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](index=1&type=section&id=Management%27s%20Discussion%20and%20Analysis) [Business Overview](index=4&type=section&id=Business%20Overview) Equinox Gold is a growth-focused Americas gold producer, expanding its multi-asset portfolio through organic growth and strategic acquisitions - Equinox Gold's strategic vision is to build a diversified, Americas-focused gold company, responsibly and safely producing over **one million ounces of gold annually**, providing long-term social and economic benefits, and creating a rewarding workplace[11](index=11&type=chunk) - The company's operating gold mines include Greenstone (Canada), Mesquite and Pan (United States), La Libertad and El Limon (Nicaragua), and Aurizona, RDM, and Bahia Complex (Brazil)[9](index=9&type=chunk) - On June 17, 2025, Equinox Gold completed the business combination with Calibre Mining Corp., acquiring **100% of its common shares**, expanding its portfolio with operating mines and the Valentine Gold Mine development project[12](index=12&type=chunk) [Highlights for the Three Months Ended June 30, 2025](index=4&type=section&id=HIGHLIGHTS%20FOR%20THE%20THREE%20MONTHS%20ENDED%20JUNE%2030%2C%202025) Equinox Gold reported strong Q2 2025 operational and financial performance, driven by significant gold production, sales, and the Calibre Acquisition Q2 2025 Operational Highlights | Metric | Value | | :-------------------------------- | :------------------- | | Gold Produced (oz) | 219,122 | | Gold Sold (oz) | 148,938 | | Average Realized Gold Price ($/oz) | 3,207 | | Total Cash Costs ($/oz) | 1,478 | | AISC ($/oz) | 1,959 | | Lost-Time Injuries | 2 | | Total Recordable Injury Frequency Rate (rolling 12-month) | 1.85 | | Significant Environmental Incidents | 0 | Q2 2025 Financial Highlights | Metric | Value (M$) | | :-------------------------------- | :----------- | | Income from Mine Operations | 159.8 | | Net Income | 23.8 | | Net Income per Share (basic) | 0.05 | | Adjusted Net Income | 56.7 | | Adjusted Net Income per Share | 0.11 | | Cash Flow from Operations (before non-cash WC changes) | 126.0 | | Mine-Site Free Cash Flow (before non-cash WC changes) | 154.5 | | Adjusted EBITDA | 200.5 | | Sustaining Expenditures | 71.1 | | Non-Sustaining Expenditures | 42.3 | | Cash and Equivalents (unrestricted) | 406.7 | | Net Debt | 1,373.7 | - The Calibre Acquisition was completed on **June 17, 2025**, acquiring Valentine Gold Mine, Libertad, Limon, and Pan, leading to changes in the Board of Directors and executive team, including the appointment of Darren Hall as CEO[18](index=18&type=chunk)[21](index=21&type=chunk) - Valentine Gold Mine construction advanced, with mass construction completed and commissioning progressing, targeting first gold pour by the **end of Q3 2025**, and Castle Mountain was accepted as a FAST-41 Project[24](index=24&type=chunk) - Updated 2025 guidance reflects the Calibre Acquisition and slower ramp-up at Greenstone, with production guidance of **785,000 to 915,000 ounces of gold** and AISC of **$1,800 to $1,900 per ounce**[21](index=21&type=chunk) [Highlights for the Six Months Ended June 30, 2025](index=6&type=section&id=HIGHLIGHTS%20FOR%20THE%20SIX%20MONTHS%20ENDED%20JUNE%2030%2C%202025) Equinox Gold produced over **400,000 ounces of gold** in H1 2025, with strong sales, high realized gold prices, and positive operating cash flow H1 2025 Operational and Financial Highlights | Metric | Value | | :-------------------------------- | :------------------- | | Gold Produced (oz) | 401,211 | | Gold Sold (oz) | 296,858 | | Average Realized Gold Price ($/oz) | 3,033 | | Total Cash Costs ($/oz) | 1,624 | | AISC ($/oz) | 2,012 | | Cash Flow from Operations (before non-cash WC changes) | 199.3 M$ | | Mine-Site Free Cash Flow (before non-cash WC changes) | 212.2 M$ | [Recent Developments](index=7&type=section&id=Recent%20Developments) Equinox Gold announced the sale of its Pan Mine, amended its Credit Facility, reported exploration results, and published its 2024 Sustainability Report - On **August 7, 2025**, the Company agreed to sell its **100% interest** in the Pan Mine, Gold Rock Project, and Illipah Project to Minera Alamos Inc. for **$115 million**, expected to close in Q4 2025[26](index=26&type=chunk) - On **July 31, 2025**, the Company amended its **$700 million revolving credit facility and $500 million term loan**, extending maturity dates to **July 31, 2029**, increasing the Revolving Facility to **$850 million**, and expanding the accordion feature[26](index=26&type=chunk) - Exploration results from Limon were reported on **July 28, 2025**, and the **2024 Sustainability Report** was published on **July 15, 2025**[26](index=26&type=chunk) [Consolidated Operational and Financial Highlights](index=7&type=section&id=Consolidated%20Operational%20and%20Financial%20Highlights) Equinox Gold saw significant Q2 and H1 2025 growth in gold sales and revenue, with improved costs, though net income was impacted by a prior-year non-recurring gain Consolidated Operational and Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Gold Produced (oz) | 150,849 | 122,221 | +23.4% | | Gold Sold (oz) | 148,938 | 115,423 | +29.0% | | Average Realized Gold Price ($/oz) | 3,207 | 2,328 | +37.7% | | Cash Costs per oz sold ($/oz) | 1,478 | 1,747 | -15.4% | | AISC per oz sold ($/oz) | 1,959 | 2,041 | -4.0% | | Revenue (M$) | 478.6 | 269.4 | +77.6% | | Income from Mine Operations (M$) | 159.8 | 21.2 | +653.8% | | Net Income (Loss) (M$) | 23.8 | 353.5 | -93.3% | | Adjusted EBITDA (M$) | 200.5 | 45.1 | +344.6% | | Adjusted Net Income (Loss) (M$) | 56.7 | (46.4) | N/A | Consolidated Operational and Financial Highlights (H1 2025 vs H1 2024) | Metric | H1 2025 | H1 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Gold Produced (oz) | 296,139 | 233,946 | +26.6% | | Gold Sold (oz) | 296,858 | 231,927 | +28.0% | | Average Realized Gold Price ($/oz) | 3,033 | 2,197 | +38.0% | | Cash Costs per oz sold ($/oz) | 1,624 | 1,653 | -1.8% | | AISC per oz sold ($/oz) | 2,012 | 1,993 | +0.9% | | Revenue (M$) | 902.4 | 510.8 | +76.7% | | Income from Mine Operations (M$) | 193.5 | 32.6 | +493.6% | | Net Income (Loss) (M$) | (51.6) | 310.7 | N/A | | Adjusted EBITDA (M$) | 338.4 | 97.2 | +248.1% | | Adjusted Net Income (Loss) (M$) | 20.0 | (60.8) | N/A | - The decrease in net income for Q2 and H1 2025 compared to 2024 is primarily due to a **$470.4 million gain** recognized in Q2 2024 from the remeasurement of Greenstone assets, which was a