Equinox Gold Corp. (EQX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração de ouro, a Equinox Gold Corp. (EQX) surge como uma potência estratégica, transformando o potencial mineral bruto em um modelo de negócios meticulosamente criado que atravessa a América do Norte e do Sul. Com uma abordagem inovadora que equilibra a excelência operacional, práticas sustentáveis ​​e estratégias financeiras robustas, a EQX se posicionou como uma oportunidade de investimento atraente no cenário precioso dos metais. Sua tela de negócios exclusiva revela um projeto sofisticado que vai além dos paradigmas tradicionais de mineração, prometendo aos investidores não apenas extração de ouro, mas uma estratégia abrangente de criação de valor que integra inovação tecnológica, responsabilidade ambiental e diversificação geográfica estratégica.

Equinox Gold Corp. (EQX) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com fornecedores de equipamentos de mineração

A Equinox Gold mantém parcerias estratégicas com os principais fornecedores de equipamentos de mineração:

Fornecedor	Tipo de equipamento	Valor do contrato
Caterpillar Inc.	Caminhões de transmissão de mineração	US $ 45,2 milhões
Komatsu Ltd.	Escavadeiras e carregadeiras	US $ 38,7 milhões
Sandvik AB	Equipamento de perfuração	US $ 22,5 milhões

Joint ventures com governos locais em regiões de mineração

As principais parcerias governamentais da Equinox Gold incluem:

• México: Acordos com o governo do estado de Sonora
• Brasil: parcerias com as autoridades regionais de Minas Gerais
• Estados Unidos: Colaboração com os reguladores de mineração do estado de Nevada

Região	Tipo de joint venture	Valor do investimento
México	Desenvolvimento de infraestrutura local	US $ 12,3 milhões
Brasil	Programa de Desenvolvimento Comunitário	US $ 8,6 milhões

Acordos contratuais com empresas de transporte e logística

As parcerias de transporte e logística incluem:

• FedEx Logistics
• Expedidores Internacional
• Encaminhamento global da DHL

Parceiro de logística	Escopo de serviço	Valor anual do contrato
FedEx Logistics	Gerenciamento internacional de carga	US $ 7,5 milhões
Expedidores Internacional	Otimização da cadeia de suprimentos	US $ 5,9 milhões

Parcerias com consultores ambientais e de sustentabilidade

Detalhes da parceria ambiental:

Empresa de consultores	Área de foco	Taxa de consultoria anual
Grupo SNC-Lavalin	Avaliação de impacto ambiental	US $ 3,2 milhões
WSP Global Inc.	Relatórios de sustentabilidade	US $ 2,7 milhões

Equinox Gold Corp. (EQX) - Modelo de negócios: Atividades -chave

Operações de exploração e mineração de ouro

O Equinox Gold opera 6 minas de ouro na América do Norte e do Sul a partir de 2023:

Localização da mina	País	Produção anual
Los filos	México	240.000 onças de ouro
Mesquite	Estados Unidos	107.000 onças de ouro
Castle Mountain	Estados Unidos	130.000 onças de ouro
Rdm	Brasil	90.000 onças de ouro

Desenvolvimento e extração de recursos minerais

Reservas de ouro comprovadas e prováveis ​​totais a partir de 2023: 10,4 milhões de onças.

• Recursos minerais medidos e indicados totais: 15,7 milhões de onças
• Orçamento de exploração para 2024: US $ 45 milhões
• Medição de perfuração planejada: 130.000 metros

Gerenciamento e otimização do local operacional

Força de trabalho operacional total: 2.100 funcionários em todos os sites.

Métrica operacional	2023 desempenho
Custo de sustentação em todos	US $ 1.250 por onça
Produção total de ouro	610.000 onças
Preço médio de ouro realizado	US $ 1.940 por onça

Práticas de mineração sustentáveis ​​e conformidade ambiental

• Taxa de reciclagem de água: 75%
• Alvo de redução de emissão de carbono: 20% até 2025
• Investimentos de conformidade ambiental: US $ 22 milhões em 2023

Inovação tecnológica contínua em processos de mineração

Investimento de tecnologia em 2024: US $ 18 milhões focados em:

• Equipamento de perfuração autônomo
• Tecnologias avançadas de processamento mineral
• Sistemas de gerenciamento de minas digitais

Equinox Gold Corp. (EQX) - Modelo de negócios: Recursos -chave

Diversas propriedades de mineração de ouro na América do Norte e do Sul

A partir de 2024, o Equinox Gold opera 8 Produzindo minas de ouro em várias jurisdições:

Localização	Nome do meu	Produção anual (OZ)
México	Los filos	250,000
Brasil	Rocamata	180,000
EUA	Castle Mountain	150,000

Equipamentos de mineração avançados e infraestrutura

Frota de equipamentos de mineração total avaliada em US $ 425 milhões:

• Caminhões de mineração pesada: 45 unidades
• Escavadeiras: 32 unidades
• Equipamento de perfuração: 18 unidades

