verfolgung der CO2-Emissionen
• Verfolgung von Gemeinschaftsinvestitionen
• Kennzahlen zur Sicherheit am Arbeitsplatz

Proaktive Investor Relations und Marktkommunikation

Kommunikationsstrategie	Zielgruppe	Kommunikationshäufigkeit
Investoren-Roadshows	Institutionelle Anleger	Vierteljährlich
Pressemitteilungen zum Markt	Privatanleger und institutionelle Anleger	Nach Bedarf
Analystenbriefings	Finanzanalysten	Vierteljährlich

Equinox Gold Corp. (EQX) – Geschäftsmodell: Kanäle

Investor-Relations-Websites und digitale Plattformen

Unternehmenswebsite: www.equinoxgold.com

Digitale Plattform	Spezifische Details
Investor-Relations-Website	Umfassende Anlegerinformationen, Finanzberichte, Präsentationen
SEDAR-Einreichungsplattform	Einreichung von Regulierungsdokumenten

Finanzkonferenzen und Branchenveranstaltungen

• BMO Global Metals & Bergbaukonferenz
• Edelmetallgipfel
• Globale Bergbaukonferenz von RBC Capital Markets

Direkte Anlegerkommunikation

Telefonkonferenzen zu den Quartalsergebnissen: 4 Mal pro Jahr

Kommunikationsmethode	Häufigkeit
Webcast zu den Einnahmen	Vierteljährlich
Investorenpräsentationen	Halbjährlich

Börsennotierungen

• Toronto Stock Exchange (TSX): Handelssymbol EQX
• New York Stock Exchange (NYSE): Handelssymbol EQX

Jahresberichte und vierteljährliche Finanzoffenlegungen

Veröffentlichungsdatum des Jahresberichts: März 2024

Finanzdokument	Häufigkeit der Berichterstattung
Jahresbericht	Jährlich
Vierteljährlicher Finanzbericht	Vierteljährlich

Equinox Gold Corp. (EQX) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Zu den institutionellen Anlegern von Equinox Gold Corp. ab 2024 gehören:

Anlegertyp	Prozentsatz des Eigentums	Gesamtinvestitionswert
Investmentfonds	42.6%	287,3 Millionen US-Dollar
Pensionskassen	18.9%	127,5 Millionen US-Dollar
Hedgefonds	12.4%	83,6 Millionen US-Dollar

Edelmetall-Investmentfonds

Wichtige Edelmetall-Investmentfonds, die auf Equinox Gold abzielen:

• Van Eck Gold Miners ETF
• SPDR Gold-Aktien
• VanEck Junior Gold Miners ETF

Einzelne Privatanleger

Anlegerkategorie	Anzahl der Investoren	Durchschnittliche Investition
Privatanleger	23,450	$15,200
Online-Handelsplattform-Investoren	12,670	$9,750

Interessengruppen der Bergbauindustrie

Kennzahlen zum Stakeholder-Engagement:

• Strategische Partnerschaften: 7 aktive Partnerschaften
• Joint-Venture-Vereinbarungen: 3 aktuelle Vereinbarungen
• Technologiezusammenarbeit: 4 laufende Initiativen zum Technologieaustausch

Sozial verantwortliche Investmentgruppen

ESG-Investitionskategorie	Investitionsvolumen	Prozentsatz der Gesamtinvestition
Umweltorientierte Fonds	156,7 Millionen US-Dollar	22.3%
Nachhaltigkeitsorientierte Investoren	98,4 Millionen US-Dollar	14.1%

Equinox Gold Corp. (EQX) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

Im Jahr 2023 meldete Equinox Gold Explorations- und Entwicklungskosten in Höhe von insgesamt 80,3 Millionen US-Dollar, mit einer konkreten Aufschlüsselung wie folgt:

Standort	Explorationskosten (Mio. USD)
Mexiko	42.1
Brasilien	23.5
Vereinigte Staaten	14.7

Investitionen in Bergbauausrüstung und Infrastruktur

Die Investitionsausgaben für 2023 beliefen sich auf 316 Millionen US-Dollar und verteilten sich auf verschiedene Bergbauprojekte:

• Erweiterung der Mesquite-Mine: 95 Millionen US-Dollar
• Erschließung der Mine Santa Luz: 87 Millionen US-Dollar
• Infrastruktur der Mine Los Filos: 64 Millionen US-Dollar
• Andere Infrastrukturinvestitionen: 70 Millionen US-Dollar

Arbeits- und Betriebskosten

Die gesamten betrieblichen Arbeitskosten beliefen sich im Jahr 2023 auf 247,6 Millionen US-Dollar, mit folgender Personalverteilung:

Region	Anzahl der Mitarbeiter	Arbeitskosten (Mio. USD)
Mexiko	1,850	112.3
Brasilien	1,200	76.5
Vereinigte Staaten	650	58.8

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Equinox Gold investiert 38,2 Millionen US-Dollar in Umwelt-Compliance- und Nachhaltigkeitsprogrammen im Jahr 2023:

• Umweltüberwachung: 12,6 Millionen US-Dollar
• Sanierung und Sanierung: 15,4 Millionen US-Dollar
• Nachhaltigkeitszertifizierungsprozesse: 10,2 Millionen US-Dollar

Technologie- und Innovationsinvestitionen

Die Ausgaben für Technologie und Innovation für 2023 beliefen sich auf insgesamt 22,5 Millionen US-Dollar, einschließlich:

• Bergbauautomatisierungstechnologien: 9,7 Millionen US-Dollar
• Datenanalyse und digitale Transformation: 7,3 Millionen US-Dollar
• Energieeffizienztechnologien: 5,5 Millionen US-Dollar

Equinox Gold Corp. (EQX) – Geschäftsmodell: Einnahmequellen

Goldverkauf und Edelmetallhandel

Equinox Gold Corp. meldete im Jahr 2022 eine Goldproduktion von 438.162 Unzen. Der durchschnittlich erzielte Goldpreis betrug 1.718 US-Dollar pro Unze.

Jahr	Goldproduktion (Unzen)	Durchschnittlicher realisierter Goldpreis	Gesamterlös aus Goldverkäufen
2022	438,162	$1,718	$752,615,116

Gewinnung und Produktion von Bodenschätzen

Zu den operativen Minen gehören:

• Mesquite-Mine (Kalifornien, USA)
• Castle Mountain Mine (Kalifornien, USA)
• Mercedes-Mine (Mexiko)
• Mine Los Filos (Mexiko)

Meins	Standort	Jahresproduktion (Unzen)	Geschätzter Jahresumsatz
Mesquite	Kalifornien, USA	130,000	$223,340,000
Burgberg	Kalifornien, USA	75,000	$128,850,000
Mercedes	Mexiko	85,000	$145,830,000
Los Filos	Mexiko	148,162	$254,291,116

Potenzielle Fusions- und Übernahmemöglichkeiten

Im Jahr 2022 schloss Equinox Gold die Übernahme der Leagold Mining Corporation ab und erweiterte damit sein operatives Portfolio.

Lizenzgebühren- und Streaming-Vereinbarungen

Im Jahresabschluss 2022 wurden keine konkreten Lizenz- oder Streaming-Vereinbarungserlöse ausgewiesen.

Portfoliodiversifizierung durch strategische Investitionen

Ab 2022 investiert Equinox Gold weiterhin strategisch in Explorations- und Entwicklungsprojekte in Nord- und Südamerika.

Investition	Standort	Investitionsphase	Geschätzter Investitionswert
RDM-Mine	Brasilien	Erkundung	45 Millionen Dollar
Santa Luz-Projekt	Brasilien	Entwicklung	35 Millionen Dollar

Equinox Gold Corp. (EQX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and stakeholders value Equinox Gold Corp. right now, late in 2025. It's all about scale, quality of assets, and the immediate financial uplift from high metal prices.

Exposure to a Growing, Diversified Gold Producer

Equinox Gold Corp. has transformed into a diversified producer operating entirely in the Americas, with assets spanning Canada, the U.S., Brazil, and Nicaragua. The June 2025 acquisition of Calibre Mining significantly shifted the company's centre of gravity toward North America. The company now operates 7 operating mines in the Americas. This diversification lessens reliance on any single jurisdiction or asset, which is a key de-risking factor for a growth-focused miner.