non-recurring event[35](index=35&type=chunk) [2025 Guidance and Outlook](index=10&type=section&id=2025%20Guidance%20and%20Outlook) Equinox Gold updated its 2025 guidance reflecting the Calibre Acquisition and Greenstone ramp-up, focusing on production and monitoring tariff impacts Updated 2025 Guidance | Mine | Production (oz) | Cash Costs ($/oz) | AISC ($/oz) | Growth Capital (M$) | Growth Exploration Expenditures (M$) | | :--------- | :---------------- | :------------------ | :---------- | :------------------ | :----------------------------------- | | Greenstone | 220,000 - 260,000 | $1,275 - $1,375 | $1,700 - $1,800 | $80 - $85 | $2 - $3 | | Brazil | 250,000 - 270,000 | $1,725 - $1,825 | $2,275 - $2,375 | $35 - $40 | $21 - $24 | | Mesquite | 85,000 - 95,000 | $1,200 - $1,300 | $1,800 - $1,900 | $10 - $15 | $2 - $3 | | Nicaragua | 200,000 - 250,000 | $1,200 - $1,300 | $1,400 - $1,500 | $60 - $70 | $25 - $30 | | Pan | 30,000 - 40,000 | $1,600 - $1,700 | $1,600 - $1,700 | $5 - $10 | $5 - $10 | | Newfoundland | N/A | N/A | N/A | N/A | $15 - $20 | | **Total** | **785,000 - 915,000** | **$1,400 - $1,500** | **$1,800 - $1,900** | **$190 - $220** | **$70 - $90** | - Updated guidance for Greenstone reflects slower ramp-up, with production rates expected to increase in H2 2025, and Mesquite's guidance was updated due to under-reconciliation of the Ginger pit to the block model[39](index=39&type=chunk) - The Company is reviewing its exposure to potential tariffs introduced by the U.S. government and retaliatory tariffs, but expects its revenue structure to be largely unaffected, as most costs relate to local labor, contractors, energy, and royalties[41](index=41&type=chunk) [Operations](index=11&type=section&id=Operations) Equinox Gold's mines showed varied Q2 and H1 2025 performance, with Greenstone ramping up, Aurizona recovering, and new acquisitions contributing to production [Greenstone, Ontario, Canada](index=11&type=section&id=Greenstone%2C%20Ontario%2C%20Canada) Greenstone, now **100% owned** by Equinox Gold and in commercial production since November 2024, showed a **15% increase in gold production** in Q2 2025 compared to Q1 2025, driven by higher tonnes processed and improved recoveries Greenstone Operational and Financial Highlights (Q2 2025 vs Q1 2025) | Metric | Q2 2025 | Q1 2025 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Gold Produced (oz) | 51,274 | 44,449 | +15.4% | | Gold Sold (oz) | 51,478 | 44,808 | +14.9% | | Tonnes Processed (kt) | 2,014 | 1,659 | +21.4% | | Average Gold Grade Processed (g/t) | 0.92 | 1.06 | -13.2% | | Recovery (%) | 85.1 | 80.7 | +5.4% | | Cash Costs per oz sold ($/oz) | 1,482 | 1,570 | -5.7% | | AISC per oz sold ($/oz) | 1,927 | 1,836 | +4.9% | | Sustaining Capital (M$) | 22.5 | 11.6 | +94.0% | - Greenstone's plant throughput averaged **22.1 thousand tpd** in Q2 2025, a **20% increase** from Q1 2025, with mining rates averaging **164 thousand tpd**, also a **20% increase**, as the mine ramps up towards a full production target rate of **196 thousand tpd** in H2 2025[50](index=50&type=chunk)[51](index=51&type=chunk) - Exploration at Greenstone includes a **14,000 m core drilling program** to improve geological understanding, with **2,625 m completed** by June 30, 2025[52](index=52&type=chunk) [Aurizona Mine, Maranhão, Brazil](index=13&type=section&id=Aurizona%20Mine%2C%20Maranh%C3%A3o%2C%20Brazil) Aurizona's gold production significantly increased in Q2 2025 compared to Q2 2024, recovering from a prior-year plant shutdown, with higher ore processing volumes and a weaker BRL contributing to lower unit costs Aurizona Operational and Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Gold Produced (oz) | 18,949 | 6,309 | +200.4% | | Gold Sold (oz) | 17,799 | 7,535 | +136.2% | | Tonnes Processed (kt) | 674 | 131 | +414.5% | | Cash Costs per oz sold ($/oz) | 1,503 | 2,514 | -40.2% | | AISC per oz sold ($/oz) | 1,905 | 3,280 | -41.9% | | Mining Cost per tonne mined ($/t) | 2.90 | 2.93 | -1.0% | | Processing Cost per tonne processed ($/t) | 12.95 | 44.12 | -70.6% | | G&A Cost per tonne processed ($/t) | 5.68 | 26.80 | -78.8% | - The significant increase in production and decrease in unit costs were primarily due to higher ore processing volumes in 2025, as the plant was idle for **eight weeks in Q2 2024** due to a geotechnical event[55](index=55&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Exploration drilling at Aurizona in Q2 2025 focused on greenfield targets, with **4,322 m completed**[62](index=62&type=chunk) [Bahia Complex, Bahia, Brazil](index=15&type=section&id=Bahia%20Complex%2C%20Bahia%2C%20Brazil) The Bahia Complex saw increased gold production in Q2 and H1 2025, driven by higher tonnes processed and improved recoveries, with unit costs decreasing due to a weaker BRL Bahia Complex Operational and Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Gold Produced (oz) | 30,778 | 27,805 | +10.7% | | Gold Sold (oz) | 29,417 | 27,883 | +5.5% | | Tonnes Processed - CIL (kt) | 366 | 363 | +0.8% | | Tonnes Processed - RIL (kt) | 666 | 519 | +28.3% | | Cash Costs per oz sold ($/oz) | 1,540 | 1,764 | -12.7% | | AISC per oz sold ($/oz) | 2,266 | 2,132 | +6.3% | | Open Pit Mining Cost per tonne mined ($/t) | 2.62 | 2.78 | -5.8% | | Processing Cost per tonne processed ($/t) | 17.05 | 22.40 | -23.9% | - Santa Luz achieved its highest quarterly tonnes processed in Q2 2025, with the weakening of the BRL against the USD (**8% in Q2, 13% in H1**) significantly contributing to lower unit costs[65](index=65&type=chunk)[66](index=66&type=chunk)[68](index=68&type=chunk) - Sustaining capital expenditures increased due to a higher capital stripping ratio and underground development, partially offset by lower machinery and equipment spend[70](index=70&type=chunk)[71](index=71&type=chunk) - Exploration at Bahia Complex in Q2 2025 focused on Mineral Reserve replacement in the Fazenda Mine's underground area, with **23,180 m of core drilling completed**[73](index=73&type=chunk) [RDM Mine, Minas Gerais, Brazil](index=17&type=section&id=RDM%20Mine%2C%20Minas%20Gerais%2C%20Brazil) RDM experienced increased gold production in Q2 and H1 2025 due to higher ore volumes processed, with mining unit costs decreasing but processing unit costs rising due to dry stack tailings management RDM Operational and Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Gold Produced (oz) | 13,974 | 10,675 | +30.9% | | Gold Sold (oz) | 13,269 | 10,870 | +22.1% | | Tonnes Processed (kt) | 735 | 612 | +20.1% | | Cash Costs per