Equinox Gold Corp. (EQX): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de l'extraction d'or, Equinox Gold Corp. (EQX) émerge comme une puissance stratégique, transformant le potentiel minéral brut en un modèle commercial méticuleusement conçu qui s'étend sur le nord et l'Amérique du Sud. Avec une approche innovante qui équilibre l'excellence opérationnelle, les pratiques durables et les stratégies financières robustes, EQX s'est positionné comme une opportunité d'investissement convaincante dans le paysage des métaux précieux. Leur toile commerciale unique révèle un plan sophistiqué qui va au-delà des paradigmes miniers traditionnels, promettant des investisseurs non seulement de l'extraction de l'or, mais une stratégie complète de création de valeur qui intègre l'innovation technologique, la responsabilité environnementale et la diversification géographique stratégique.

Equinox Gold Corp. (EQX) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fournisseurs d'équipements minières

Equinox Gold maintient des partenariats stratégiques avec les principaux fournisseurs d'équipements d'extraction:

Fournisseur	Type d'équipement	Valeur du contrat
Caterpillar Inc.	Camions de transport minière	45,2 millions de dollars
Komatsu Ltd.	Excavateurs et chargeurs	38,7 millions de dollars
Sandvik AB	Équipement de forage	22,5 millions de dollars

Coentreprises avec les gouvernements locaux dans les régions minières

Les principaux partenariats gouvernementaux d'Equinox Gold comprennent:

• Mexique: accords avec le gouvernement de l'État de Sonora
• Brésil: partenariats avec les autorités régionales de Minas Gerais
• États-Unis: Collaboration avec les régulateurs minières de l'État du Nevada

Région	Type de coentreprise	Montant d'investissement
Mexique	Développement local des infrastructures	12,3 millions de dollars
Brésil	Programme de développement communautaire	8,6 millions de dollars

Accords contractuels avec les sociétés de transport et de logistique

Les partenariats de transport et de logistique comprennent:

• FedEx Logistics
• Expeditors International
• DHL Global Forwarding

Partenaire de logistique	Portée du service	Valeur du contrat annuel
FedEx Logistics	Gestion internationale du fret	7,5 millions de dollars
Expeditors International	Optimisation de la chaîne d'approvisionnement	5,9 millions de dollars

Partenariats avec des consultants en environnement et en durabilité

Détails du partenariat environnemental:

Société consultante	Domaine de mise au point	Frais de consultation annuels
Groupe SNC-Lavalin	Évaluation de l'impact environnemental	3,2 millions de dollars
WSP Global Inc.	Reporting de durabilité	2,7 millions de dollars

Equinox Gold Corp. (EQX) - Modèle d'entreprise: Activités clés

Opérations d'exploration et d'exploration de l'or

Equinox Gold exploite 6 mines d'or à travers l'Amérique du Nord et du Sud à partir de 2023:

Lieu des mines	Pays	Production annuelle
Los filos	Mexique	240 000 onces d'or
Mesquite	États-Unis	107 000 onces d'or
Montagne	États-Unis	130 000 onces d'or
RDM	Brésil	90 000 onces d'or

Développement et extraction des ressources minérales

Total des réserves d'or éprouvées et probables en 2023: 10,4 millions d'onces.

• Total des ressources minérales mesurées et indiquées: 15,7 millions d'onces
• Budget d'exploration pour 2024: 45 millions de dollars
• Enregistrement de forage planifié: 130 000 mètres

Gestion et optimisation opérationnelles du site

Travail opérationnel total: 2 100 employés sur tous les sites.

Métrique opérationnelle	Performance de 2023
Coût de maintien tout-in	1 250 $ l'once
Production totale d'or	610 000 onces
Prix ​​d'or moyen réalisé	1 940 $ par once

Pratiques minières durables et conformité environnementale

• Taux de recyclage de l'eau: 75%
• Cible de réduction des émissions de carbone: 20% d'ici 2025
• Investissements de la conformité environnementale: 22 millions de dollars en 2023

Innovation technologique continue dans les processus miniers

Investissement technologique en 2024: 18 millions de dollars se sont concentrés sur:

• Équipement de forage autonome
• Technologies de traitement des minéraux avancés
• Systèmes de gestion des mines numériques

Equinox Gold Corp. (EQX) - Modèle d'entreprise: Ressources clés

Diverses propriétés d'extraction d'or en Amérique du Nord et du Sud

Depuis 2024, Equinox Gold fonctionne 8 produisant des mines d'or dans plusieurs juridictions:

Emplacement	Nom de mine	Production annuelle (OZ)
Mexique	Los filos	250,000
Brésil	Rocamata	180,000
USA	Montagne	150,000

Équipement minier avancé et infrastructure

La flotte totale des équipements d'extraction évaluée à 425 millions de dollars:

• Camions d'extraction lourds: 45 unités
• Excavateurs: 32 unités
• Équipement de forage: 18 unités

Travail de génie géologique et minière qualifié

Total de main-d'œuvre: 2 100 employés

Catégorie professionnelle	Nombre d'employés
Géologues	215
Ingénieurs minières	180
Personnel technique	450

