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Here are 1-3 brief analogies for Equinox Gold (EQX):

• Equinox Gold is like a developing Barrick Gold, focused on mining gold and silver.
• Equinox Gold is like Newmont, but as a mid-tier company digging for gold and silver across the Americas.

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• Gold: Equinox Gold mines, processes, and sells gold from its various properties.
• Silver: The company also explores for and produces silver as a primary or by-product from its mining operations.

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Equinox Gold Corp. (EQX) is a gold and silver mining company that produces raw precious metals. As such, its primary products, refined gold and silver, are commodities sold into the global market. Therefore, the company does not typically have "major customers" in the traditional sense, nor does it sell directly to individuals.

Instead, Equinox Gold sells its gold and silver doré bars or refined metal primarily to:

• Bullion banks and financial institutions: These entities specialize in the trading, storage, and financing of precious metals. They act as intermediaries in the global gold and silver market.
• Precious metals refiners and traders: Companies that further refine, certify, and distribute gold and silver to various end-users.

Due to the fungible nature of commodities like gold and silver, sales are often transactional, and the specific buyers can vary based on market conditions and specific arrangements. It is not common for a mining company to have a few named, recurring major customers similar to a B2B supplier in other industries.

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• Lycopodium Minerals Canada Ltd. (Lycopodium Limited: ASX: LYL)
• Northern Resource Trucking Inc.
• Metso Corporation (HEL: METSO)
• Caterpillar Inc. (NYSE: CAT)
• FLSmidth (FLS: CPH: FLS)

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Darren Hall, Chief Executive Officer & Director

Darren Hall was appointed Chief Executive Officer and Director of Equinox Gold on July 22, 2025. He brings over 35 years of experience in the mining industry, with a focus on increasing production, reducing costs, improving capital effectiveness, and promoting health, safety, and business excellence. Prior to his current role, he served as President and Chief Executive Officer of Calibre Mining from 2021 until its merger with Equinox Gold in June 2025. He also held the position of President & Chief Operating Officer of Equinox Gold briefly before becoming CEO. His experience includes senior roles at Kirkland Lake Gold, Newmarket Gold (which was acquired by Kirkland Lake Gold), and Newmont. As CEO of Calibre, he was credited with significantly increasing production, lowering costs, and driving strong free cash flow, culminating in Calibre's successful merger with Equinox Gold.

Peter Hardie, Chief Financial Officer

Peter Hardie has served as the Chief Financial Officer of Equinox Gold since August 2016. Before joining Equinox Gold, he was the CFO of True Gold until it was acquired by Endeavour Mining in April 2016. Mr. Hardie is a Chartered Professional Accountant with nearly 20 years of experience in finance, accounting, business development, government negotiation, construction, and operations. He spent 10 years at Nevsun Resources Ltd., where he advanced through various management positions, including several years as Vice President of Finance and Chief Financial Officer.

David Schummer, Chief Operating Officer

David Schummer was appointed Chief Operating Officer of Equinox Gold on July 22, 2025. He possesses over 35 years of global mining industry experience, having held senior leadership roles across the U.S., Canada, Peru, Indonesia, West Africa, and the Middle East. Mr. Schummer is an experienced executive leader in large-scale mining companies, focusing on building strong health and safety cultures, driving operational excellence, and delivering value through mining efficiencies. He previously served as the Chief Operating Officer of Calibre Mining, which merged with Equinox Gold in June 2025, and prior to that, held the same role at Perseus Mining.

Scott Heffernan, Executive Vice President, Exploration

Scott Heffernan has been planning and implementing Equinox Gold's exploration strategy as Executive Vice President of Exploration since August 2016. Before his time at Equinox Gold, he was the Vice President of Exploration for True Gold Mining Inc. until its acquisition by Endeavour Mining in April 2016. Mr. Heffernan is a registered professional geologist with 20 years of hands-on exploration and management experience across the Americas and Africa. He also held dual positions as VP Exploration for Wealth Minerals Ltd. and Exploration Manager (Argentina) of Cardero Resource Corporation. Earlier in his career, he worked with Equity Exploration Ltd., a Vancouver-based consulting and contracting firm specializing in turn-key geological project management.