oz sold ($/oz) | 1,816 | 1,566 | +16.0% | | AISC per oz sold ($/oz) | 2,010 | 1,774 | +13.3% | | Mining Cost per tonne mined ($/t) | 2.99 | 3.09 | -3.2% | | Processing Cost per tonne processed ($/t) | 12.95 | 11.15 | +16.1% | - Processing unit costs increased due to costs associated with the management of dry stack tailings, which commenced in **mid-2024**[77](index=77&type=chunk) - Sustaining capital expenditures increased, primarily related to the purchase of tailings movement equipment and phase 2 of dry stack TSF construction[80](index=80&type=chunk)[81](index=81&type=chunk) - No exploration drilling occurred at RDM during Q2 2025, but drilling is expected to commence late in the year[83](index=83&type=chunk) [Mesquite Mine, California, USA](index=19&type=section&id=Mesquite%20Mine%2C%20California%2C%20USA) Mesquite's gold production significantly increased in Q2 2025 due to reaching the Ginger pit's major ore source, though mining unit costs rose, and cash costs and AISC per ounce sold increased Mesquite Operational and Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Gold Produced (oz) | 31,324 | 17,607 | +78.0% | | Gold Sold (oz) | 31,183 | 17,590 | +77.3% | | Ore Mined and Stacked (kt) | 3,355 | 2,360 | +42.2% | | Average Gold Grade Stacked (g/t) | 0.55 | 0.29 | +89.7% | | Cash Costs per oz sold ($/oz) | 1,255 | 1,245 | +0.8% | | AISC per oz sold ($/oz) | 1,704 | 1,283 | +32.8% | | Mining Cost per tonne mined ($/t) | 1.64 | 1.34 | +22.4% | | Processing Cost per tonne processed ($/t) | 3.68 | 5.40 | -31.9% | - Approximately **47,000 recoverable ounces** were stacked in Q2 2025, compared to **13,000 recoverable ounces** in Q2 2024, driven by access to the Ginger pit[86](index=86&type=chunk) - Sustaining capital expenditures of **$11.3 million** in Q2 2025 were primarily related to capital stripping in the Brownie 4 pit, a significant increase from nominal expenditures in Q2 2024[92](index=92&type=chunk) - Planned infill drilling at Rainbow and Vista West targets was completed in Q1 2025, with additional step-out drilling at Ginger and Rainbow awaiting permit approvals[94](index=94&type=chunk) [El Limon and La Libertad Mines, Nicaragua](index=21&type=section&id=El%20Limon%20and%20La%20Libertad%20Mines%2C%20Nicaragua) Equinox Gold acquired El Limon and La Libertad on **June 17, 2025**, as part of the Calibre Acquisition, integrating them into Nicaragua's hub-and-spoke strategy with ongoing exploration yielding high-grade results - Limon and Libertad were acquired on **June 17, 2025**, and are mine and mill operations with **2.7 million tonnes per annum processing capacity**, forming part of Nicaragua's hub-and-spoke strategy[95](index=95&type=chunk) - No gold production or sales from Limon and Libertad were attributable to Equinox Gold after the Calibre Acquisition closed on **June 17, 2025**, for the Q2 2025 period[97](index=97&type=chunk) - During the period from **June 17 to June 30, 2025**, **5,007 m** was drilled in Nicaragua, with a focus on resource conversion, discovery, and delineation of new gold deposits[98](index=98&type=chunk) [Pan Mine, Nevada, USA](index=22&type=section&id=Pan%20Mine%2C%20Nevada%2C%20USA) The Pan Mine, acquired on **June 17, 2025**, contributed **1,080 ounces of gold production** to Equinox Gold for the period from acquisition to the end of Q2 2025, generating **$3.6 million in revenue** - Pan Mine was acquired on **June 17, 2025**, as part of the Calibre Acquisition, and is an open pit, heap leach gold mine operating since 2017[99](index=99&type=chunk) Pan Mine Operational and Financial Highlights (June 17-30, 2025) | Metric | Value | | :-------------------------------- | :------------------- | | Gold Produced (oz) | 1,080 | | Gold Sold (oz) | 1,079 | | Revenue (M$) | 3.59 | | Realized Gold Price ($/oz) | 3,323 | | Cash Costs per oz sold ($/oz) | 1,654 | | AISC per oz sold ($/oz) | 1,737 | - Deep exploration drilling commenced towards the end of Q2 2025 at Pan, aiming to identify mineralization in deeper stratigraphic units[102](index=102&type=chunk) [Development Projects](index=23&type=section&id=Development%20Projects) Equinox Gold is advancing key development projects, including Valentine Gold Mine commissioning, Castle Mountain permitting, Los Filos exploration, and Aurizona underground mine studies [Valentine Gold Mine, Canada](index=23&type=section&id=Valentine%20Gold%20Mine%2C%20Canada) The Valentine Gold Mine, acquired through the Calibre Acquisition, is in the final stages of construction and plant commissioning, targeting first gold pour by the **end of Q3 2025**, with initial project capital costs remaining fully funded at **C$854 million** - Valentine Gold Mine is a multi-million ounce advanced-stage gold development project in Newfoundland & Labrador, Canada, acquired on **June 17, 2025**[103](index=103&type=chunk) - First gold pour is targeted by the **end of Q3 2025**, with initial project capital costs at **C$854 million**, of which **C$800 million** has been spent and **C$54 million** remains to complete, all fully funded[104](index=104&type=chunk) - Mass construction was completed in Q2 2025, transitioning to system and sub-system completion, with Phase 2 of the TSF ready and various process plant components progressing through pre-commissioning and commissioning[106](index=106&type=chunk) - Technical studies for the Phase 2 expansion, aiming to increase process plant throughput to over **5.0 million tpa**, are ongoing[111](index=111&type=chunk) [Castle Mountain Expansion, California, USA](index=24&type=section&id=Castle%20Mountain%20Expansion%2C%20California%2C%20USA) The Castle Mountain Expansion, projected to significantly increase gold production, is advancing through its permitting process, accepted as a FAST-41 Project to streamline federal approvals - The Castle Expansion is expected to increase production to an average of **218,000 ounces per year** for **14 years** with AISC in the lower third of global gold mining costs[112](index=112&type=chunk) - The project was accepted as a FAST-41 Project in **June 2025**, a federal permitting framework designed to streamline environmental reviews and improve interagency coordination[114](index=114&type=chunk) - The federal permitting process is expected to be completed in **December 2026**, based on the FAST-41 project dashboard timeline[114](index=114&type=chunk) [Los Filos Expansion, Guerrero, Mexico](index=24&type=section&id=Los%20Filos%20Expansion%2C%20Guerrero%2C%20Mexico) Operations at Los Filos were indefinitely