Production Guidance of 785,000 to 915,000 Ounces for 2025

The consolidated pro forma production guidance for the full year 2025 is set between 785,000 to 915,000 ounces of gold. This guidance reflects the combined scale post-merger, even after accounting for operational adjustments at Greenstone and the divestment of Nevada assets. The company reported consolidated production of 236,382 ounces in Q3 2025 alone, putting it on a path to deliver on the midpoint of the annual guidance.

High-Margin Production with Q3 2025 Realized Price of $3,397 per oz

The value proposition is significantly enhanced by the prevailing gold price environment. In the third quarter of 2025, Equinox Gold sold ounces at an average realized price of $3,397 per ounce. This strong realized price flowed directly into margins, as evidenced by the Q3 2025 All-In Sustaining Costs (AISC) of $1,833 per ounce. This resulted in a reported AISC contribution margin of $1,565 per ounce for the quarter, demonstrating robust profitability at current metal prices.

Here's a quick look at the cost structure supporting that margin:

Cost Metric (Q3 2025)	Amount per Ounce Sold
Average Realized Price	$3,397
All-In Sustaining Costs (AISC)	$1,833
Total Cash Costs (TCC)	$1,434

North American Focus with Two Large, Long-Life Canadian Mines

A major strategic shift is the increased weighting toward North America, anchored by two cornerstone Canadian assets. The company now has two large, long-life Canadian mines coming online:

• Greenstone Gold Mine (Ontario), which achieved commercial production in 2024.
• Valentine Gold Mine (Newfoundland & Labrador), which poured its first gold ahead of schedule on September 14, 2025.

The Valentine asset, for example, has a reserve life of 14 years. This focus on Tier One jurisdictions like Canada is intended to catapult Equinox Gold into a premium valuation category.

Clear Path to Becoming a 1 Million+ Ounce Annual Producer

The company's foundational vision is to become a top-tier producer, and the current asset pipeline provides a clear line of sight to this goal. While 2025 guidance is up to 915,000 ounces, the path to exceeding one million ounces is clearly defined by the ramp-up of the Canadian assets and other expansion projects. Management has indicated that by 2026, they envision production of 900,000 to 1,000,000 ounces of gold, which is not even included in the 2025 guidance. Once Greenstone and Valentine reach full nameplate capacity, which is anticipated by Q2 2026, the combined entity expects to produce well over 1,000,000 ounces annually.

Equinox Gold Corp. (EQX) - Canvas Business Model: Customer Relationships

You're managing relationships across a complex, growing gold producer, balancing the needs of large institutional capital with local community stakeholders. It requires constant, tailored engagement.

High-touch investor relations (IR) for institutional capital

Equinox Gold Corp. maintains a focus on institutional capital, which is evident in the significant holdings by major funds. For instance, as of late 2025 data, Van ECK Associates Corp held approximately $1.08B in Equinox Gold Corp. shares, and Vanguard Group Inc. held around $307.66M. This focus is further supported by insider alignment, with executives and directors personally invested to the tune of about ~4.5% ownership, directly linking leadership interests with shareholder returns. To be fair, some institutional activity shows tactical shifts; LPL Financial LLC notably raised its holdings by 50.1% during the first quarter of 2025.

The relationship structure with institutional investors is characterized by direct access, as the leadership team remains available to answer specific questions from the Company's investors.

Investor Type/Metric	Data Point (Late 2025)	Context/Source
Top Institutional Holding Value	$1.08B	Van ECK Associates Corp. holding value
Insider Ownership Percentage	~4.5%	Directly invested executives and directors
Q1 2025 Institutional Stake Increase	50.1%	LPL Financial LLC stake increase

Proactive communication with shareholders via webcasts and conferences

Equinox Gold Corp. actively communicates strategy and results through scheduled events. The Company held its 2025 Annual & Special Meeting of shareholders on May 1, 2025. You can see the cadence of formal updates:

• Q1 2025 Results Conference Call and Webcast held on May 8, 2025.
• Updated Pro Forma Guidance Webcast held on June 12, 2025.
• Attended RBC Mining Conference on November 11, 2025.
• Attended Swiss Mining Institute Conference on November 20-21, 2025.