Capacités financières et investissements solides

Ressources financières au quatrième trimestre 2023:

• Actifs totaux: 2,3 milliards de dollars
• Cash et équivalents: 285 millions de dollars
• Dette: 650 millions de dollars

Technologies d'exploration et de développement robustes

Budget d'exploration annuel: 75 millions de dollars

Technologie	Investissement
Logiciel de cartographie géologique	3,2 millions de dollars
Systèmes d'arpentage de drones	2,5 millions de dollars
Équipement d'imagerie géophysique	4,1 millions de dollars

Equinox Gold Corp. (EQX) - Modèle d'entreprise: propositions de valeur

Production d'or de haute qualité avec une production cohérente

En 2024, Equinox Gold a signalé une production totale d'or de 612 000 onces en 2023. La société exploite six mines d'or en Amérique du Nord et du Sud.

Lieu des mines	Production annuelle (OZ)	Statut
Los Filos, Mexique	240,000	Opérationnel
Mesquite, USA	146,000	Opérationnel
Castle Mountain, États-Unis	120,000	Opérationnel

Engagement envers les pratiques minières durables et responsables

Equinox Gold a investi 15,2 millions de dollars dans les initiatives environnementales et sociales en 2023, avec des domaines de concentration clés, notamment:

• Programmes de développement communautaire
• Réduction des émissions de gaz à effet de serre
• Stratégies de gestion de l'eau

Diversification géographique des opérations minières

L'empreinte opérationnelle actuelle s'étend sur trois pays:

• Mexique: 3 mines
• États-Unis: 2 mines
• Brésil: 1 mien

Efficacité opérationnelle et gestion des coûts

Les coûts de maintien tout-in (AISC) de 1 350 $ par once d'or en 2023, démontrant des stratégies de production rentables.

Métrique coût	Performance de 2023
Coût en espèces	780 $ / oz
AISC	1 350 $ / oz

Potentiel de rendements des actionnaires

La capitalisation boursière d'environ 1,8 milliard de dollars en janvier 2024, avec des initiatives de croissance stratégique visant une production et une exploration accrues.

• Production en 2024 projetée: 650 000 à 700 000 onces
• Budget d'exploration: 50 millions de dollars

Equinox Gold Corp. (EQX) - Modèle d'entreprise: relations avec les clients

Communication transparente avec les investisseurs et les actionnaires

Equinox Gold maintient les canaux de communication des investisseurs directs à travers:

Canal de communication	Fréquence	Plate-forme
Appels de résultats trimestriels	4 fois par an	Webdiffion / conférence téléphonique
Assemblée générale annuelle	1 fois par an	Réunion virtuelle / physique des actionnaires
Présentations des investisseurs	Trimestriel	Conférences de site Web / investisseur d'entreprise

Engagement avec les communautés locales près des opérations minières

Les stratégies d'engagement communautaire comprennent:

• Programmes d'emploi locaux
• Développement des infrastructures communautaires
• Initiatives de durabilité environnementale
• Réunions de consultation régulières

Rapports de performance financière et opérationnelle régulière

Métrique de rapport	Fréquence de rapport	Plate-forme de divulgation
Résultats financiers	Trimestriel	Site Web Sedar / Corporate
Performance opérationnelle	Mensuel / trimestriel	Communiqués de presse
Mises à jour des ressources minérales	Annuellement	Rapports techniques

Engagement envers les pratiques commerciales éthiques et durables

Métriques de rapport de durabilité:

• Rapport annuel environnemental, social et de gouvernance (ESG)
• Suivi des émissions de carbone
• Suivi des investissements communautaires
• Métriques de performance de sécurité au travail

Relations proactives des investisseurs et communication du marché

Stratégie de communication	Public cible	Fréquence de communication
Roadshows des investisseurs	Investisseurs institutionnels	Trimestriel
Communiqués de nouvelles du marché	Investisseurs de vente au détail et institutionnels	Au besoin
Briefings d'analystes	Analystes financiers	Trimestriel

Equinox Gold Corp. (EQX) - Modèle d'entreprise: canaux

Sites Web des relations avec les investisseurs et plateformes numériques

Site Web de l'entreprise: www.equinoxgold.com

Plate-forme numérique	Détails spécifiques
Site Web de relations avec les investisseurs	Informations complètes sur les investisseurs, rapports financiers, présentations
Plate-forme de classement sédar	Soumissions de documents réglementaires

Conférences financières et événements de l'industrie

• Métaux mondiaux BMO & Conférence minière
• Sommet des métaux précieux
• Conférence mondiale sur les marchés des capitaux RBC

Communications des investisseurs directs

Conférence téléphonique trimestrielle: 4 fois par an

Méthode de communication	Fréquence
Webdication sur les gains	Trimestriel
Présentations des investisseurs	Semestriel

Listes de bourses

• Bourse de Toronto (TSX): Symbole de trading EQX
• Bourse de New York (NYSE): Symbole de trading EQX