suspended on **April 1, 2025**, due to a land access agreement expiration, but new agreements enable a new mine development project starting with exploration in Q3/Q4 2025 - On **April 1, 2025**, operations at Los Filos were indefinitely suspended due to the expiration of the land access agreement with the Carrizalillo community[116](index=116&type=chunk) - On **June 30, 2025**, new long-term land access agreements were ratified with the Mezcala and Xochipala communities, allowing for a new mine development project[117](index=117&type=chunk) - The new project will begin with an exploration program in Q3 and Q4 2025, followed by engineering studies to review alternative locations for the CIL plant[117](index=117&type=chunk) [Aurizona Expansion, Brazil](index=25&type=section&id=Aurizona%20Expansion%2C%20Brazil) The Aurizona Expansion aims to extend mine life and increase annual production through a new underground mine and satellite open pit deposits, with engineering studies advancing and construction scheduled for Q4 2025 - The Aurizona Expansion aims to extend mine life and increase annual production by developing a new underground mine and several satellite open pit deposits[118](index=118&type=chunk) - Engineering studies and project planning are advancing to initiate an underground mine below the Piaba pit, with construction of the portal and exploration ramp scheduled to begin in **Q4 2025**[119](index=119&type=chunk) - Power requirements for underground operations will be met by repowering the existing **69 kilovolt power transmission line to 18 MW by Q2 2026**, and constructing a new power line for an additional **21 MW by January 2028**[119](index=119&type=chunk) [Health, Safety and Environment](index=25&type=section&id=Health%2C%20Safety%20and%20Environment) Equinox Gold reported **two lost-time injuries** in Q2 2025, with safety rates below target and **zero significant environmental incidents** Health & Safety Performance (Q2 2025 and 12-month rolling) | Metric | Q2 2025 | 12-month rolling | 2025 Target | | :-------------------------------- | :------ | :--------------- | :---------- | | Lost-Time Injuries | 2 | N/A | N/A | | LTIFR (per million hours worked) | 0.51 | 0.58 | 0.58 | | TRIFR (per million hours worked) | 1.54 | 1.85 | 2.85 | - The Company's Significant Environmental Incident Frequency Rate (SEIFR) was **0.00** for both Q2 2025 and the 12-month rolling period, meeting the 2025 target of **1.20**, with no significant environmental incidents during the quarter[121](index=121&type=chunk) [Community Development and ESG Reporting](index=25&type=section&id=Community%20Development%20and%20ESG%20Reporting) Equinox Gold engaged in Q2 2025 community development initiatives across regions and published its **2024 Sustainability Report** detailing ESG performance - In Canada, Greenstone supported various community initiatives and engaged with Indigenous Partners, while Valentine advanced socio-economic agreements with First Nations[122](index=122&type=chunk) - In the USA, Pan supported cultural events, Mesquite held community meetings and participated in local events, and both allocated social investments to health, arts, culture, infrastructure, and education[123](index=123&type=chunk) - In Mexico, Los Filos provided support for road maintenance, continued scholarship programs, and funded economic development and healthcare initiatives in Mezcala and Xochipala[124](index=124&type=chunk) - In Nicaragua, the Company completed road construction and upgraded Libertad's drinking water system; in Brazil, Aurizona and Bahia Complex continued training programs, municipal engagements, and social investments[126](index=126&type=chunk)[127](index=127&type=chunk) - The Equinox Gold **2024 Sustainability Report** was finalized and published on **July 15, 2025**, presenting the company's ESG performance using Global Reporting Initiative and Sustainability Accounting Standards Board standards[128](index=128&type=chunk) [Corporate](index=26&type=section&id=Corporate) Equinox Gold completed the Calibre Acquisition, integrating new assets and financial obligations, and amended its Credit Facility to extend maturities and increase funds - On **June 17, 2025**, Equinox Gold completed the Calibre Acquisition, acquiring Valentine Gold Mine, Libertad, Limon, and Pan, with outstanding Calibre stock options, warrants, and convertible notes replaced or becoming exercisable for Equinox Gold shares[129](index=129&type=chunk)[130](index=130&type=chunk) - The company assumed the Sprott Loan, with **$286.3 million outstanding** at June 30, 2025, and terms amended in **June 2025** extending maturity to **December 31, 2027** (with an option to extend to **June 30, 2028**)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - Equinox Gold also assumed **C$49.7 million ($34.3 million)** in 2025 Convertible Notes from Calibre, unsecured, maturing **March 4, 2030**, bearing **5.5% interest**, and convertible into common shares at **C$12.14 per share**[136](index=136&type=chunk) - On **July 31, 2025**, the Credit Facility was amended, extending maturity dates for the Revolving Facility and Term Loan to **July 31, 2029**, increasing the Revolving Facility to **$850 million**, and increasing the accordion feature to **$350 million**[139](index=139&type=chunk) [Financial Results](index=28&type=section&id=Financial%20Results) Equinox Gold reported significantly higher Q2 and H1 2025 revenue and mine income, but net income decreased due to a prior-year non-recurring gain and increased expenses Selected Financial Results (Q2 2025 vs Q2 2024) | Metric (M$) | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Revenue | 478.6 | 269.4 | +77.6% | | Operating expense | (229.7) | (204.0) | +12.6% | | Depreciation and depletion | (89.2) | (44.2) | +101.8% | | Income from mine operations | 159.8 | 21.2 | +653.8% | | Care and maintenance expense | (35.3) | — | N/A | | Exploration and evaluation expense | (3.8) | (2.7) | +40.7% | | General and administration expense | (25.6) | (12.7) | +101.6% | | Income from operations | 95.1 | 5.9 | +1511.9% | | Finance expense | (45.3) | (20.7) | +118.8% | | Other income (expense) | (3.0) | 563.7 | N/A | | Net income (loss) | 23.8 | 353.5 | -93.3% | Selected Financial Results (H1 2025 vs H1 2024) | Metric (M$) | H1 2025 | H1 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Revenue | 902.4 | 510.8 | +76.7% | | Operating expense | (522.2) | (387.8) | +34.7% | | Depreciation and depletion | (186.6) | (90.4) | +106.4% | | Income