Força de trabalho de engenharia geológica e de mineração qualificada

Força de trabalho total: 2.100 funcionários

Categoria profissional	Número de funcionários
Geólogos	215
Engenheiros de Mineração	180
Equipe técnica	450

Fortes capital financeiro e capacidades de investimento

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 2,3 bilhões
• Dinheiro e equivalentes: US $ 285 milhões
• Dívida: US $ 650 milhões

Tecnologias robustas de exploração e desenvolvimento

Orçamento de exploração anual: US $ 75 milhões

Tecnologia	Investimento
Software de mapeamento geológico	US $ 3,2 milhões
Sistemas de levantamento de drones	US $ 2,5 milhões
Equipamento de imagem geofísica	US $ 4,1 milhões

Equinox Gold Corp. (EQX) - Modelo de negócios: proposições de valor

Produção de ouro de alta qualidade com saída consistente

A partir de 2024, a Equinox Gold relatou uma produção total de ouro de 612.000 onças em 2023. A empresa opera seis minas de ouro na América do Norte e do Sul.

Localização da mina	Produção anual (OZ)	Status
Los Filos, México	240,000	Operacional
Mesquite, EUA	146,000	Operacional
Castle Mountain, EUA	120,000	Operacional

Compromisso com práticas de mineração sustentáveis ​​e responsáveis

A Equinox Gold investiu US $ 15,2 milhões em iniciativas ambientais e sociais em 2023, com as principais áreas de foco, incluindo:

• Programas de desenvolvimento comunitário
• Redução de emissão de gases de efeito estufa
• Estratégias de gerenciamento de água

Diversificação geográfica de operações de mineração

A pegada operacional atual abrange em três países:

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

Eficiência operacional e gerenciamento de custos

Custos de sustentação all-in (AISC) de US $ 1.350 por onça de ouro em 2023, demonstrando estratégias de produção econômicas.

Métrica de custo	2023 desempenho
Custo em dinheiro	US $ 780/oz
AISC	$ 1.350/oz

Potencial para retornos dos acionistas

Capitalização de mercado de aproximadamente US $ 1,8 bilhão em janeiro de 2024, com iniciativas de crescimento estratégico direcionadas ao aumento da produção e exploração.

• Produção projetada 2024: 650.000-700.000 onças
• Orçamento de exploração: US $ 50 milhões

Equinox Gold Corp. (EQX) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com investidores e acionistas

O Equinox Gold mantém canais de comunicação direta para investidores através de:

Canal de comunicação	Freqüência	Plataforma
Chamadas de ganhos trimestrais	4 vezes por ano	Chamada de webcast/conferência
Reunião Geral Anual	1 tempo por ano	Reunião Virtual/Física do Acionista
Apresentações de investidores	Trimestral	Site corporativo/conferências de investidores

Engajamento com comunidades locais perto de operações de mineração

As estratégias de envolvimento da comunidade incluem:

• Programas de emprego locais
• Desenvolvimento da Infraestrutura Comunitária
• Iniciativas de sustentabilidade ambiental
• Reuniões regulares de consulta às partes interessadas

Relatórios regulares de desempenho financeiro e operacional

Métrica de relatório	Frequência de relatório	Plataforma de divulgação
Resultados financeiros	Trimestral	Sedar/site corporativo
Desempenho operacional	Mensalmente/trimestral	Comunicados de imprensa
Atualizações de recursos minerais	Anualmente	Relatórios técnicos

Compromisso com práticas de negócios éticas e sustentáveis

Métricas de relatórios de sustentabilidade:

• Relatório anual ambiental, social e de governança (ESG)
• Rastreamento de emissões de carbono
• Rastreamento de investimentos comunitários
• Métricas de desempenho de segurança no local de trabalho

Relações proativas dos investidores e comunicação de mercado

Estratégia de comunicação	Público -alvo	Frequência de comunicação
Roadshows de investidores	Investidores institucionais	Trimestral
Comunicados de notícias de mercado	Investidores de varejo e institucional	Conforme necessário
Briefings de analistas	Analistas financeiros	Trimestral

Equinox Gold Corp. (EQX) - Modelo de Negócios: Canais

Sites de relações com investidores e plataformas digitais

Site corporativo: www.equinoxgold.com

Plataforma digital	Detalhes específicos
Site de Relações com Investidores	Informações abrangentes para investidores, relatórios financeiros, apresentações
Plataforma de arquivamento de sedar	Submissões de documentos regulatórios

Conferências financeiras e eventos do setor

• BMO Global Metals & Conferência de Mineração
• Summit de metais preciosos
• RBC Capital Markets Global Mining Conference

Comunicações de investidores diretos

Chamadas de conferência de ganhos trimestrais: 4 vezes por ano

Método de comunicação	Freqüência
Webcast de ganhos	Trimestral
Apresentações de investidores	Semestral

Listagens de bolsas de valores

• Bolsa de Valores de Toronto (TSX): Símbolo de negociação EQX
• Bolsa de Valores de Nova York (NYSE): Símbolo de negociação EQX

Relatórios anuais e divulgações financeiras trimestrais

Data de publicação do relatório anual: março de 2024

Documento financeiro	Frequência de relatório
Relatório anual	Anualmente
Relatório Financeiro Trimestral	Trimestral