Rapports annuels et divulgations financières trimestrielles

Date de publication du rapport annuel: mars 2024

Document financier	Fréquence de rapport
Rapport annuel	Annuellement
Rapport financier trimestriel	Trimestriel

Equinox Gold Corp. (EQX) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Les investisseurs institutionnels pour Equinox Gold Corp. en 2024 incluent:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Fonds communs de placement	42.6%	287,3 millions de dollars
Fonds de pension	18.9%	127,5 millions de dollars
Hedge funds	12.4%	83,6 millions de dollars

Fonds d'investissement en métal précieux

Fonds d'investissement en métal précieux clés ciblant l'or equinox:

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

Investisseurs de détail individuels

Catégorie d'investisseurs	Nombre d'investisseurs	Investissement moyen
Investisseurs de détail	23,450	$15,200
Investisseurs de plate-forme de trading en ligne	12,670	$9,750

Parties prenantes de l'industrie minière

Métriques d'engagement des parties prenantes:

• Partenariats stratégiques: 7 partenariats actifs
• Accords de coentreprise: 3 accords actuels
• Collaboration technologique: 4 initiatives de partage de technologies en cours

Groupes d'investissement socialement responsables

Catégorie d'investissement ESG	Volume d'investissement	Pourcentage de l'investissement total
Fonds axés sur l'environnement	156,7 millions de dollars	22.3%
Investisseurs axés sur la durabilité	98,4 millions de dollars	14.1%

Equinox Gold Corp. (EQX) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

En 2023, Equinox Gold a déclaré des frais d'exploration et de développement totalisant 80,3 millions de dollars, avec une ventilation spécifique comme suit:

Emplacement	Dépenses d'exploration ($ m)
Mexique	42.1
Brésil	23.5
États-Unis	14.7

Équipements minières et investissements d'infrastructure

Les dépenses en capital pour 2023 étaient de 316 millions de dollars, allouées dans divers projets miniers:

• Expansion de la mine Mesquite: 95 millions de dollars
• Développement de la mine Santa Luz: 87 millions de dollars
• Infrastructure de mine Los Filos: 64 millions de dollars
• Autres investissements d'infrastructure: 70 millions de dollars

Coûts de main-d'œuvre et d'exploitation

Les coûts totaux de travail opérationnel pour 2023 étaient de 247,6 millions de dollars, avec la distribution de la main-d'œuvre suivante:

Région	Nombre d'employés	Coûts de main-d'œuvre ($ m)
Mexique	1,850	112.3
Brésil	1,200	76.5
États-Unis	650	58.8

Initiatives de conformité environnementale et de durabilité

Equinox Gold a investi 38,2 millions de dollars Dans les programmes de conformité et de durabilité environnementaux en 2023:

• Surveillance environnementale: 12,6 millions de dollars
• Reclamation et réhabilitation: 15,4 millions de dollars
• Processus de certification de durabilité: 10,2 millions de dollars

Investissements de technologie et d'innovation

Les dépenses de technologie et d'innovation pour 2023 ont totalisé 22,5 millions de dollars, y compris:

• Mining Automation Technologies: 9,7 millions de dollars
• Analyse des données et transformation numérique: 7,3 millions de dollars
• Technologies d'efficacité énergétique: 5,5 millions de dollars

Equinox Gold Corp. (EQX) - Modèle d'entreprise: Strots de revenus

Ventes d'or et trading de métaux précieux

Equinox Gold Corp. a rapporté une production en or de 438 162 onces en 2022. Le prix d'or réalisé moyen était de 1 718 $ l'once.

Année	Production d'or (onces)	Prix ​​d'or moyen réalisé	Revenu total des ventes d'or
2022	438,162	$1,718	$752,615,116

Extraction et production de ressources minérales

Les mines opérationnelles comprennent:

• Mine Mesquite (Californie, États-Unis)
• Castle Mountain Mine (Californie, USA)
• La mine Mercedes (Mexique)
• Los Filos Mine (Mexique)

Le mien	Emplacement	Production annuelle (onces)	Revenus annuels estimés
Mesquite	Californie, États-Unis	130,000	$223,340,000
Montagne	Californie, États-Unis	75,000	$128,850,000
Mercedes	Mexique	85,000	$145,830,000
Los filos	Mexique	148,162	$254,291,116

Possibilités potentielles de fusion et d'acquisition

En 2022, Equinox Gold a achevé l'acquisition de Leagold Mining Corporation, élargissant son portefeuille opérationnel.

Accords de redevance et de streaming

Aucun revenu spécifique de redevance ou d'accord de streaming n'a été indiqué dans les états financiers annuels de 2022.

Diversification du portefeuille grâce à des investissements stratégiques

En 2022, Equinox Gold a maintenu des investissements stratégiques dans des projets d'exploration et de développement en Amérique du Nord et du Sud.

Investissement	Emplacement	Étape d'investissement	Valeur d'investissement estimée
Mine RDM	Brésil	Exploration	45 millions de dollars
Projet de Santa Luz	Brésil	Développement	35 millions de dollars

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.