from mine operations | 193.5 | 32.6 | +493.6% | | Care and maintenance expense | (45.2) | — | N/A | | Exploration and evaluation expense | (5.6) | (5.1) | +9.8% | | General and administration expense | (43.3) | (26.8) | +61.6% | | Income from operations | 99.4 | 0.6 | +16466.7% | | Finance expense | (93.6) | (38.1) | +145.7% | | Other income (expense) | (25.8) | 550.2 | N/A | | Net income (loss) | (51.6) | 310.7 | N/A | - The decrease in net income for both periods is primarily due to a **$470.4 million gain** recognized in Q2 2024 on the remeasurement of Greenstone assets, a non-recurring event[35](index=35&type=chunk) - Other income (expense) shifted from a significant gain in 2024 to an expense in 2025, mainly due to the absence of the Greenstone remeasurement gain and losses on gold contracts, partially offset by gains on foreign exchange contracts[150](index=150&type=chunk)[151](index=151&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) Equinox Gold maintains strong liquidity with **$406.7 million cash** and an expanded Revolving Facility, despite negative working capital from the Calibre Acquisition, and improved operating cash flow - At **June 30, 2025**, the Company had **$406.7 million** in cash and cash equivalents and **$19.6 million undrawn** on its **$700.0 million Revolving Facility** (subsequently increased to **$850 million** with extended maturity)[158](index=158&type=chunk) - Working capital was **negative $69.6 million** at June 30, 2025 (vs. positive **$95.0 million** at Dec 31, 2024), primarily due to current liabilities from the Calibre Acquisition (**$342.3 million**) and reclassification of Los Filos heap leach inventory to non-current assets[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) Cash Flow Summary (Q2 2025 vs Q2 2024) | Cash Flow Activity (M$) | Q2 2025 | Q2 2024 | Change (M$) | | :-------------------------------- | :------ | :------ | :---------- | | Operating Activities | 132.9 | (33.0) | +165.9 | | Investing Activities | 96.9 | (745.4) | +842.3 | | Financing Activities | 2.6 | 822.6 | -820.0 | - Cash provided by operating activities increased due to higher income from mine operations and realized gold prices[164](index=164&type=chunk)[165](index=165&type=chunk) - Investing activities were positively impacted by Calibre's cash balance and the absence of the Greenstone acquisition payment from the prior year[164](index=164&type=chunk)[165](index=165&type=chunk) - Financing activities decreased significantly compared to 2024, which included large draws on the revolving facility, term loan, and proceeds from share issuance[167](index=167&type=chunk) [Outstanding Share Data](index=33&type=section&id=Outstanding%20Share%20Data) Equinox Gold had **760.4 million common shares outstanding** and a fully diluted share count of **839.6 million** as of the MD&A date Outstanding Share Data (as of MD&A date) | Share Type | Number of Shares | | :-------------------------------- | :--------------- | | Issued and Outstanding | 760,399,360 | | Issuable under Stock Options | 9,478,192 | | Issuable under Restricted Share Units | 6,604,603 | | Potentially Issuable on Conversion of Convertible Notes | 53,617,858 | | Issuable under Share Purchase Warrants | 9,450,169 | | **Fully Diluted Outstanding Share Count** | **839,550,182** | [Commitments and Contingencies](index=33&type=section&id=Commitments%20and%20Contingencies) Equinox Gold has **$3.54 billion** in contractual commitments, with **$1.03 billion due within 12 months**, and faces various legal, tax, and environmental contingencies Contractual Maturities of Financial Liabilities and Commitments (as of June 30, 2025) | Commitment Type | Within 1 year (M$) | 1-2 years (M$) | 2-3 years (M$) | 3-4 years (M$) | 4-5 years (M$) | Thereafter (M$) | Total (M$) | | :-------------------------------- | :----------------- | :------------- | :------------- | :------------- | :------------- | :-------------- | :----------- | | Trade payables and accrued liabilities | 360.7 | — | — | — | — | — | 360.7 | | Loans and borrowings | 337.2 | 1,324.0 | 193.7 | 178.6 | 37.8 | — | 2,071.3 | | Derivative liabilities | 29.5 | 7.7 | — | — | — | — | 37.3 | | Lease liabilities | 50.0 | 36.0 | 25.9 | 19.3 | 8.2 | 24.7 | 164.1 | | Other financial liabilities | 51.6 | 52.9 | 52.0 | 46.2 | 35.5 | 9.6 | 247.8 | | Reclamation and closure costs | 31.1 | 23.6 | 34.0 | 35.1 | 17.8 | 226.6 | 368.3 | | Purchase commitments | 150.0 | 16.9 | 8.4 | 6.8 | 6.6 | 24.1 | 212.9 | | Other operating commitments | 17.9 | 3.2 | 3.2 | 3.2 | 3.2 | 51.6 | 82.4 | | **Total** | **1,028.0** | **1,464.4** | **317.3** | **289.3** | **109.0** | **336.7** | **3,544.8** | - The Company recognized a provision of **$10.2 million** for legal matters at June 30, 2025[170](index=170&type=chunk) - A Nicaraguan tax authority claims **$36.6 million** in mining taxes against income taxes, which the Company disputes and believes will not result in a cash outflow; a Mexican tax audit for the Mercedes Mine is ongoing, with no provision recognized[172](index=172&type=chunk)[173](index=173&type=chunk) - Environmental infractions at Aurizona related to a 2021 rain event resulted in fines totaling **$9.4 million**, with a **$2.9 million provision** recognized, and public civil actions and criminal proceedings are considered without merit[174](index=174&type=chunk) [Related Party Transactions](index=34&type=section&id=Related%20Party%20Transactions) No significant related party transactions occurred during the three months ended **June 30, 2025** - No significant related party transactions occurred during Q2 2025[176](index=176&type=chunk) [Non-IFRS Measures](index=34&type=section&id=Non-IFRS%20Measures) This section defines and reconciles non-IFRS financial measures, including cash costs, AISC, and adjusted EBITDA, used to provide additional performance insights [Cash Costs and Cash Costs per oz Sold](index=35&type=section&id=Cash%20Costs%20and%20Cash%20Costs%20per%20oz%20Sold) Cash costs are a non-IFRS measure representing mine site operating costs, net of non-recurring items and silver revenue, used to evaluate operating performance and cash flow generation - Cash costs are calculated as mine site operating costs, net of non-recurring items and silver revenue, and are divided by ounces sold to arrive at cash costs per oz sold[178](index=178&type=chunk) [AISC per oz Sold](index=35&type=section&id=AISC%20per%20oz%20Sold) All-in Sustaining Costs (AISC) per ounce sold is a non-IFRS measure providing a comprehensive