Equinox Gold Conference Call Summary Company Overview - **Company**: Equinox Gold (NYSEAM:EQX) - **Industry**: Gold Mining - **Date of Conference**: September 11, 2025 Key Points Strategic Transition - Equinox Gold is transitioning from a capital investment phase to a cash harvesting environment, indicating a pivotal inflection point for the company [3][4] - The company has undergone a significant strategic merger with Calibre Mining, enhancing its leadership and asset portfolio [4][5] Asset Portfolio and Production - Equinox Gold aims to become a top quartile valued gold producer with high-quality, high-margin assets located in tier-one jurisdictions [4][6] - The company has over 50% of its Net Asset Value (NAV) located in Canada, with 65% coming from North America [5] - The production guidance for 2025 is between 750,000 to 915,000 ounces, with the addition of the Valentine Gold Mine expected to contribute approximately 195,000 to 200,000 ounces annually [10][15] Financial Performance and Market Position - The company is currently trading at a low valuation compared to its peers, with a focus on deleveraging the balance sheet and delivering on production expectations [19] - Gold prices have increased significantly, with gold up 100% since 2022 and Equinox Gold's share price up about 60% [8][19] - The company is expected to return capital to shareholders within 18 to 24 months as cash flow increases [5] Key Assets - **Greenstone Mine**: Located in Northern Ontario, expected to produce 240,000 to 260,000 ounces at approximately $1,750 per ounce, with a long reserve life of over 15 years [11] - **Valentine Gold Mine**: A new asset in Newfoundland, with first gold pour anticipated by the end of September 2025 [13] - **Other Assets**: Includes production from Central America (200,000 to 250,000 ounces), California (80,000 ounces), and Brazil (250,000 to 270,000 ounces) [15] Future Growth Opportunities - The Castle Mountain asset is undergoing permitting and could generate about 200,000 ounces annually once operational [17][18] - The Los Filos asset is currently on care and maintenance, with plans to explore and negotiate with local communities for potential development [18][21] Conclusion - Equinox Gold is positioned for significant growth and value creation through its strategic merger, high-quality asset portfolio, and favorable market conditions. The focus remains on operational excellence, cash flow generation, and shareholder returns [19]

As of Sept. 10, 2025, three stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to ...

As of Sept. 10, 2025, three stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to ...

VANCOUVER, British Columbia, Aug. 19, 2025 (GLOBE NEWSWIRE) -- Apollo Silver Corp. ("Apollo" or the "Company") (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) congratulates Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) on the recent acceptance of its Castle Mountain Project into the United States' FAST-41 program, which is designed to streamline and derisk the permitting process. Castle Mountain is located just 165km from Apollo's Calico silver and barite project both situated in San Bernardino County, Calif ...

Financial Data and Key Metrics Changes - In Q2 2025, the company sold just over 148,000 ounces at an average realized price of $3,200 per ounce, reflecting the pre-merger assets [9] - Pro forma consolidated revenue for H1 would have been approximately $1,330,000,000 from 401,000 ounces, highlighting the enhanced scale and earnings power post-merger [9] - The company expects production, cash flow, and earnings to grow meaningfully in the coming quarters [7] Business Line Data and Key Metrics Changes - Greenstone's mining rates increased by 23% and processing rates improved by 20% over Q1 [10] - Month-to-date August mining rates averaged 200,000 tons per day, with the best performance reaching 227,000 tons per day [13] - Ballantyne is on track to deliver first gold approximately a month after the first ore to the plant, with a steady ramp-up to nameplate capacity expected in Q1 2026 [15] Market Data and Key Metrics Changes - The company is focused on disciplined capital allocation and rationalizing its portfolio to enhance shareholder value [16] - The sale of Nevada assets for $115,000,000 is an example of the company's strategy to create value and return capital to shareholders [16] Company Strategy and Development Direction - The company aims for operational excellence, advancing high-quality organic growth, and disciplined capital allocation [7] - The strategy emphasizes quality over quantity, focusing on production that enhances free cash flow and valuation [16] - The company is exploring opportunities to sell non-core assets to create value for shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to realize the vision of becoming a top quartile valued gold producer [17] - The company is optimistic about improving grades at Greenstone and expects quarter-on-quarter improvements [20][22] - Management highlighted the importance of maintaining open dialogue with stakeholders in all jurisdictions [27] Other Important Information - The company has invested over $25,000,000 in critical spares to support a smooth ramp-up at Ballantyne [15] - The company is actively engaged in exploration activities in Nicaragua and other assets, with significant potential identified [84] Q&A Session Summary Question: What is the expected improvement in grades at Greenstone? - Management indicated that month-to-date August grades are around one gram per ton, showing improvement over Q2, with expectations for continued improvements [20][22] Question: Is the equipment fleet sufficient for mining rates? - Management confirmed that all required equipment is in place and emphasized maximizing the value of committed capital [24][26] Question: What is the status of community agreements for Los Filos? - Management stated that agreements are in place with two communities, and discussions are ongoing with a third community [27] Question: Will there be more asset sales in the near future? - Management is open to exploring opportunities for selling non-core assets if it creates value for shareholders [30] Question: What are the expected cash costs for the company in the future? - Management provided a ballpark estimate of cash costs around $1,400 per ounce for Q2, with expectations for improvement as larger, lower-cost producers come online [91][92] Question: What are the key metrics to watch during the ramp-up of Valentine? - Management emphasized that tons milled will be the key metric during the ramp-up process [78] Question: What is the exploration potential across various assets? - Management highlighted ongoing exploration in Nicaragua, Valentine, and Mesquite, with plans to recommence exploration programs [84]

