Core Insights - Equinox Gold Corp. has announced new results from its 2025 diamond drill program at the Valentine Gold Mine, confirming a new gold discovery in the Minotaur Zone and broad zones of high-grade mineralization in the Frank Zone, indicating significant potential for resource expansion and new discoveries in the area [1][2][4] Exploration and Discoveries - The 2026 exploration program will target approximately 100 km of drilling across the Valentine property, focusing on the Frank and Minotaur Zones, as well as additional greenfield discoveries [1] - The Minotaur Zone has shown significant gold mineralization over a 700-meter strike length, with potential extensions of approximately 2 km, and initial drilling results include visible gold samples grading as high as 650 g/t [3][8] - The Frank Zone has demonstrated consistent high-grade gold mineralization over broad widths, supporting the potential for a new open pit that could enhance production growth and extend mine life beyond the current 14-year plan [2][9] Drilling Highlights - Initial drilling highlights from the Minotaur Zone include significant gold grades, with the potential for further exploration and development [4][8] - Notable drill results from the Frank Zone include: - 2.43 g/t Au over 172.80 m ETW - 22.10 g/t Au over 6.30 m ETW - 3.12 g/t Au over 63.90 m ETW - 16.45 g/t Au over 3.60 m ETW [6][7][9] Production and Operational Insights - The Valentine Gold Mine is expected to produce between 150,000 to 200,000 ounces of gold in 2026, with all-in sustaining costs projected between US$1,200 to US$1,300 per ounce [10] - Once fully operational, the mine is anticipated to be the largest gold-producing mine in Atlantic Canada, with an average production of 175,000 to 200,000 ounces per year for the first 12 years of its 14-year reserve life [10] Technological Integration - The discovery of the Minotaur Zone has been enhanced by the integration of artificial intelligence in exploration, utilizing VRIFY's AI-powered software to analyze multiple geological data layers, which has led to the identification of high-priority targets [8]

洛阳钼业称，依托公司在巴西近十年的深耕运营经验以及在管理、技术和协同方面的综合优势，本次收 购项目落地节奏显著提升，快速完成交割。 Equinox Gold（09806.HK）是一家在多伦多证券交易所和纽约证券交易所上市的加拿大矿业企业，在加 拿大及美洲多国拥有多处在产矿山资产，同时持有一系列在建及扩产项目储备。Equinox Gold通过出售 巴西业务资产，将进一步聚焦北美黄金业务。 上述交易共包括4座在产金矿，具体为：位于巴西东北部马拉尼昂州的Aurizona 金矿、东部巴伊亚州的 Bahia综合体（包括Fazenda金矿与Santa Luz金矿），以及东南部米纳斯吉拉斯州的RDM金矿。 宣布并购消息不到一个月，国内矿业巨头洛阳栾川钼业集团股份有限公司（下称"洛阳钼业"）已光速拿 下巴西4座在产金矿。 此前的2025年12月25日早间，洛阳钼业公告披露，经公司董事会批准，公司控股子公司CMOC Limited 拟以总计10.15亿美元的对价收购加拿大矿业企业Equinox Gold（TSX: EQX, NYSE-A: EQX）旗下位于 巴西的三个金矿资产的100%权益，包括Aurizona金矿、RDM金矿 ...

Core Viewpoint - Equinox Gold Corp. has successfully completed the sale of its Brazil Operations for a total consideration of up to $1.015 billion, significantly improving its financial position and allowing for future growth opportunities [2][4]. Financial Impact - The company received cash proceeds of $900 million from the transaction, with an additional contingent cash payment of up to $115 million expected on January 23, 2027 [2]. - Equinox Gold will use the proceeds to fully repay its $500 million Term Loan, extinguish the $300 million Sprott Loan, and make payments on its revolving credit facility, reducing senior debt to approximately $580 million and net debt to about $150 million [3]. Strategic Positioning - The CEO of Equinox Gold stated that monetizing the Brazil Operations has streamlined the company's portfolio and transformed its balance sheet, positioning it as a leading North America-focused gold producer [4]. - The company aims to self-fund high-return, near-term organic growth opportunities and consider capital return initiatives, with a development pipeline that could add 450,000 to 550,000 ounces of incremental annual gold production in the coming years [4]. Production Guidance - Equinox Gold has provided a consolidated gold production guidance for 2026 of 700,000 to 800,000 ounces, which is expected to generate robust cash flow [4].