view of gold production costs, including cash costs, sustaining capital, and exploration - AISC includes cash costs, sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization, and exploration and evaluation costs, aiming to reflect the full cost of gold production from current operations[179](index=179&type=chunk) [Reconciliation of Cash Costs and AISC per oz Sold](index=36&type=section&id=Reconciliation%20of%20Cash%20Costs%20and%20AISC%20per%20oz%20Sold) The reconciliation table details the calculation of total cash costs and total AISC from operating expenses, showing adjustments for silver revenue, fair value, and pre-commercial production Reconciliation of Cash Costs and AISC per oz Sold (Q2 2025 vs Q2 2024) | Metric (M$) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Operating expenses | 229.7 | 204.0 | | Silver revenue | (1.3) | (0.7) | | Fair value adjustment on acquired inventories | 1.4 | (12.0) | | Non-recurring charges recognized in operating expenses | (10.7) | — | | Pre-commercial production and development stage operating expenses | (6.0) | (7.8) | | **Total cash costs** | **213.1** | **183.5** | | Sustaining capital | 62.1 | 26.0 | | Sustaining lease payments | 2.9 | 2.1 | | Reclamation expense | 6.0 | 2.6 | | Sustaining exploration expense | — | 0.2 | | Pre-commercial production and development stage sustaining expenditures | (1.7) | (0.1) | | **Total AISC** | **282.5** | **214.5** | | Gold oz sold | 148,938 | 115,423 | | Gold oz sold from entities during pre-commercial production or development stages | (4,713) | (10,358) | | **Adjusted gold oz sold** | **144,225** | **105,065** | | **Cash costs per gold oz sold ($/oz)** | **1,478** | **1,747** | | **AISC per oz sold ($/oz)** | **1,959** | **2,041** | [Sustaining Capital and Sustaining Expenditures](index=37&type=section&id=Sustaining%20Capital%20and%20Sustaining%20Expenditures) Sustaining capital expenditures are investments that maintain current production levels at operating mines, excluding expansionary projects, and are reconciled from total capital additions - Sustaining capital expenditures are defined as expenditures that do not increase annual gold ounce production at an operating mine site, excluding expansionary capital and non-sustaining expenditures[181](index=181&type=chunk) Reconciliation of Sustaining Capital Expenditures (Q2 2025 vs Q2 2024) | Metric (M$) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Capital additions to mineral properties, plant and equipment | 118.2 | 139.1 | | Less: Non-sustaining capital at operating sites | (17.9) | (4.8) | | Less: Non-sustaining capital for pre-commercial production and development stages | (16.2) | (92.7) | | Less: Other non-cash additions | (22.0) | (15.6) | | **Sustaining capital expenditures - consolidated** | **62.1** | **26.0** | | Less: Sustaining expenditures for entities in development stages | (1.7) | — | | Add: Sustaining lease payments | 2.9 | 2.1 | | Add: Reclamation expense | 6.0 | 2.6 | | Add: Sustaining exploration expense | — | 0.2 | | **Sustaining expenditures - operating mine sites** | **69.4** | **31.0** | [Total Mine-Site Free Cash Flow](index=38&type=section&id=Total%20Mine-Site%20Free%20Cash%20Flow) Mine-site free cash flow is a non-IFRS measure indicating the company's ability to operate without additional borrowing, calculated by adjusting operating cash flow for non-cash items and deducting capital expenditures - Mine-site free cash flow is a non-IFRS measure used to assess the Company's ability to operate without reliance on additional borrowing or existing cash, excluding fair value adjustments on acquired inventories[184](index=184&type=chunk) Reconciliation of Total Mine-Site Free Cash Flow (Q2 2025 vs Q2 2024) | Metric (M$) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Operating cash flow before non-cash changes in working capital | 126.0 | 39.7 | | Fair value adjustments on acquired inventories | (1.4) | 12.0 | | Non-recurring charges recognized in operating expenses | 10.7 | — | | Operating cash flow (generated) used by non-mine site activity | 106.9 | 7.7 | | **Cash flow from operating mine sites** | **242.1** | **59.4** | | Less: Capital expenditures from operating mine sites | 80.0 | 30.8 | | Less: Lease payments related to non-sustaining capital items | 5.4 | 5.9 | | Less: Non-sustaining exploration expense | 2.1 | 1.0 | | **Total mine-site free cash flow before changes in non cash working capital** | **154.5** | **21.7** | | (Increase) decrease in non-cash working capital | 23.9 | (72.8) | | **Total mine site free cash flow after changes in non-cash working capital** | **178.4** | **(51.0)** | [AISC Contribution Margin, EBITDA and Adjusted EBITDA](index=39&type=section&id=AISC%20Contribution%20Margin%2C%20EBITDA%20and%20Adjusted%20EBITDA) AISC contribution margin, EBITDA, and Adjusted EBITDA are non-IFRS measures used to evaluate performance and debt servicing ability, with Adjusted EBITDA excluding specific non-recurring or non-core operating items - AISC contribution margin is defined as revenue less AISC, while EBITDA is earnings before interest, tax, depreciation, and amortization[185](index=185&type=chunk) - Adjusted EBITDA further excludes significant non-operating items like fair value changes, unrealized foreign exchange gains/losses, transaction costs, non-cash share-based compensation, impairments, and gains/losses on asset disposals[186](index=186&type=chunk) Reconciliation of AISC Contribution Margin (Q2 2025 vs Q2 2024) | Metric (M$) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Revenue | 478.6 | 269.4 | | Less: silver revenue | (1.3) | (0.7) | | Less: AISC | (282.5) | (214.5) | | Less: revenue from entities during pre commercial production or development stages | (14.4) | (24.0) | | **AISC contribution margin** | **180.4** | **30.3** | | Adjusted gold ounces sold | 144,225 | 105,065 | | **AISC contribution margin per oz sold ($/oz)** | **1,251** | **288** | Reconciliation of EBITDA and Adjusted EBITDA (Q2 2025 vs Q2 2024) | Metric (M$) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Net income (loss) | 23.8 | 353.5 | | Income tax expense | 25.5 | 197.9 | | Depreciation and depletion | 95.6 | 44.4 | | Finance expense | 45.3 | 20.7 | | Finance income | (2.5) | (2.4) | | **EBITDA** | **187.8** | **614.0** | | Non-cash share-based compensation expense | 4.5 | 2.8 | | Unrealized (gain) loss on gold contracts | (10.6) | (0.2) | | Unrealized (gain) loss on foreign exchange contracts | (30.2) | 19.3 | | Unrealized foreign