Equinox Gold Corp. (EQX): Business Model Canvas [Dec-2025 Updated]

You're digging into Equinox Gold Corp. after that big Calibre merger, trying to see if the story holds up past the headlines. Honestly, the numbers show a company clearly pivoting: they're targeting 785,000 to 915,000 ounces in 2025, with a clear line of sight to becoming a 1 million+ ounce producer, all while managing $1.78 billion in total debt. I've seen a lot of these transformations, so let's cut through the noise and map out the nine core blocks of their business model-from their key Canadian assets to how they actually turn rock into that $1.33 billion in pro-forma H1 2025 revenue-to see where the real value lies.

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

You're looking at the critical relationships that underpin Equinox Gold Corp.'s (EQX) operations as of late 2025, especially following the major Calibre Mining Corp. combination. These partnerships are where the rubber meets the road for hitting those ambitious production targets.

Calibre Mining Corp. (post-merger integration)

The strategic combination with Calibre Mining Corp. officially closed on June 17, 2025. This was a transformative deal, positioning the combined entity, which continues as Equinox Gold Corp., as a premier Americas-focused gold producer. Post-transaction, existing Equinox Gold shareholders own approximately 65%, while former Calibre shareholders hold the remaining 35%. The key to unlocking the deal's value lies in integrating the two major Canadian assets, Greenstone and Valentine, which are now cornerstones of the portfolio.

The combined entity has set significant production goals, projecting output to exceed 1 million ounces in 2025 as key assets reach capacity. For the full year 2025, the pro forma guidance, which includes Calibre assets from January 1, 2025, but excludes Valentine and Los Filos, is set between 785,000 to 915,000 ounces of gold.

The Valentine Gold Mine, a key Calibre asset, achieved its first gold pour ahead of schedule on September 14, 2025. Once at design capacity of 2.5 million tonnes per year, Valentine is expected to contribute between 175,000 and 200,000 ounces of gold annually over its initial 14-year reserve life. The Greenstone Mine's 2025 production guidance was revised to 220,000 to 260,000 ounces.

Indigenous communities for Canadian operations (Greenstone, Valentine)

Equinox Gold Corp. recognizes that productive relationships with Indigenous partners are essential for its Canadian operations, specifically at the Greenstone Mine in Ontario and the Valentine Mine in Newfoundland & Labrador. The company is committed to working productively with its Indigenous partners at Greenstone.

The Greenstone Mine has Long-Term Relationship Agreements in place with all relevant Indigenous groups. These agreements detail shared responsibilities and commitments across several areas:

• Environmental management and the use of traditional knowledge.
• Opportunities for employment and training for community members.
• Specific commitments for business and contracting opportunities.
• Provisions for financial participation in the mine's success.

The company's approach is guided by the principles of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), aiming for meaningful participation throughout the mine life cycle.

Key equipment and mining service providers

Operational discipline, especially during the ramp-up of Greenstone, required close alignment with key vendors and service providers to address equipment availability and reliability issues. These relationships are crucial for maintaining throughput and accessing higher-grade ore zones.

Here are some of the key external partners involved in operational performance:

The company also focused on securing additional support equipment, such as dozers, graders, and water trucks.

Financial institutions for $1.78 billion in debt financing

Equinox Gold Corp. reported total Debt of $1.78B USD for the fiscal quarter ending in June of 2025. This debt load is a key focus for the company, with a stated goal to deleverage and return capital to shareholders within the next 18-24 months. The company's primary lending structure involves a Credit Facility, which is supported by a syndicate of financial institutions.

The structure of the debt financing includes:

• A $700 million Revolving Facility.
• A $500 million term loan.
• The Sprott Loan, which commenced quarterly interest payments on September 30, 2025, with an interest rate of 7.0% plus the greater of SOFR plus 0.26161%, or 2.5% per annum.

The company actively managed this debt, for instance, by settling $139.2 million principal amount of its 2020 Convertible Notes on August 18, 2025, through the issuance of 21.4 million shares. At the end of Q1 2025, the company was in compliance with all applicable debt covenants.

Gold refiners and bullion banks for product sales

While specific refiner or bullion bank contracts aren't detailed, the partnership framework for sales is defined by the company's cost structure and production guidance, which dictates the volume and price points at which gold is sold into the market. The company's operational efficiency directly impacts the realized price relative to the spot gold price.

Key financial metrics related to the realized value of gold sales for 2025 guidance include:

• Total Cash Costs (TCC): $1,400 to $1,500 per ounce.
• All-in Sustaining Costs (AISC): $1,800 to $1,900 per ounce.

The company's strategy is to harvest cash from its newly operational assets to service debt, which is the number one use of free cash flow. Finance: draft 13-week cash view by Friday.