Core Insights - Equinox Gold Corp (NYSEAmerican:EQX) reached an all-time high, benefiting from a broader rally in mining stocks amid a surge in gold and silver prices [1][2] Group 1: Market Performance - Spot prices for gold hit $4,700 and silver reached $95, contributing to Equinox Gold's peak intra-day price of $15.66, closing up 9.83% at $15.64 [2] - The rally in precious metals was influenced by geopolitical tensions, particularly President Trump's tariff threats against European countries [3] Group 2: Production Results - Equinox Gold reported record production of 922,827 ounces for the full year 2025, exceeding its guidance of 50,000 to 915,000 ounces [4] - For Q4 2025, the company produced 247,024 ounces, primarily from its Greenstone mine [4] Group 3: Future Projections - The company anticipates a decrease in production for 2026, projecting consolidated gold production between 700,000 and 800,000 ounces [5] - Financial and operational highlights for the previous year are set to be released after market close on February 18, 2026 [5]

Performance Summary - The Massif Capital Real Assets Strategy achieved a 9.6% net return in Q4 2025, resulting in a full-year performance of 50.0% net of fees [2] - Gross gains from the long book were 13.3%, while the short book detracted 1.64% [2] - The strategy has a since-inception annualized return of 15.6% net of fees over 28 consecutive quarters [2] Key Contributors - Equinox Gold (EQX) was the largest contributor, adding 11.8% to the portfolio, followed by G-Mining Ventures (GMINF) at 10.1% and Lundin Mining (LUNMF) at 8.6% [3] - Gold equities were the dominant source of returns, contributing 23.7% to the portfolio, with base and critical metals close behind at 19.5% [4] Sector Performance - Oil and natural gas holdings generated a modest positive contribution of 1.5%, primarily from dividend income [4] - Sector-level losses were confined to industrials, while gold equities and base metals showed strong performance [4] Market Sentiment - The equity market enters 2026 with a constructive tone, though a sizable bearish minority remains, indicating mixed investor sentiment [5][6] - Investor conviction is heavily tilted toward US equities, despite strong global performance, with expectations of US outperformance dominating [6] Geopolitical and Economic Context - Concerns about long-term monetary and fiscal policy trajectories, as well as geopolitical instability, are influencing investor behavior [8][9] - Central bank gold accumulation, particularly from emerging markets and China, is expected to continue, reinforcing gold's role as a monetary asset [9] Oil Market Outlook - Oil enters 2026 with bearish sentiment, influenced by geopolitical risks and a surplus market [10][32] - The International Energy Agency estimates that global oil production could decline by approximately 5.5 mb/d annually without new investment [38] Copper Market Dynamics - Copper miners and developers represent the largest single investment theme, with core holdings showing significant gains [43] - The copper market is characterized by structural tightness due to supply constraints and strong demand dynamics, with spot treatment charges collapsing to record lows [44][45] Portfolio Adjustments - The portfolio's exposure to gold has narrowed, with a single 10% position in Equinox Gold, which rose 179% in 2025 [26] - The company is actively searching for another gold miner that meets its investment criteria [31] Future Investment Strategy - The company anticipates a shift towards a more eclectic mix of real-asset businesses, including opportunities in wind power and niche chemical manufacturers [58] - A rebalancing away from a mining-centric portfolio is expected as the current commodity upswing broadens [57]

Core Viewpoint - Equinox Gold Corp. reported record gold production of 922,827 ounces in 2025, driven by operational improvements and an expanded portfolio, with expectations for continued momentum into 2026 [2][7]. Production Results - In Q4 2025, the company produced 247,024 ounces of gold, with contributions from various operations: 72,091 ounces from Greenstone, 23,207 ounces from Valentine, 61,885 ounces from Nicaragua, 73,745 ounces from Brazil, 14,761 ounces from Mesquite, and 1,336 ounces from Castle Mountain [7]. - Full Year 2025 production included 856,909 ounces within guidance of 750,000 to 915,000 ounces, plus an additional 65,918 ounces from Valentine, Los Filos, and Castle Mountain [7]. Financial Performance - Cash increased by 24% quarter over quarter to $430 million, despite $70 million in one-time tax settlements and $75 million in debt repayment, indicating strong cash flow generation [3]. - The company anticipates a significant strengthening of its balance sheet in 2026 following the sale of its Brazil operations, which is expected to close in Q1 2026 [5]. Operational Guidance - For 2026, the company expects production to benefit from the ramp-up at Valentine and improvements at Greenstone, with updated technical reports for both mines to be published by the end of Q1 2026 [10]. - The company plans to maintain a disciplined approach to capital allocation, focusing on high-return opportunities and a development pipeline that could add approximately 450,000 to 550,000 ounces of incremental annual gold production in the coming years [4][18]. Cost and Capital Guidance - The 2026 guidance includes cash costs of $1,425 to $1,525 per ounce and all-in sustaining costs (AISC) of $1,775 to $1,875 per ounce for consolidated operations [8]. - Growth capital is budgeted at $325 to $375 million, with significant investments planned for Greenstone and Valentine to support operational improvements and development [8][14]. Expansion Projects - The Phase 2 expansion at Valentine is expected to increase processing throughput from 2.5 million to over 4.5 million tonnes per year, potentially boosting annual production by approximately 25% to 225,000 to 250,000 ounces [19]. - At Castle Mountain, the expansion is progressing through the federal permitting process, with a Record of Decision expected in December 2026 [20]. Community Engagement - At Los Filos, two of three local communities have signed long-term agreements to support the mine's development, while operations remain suspended pending an agreement with the third community [21].

