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]

Core Viewpoint - Equinox Gold Corp. (NYSEAMERICAN:EQX) is highlighted as a promising investment opportunity due to its low forward price-to-earnings multiple and strong interest from hedge funds, making it one of the 12 cheap gold stocks to consider buying now [1] Group 1: Company Performance and Developments - On December 12, 2025, Equinox Gold reached a new 52-week high of $15.10, reflecting a remarkable 196% gain for the year [2] - Stifel initiated coverage on Equinox Gold with a "Buy" rating and a C$24 price target, citing significant progress in Canada and expectations for production growth and rising cash flow [3] - The company achieved commercial production at its Valentine Gold Mine ahead of schedule, with plant availability and throughput exceeding expectations, averaging over 5,400 tons per day and gold recoveries of over 93% [4] Group 2: Operational Momentum - The operational momentum at Valentine was evident in Equinox Gold's Q3 2025 results, with commissioning progress and throughput climbing steadily, exceeding 90% of nameplate capacity in October [5] - Management anticipates that Valentine will deliver toward the higher end of its Q4 production range and reach nameplate capacity by Q2 2026, which will enhance the company's annual output [4]

Core Viewpoint - The gold market is experiencing short-term volatility, while silver maintains its overnight gains, influenced by geopolitical developments and market sentiment [1][4]. Group 1: Gold Market Analysis - As of December 16, the February gold contract is priced at $4327.00, down $0.90, indicating a slight retreat after earlier gains due to profit-taking and short-term trader liquidation [1][3]. - The next bullish target for February gold futures is to close above the key resistance level of $4433.00, while the bearish target is to break below the support level of $4200.00 [5]. - Initial resistance levels for gold are at $4387.00 and $4400.00, with support levels at $4286.00 and $4250.00, suggesting a clear short-term trading range [5]. Group 2: Silver Market Analysis - The March silver contract is currently priced at $63.28, having increased by $1.273, with bullish targets aiming to close above the significant resistance level of $70.00 and bearish targets below the support level of $57.00 [1][3]. - Initial resistance levels for silver are at $65.00 and $65.085, with support levels at $63.00 and $62.50, indicating a strong technical outlook for silver prices [5]. Group 3: Geopolitical and Market Influences - Recent reports suggest progress in peace negotiations between Russia and Ukraine, which has reduced overall market risk aversion and placed pressure on gold prices [4]. - The global stock market showed mixed performance, with U.S. indices weakening before noon, reflecting changing risk preferences that directly impact precious metal trends [4]. Group 4: M&A Activity in Precious Metals - CMOC Group is expanding its precious metals business by acquiring Equinox Gold's Brazilian operations for $1 billion, which includes full ownership of several mines, indicating a clear trend of resource consolidation in the mining sector [2][4].

Group 1 - The company announced the acquisition of 100% equity in three gold mining assets in Brazil from Equinox Gold for a total consideration of $1.015 billion, which includes an upfront payment of $900 million and contingent payments of up to $115 million based on gold sales in the first operational year post-transaction [1][4] - The acquisition agreement was signed on December 14, 2025, and is expected to be completed in the first quarter of 2026, pending necessary regulatory approvals [4] - This acquisition follows a previous purchase of the Odin Mine in Ecuador in April 2025, and is expected to increase the company's annual gold production by approximately 8 tons, with total production potentially exceeding 20 tons after the Odin Mine commences operations [4] Group 2 - The company was listed on the Hong Kong Stock Exchange in 2007 and on the Shanghai Stock Exchange in 2012, ranking 145th in the 2024 Fortune China 500 and 621st in the 2024 Forbes Global 2000 [5] - In 2024, the company's revenue reached 213.029 billion yuan, marking the first time it surpassed the 200 billion yuan threshold, making it the first enterprise in Henan Province to achieve this milestone [5]

Group 1 - The core announcement is that Luoyang Molybdenum plans to acquire Canadian mining company Equinox Gold for $1.015 billion, focusing on four gold mining assets in Brazil [1][3] - The acquisition is expected to add approximately 8 tons to the company's annual gold production after completion [1] - The deal involves acquiring 100% equity of two wholly-owned subsidiaries of EQX, which include the Aurizona mine, RDM mine, and Bahia complex, with the transaction expected to close in Q1 2026, pending regulatory approvals [3] Group 2 - The acquired assets have significant resource reserves, with a total gold resource of 5.013 million ounces and an average grade of 1.88 grams per ton [3] - The gold reserves amount to 3.873 million ounces, with an average grade of 1.45 grams per ton, and projected gold production of 247,300 ounces in 2024, increasing to 250,000 to 270,000 ounces in 2025 [3] - This acquisition follows Luoyang Molybdenum's earlier purchase of the Cangrejos gold mine in Ecuador, indicating a strategic expansion in the gold sector [4]