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

Equinox Gold Corp. conducts gold mining, processing, and exploration across the Americas, with a significant focus on its Canadian assets following the merger with Calibre Mining Corp. on June 17, 2025.

Operational performance for the nine months leading up to the end of Q3 2025 shows the scale of the combined entity:

The key activity of ramping up the Greenstone and Valentine mines toward full capacity is central to Equinox Gold Corp.'s near-term strategy. The company is transitioning from a heavy build phase to realizing cash flow from these Canadian cornerstone assets.

• Greenstone Gold Mine: Mining rates in Q3 2025 exceeded 185,000 tons per day. Mill grades improved to 1.05 grams per ton in Q3. The 2025 production guidance for Greenstone alone was set at 220,000 to 260,000 ounces.
• Valentine Gold Mine: Began processing ore through its 2.5-million-tonne-per-annum facility. First gold pour anticipated within a month of the August 28, 2025 update. Targeted ramp-up to nameplate capacity is set for Q2 2026. Expected annual production is between 175,000 and 200,000 ounces for the first 12 years of its 14-year reserve life.

Disciplined capital allocation and debt reduction is a stated focus, aiming to optimize the balance sheet. Equinox Gold Corp. retired significant debt during Q3 and October 2025, demonstrating this focus.

Managing complex community and government relations is a key activity, especially at the Los Filos Mine in Mexico and for the Castle Mountain expansion in the U.S. Equinox Gold Corp. ratified new long-term land access agreements with two of the three communities near Los Filos, Mezcala and Xochipala, on June 30, 2025. This action enables a new mine development project starting with an exploration program in Q3 2025. For Castle Mountain, the project was accepted into the U.S. Federal permitting improvement program, with a record decision anticipated in December 2026.

Executing the exploration program is designed to support reserve replacement and organic growth. Equinox Gold Corp. has a total mineral reserves base of 23 million ounces.

• The company has 250,000 meters of discovery and resource expansion drilling underway across the portfolio.
• The 2025 exploration budget guidance is set between $70 and $90 million.
• At the Valentine Mine, drilling in the Frank Zone covered over 1 kilometer along strike to depths of 500m, returning results like 2.43 g/t gold over 172.8m estimated true width.
• At Fazenda in Brazil, a 60K m diamond drill program was approved for 2025.

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

You're looking at the core assets that power Equinox Gold Corp. (EQX) right now, late in 2025. These aren't abstract concepts; they are the physical mines, the cash in the bank, and the people running the show that define the company's current strength.

The foundation of Equinox Gold Corp. (EQX) is its geographically diversified portfolio, which has been significantly bolstered by the recent business combination with Calibre Mining. This diversification spreads geopolitical risk across five countries in the Americas, a key resource in itself for a global miner.

The company's operational footprint, as of late 2025, includes a substantial number of producing assets and high-potential development projects. Specifically, Equinox Gold Corp. (EQX) operates seven operating gold mines, supported by a pipeline of five expansion or development projects, giving it a clear path toward achieving more than one million ounces of annual gold production.

The Canadian assets are definitely the crown jewels now, serving as the company's cornerstone.

• Long-life Canadian cornerstone assets: Greenstone in Ontario and Valentine in Newfoundland and Labrador.
• The Greenstone Gold Mine is positioned as the largest, lowest-cost mine in the portfolio.
• The Valentine Gold Mine achieved its first gold pour in September 2025, adding significant near-term production capacity.

The mineral endowment at these key Canadian sites is substantial, providing a long-term resource base for future cash flow.

Financial liquidity is a critical resource, and Equinox Gold Corp. (EQX) held a strong position following the Calibre merger.

The management team is another key resource, recently refreshed to focus on operational execution following the growth-by-acquisition phase. The transition brought in proven operators from the recently acquired entity.

• New Chief Executive Officer (CEO): Darren Hall, previously President and CEO of Calibre Mining from 2021 through the merger.
• New Chief Operating Officer (COO): David Schummer, formerly Executive Vice President, Operations at Calibre Mining.
• Darren Hall brings 40 years of global mining experience, including time at Newmont Corp. and as COO at Kirkland Lake Gold.
• David Schummer has over 35 years of experience, including roles at Perseus Mining and New Gold Inc.

Here's a look at the operating mines that make up the diversified base, which is spread across five countries:

To be fair, while the prompt mentioned 10 assets, the latest operational breakdown shows seven operating mines plus the pipeline, with the Q2 2025 results specifically mentioning production from Los Filos and Castle Mountain alongside Greenstone and Calibre assets.

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:

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.

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:

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:

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:

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:

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:

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.