Financial Data and Key Metrics Changes - In Q2 2025, the company sold just over 148,000 ounces at an average realized price of $3,200 per ounce, with a pro forma consolidated revenue for H1 estimated at approximately $1,330,000,000 from 401,000 ounces if the Caliber transaction had been effective from January 1 [8][15][20] - The company is entering a pivotal phase with production, cash flow, and earnings expected to grow meaningfully in the coming quarters [7][15] Business Line Data and Key Metrics Changes - Greenstone's mining rates increased by 23% and processing rates improved by 20% over Q1, with August mining rates averaging 200,000 tons per day [9][12] - Ballantyne is on track to deliver first gold approximately a month after the first ore to the plant, with a steady ramp-up to nameplate capacity expected in Q1 2026 [14][15] Market Data and Key Metrics Changes - The company has created a significant Americas-focused gold producer anchored by two cornerstone Canadian mines, Greenstone and Ballantyne, enhancing scale and earnings power [6][15] Company Strategy and Development Direction - The strategy focuses on quality over quantity, emphasizing production that enhances free cash flow and valuation, advancing high-return organic growth, and rationalizing the portfolio [15][16] - The recent sale of Nevada assets for $115,000,000 is an example of the company's disciplined capital allocation and focus on shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to realize the vision of being a top quartile valued gold producer, with a focus on disciplined execution and capital allocation [15][16] - The company anticipates improved grades at Greenstone and is focused on minimizing dilution and ore losses [20][22] Other Important Information - The company has a significant stockpile of approximately 6,000,000 tons, with grades averaging just over half a gram [60] - The company is maintaining open dialogue with all stakeholders in jurisdictions where it operates, including ongoing discussions with a third community related to Los Filos [27][28] Q&A Session Summary Question: What is the expected improvement in grades at Greenstone? - Management indicated that month-to-date August grades are around a gram per ton, showing improvement over Q2, with expectations for quarter-on-quarter improvements [20][22] Question: Is all necessary equipment in place for mining rates improvement? - Management confirmed that all required equipment is in place and emphasized maximizing the value of committed capital [24][25] Question: What is the status of community agreements for Los Filos? - Management confirmed fully executed agreements with two communities and ongoing discussions with a third community [27][28] Question: Will there be more asset sales in the near future? - Management stated that they will explore opportunities for asset sales if they can create more value for shareholders [30][31] Question: What are the expected cash costs for the company moving forward? - Management indicated that cash costs for Q2 were around $1,400 per ounce, with expectations to reduce costs as larger, lower-cost producers come online [88][89] Question: What are the key metrics to watch during the ramp-up of Valentine? - Management highlighted that tons milled will be the key metric during the ramp-up process [74] Question: What is the exploration potential across assets? - Management noted ongoing exploration in Nicaragua and plans to recommence exploration programs in other assets, including Mesquite [78][80]