exchange (gain) loss | 11.7 | (7.3) | | Change in fair value of Greenstone Contingent Consideration | 6.1 | 11.7 | | Gain on remeasurement of previously held interest in Greenstone | — | (579.8) | | Other (income) expense | 2.6 | (15.3) | | Transaction costs | 9.0 | — | | Non-recurring charges recognized in operating expense | 11.7 | — | | Non-recurring charges recognized in care and maintenance expense | 8.0 | — | | **Adjusted EBITDA** | **200.5** | **45.1** | [Adjusted Net Income and Adjusted EPS](index=41&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20EPS) Adjusted net income and adjusted EPS are non-IFRS measures that provide a clearer view of the company's underlying operating performance by excluding specific non-recurring or non-core items - Adjusted net income and adjusted EPS exclude significant non-operating items like fair value changes of warrants, foreign exchange and gold contracts, unrealized foreign exchange gains/losses, and non-cash share-based compensation expense[190](index=190&type=chunk) Reconciliation of Adjusted Net Income and Adjusted EPS (Q2 2025 vs Q2 2024) | Metric (M$) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Net income (loss) attributable to Equinox Gold shareholders | 23.8 | 353.5 | | Add (deduct) adjustments: | | | | Non-cash share-based compensation expense | 4.5 | 2.8 | | Unrealized (gain) loss on gold contracts | (10.6) | (0.2) | | Unrealized (gain) loss on foreign exchange contracts | (30.2) | 19.3 | | Unrealized foreign exchange (gain) loss | 11.7 | (7.3) | | Change in fair value of Greenstone Contingent Consideration | 6.1 | 11.7 | | Gain on remeasurement of previously held interest in Greenstone | — | (579.8) | | Other (income) expense | 2.6 | (15.3) | | Transaction costs | 9.0 | — | | Non-recurring charges recognized in operating expense | 11.7 | — | | Non-recurring charges recognized in care and maintenance expense | 8.0 | — | | Non-recurring charge recognized in tax expense | 24.5 | — | | Income tax impact related to above adjustments | 5.8 | 146.6 | | Unrealized foreign exchange (gain) loss recognized in deferred tax expense | (10.2) | 22.5 | | **Adjusted net income (loss)** | **56.7** | **(46.4)** | | Basic weighted average shares outstanding (millions) | 499.4 | 392.5 | | Diluted weighted average shares outstanding (millions) | 506.1 | 471.5 | | **Adjusted income (loss) per share - basic ($/share)** | **0.11** | **(0.12)** | | **Adjusted income (loss) per share - diluted ($/share)** | **0.11** | **(0.10)** | [Net Debt](index=42&type=section&id=Net%20Debt) Net debt is a non-IFRS measure calculated as total debt less unrestricted cash and cash equivalents, used to evaluate the company's financial leverage - Net debt is calculated as the sum of current and non-current portions of long-term debt, net of unrestricted cash and cash equivalents[192](index=192&type=chunk) Reconciliation of Net Debt (as of June 30, 2025) | Metric (M$) | June 30, 2025 | | :-------------------------------- | :------------ | | Current portion of loans and borrowings | 220.3 | | Non-current portion of loans and borrowings | 1,560.0 | | **Total debt** | **1,780.3** | | Less: Cash and cash equivalents (unrestricted) | (406.7) | | **Net debt** | **1,373.7** | [Accounting Matters](index=42&type=section&id=Accounting%20Matters) Equinox Gold's financial statements adhere to IFRS, with consistent accounting policies and regularly reviewed critical estimates and judgments - The Company's consolidated financial statements are prepared in accordance with IFRS, with accounting policies consistent with the **2024 annual audited consolidated financial statements**, except for specific disclosures in note 2(d) of the interim statements[194](index=194&type=chunk) - Management makes judgments, estimates, and assumptions that affect financial statements, with critical accounting estimates being uncertain and potentially materially impacting results, which are reviewed on an ongoing basis[195](index=195&type=chunk) [Internal Controls Over Financial Reporting and Disclosure Controls and Procedures](index=42&type=section&id=Internal%20Controls%20Over%20Financial%20Reporting%20and%20Disclosure%20Controls%20and%20Procedures) Management maintains internal controls, with no material changes in Q2 2025, and Calibre's controls were excluded from the Q2 assessment for future integration - Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures, designed to provide reasonable assurance regarding financial reporting reliability[196](index=196&type=chunk) - There were no changes in internal controls over financial reporting that materially affected the Company's controls during the three months ended **June 30, 2025**[196](index=196&type=chunk) - The internal controls of Calibre, acquired on **June 17, 2025**, were excluded from the Q2 2025 assessment, as permitted by National Instrument 52-109, and will be integrated into future assessments[197](index=197&type=chunk) [Cautionary Notes and Forward-looking Statements](index=43&type=section&id=Cautionary%20Notes%20and%20Forward-looking%20Statements) This MD&A contains forward-looking information on strategic vision and performance, cautioning readers about inherent risks and uncertainties that may cause actual results to differ - The MD&A contains forward-looking information related to the Company's strategic vision, exploration potential, production capabilities, growth potential, future financial/operating performance, expected benefits of the Calibre Acquisition, and timing of project advancements[198](index=198&type=chunk) - Forward-looking information is based on current expectations and projections, including assumptions about successful integration, meeting production/cost goals, stable gold prices, and timely receipt of permits, but these assumptions may prove incorrect[200](index=200&type=chunk) - Known and unknown risks, uncertainties, and other factors, such as changes in gold price, sanctions, tariffs, operational hazards, and relationships with communities, may cause actual results to differ materially from forward-looking statements[201](index=201&type=chunk) [Technical Information](index=45&type=section&id=Technical%20Information) David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person for reviewing and approving this document's technical content per NI 43-101 - David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved the technical content of this document[204](index=204&type=chunk)

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].

