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• A mid-tier gold mining company, similar to a smaller, growing Barrick Gold (GOLD) or Newmont (NEM).
• Like a Rio Tinto (RIO) or BHP (BHP), but exclusively focused on finding and mining gold.

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• Gold: A precious metal commodity produced through the extraction and processing of gold ore from the company's various mines.

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Equinox Gold (EQX) Major Customers

• Precious Metals Refiners: These companies take the unrefined gold (dore bars) from mines and process it into high-purity gold bars that meet industry standards (e.g., London Good Delivery standards). While many major refiners are privately held, they are essential intermediaries in the gold supply chain.
• Bullion Banks and Dealers: These are large financial institutions and commodity trading houses that specialize in buying, selling, and managing physical precious metals. They act as major intermediaries in the global gold market, often engaging in trading, hedging, and distributing gold to various end-users. Prominent public companies that operate in this space and could be potential counterparties (though not specifically named by Equinox Gold as direct customers) include:
  • JPMorgan Chase & Co. (JPM)
  • HSBC Holdings plc (HSBA.L - London listing)
  • StoneX Group Inc. (SNEX) - via its physical commodities divisions.

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• Acciona S.A. (ANA)
• Hydro One Limited (H)

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Darren Hall, Chief Executive Officer & Director

Darren Hall has over 35 years of experience in the mining industry. He was appointed CEO and a Director of Equinox Gold on July 22, 2025, after briefly serving as President & Chief Operating Officer following the merger of Calibre Mining with Equinox Gold on June 17, 2025. Previously, he was the President and Chief Executive Officer of Calibre Mining. He also served as Chief Operating Officer of Kirkland Lake Gold, which acquired Newmarket Gold, where he also held the position of Chief Operating Officer. Prior to Newmarket Gold, Mr. Hall worked for Newmont Mining Corporation in various roles.

Peter Hardie, Chief Financial Officer

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

Ross Beaty, Chair

Ross Beaty is the Chair of Equinox Gold's Board of Directors. He is a geologist and resource company entrepreneur with over 50 years of experience in the international minerals and renewable energy industries. Mr. Beaty founded and is Chair Emeritus of Pan American Silver. Since 1985, he has successfully founded and divested numerous other public mineral resource companies. His first company, Equinox, was founded in 1985 and sold in 1994. He also founded and sold junior exploration companies in Bolivia and Brazil, and a string of six copper companies.

David Schummer, Chief Operating Officer

David Schummer was appointed Chief Operating Officer of Equinox Gold on July 22, 2025. He brings over 35 years of experience in the mining sector to his role. His previous positions include Chief Operating Officer at Perseus Mining and President of Ma'aden Gold and Base Metals.

Susan Toews, General Counsel & Corporate Secretary

Susan Toews has served as General Counsel of Equinox Gold since March 2018. She possesses nearly 30 years of legal and business experience from in-house, regulatory, and private practice roles, with knowledge of mining in multiple countries. Prior to Equinox Gold, she was Vice President Legal Affairs, Corporate Secretary at New Gold Inc. Before her time at New Gold, Ms. Toews was Corporate Secretary for Peak Gold Ltd. (which merged with New Gold in 2008) and General Counsel for EGX Canada Inc.

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Equinox Gold (EQX) faces several key risks inherent to the mining industry and its specific operational profile:

1. Dependence on Gold Price Fluctuations: As a gold miner, Equinox Gold's revenue, earnings, and share price are highly dependent on the volatile price of gold. Any significant reduction in gold prices would substantially decrease the company's profitability.
2. Jurisdictional and Operational Risks: While the company is increasingly focusing on North American assets, it still operates in diverse jurisdictions, including Mexico and Nicaragua, which present risks such as sudden regulatory changes, political uncertainty, and challenges with local communities and Indigenous populations. The Los Filos mine in Mexico, for example, has experienced operational disruptions due to community relations issues.
3. Operational Performance, High Costs, and Financial Leverage: Equinox Gold has historically contended with poor operating performance and high all-in sustaining costs (AISC). The company relies on debt and equity financing, and high financial leverage increases investment risk. The successful ramp-up of new mines like Greenstone and Valentine, and the ability to reduce AISC and debt, are critical to improving profitability and financial stability.