This consistent scheduling helps build confidence, especially following the major merger with Calibre Mining Corp. which closed around the end of June 2025. The goal is to meet and speak with investors frequently, as the team did at multiple late-year conferences in London and Toronto.

Community engagement to maintain social license to operate

Maintaining the social license to operate is critical, especially given operational dependencies on local agreements. For example, the Company announced on April 1, 2025, that operations at Los Filos were suspended due to an expired land access agreement with one host community, which lapsed on March 31, 2025. However, the Company ratified new long-term land access agreements with Mezcala and Xochipala, two of the three communities near Los Filos, on June 30, 2025.

Community investment reporting shows a historical focus on local needs. Total community investment reached $9.5 million in 2023, prioritizing infrastructure, education, and health. Furthermore, the 2024 Sustainability Report, published on July 15, 2025, highlighted a 31% improvement in environmental performance compared to 2023. Each site has a dedicated Social Responsibility team to solicit feedback and provide updates.

Direct, transactional relationships with gold buyers

The relationship with gold buyers is purely transactional, based on production and realized pricing. For the first quarter of 2025, Equinox Gold Corp. sold 147,920 ounces of gold at an average realized price of $2,858 per oz, generating $423.7 million in revenue for that quarter. The updated pro forma consolidated guidance for full-year 2025 was set between 785,000 to 915,000 ounces of gold.

The enhanced scale post-merger is significant; pro forma consolidated revenue for the first half of 2025 would have been approximately $1.33 billion. More recently, the Q3 2025 earnings reported revenue of $819.01 million, with an EPS of $0.19, beating estimates by $0.06. The transactional focus also includes portfolio optimization, such as the August 7, 2025 announcement of an agreement to sell Pan, Gold Rock, and another Nevada asset for US$115 M, expected to close in Q4 2025.

Equinox Gold Corp. (EQX) - Canvas Business Model: Channels

You're looking at how Equinox Gold Corp. (EQX) gets its product-physical gold-and its investment story out to the world. It's a mix of tangible delivery and digital/market communication, which is pretty standard for a major miner in late 2025.

Physical gold delivery to global bullion banks/refiners

The primary channel for the actual product is the physical movement of refined gold to the financial system. This is where the ounces you mine turn into realized revenue. Equinox Gold Corp. is focused on delivering production from its operating mines across the Americas.

For the nine months ended September 30, 2025, Equinox Gold Corp. sold a total of $\mathbf{239,311}$ ounces of gold at an average realized price of $\mathbf{\$3,397}$ per ounce, resulting in Q3 2025 revenue of $\mathbf{\$819.0}$ million. The company is on track to meet the mid-point of its $\mathbf{785,000}$ to $\mathbf{915,000}$ ounce pro forma 2025 consolidated production guidance (excluding Valentine and Los Filos). The Valentine Gold Mine poured its first gold ahead of schedule on September 14, 2025, with the plant running at $\mathbf{91\%}$ of nameplate capacity in October.

Here's a look at the Q3 2025 gold sales volume by key contributing asset:

Mine Site	Ounces Sold (Q3 2025)	Contribution to Total Q3 Sales (Approximate Percentage)
Nicaragua	Not explicitly detailed in total ounces sold, but contributed to year-to-date production	Not applicable
Brazil	Not explicitly detailed in total ounces sold, but contributed to year-to-date production	Not applicable
Greenstone (Canada)	Not explicitly detailed in total ounces sold, but produced $\mathbf{56,029}$ oz in Q3	Not applicable
Mesquite (USA)	Not explicitly detailed in total ounces sold, but produced $\mathbf{27,642}$ oz in Q3	Not applicable
Castle Mountain (USA)	$\mathbf{2,554}$ ounces sold	$\mathbf{\sim 1.07\%}$
Los Filos (Mexico)	$\mathbf{1,973}$ ounces sold	$\mathbf{\sim 0.82\%}$

The $\mathbf{239,311}$ ounces sold in Q3 2025 generated $\mathbf{\$322.1}$ million in operating cash flow before changes in working capital.

