Equinox Gold Delivers Transformational Year with Strategic Merger, Record Production and Revenue, Portfolio Optimization, More than US$1.1 Billion in Debt Reduction, and Announces Inaugural Dividend

Core Insights - Equinox Gold Corp. reported significant progress in 2025, highlighted by a merger with Calibre Mining, resulting in a strong North American gold production focus and the establishment of two new long-life Canadian mines [2][6] Financial Performance - The company achieved a record full-year gold production of 922,827 ounces, exceeding its guidance of 785,000 to 915,000 ounces, with total cash costs of $1,494 per ounce and all-in sustaining costs (AISC) of $1,925 per ounce [6][28] - Revenue from continuing and discontinued operations reached $2.71 billion, with an average realized gold price of $3,465 per ounce [6][28] - Cash flow from operations before changes in non-cash working capital was $915.1 million, and adjusted EBITDA stood at $1,339.6 million [6][28] Operational Highlights - In Q4 2025, Equinox Gold produced a record 247,024 ounces of gold, with Greenstone contributing over 70,000 ounces, marking a 29% increase from the previous quarter [3][6] - The Valentine mine achieved commercial production ahead of schedule, contributing more than 23,000 ounces in Q4 [3][6] Debt Management and Shareholder Returns - The company successfully reduced its debt by over $1.1 billion since Q2 2025, with net debt approximately $75 million as of January 31, 2026 [6][28] - Equinox Gold announced the initiation of a quarterly cash dividend of $0.015 per share and plans for a share buyback program, reflecting confidence in its financial position [5][6] Future Outlook - For 2026, Equinox Gold expects to produce between 700,000 to 800,000 ounces of gold, with cash costs projected at $1,425 to $1,525 per ounce and AISC at $1,775 to $1,875 per ounce [4][15] - The company aims to self-fund 400,000 to 500,000 ounces of potential annual organic growth over the next five years through various expansion projects [4][6]