Susan Toews, General Counsel & Corporate Secretary

Susan Toews has served as General Counsel of Equinox Gold since March 2018 and as Corporate Secretary since 2018. She has nearly 30 years of legal and business experience from in-house, regulatory, and private practice roles, with knowledge of mining in Canada, the United States, Mexico, Brazil, Australia, and Chile. Prior to Equinox Gold, Ms. Toews worked at New Gold Inc. from July 2008 as Vice President Legal Affairs, Corporate Secretary, and as a consultant. She was also Corporate Secretary for Peak Gold Ltd. (which merged with New Gold in 2008) and General Counsel for EGX Canada Inc., an emerging stock exchange for real estate-related securities.

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The key risks to Equinox Gold's business include:

1. Commodity Price Volatility: Equinox Gold's financial performance is highly dependent on the market prices of gold and silver. Significant fluctuations in these commodity prices can directly impact the company's revenue, profitability, and the economic viability of its mining projects.

2. Operational and Project Development Risks: The company faces risks associated with the successful operation of its existing mines and the development of new projects. These risks include unexpected geological conditions, technical challenges, cost overruns, delays in permitting and construction, equipment failures, labor disputes, and the ability to maintain production levels across its diverse portfolio of properties.

3. Political, Regulatory, and Social License to Operate Risks: Operating across multiple jurisdictions such as Brazil, Mexico, the United States, and Canada exposes Equinox Gold to a variety of political, regulatory, and social challenges. These include changes in mining laws, taxation, environmental regulations, permitting delays, community opposition, and the potential for political instability, which can affect the company's ability to operate and its profitability.

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The increasing adoption of cryptocurrencies, particularly Bitcoin, as an alternative store of value and inflation hedge, presents an emerging threat to the long-term demand for gold. This trend could potentially diminish gold's traditional role as a safe-haven asset and store of wealth, impacting future gold prices and, consequently, the profitability and valuation of gold mining companies like Equinox Gold.

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Equinox Gold Corp. primarily explores for gold and silver deposits. The addressable markets for these main products are global.

Gold Market

The global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.51% during the forecast period of 2025-2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a CAGR of 4.70% during the forecast period. Another estimate indicates the market is expected to grow from 4.75 kilotons in 2025 to 7.25 kilotons by 2031 at a 7.30% CAGR.

The Asia-Pacific region dominated the global gold market in 2025 with a market share of 65.54% and 59.85% in 2025 by volume, fueled by strong consumer demand in countries like India and China. North America held 15% of the global gold market share in 2024. North America is also expected to reach 394.5 tons in 2026.

Silver Market

The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period. Another report valued the market at USD 23.51 billion in 2025, with an expected increase to USD 36.51 billion by 2035 at a CAGR of 4.50%. In terms of volume, the silver market is expected to grow from 37.78 kilotons in 2025 to 49.54 kilotons by 2031, at a 4.62% CAGR.

Global silver demand reached 1.24 billion ounces in 2023, primarily driven by industrial sectors. The Asia-Pacific region commanded 57.44% of global silver consumption in 2025. The US market is characterized by steady production and strong industrial demand for silver in electronics and solar panels.

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Equinox Gold (EQX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and operational developments:

1. Ramp-up and Full Production from the Greenstone Gold Mine: The Greenstone Gold Mine, a 60/40 partnership (now 100% owned by Equinox Gold), achieved commercial production in November 2024, after pouring its first gold in the first half of 2024. This Canadian cornerstone asset is projected to be one of the largest gold mines in Canada, with an anticipated average annual production of 390,000 ounces for the first five years and 330,000 ounces over its initial 15-year mine life at full production. The continued ramp-up of operations at Greenstone is expected to be a significant driver of increased gold production and revenue throughout 2025 and 2026.
2. Increased Production and Potential Phase 2 Expansion at the Valentine Gold Mine: Acquired through the merger with Calibre Mining, the Valentine Gold Mine in Newfoundland, Canada, poured its first gold in September 2025 and achieved commercial production in November 2025. This mine is expected to deliver consistent nameplate capacity of 2.5 million tonnes per year by Q2 2026, with 2026 production guidance between 150,000-200,000 ounces. Furthermore, Equinox Gold is advancing a Phase 2 expansion at Valentine, which aims to enhance throughput capacity from 2.5 million tonnes per annum to 4.5-5.0 million tonnes per annum, potentially increasing annual production to over 200,000-250,000 ounces.
3. Sustained Contributions from the Acquired Calibre Mining Assets, including Nicaraguan Operations: The strategic merger with Calibre Mining, completed in June 2025, significantly expanded Equinox Gold's portfolio. This acquisition brought additional producing mines in Nicaragua and the Valentine Gold Mine, contributing to a projected increase in overall gold output. The full integration and steady contributions from these assets are expected to bolster production and revenue in the coming years.
4. Advancement and Execution of Expansion Projects at Existing Mines: Equinox Gold is advancing expansion projects across its portfolio, notably Castle Mountain Phase 2 in California, USA, and the Los Filos expansion in Guerrero, Mexico. Castle Mountain Phase 2 aims to increase production by 220,000 ounces, with federal permitting anticipated to conclude by December 2026. The Los Filos expansion has the potential to add more than 250,000-280,000 ounces of gold annually through the construction of a carbon-in-leach plant, and is part of the company's development pipeline for future growth. These organic growth projects are crucial for delivering over 500,000 ounces of additional production.
5. Exploration Efforts and Resource Growth: Equinox Gold emphasizes exploration as a high-return investment, planning to invest $70-$80 million in 2026 across its portfolio. These efforts are aimed at replacing reserves, expanding resources, and identifying the next generation of mines, which will extend mine lives and provide a pipeline for long-term production and revenue growth.

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Share Repurchases

• Equinox Gold announced a Normal Course Issuer Bid (NCIB) on February 18, 2026, to repurchase up to approximately 5% of its issued and outstanding shares, equating to around 39.4 million shares.
• This buyback program is authorized to expire on March 1, 2027.
• Prior to this recent authorization, Equinox Gold did not make significant dollar amounts of share repurchases over the last 3-5 years, as indicated by a 5-Year Share Buyback Ratio of -24.90% as of September 2025, suggesting net issuance during that period.

Share Issuance

• Equinox Gold issued approximately 297 million shares as part of the all-stock acquisition of Calibre Mining for approximately US$1.8 billion (C$2.6 billion) in February/June 2025.
• The number of outstanding shares increased by 79.99% in 2025 and 36.61% in 2024.
• As of February 18, 2026, the company had 788.3 million common shares outstanding.

Outbound Investments

• Equinox Gold completed an all-stock acquisition of Calibre Mining for approximately US$1.8 billion (C$2.6 billion) in February/June 2025, integrating the Greenstone and Valentine mines into its portfolio.
• On October 1, 2025, the company sold its Pan Mine and other Nevada assets for a total consideration of $136.5 million.
• In December 2025, Equinox Gold entered an agreement to sell its operating mines in Brazil for $900 million in cash on closing and a potential $115 million in production-linked contingent payments, with the sale expected to close in Q1 2026.

Capital Expenditures

• **Greenstone Project (Ontario, Canada):** The Greenstone Project (60% owned by Equinox Gold) has an estimated initial capital expenditure of $1.23 billion (100% basis), with construction commencing in October 2021 and production targeted for the first half of 2024. By June 30, 2023, $937 million (100% basis) had been spent on the project.
• **Santa Luz Gold Mine (Bahia, Brazil):** The company approved a $103 million construction budget in November 2020 for the Santa Luz Gold Mine, with first gold pour targeted for Q1 2022. By June 30, 2021, $31 million had been spent, primarily focused on refurbishing existing infrastructure.
• **Los Filos Expansion (Guerrero, Mexico):** An updated feasibility study in October 2022 estimated an initial capital cost of $318 million for a carbon-in-leach (CIL) plant as part of an expansion. While Equinox Gold had initially indicated no plans to proceed, an agreement in November 2025 for the mine's reactivation could unlock US$340 million in investments.
• **2026 Capital Guidance:** For 2026, Equinox Gold plans to invest $325-375 million in growth capital, primarily for the ramp-up of its Greenstone and Valentine mines, and an additional $70-80 million in exploration.