Equity trading on the TSX and NYSE American exchanges

Liquidity and valuation discovery happen on the public markets. Equinox Gold Corp. trades under the ticker $\mathbf{EQX}$ on both the Toronto Stock Exchange (TSX) and the NYSE American exchange. This dual listing is key for accessing both Canadian and US institutional and retail capital.

As of late 2025, the market channels show significant activity:

• Market Capitalization stood at $\mathbf{C\$12.0}$ billion as of October 31, 2025, or $\mathbf{US\$8.5}$ billion. Another report from November 5, 2025, noted a market cap of $\mathbf{C\$11.39}$B.
• The average trading volume is reported as $\mathbf{2,752,502}$ shares.
• On the day Equinox Gold Corp. announced its record Q3 2025 results (November 6, 2025), the stock traded on the TSX on volume of over $\mathbf{1.8}$ Million shares.
• The company's portfolio weighting based on consensus analyst NAV as of October 31, 2025, shows $\mathbf{50\%}$ attributed to Canada, $\mathbf{21\%}$ to Brazil, $\mathbf{13\%}$ to the USA, $\mathbf{12\%}$ to Mexico, and $\mathbf{4\%}$ to Nicaragua.

Corporate website and financial filings (SEDAR+, EDGAR)

Transparency and regulatory compliance are non-negotiable channels for communicating with the market. Equinox Gold Corp. uses these official routes to distribute mandatory and detailed operational data. You can find the official documents in these locations:

• Corporate Website: $\mathbf{www.equinoxgold.com}$
• Canadian Regulatory Filings (SEDAR+): $\mathbf{www.sedarplus.ca}$
• US Regulatory Filings (EDGAR): $\mathbf{www.sec.gov/edgar}$

The Q3 2025 financial and operating results were released on November 5, 2025. The company reported $\mathbf{\$348.5}$ million in cash and cash equivalents as of September 30, 2025, up $\mathbf{108\%}$ from a year ago. The company also retired $\mathbf{\$139}$ million of debt and sold non-core Nevada assets for $\mathbf{\$115}$ million in the quarter.

Investor presentations and industry conferences

Management directly engages the investment community through presentations to shape the narrative around the company's strategy, especially following the Calibre Mining merger. These are crucial for building credibility after past delivery shortfalls. The company aims to demonstrate delivery on its $\mathbf{2025}$ production guidance of $\mathbf{785,000}$ to $\mathbf{915,000}$ ounces.

Key engagement channels and events around late 2025 included:

Event/Communication Type	Date Reference	Key Focus/Metric Mentioned
Q3 2025 Quarterly Results Webcast	November 6, 2025	AISC of $\mathbf{\$1,833}$ per oz; $\mathbf{236,382}$ oz produced in Q3
Kinvestor Day Virtual Conference	October 23, 2025	Strategy to achieve top quartile valuation
Mining Forum Americas	September 15, 2025	Fireside Chat with CEO Darren Hall
Precious Metals Summit	September 11, 2025	Presentation archive available
Corporate Presentation (Current)	Updated Regularly	$\mathbf{91\%}$ of 2025E production from Tier-1 jurisdictions

The company is focused on ramping up its two Canadian cornerstone assets, Greenstone and Valentine, with the goal of producing approximately $\mathbf{500,000}$ ounces a year combined from them on an annualized basis by the first half of $\mathbf{2026}$.

Equinox Gold Corp. (EQX) - Canvas Business Model: Customer Segments

The primary customers for Equinox Gold Corp. (EQX) are segmented based on the nature of their engagement with the company: the buyers of its physical product, the investors in its equity, and the holders of its debt instruments.

Global bullion banks and gold refiners are the direct purchasers of the physical commodity produced by Equinox Gold Corp. These entities form the crucial off-take channel for the company's output. For the three months ended September 30, 2025, Equinox Gold Corp. sold a total of 239,000 ounces of gold at an average cost of $1,434 per ounce. This contrasts with the first quarter of 2025, where 147,920 ounces of gold were sold at an average realized gold price of $2,858 per oz.

