Equinox Gold Corp. (EQX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de oro, Equinox Gold Corp. (EQX) surge como una potencia estratégica, transformando el potencial mineral en bruto en un modelo de negocio meticulosamente elaborado que abarca América del Norte y del Sur. Con un enfoque innovador que equilibra la excelencia operativa, las prácticas sostenibles y las estrategias financieras sólidas, EQX se ha posicionado como una oportunidad de inversión convincente en el panorama de los metales preciosos. Su lienzo comercial único revela un plan sofisticado que va más allá de los paradigmas mineros tradicionales, prometiendo a los inversores no solo la extracción de oro, sino una estrategia integral de creación de valor que integra la innovación tecnológica, la responsabilidad ambiental y la diversificación geográfica estratégica.

Equinox Gold Corp. (EQX) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con proveedores de equipos mineros

Equinox Gold mantiene asociaciones estratégicas con proveedores de equipos de minería clave:

Proveedor	Tipo de equipo	Valor de contrato
Caterpillar Inc.	Camiones de transporte de minería	$ 45.2 millones
Komatsu Ltd.	Excavadoras y cargadores	$ 38.7 millones
Sandvik ab	Equipo de perforación	$ 22.5 millones

Empresas conjuntas con gobiernos locales en regiones mineras

Las asociaciones gubernamentales clave de Equinox Gold incluyen:

• México: acuerdos con el gobierno estatal de Sonora
• Brasil: asociaciones con autoridades regionales de Minas Gerais
• Estados Unidos: colaboración con reguladores mineros del estado de Nevada

Región	Tipo de empresa conjunta	Monto de la inversión
México	Desarrollo de infraestructura local	$ 12.3 millones
Brasil	Programa de desarrollo comunitario	$ 8.6 millones

Acuerdos contractuales con empresas de transporte y logística

Las asociaciones de transporte y logística incluyen:

• Logística de FedEx
• Expeditores internacionales
• Reenvío global de DHL

Socio de logística	Alcance del servicio	Valor anual del contrato
Logística de FedEx	Gestión de flete internacional	$ 7.5 millones
Expeditores internacionales	Optimización de la cadena de suministro	$ 5.9 millones

Asociaciones con consultores ambientales y de sostenibilidad

Detalles de la asociación ambiental:

Consultor	Área de enfoque	Tarifa de consultoría anual
Grupo SNC-Lavalin	Evaluación del impacto ambiental	$ 3.2 millones
WSP Global Inc.	Informes de sostenibilidad	$ 2.7 millones

Equinox Gold Corp. (EQX) - Modelo de negocio: actividades clave

Operaciones de exploración y minería de oro

Equinox Gold opera 6 minas de oro en América del Norte y del Sur a partir de 2023:

Ubicación de la mía	País	Producción anual
Los filos	México	240,000 onzas de oro
Mezquite	Estados Unidos	107,000 onzas de oro
Montaña del castillo	Estados Unidos	130,000 onzas de oro
RDM	Brasil	90,000 onzas de oro

Desarrollo y extracción de recursos minerales

Reservas de oro totales probadas y probables a partir de 2023: 10.4 millones de onzas.

• Recursos minerales medidos e indicados totales: 15.7 millones de onzas
• Presupuesto de exploración para 2024: $ 45 millones
• Medición de perforación planeada: 130,000 metros

Gestión y optimización del sitio operativo

Fuerza laboral operativa total: 2.100 empleados en todos los sitios.

Métrica operacional	2023 rendimiento
Costo de mantenimiento de todo	$ 1,250 por onza
Producción total de oro	610,000 onzas
Precio de oro promedio realizado	$ 1,940 por onza

Prácticas mineras sostenibles y cumplimiento ambiental

• Tasa de reciclaje de agua: 75%
• Objetivo de reducción de emisiones de carbono: 20% para 2025
• Inversiones de cumplimiento ambiental: $ 22 millones en 2023

Innovación tecnológica continua en procesos mineros

Inversión tecnológica en 2024: $ 18 millones centrados en:

• Equipo de perforación autónomo
• Tecnologías avanzadas de procesamiento de minerales
• Sistemas de gestión de minas digitales

Equinox Gold Corp. (EQX) - Modelo de negocio: recursos clave

Diversas propiedades mineras de oro en América del Norte y del Sur

A partir de 2024, Equinox Gold opera 8 produciendo minas de oro En múltiples jurisdicciones:

Ubicación	Nombre de la mía	Producción anual (OZ)
México	Los filos	250,000
Brasil	Rocamata	180,000
EE.UU	Montaña del castillo	150,000

Equipos e infraestructura de minería avanzada

Flota de equipos mineros totales valorada en $ 425 millones:

• Camiones mineros pesados: 45 unidades
• Excavadoras: 32 unidades
• Equipo de perforación: 18 unidades

Fuerza laboral de ingeniería geológica y minera calificada

Fuerza laboral total: 2.100 empleados

Categoría profesional	Número de empleados
Geólogos	215
Ingenieros mineros	180
Personal técnico	450