Q2 2025 Performance - Q2 production was 219,122 ounces [13] - Total Cash Costs were $1,373/oz [13] - All-in Sustaining Costs were $1,746/oz [13] - Gold sold was 148,938 oz at a realized gold price of $3,207/oz [13] - Adjusted net income was $56.7 million; Adjusted earnings per share was $0.11 [13] - Adjusted EBITDA was $200.5 million [13] 2025 Guidance - Consolidated production guidance is 785,000 - 915,000 ounces [13, 33] - Consolidated Total Cash Costs guidance is $1,400 - $1,500/ounce [33] - Consolidated All-in Sustaining Cost guidance is $1,800 - $1,900/ounce [33] - Consolidated Growth Capital guidance is $190 - $220 million [33] - Consolidated Exploration guidance is $70 - $90 million [30, 33] Asset Allocation - 54% of consolidated NAV is from Brazil [11] - 18% of consolidated NAV is from Mexico [11] - 13% of consolidated NAV is from USA [11] - 10% of consolidated NAV is from Canada [11] - 5% of consolidated NAV is from Nicaragua [11]

Core Insights - Equinox Gold Corp. reported solid financial and operational results for Q2 2025, indicating a pivotal growth phase with significant production increases and upcoming contributions from new assets [2][3][4]. Financial Highlights - The company produced 219,122 ounces of gold in Q2 2025, with cash costs of $1,478 per ounce and all-in sustaining costs (AISC) of $1,959 per ounce [7][10]. - Revenue for Q2 2025 was $478.6 million, with a net income of $23.8 million, translating to $0.05 per share [10][33]. - Adjusted EBITDA for the quarter was $200.5 million, reflecting strong operational performance [10][33]. Operational Highlights - Mining rates at the Greenstone project increased by 23%, and processing rates improved by 20% compared to Q1 2025 [3]. - The company anticipates a strong Q3 2025, driven by contributions from the Calibre assets, the startup of the Valentine Gold Mine, and continued improvements at Greenstone [3][4]. Production Guidance - Equinox Gold expects full-year consolidated production to be between 785,000 to 915,000 ounces for 2025, with a strong second half anticipated [4][17]. - The company’s updated guidance reflects the integration of Calibre assets and a focus on ramping up production at Greenstone and Valentine [17][18]. Cash Flow and Debt Management - Cash flow from operations before changes in non-cash working capital was $126.0 million for Q2 2025, with mine-site free cash flow before changes in non-cash working capital at $154.5 million [10][29]. - As of June 30, 2025, the company had cash and cash equivalents of $406.7 million and net debt of $1,373.7 million [11][10]. Strategic Developments - The acquisition of Calibre Mining Corp. was completed on June 17, 2025, enhancing the scale and earnings power of the combined company [4][7]. - The Valentine Gold Mine is in the final stages of commissioning, with ore processing expected to commence by the end of August 2025 [11][10].

Management's Discussion and Analysis For the three and six months ended June 30, 2025 (Expressed in United States Dollars, unless otherwise stated) Management's Discussion and Analysis For the three and six months ended June 30, 2025 This Management's Discussion and Analysis ("MD&A") of the financial position and results of operations for Equinox Gold Corp. (the "Company" or "Equinox Gold") should be read in conjunction with the audited consolidated financial statements of the Company as at and for the year ...

Core Viewpoint - Equinox Gold Corp. has successfully entered the FAST-41 program for its Castle Mountain Mine Phase Two Project, which is expected to streamline the permitting process and enhance regulatory certainty [1][2]. Group 1: Project Details - The Castle Mountain project is anticipated to produce approximately 200,000 ounces of gold annually over a 14-year mine life, totaling 3.2 million ounces [2]. - The federal permitting process for Castle Mountain is projected to be completed by December 2026, following the timeline posted on the FAST-41 project dashboard [1]. - The project is located in San Bernardino County, California, about 200 miles north of Equinox Gold's Mesquite Mine [2]. Group 2: Company Strategy - The CEO of Equinox Gold emphasized that Castle Mountain will be a cornerstone asset, reinforcing the company's strategy of building a portfolio of long-life, low-cost mines in top-tier jurisdictions [2]. - The company has initiated study updates and project optimization to align with the permitting timeline, positioning the project for a timely construction decision [2]. Group 3: Operational Background - Equinox Gold acquired Castle Mountain in December 2017 and operated a small open-pit heap leach gold mine from Q4 2020 to Q3 2024 [2]. - The mine is currently undergoing re-leaching procedures while the company advances permitting, engineering, and optimization work [2].