Institutional investors represent a significant portion of the ownership base, indicating their role as long-term capital providers. As of April 11, 2025, institutions possessed a 54% stake in Equinox Gold Corp.. Another report from December 2, 2025, indicated that institutional investors and hedge funds owned 38.85% of the stock. Major institutional shareholders include Van ECK Associates Corp, which held a stake valued at $1.08B, and Vanguard Group Inc., with holdings around $307.66M. The Swiss National Bank, for instance, held a position valued at roughly $7,511,000 at the end of the most recent quarter.

Retail investors trade Equinox Gold Corp. shares on public exchanges, providing market liquidity and price discovery. This segment, generally referred to as the general public, held a 30% stake in the company as of April 11, 2025. The share price as of November 28, 2025, was reported at $13.88 / share.

Debt holders and convertible debenture investors provide financing through various debt instruments. Equinox Gold Corp. reported a net debt of $1,278.2 million at September 30, 2025. The company retired $139.3 million of debt during the third quarter of 2025 through the conversion of September 2020 convertible notes. Furthermore, the assumed 2025 Convertible Notes from the Calibre Acquisition had a principal amount of C$49.7 million (equivalent to $34.3 million) as of the acquisition date. The total debt on the balance sheet as of September 2025 was reported as HK$12.65 Billion.

Here is a snapshot of key ownership and financial figures:

Metric	Value	Date/Period
Institutional Ownership Stake	54%	April 11, 2025
General Public Ownership Stake	30%	April 11, 2025
Q3 2025 Gold Ounces Sold	239,000 ounces	Q3 2025
Net Debt	$1,278.2 million	September 30, 2025
Debt Retired via Note Conversion (Q3 2025)	$139.3 million	Q3 2025
Assumed 2025 Convertible Notes Principal	C$49.7 million ($34.3 million)	June 30, 2025

The customer base is further defined by the types of investors and their engagement levels:

• The primary product buyers are large-scale entities like global bullion banks and gold refiners.
• Institutional investors are categorized by their significant capital deployment, including asset managers and hedge funds.
• Retail investors are individuals trading on public exchanges, representing the 30% general public stake.
• Debt holders include holders of senior loans and the investors holding the 2025 Convertible Notes.

Equinox Gold Corp. (EQX) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep Equinox Gold Corp. running, which are heavily weighted toward the upfront, non-negotiable costs of building and running big mines. This is a business of massive, long-term physical assets.

High fixed costs from operating and developing large mines are the bedrock of the cost structure. These costs don't disappear even if gold prices dip tomorrow. Think about the massive earth-moving equipment, the fixed workforce, and the infrastructure needed to process millions of tonnes of rock annually. These are sunk costs that demand high utilization to be profitable.

The company's operational efficiency is tracked closely via All-in Sustaining Costs (AISC). For the full year 2025, Equinox Gold Corp. guided consolidated pro forma AISC at $1,800 to $1,900 per ounce, excluding the Valentine and Los Filos complexes. More recently, for the third quarter of 2025, the actual reported AISC was $1,833 per ounce. To give you context on cost volatility, the first quarter of 2025 saw an AISC of $2,065 per ounce when including the suspended Los Filos mine, or $1,979 per ounce excluding it.

Financing these large operations means carrying significant leverage. Equinox Gold Corp. reported $1.78 billion in total debt for the quarter ending June of 2025. By the end of the third quarter of 2025, total debt stood at $1,626.7 million, with net debt at $1,278.2 million as of September 30, 2025. This debt load results in a material interest expense. For the second quarter of 2025, the reported Interest Expense on Debt was $2.07 million. The company is actively working to manage this, having retired $139 million of debt during Q3 2025 alone.

Capital deployment is another major cost component. Sustaining capital expenditures-the money needed just to keep current mines running at expected levels-was $62.1 million in the second quarter of 2025. This is a significant outlay compared to the $26.0 million spent in the same quarter of 2024.

The geographic spread of operations introduces specific cost variables, particularly labor and energy. Cost pressures were noted in Brazil during Q1 2025, alongside issues at the Greenstone mine in Canada. The company's 2025 cost guidance incorporated specific exchange rate assumptions to manage these international costs, including BRL 5.25 to USD 1 and CAD 1.34 to USD 1.