Capacidades de capital financiero y de inversión sólidos

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 2.3 mil millones
• Efectivo y equivalentes: $ 285 millones
• Deuda: $ 650 millones

Tecnologías de exploración y desarrollo robustas

Presupuesto de exploración anual: $ 75 millones

Tecnología	Inversión
Software de mapeo geológico	$ 3.2 millones
Sistemas de topografía de drones	$ 2.5 millones
Equipo de imágenes geofísicas	$ 4.1 millones

Equinox Gold Corp. (EQX) - Modelo de negocio: propuestas de valor

Producción de oro de alta calidad con producción consistente

A partir de 2024, Equinox Gold reportó una producción total de oro de 612,000 onzas en 2023. La compañía opera seis minas de oro en América del Norte y del Sur.

Ubicación de la mía	Producción anual (OZ)	Estado
Los Filos, México	240,000	Operacional
Mesquite, EE. UU.	146,000	Operacional
Castle Mountain, EE. UU.	120,000	Operacional

Compromiso con prácticas mineras sostenibles y responsables

Equinox Gold invirtió $ 15.2 millones en iniciativas ambientales y sociales en 2023, con áreas de enfoque clave que incluyen:

• Programas de desarrollo comunitario
• Reducción de emisiones de gases de efecto invernadero
• Estrategias de gestión del agua

Diversificación geográfica de las operaciones mineras

La huella operativa actual abarca en tres países:

• México: 3 minas
• Estados Unidos: 2 minas
• Brasil: 1 mía

Eficiencia operativa y gestión de costos

Costos de mantenimiento totalmente en (AISC) de $ 1,350 por onza de oro en 2023, lo que demuestra estrategias de producción rentables.

Métrico de costo	2023 rendimiento
Costo de efectivo	$ 780/oz
AISC	$ 1,350/oz

Potencial para devoluciones de accionistas

Capitalización de mercado de aproximadamente $ 1.8 mil millones a partir de enero de 2024, con iniciativas de crecimiento estratégico dirigidos a una mayor producción y exploración.

• Producción proyectada 2024: 650,000-700,000 onzas
• Presupuesto de exploración: $ 50 millones

Equinox Gold Corp. (EQX) - Modelo de negocio: relaciones con los clientes

Comunicación transparente con inversores y accionistas

Equinox Gold mantiene canales directos de comunicación de inversores a través de:

Canal de comunicación	Frecuencia	Plataforma
Llamadas de ganancias trimestrales	4 veces al año	Transmisión web/conferencia telefónica
Reunión general anual	1 vez por año	Reunión virtual/física de los accionistas
Presentaciones de inversores	Trimestral	Conferencias de sitios web corporativos/inversores

Compromiso con las comunidades locales cerca de las operaciones mineras

Las estrategias de participación de la comunidad incluyen:

• Programas de empleo locales
• Desarrollo de infraestructura comunitaria
• Iniciativas de sostenibilidad ambiental
• Reuniones regulares de consulta de partes interesadas

Informes regulares de desempeño financiero y operativo

Métrica de informes	Frecuencia de informes	Plataforma de divulgación
Resultados financieros	Trimestral	Sitio web de Sedar/Corporativo
Rendimiento operativo	Mensual/trimestral	Comunicados de prensa
Actualizaciones de recursos minerales	Anualmente	Informes técnicos

Compromiso con las prácticas comerciales éticas y sostenibles

Métricas de informes de sostenibilidad:

• Informe anual ambiental, social y de gobierno (ESG)
• Seguimiento de emisiones de carbono
• Seguimiento de la inversión comunitaria
• Métricas de rendimiento de seguridad en el lugar de trabajo

Relaciones proactivas de inversores y comunicación de mercado

Estrategia de comunicación	Público objetivo	Frecuencia de comunicación
Roadshows de inversores	Inversores institucionales	Trimestral
Comunicados de noticias del mercado	Inversores minoristas e institucionales	Según sea necesario
Informes de analistas	Analistas financieros	Trimestral

Equinox Gold Corp. (EQX) - Modelo de negocio: canales

Sitios web de relaciones con los inversores y plataformas digitales

Sitio web corporativo: www.equinoxgold.com

Plataforma digital	Detalles específicos
Sitio web de relaciones con los inversores	Información integral de los inversores, informes financieros, presentaciones
Plataforma de archivo Sedar	Envíos de documentos regulatorios

Conferencias financieras y eventos de la industria

• BMO Global Metals & Conferencia minera
• Cumbre de metales preciosos
• Conferencia de minería global de RBC Capital Markets

Comunicaciones directas de inversores

Llamadas de conferencia trimestrales de ganancias: 4 veces al año

Método de comunicación	Frecuencia
Transmisión web de ganancias	Trimestral
Presentaciones de inversores	Semestral

Listados de bolsa de valores

• Bolsa de Valores de Toronto (TSX): Símbolo de negociación EQX
• Bolsa de Nueva York (NYSE): Símbolo de negociación EQX