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

Investidores institucionais

Os investidores institucionais da Equinox Gold Corp. a partir de 2024 incluem:

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Fundos mútuos	42.6%	US $ 287,3 milhões
Fundos de pensão	18.9%	US $ 127,5 milhões
Fundos de hedge	12.4%	US $ 83,6 milhões

Fundos de investimento de metal precioso

Fundos de investimento de metal precioso principal direcionando o Equinox Gold:

• ETF Van Eck Gold Miners
• SPDR Gold ações
• ETF VANECK Junior Gold Miners

Investidores de varejo individuais

Categoria de investidores	Número de investidores	Investimento médio
Investidores de varejo	23,450	$15,200
Investidores da plataforma de negociação online	12,670	$9,750

Partes interessadas da indústria de mineração

Métricas de engajamento das partes interessadas:

• Parcerias estratégicas: 7 parcerias ativas
• Acordos de joint venture: 3 acordos atuais
• Colaboração de tecnologia: 4 Iniciativas em andamento de compartilhamento de tecnologia

Grupos de investimento socialmente responsáveis

Categoria de investimento ESG	Volume de investimento	Porcentagem de investimento total
Fundos com foco ambiental	US $ 156,7 milhões	22.3%
Investidores focados em sustentabilidade	US $ 98,4 milhões	14.1%

Equinox Gold Corp. (EQX) - Modelo de negócios: estrutura de custos

Despesas de exploração e desenvolvimento

Em 2023, a Equinox Gold relatou despesas de exploração e desenvolvimento, totalizando US $ 80,3 milhões, com um colapso específico da seguinte maneira:

Localização	Despesas de exploração ($ m)
México	42.1
Brasil	23.5
Estados Unidos	14.7

Equipamentos de mineração e investimentos em infraestrutura

As despesas de capital para 2023 foram de US $ 316 milhões, alocadas em vários projetos de mineração:

• Expansão de mina de mesquite: US $ 95 milhões
• Desenvolvimento de Minas de Santa Luz: US $ 87 milhões
• Infraestrutura de mina de Los Filos: US $ 64 milhões
• Outros investimentos em infraestrutura: US $ 70 milhões

Custos trabalhistas e operacionais

Os custos totais de mão -de -obra operacional para 2023 foram de US $ 247,6 milhões, com a seguinte distribuição da força de trabalho:

Região	Número de funcionários	Custos de mão -de -obra ($ M)
México	1,850	112.3
Brasil	1,200	76.5
Estados Unidos	650	58.8

Iniciativas de conformidade ambiental e sustentabilidade

O Equinox Gold investiu US $ 38,2 milhões Em programas de conformidade ambiental e sustentabilidade em 2023:

• Monitoramento ambiental: US $ 12,6 milhões
• Recuperação e reabilitação: US $ 15,4 milhões
• Processos de certificação de sustentabilidade: US $ 10,2 milhões

Investimentos de tecnologia e inovação

Os gastos com tecnologia e inovação para 2023 totalizaram US $ 22,5 milhões, incluindo:

• Tecnologias de automação de mineração: US $ 9,7 milhões
• Análise de dados e transformação digital: US $ 7,3 milhões
• Tecnologias de eficiência energética: US $ 5,5 milhões

Equinox Gold Corp. (EQX) - Modelo de negócios: fluxos de receita

Vendas de ouro e comércio de metais preciosos

A Equinox Gold Corp. relatou a produção de ouro de 438.162 onças em 2022. O preço médio realizado no ouro foi de US $ 1.718 por onça.

Ano	Produção de ouro (onças)	Preço médio de ouro realizado	Receita total das vendas de ouro
2022	438,162	$1,718	$752,615,116

Extração e produção de recursos minerais

As minas operacionais incluem:

• Mina Mesquite (Califórnia, EUA)
• Castle Mountain Mine (Califórnia, EUA)
• Mercedes Mina (México)
• Los Filos Mina (México)

Meu	Localização	Produção anual (onças)	Receita anual estimada
Mesquite	Califórnia, EUA	130,000	$223,340,000
Castle Mountain	Califórnia, EUA	75,000	$128,850,000
Mercedes	México	85,000	$145,830,000
Los filos	México	148,162	$254,291,116

Potenciais oportunidades de fusão e aquisição

Em 2022, a Equinox Gold concluiu a aquisição da Leagold Mining Corporation, expandindo seu portfólio operacional.

Acordos de royalties e streaming

Nenhuma receita específica de royalties ou contratos de streaming foi relatada nas demonstrações financeiras anuais de 2022.

Diversificação de portfólio por meio de investimentos estratégicos

A partir de 2022, a Equinox Gold mantinha investimentos estratégicos em projetos de exploração e desenvolvimento na América do Norte e do Sul.

Investimento	Localização	Estágio de investimento	Valor estimado de investimento
RDM Mina	Brasil	Exploração	US $ 45 milhões
Projeto Santa Luz	Brasil	Desenvolvimento	US $ 35 milhões

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.