Core Viewpoint - Investors are increasingly seeking growth stocks, particularly in the financial sector, to achieve above-average returns, but identifying such stocks can be challenging due to inherent volatility and risks [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - Equinox Gold (EQX) is currently highlighted as a recommended growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is a critical factor for attracting investor interest, with double-digit growth being particularly desirable [3] - Equinox Gold has a historical EPS growth rate of 25.9%, but projected EPS growth for this year is significantly higher at 168.3%, surpassing the industry average of 64.4% [4] Group 3: Cash Flow Growth - High cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [5] - Equinox Gold's year-over-year cash flow growth stands at 34.3%, well above the industry average of 8.6% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 32.8%, compared to the industry average of 15.4% [6] Group 4: Earnings Estimate Revisions - Trends in earnings estimate revisions are crucial, with positive revisions correlating strongly with stock price movements [7] - The current-year earnings estimates for Equinox Gold have increased by 11% over the past month, indicating a positive trend [7] Group 5: Overall Positioning - Equinox Gold has achieved a Zacks Rank of 2 and a Growth Score of A, positioning it well for potential outperformance in the market [9]

Core Viewpoint - Equinox Gold Corp. is divesting its Brazilian assets for $1.015 billion to focus on becoming a North American gold producer with a stronger financial position and improved asset portfolio [1][2]. Group 1: Transaction Details - Equinox Gold Corp. has entered into an agreement to sell its 100% interest in the Aurizona Mine, RDM Mine, and Bahia Complex in Brazil for $1.015 billion [1]. - The transaction is expected to close in the first quarter of 2026 [1]. Group 2: Strategic Implications - The sale is seen as a crucial step for Equinox Gold to enhance its balance sheet and financial stability, allowing the company to focus on longer-life, lower-cost assets in tier-one jurisdictions [2]. - The divestment will help accelerate balance sheet deleveraging, potentially supporting future shareholder returns [4]. Group 3: Market Analysis - Stifel has reaffirmed a Buy rating on Equinox Gold with a price target of C$24, noting that the deal values the Brazilian assets at approximately 0.6 times risk-adjusted net asset value [3]. - The sale is expected to secure about 3 to 3.5 years of future net cash flow from what is considered the company's lowest margin operating region [3].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Equinox Gold (EQX) - Equinox Gold currently holds a Momentum Style Score of A, indicating strong momentum characteristics [3] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook compared to the market [4] Price Performance - EQX shares have increased by 5.6% over the past week, outperforming the Zacks Mining - Gold industry, which rose by 3.86% [6] - Over the last quarter, EQX shares have surged by 32.41%, and over the past year, they have gained 169.71%, significantly outperforming the S&P 500's increases of 2.16% and 12.81% respectively [7] Trading Volume - The average 20-day trading volume for EQX is 7,945,647 shares, indicating a bullish sign as rising stocks with above-average volume are generally viewed positively [8] Earnings Outlook - In the past two months, two earnings estimates for EQX have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $0.27 to $0.54 [10] - For the next fiscal year, two estimates have also moved upwards, with no downward revisions during the same period [10] Conclusion - Considering the strong momentum indicators and positive earnings outlook, EQX is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a potential candidate for near-term investment [12]

Core Insights - The article emphasizes a versatile investment strategy suitable for various investor profiles, including dividend investors, value seekers, and those looking for growth opportunities [1] Summary by Categories Investment Strategy - The investment strategy described is adaptable, catering to different types of investors, whether they focus on dividends, value propositions, or growth opportunities [1]