Informes anuales y revelaciones financieras trimestrales

Fecha de publicación del informe anual: marzo de 2024

Documento financiero	Frecuencia de informes
Informe anual	Anualmente
Informe financiero trimestral	Trimestral

Equinox Gold Corp. (EQX) - Modelo de negocio: segmentos de clientes

Inversores institucionales

Los inversores institucionales para Equinox Gold Corp. a partir de 2024 incluyen:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Fondos mutuos	42.6%	$ 287.3 millones
Fondos de pensiones	18.9%	$ 127.5 millones
Fondos de cobertura	12.4%	$ 83.6 millones

Fondos de inversión de metales preciosos

Fondos clave de inversión de metales preciosos dirigidos a Equinox Gold:

• Van Eck Gold Miners ETF
• SPDR Gold comparte
• Vaneck Junior Gold Miners ETF

Inversores minoristas individuales

Categoría de inversionista	Número de inversores	Inversión promedio
Inversores minoristas	23,450	$15,200
Inversores de plataforma de comercio en línea	12,670	$9,750

Partes interesadas de la industria minera

Métricas de participación de las partes interesadas:

• Asociaciones estratégicas: 7 asociaciones activas
• Acuerdos de empresa conjunta: 3 acuerdos actuales
• Colaboración tecnológica: 4 Iniciativas continuas de intercambio de tecnología

Grupos de inversión socialmente responsables

Categoría de inversión de ESG	Volumen de inversión	Porcentaje de inversión total
Fondos enfocados en el medio ambiente	$ 156.7 millones	22.3%
Inversores centrados en la sostenibilidad	$ 98.4 millones	14.1%

Equinox Gold Corp. (EQX) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

En 2023, Equinox Gold informó gastos de exploración y desarrollo por un total de $ 80.3 millones, con un desglose específico de la siguiente manera:

Ubicación	Gastos de exploración ($ M)
México	42.1
Brasil	23.5
Estados Unidos	14.7

Equipos mineros e inversiones de infraestructura

Los gastos de capital para 2023 fueron de $ 316 millones, asignados en varios proyectos mineros:

• Expansión de la mina Mesquite: $ 95 millones
• Desarrollo de la mina de Santa Luz: $ 87 millones
• Infraestructura de la mina de Los Filos: $ 64 millones
• Otras inversiones de infraestructura: $ 70 millones

Costos laborales y operativos

Los costos laborales operativos totales para 2023 fueron de $ 247.6 millones, con la siguiente distribución de la fuerza laboral:

Región	Número de empleados	Costos laborales ($ M)
México	1,850	112.3
Brasil	1,200	76.5
Estados Unidos	650	58.8

Iniciativas de cumplimiento ambiental y sostenibilidad

Equinox Gold invertido $ 38.2 millones en programas de cumplimiento ambiental y sostenibilidad en 2023:

• Monitoreo ambiental: $ 12.6 millones
• Reclamación y rehabilitación: $ 15.4 millones
• Procesos de certificación de sostenibilidad: $ 10.2 millones

Inversiones de tecnología e innovación

Los gastos de tecnología e innovación para 2023 totalizaron $ 22.5 millones, incluido:

• Tecnologías de automatización de minería: $ 9.7 millones
• Análisis de datos y transformación digital: $ 7.3 millones
• Tecnologías de eficiencia energética: $ 5.5 millones

Equinox Gold Corp. (EQX) - Modelo de negocio: flujos de ingresos

Ventas de oro y comercio de metales preciosos

Equinox Gold Corp. informó una producción de oro de 438,162 onzas en 2022. El precio promedio de oro realizado fue de $ 1,718 por onza.

Año	Producción de oro (onzas)	Precio promedio de oro realizado	Ingresos totales de las ventas de oro
2022	438,162	$1,718	$752,615,116

Extracción y producción de recursos minerales

Las minas operativas incluyen:

• Mina de Mesquite (California, EE. UU.)
• Castle Mountain Mine (California, EE. UU.)
• Mina Mercedes (México)
• Los filos mina (México)

Mío	Ubicación	Producción anual (onzas)	Ingresos anuales estimados
Mezquite	California, EE. UU.	130,000	$223,340,000
Montaña del castillo	California, EE. UU.	75,000	$128,850,000
Mercedes	México	85,000	$145,830,000
Los filos	México	148,162	$254,291,116

Oportunidades potenciales de fusión y adquisición

En 2022, Equinox Gold completó la adquisición de Leagold Mining Corporation, ampliando su cartera operativa.

Acuerdos de regalías y transmisión

No se informaron ingresos específicos de regalías o acuerdos de transmisión en los estados financieros anuales de 2022.

Diversificación de cartera a través de inversiones estratégicas

A partir de 2022, Equinox Gold mantuvo inversiones estratégicas en proyectos de exploración y desarrollo en América del Norte y del Sur.

Inversión	Ubicación	Etapa de inversión	Valor de inversión estimado
Mía rdm	Brasil	Exploración	$ 45 millones
Proyecto de Santa Luz	Brasil	Desarrollo	$ 35 millones

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.