Here's a quick look at some key cost and debt metrics from recent periods:

Metric	Period/Guidance	Amount
All-in Sustaining Costs (AISC)	2025 Guidance (Pro Forma, Ex-Valentine/Los Filos)	$1,800 to $1,900 per ounce
All-in Sustaining Costs (AISC)	Q3 2025 Actual	$1,833 per ounce
Total Debt	Q2 2025 End	$1.78 billion
Total Debt	Q3 2025 End	$1,626.7 million
Sustaining Capital Expenditures	Q2 2025	$62.1 million
Interest Expense on Debt	Q2 2025	$2.07 million

The cost structure is fundamentally tied to operational execution at the large-scale assets, especially the ramp-up performance at Greenstone in Canada and the new Valentine mine, which directly impacts the per-ounce cost metrics.

• Labor and energy costs are managed against assumed exchange rates: BRL 5.25 to USD 1 and CAD 1.34 to USD 1.
• Greenstone mine saw Q3 2025 mining rates exceed 185,000 tonnes per day.
• The company retired $139 million in debt during Q3 2025.
• Q2 2025 sustaining capital expenditures were $62.1 million.

Equinox Gold Corp. (EQX) - Canvas Business Model: Revenue Streams

You're looking at the core way Equinox Gold Corp. brings in money, which is almost entirely tied to the physical metal they dig out of the ground. It's a straightforward model for a miner: find it, process it, sell it.

The primary revenue stream for Equinox Gold Corp. is the sale of physical gold ounces produced from its operating mines across the Americas. This is the lifeblood of the business, directly influenced by production volume and the prevailing spot price of gold.

To give you a sense of the scale after the Calibre Mining merger closed in mid-2025, the pro-forma numbers are telling. If the merger had been effective from January 1, 2025, the pro-forma consolidated revenue for H1 2025 was approximately $1.33 billion. For context, the actual consolidated revenue for the six months ended June 30, 2025, was $902.4 million, which only included Calibre Assets revenue from the June 17 acquisition date.

Looking at the latest quarterly performance data, the sales figures show strong momentum. For the third quarter of 2025, Equinox Gold Corp. sold 239,311 ounces of gold. The average realized gold price for those Q3 sales was quite strong at $3,397 per oz. This contrasts with Q1 2025, where they sold 147,920 ounces at an average of $2,858 per oz, generating $423.7 million in revenue.

Here's a quick snapshot of the Q3 2025 sales performance:

Metric	Value
Q3 2025 Gold Ounces Sold	239,311 ounces
Q3 2025 Average Realized Gold Price	$3,397 per oz
Q3 2025 Cash Flow from Operations (before WC changes)	$322.1 million

The company is focused on core production, but they also generate revenue, or at least cash flow, from portfolio adjustments. A significant event impacting future cash flow was the announced agreement to divest non-core Nevada assets, including the Pan Mine, Gold Rock Project, and Illipah Project, to Minera Alamos Inc. The total consideration for this sale was $115 million,,. This deal breaks down into $90 million in cash and $25 million in Minera Alamos common shares, with closing expected in the fourth quarter of 2025,,. That cash component immediately strengthened the balance sheet, adding another $88 million to the cash position after the Q3-end balance of $348.5 million.

The revenue streams are further supported by the overall production profile, which is geared toward meeting guidance. The 2025 consolidated production guidance, even after the Nevada divestment, was set between 785,000 to 915,000 ounces of gold,.

You should also note the following operational contributions that feed the revenue engine:

• Greenstone Mine production in Q3 2025 was 56,029 ounces.
• Nicaragua operations contributed 71,119 ounces in Q3 2025.
• Brazil operations contributed 67,629 ounces in Q3 2025.
• The newly started Valentine Mine produced 609 ounces in Q3 2025.

Regarding gold hedging and forward sales, while Equinox Gold Corp. reports realized prices, the search results don't explicitly detail an active, large-scale hedging program as of late 2025. However, Q1 2025 results mentioned higher realized losses on foreign exchange contracts, suggesting some form of derivative activity is present to manage currency risk, though not necessarily gold price risk via forwards. It's defintely something to watch in their next MD&A.

Finance: draft 13-week cash view by Friday.