Equinox Gold Announces Agreement to Divest Non- Core Nevada Assets for US$115 Million August 07, 2025 10:26 AM EDT | Source: Equinox Gold Corp. Vancouver, British Columbia--(Newsfile Corp. - August 7, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce the sale of its 100% interest in the Pan Mine, Gold Rock Project, and Illipah Project located in Nevada, USA (the "Nevada Assets") to Minera Alamos Inc. (TSXV: MAI) for US$115 million, payable on ...

Core Viewpoint - Equinox Gold Corp. is set to announce its unaudited financial and operating results for the second quarter of 2025 on August 13, 2025, after market close [1] Financial Results Announcement - The financial results will cover the three and six months ended June 30, 2025 [1] - A conference call and webcast will be held on August 14, 2025, at 7:30 am PT (10:30 am ET) to discuss the results [1]

Company Overview - Equinox Gold is identified as a gold miner with significant potential for production growth in the coming years [1] - The company possesses a portfolio of high-quality assets that are expected to contribute to this growth [1] Analyst Background - The analyst has over 10 years of experience researching various companies across multiple sectors, including commodities and technology [1] - A total of over 1000 companies have been researched, providing a broad base of knowledge that informs the analysis of Equinox Gold [1] Investment Focus - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, emphasizing research on metals and mining stocks [1] - The analyst expresses a comfort level with various industries, including consumer discretionary, REITs, and utilities, but has a particular interest in metals and mining [1]

Core Viewpoint - Equinox Gold Corp. has reported significant high-grade gold mineralization results from its El Limon Mine Complex in Nicaragua, indicating strong potential for resource expansion and new discoveries [1][4][8]. Group 1: Exploration Results - The exploration campaign at El Limon has yielded high-grade intercepts, including 36.77 g/t gold over 6.9 metres and 8.55 g/t gold over 14.6 metres, among others [1][6]. - The drilling results demonstrate the extension of gold mineralization in three key areas: near the Panteon underground mine, along the VTEM Gold Corridor, and in the vicinity of the past-producing Talavera mine [4][8]. Group 2: Resource Growth - Since acquiring El Limon in Q4 2019, the company has achieved over a 700% increase in Mineral Reserves, now totaling 1.12 million ounces of gold at a grade of 4.36 g/t as of year-end 2024 [3][8]. - The company has successfully permitted and brought four new satellite mines into production in Nicaragua, enhancing the long-term value of its assets [5][8]. Group 3: Future Plans - The 2025 exploration strategy will focus on resource expansion and discovery drilling at existing resource zones and high-priority targets, including the VTEM Gold Corridor and Talavera mine [8][9]. - Talavera represents a new opportunity with a newly delineated Inferred Mineral Resource of 630,000 ounces grading 5.09 g/t gold, located less than three kilometres from the El Limon processing facility [9].

Leadership Transition - Equinox Gold Corp. announces a leadership transition with Greg Smith stepping down as CEO and Director, and Darren Hall appointed as the new CEO and Director effective immediately [1][2] - Darren Hall has extensive mining experience, previously serving as President and CEO of Calibre Mining, where he significantly increased production and drove strong shareholder returns [2][3] Company Growth and Strategy - Greg Smith highlighted the company's evolution from a concept to a multi-asset, multi-billion-dollar gold producer, with a clear pathway to producing over one million ounces annually [2] - The company is transitioning from growth through acquisition to disciplined execution and operational excellence, focusing on optimizing its expanded portfolio [2][4] New Leadership Focus - Darren Hall emphasized the importance of disciplined execution and operational excellence as the company enters a new phase of growth and optimization [4] - David Schummer has been appointed as Chief Operating Officer, bringing over 35 years of mining experience and a focus on health and safety culture [4]

Group 1 - The gold price has remained stable over the past 3.5 months after a rise since 'Liberation Day' on April 2 [1] - The Trend Investing group focuses on trending and emerging themes, particularly in electric vehicles, EV metals supply chain, stationary energy storage, and AI [1] Group 2 - The article emphasizes the importance of conducting personal research and not relying solely on the information provided [3]

Core Viewpoint - Equinox Gold Corp. has published its 2024 Sustainability Report, highlighting its commitment to responsible mining and progress in environmental, social, and governance (ESG) areas [1][2]. Environmental Achievements - Improved environmental performance by 31% compared to 2023, achieving a Significant Environmental Incident Frequency Rate of 0.20 per million hours worked [7] - Demonstrated best practices in tailings and heap leach management, with zero related environmental or safety incidents [7] - Diverted 4,531 tonnes of hazardous and nonhazardous material from disposal [7] - Rehabilitated 38.5 hectares of land and planted over 32,395 seedlings [7] - Advanced water stewardship initiatives, including dry stack tailings and maintenance of a freshwater reservoir [7] Social Achievements - Increased social investments to US$10.1 million, focusing on healthcare and education [7] - 96% of total procurement spend remained within host countries, with 16% directed to local suppliers (up from 14% in 2023) [7] - Continued Leadership Academy in Brazil and launched a new Emerging Leader Program in North America [7] - Organized a cycling relay raising C$1.24 million for local healthcare and charities [7] - Achieved 100% acknowledgment of the Supplier Code of Conduct from over 4,000 active suppliers [7] Governance Achievements - Tied 8% of executive incentive compensation to ESG metrics [7] - Formalized a Company-wide Equity, Diversity, and Inclusion strategy with four pillars [7] 2025 ESG Priorities - Continue to improve health and safety and environmental performance [10] - Implement objectives from Human Resources and Equity, Diversity, and Inclusion strategic roadmaps [10] - Complete external assurance of the World Gold Council's Responsible Gold Mining Principles at two sites [10] - Complete training on Social Management Standards at all sites [10] - Implement a new Enterprise Risk Management system for improved efficiency and reporting [10]