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The increasing acceptance and adoption of cryptocurrencies, particularly Bitcoin, as an alternative store of value and hedge against inflation, could divert investment capital that has historically flowed into gold, thereby impacting gold demand and prices.

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Equinox Gold's main product is gold. The addressable markets for gold are as follows:

• Global Gold Market: In 2024, the global gold market was valued at approximately USD 291.68 billion. It is projected to reach approximately USD 457.91 billion by 2032.
• North American Gold Market: The North American gold market is expected to be worth approximately USD 23.22 billion in 2025. Specifically, the North America Gold Mining market was valued at USD 43.5 billion in 2024 and is projected to reach USD 63 billion by 2035. The U.S. market alone is likely to reach USD 20.31 billion in 2025.
• Latin American Gold Market: The Latin America precious metal market, which includes gold, generated a revenue of USD 19.70 billion in 2024 and is expected to grow to USD 30.00 billion by 2030. Gold is identified as the most lucrative metal segment in this region. South America accounts for 5% of the global gold market.

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Equinox Gold (EQX) is expected to drive future revenue growth over the next two to three years through several key initiatives and market factors:

1. Increased Production from Key Mines (Greenstone and Valentine): The ramp-up and achievement of full production capacity at the Greenstone Mine in Ontario, Canada, and the Valentine Gold Mine in Newfoundland, Canada, are anticipated to significantly boost gold output. The Greenstone mine is projected to produce approximately 400,000 ounces annually at full capacity. The Valentine mine, which poured its first gold in September and expects significant production growth over the next six months, is projected to contribute around 195,000 ounces of gold annually over its mine life. These mines are central to the company's goal of achieving substantial production growth.

2. Advancement of Expansion and Development Projects: Equinox Gold is progressing several development and expansion projects across its portfolio. These include the Phase 2 expansion at Castle Mountain in California, an underground expansion at Aurizona in Brazil, and potential expansions at Los Filos in Mexico. These projects are expected to collectively deliver significant production growth over the coming years, with federal permitting for Castle Mountain Phase 2 anticipated by December 2026.

3. Strategic Acquisitions and Mergers: The recent merger with Calibre Mining Corp., completed in June 2025, is a significant driver. This strategic acquisition immediately enhanced Equinox Gold's production capacity and diversified its geographic footprint, contributing to an expected increase in gold production.

4. Favorable Gold Prices: Sustained strong or rising gold prices are consistently highlighted by analysts and company statements as a crucial factor for revenue growth. Higher gold prices directly translate to increased revenue per ounce sold, enhancing the company's financial performance and free cash flow generation.

5. Exploration Success and Mine Life Extension: Equinox Gold has allocated a substantial budget for exploration, with a focus on growing its mineral resources and extending the operational lives of its mines. This ongoing exploration activity at all projects is aimed at ensuring long-term, stable, and profitable operations, thereby sustaining future revenue streams.

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Share Repurchases

• No significant dollar amount of share repurchases has been made in the last 3-5 years.
• A share buyback program was authorized at the General Meeting on June 25, 2025, for an 18-month period until December 25, 2026.
• The company aims to be in a position for dividends or share buybacks within 18 months of September 2025, after achieving a net debt-to-EBITDA ratio below 1x by 2026.

Share Issuance

• Equinox Gold issued approximately 297 million shares as part of the all-stock acquisition of Calibre Mining, which closed on June 17, 2025.
• This acquisition resulted in a roughly 65% share dilution, pushing the fully diluted share count above 800 million.
• Common shares (in thousands of USD) increased from $2,798,820 at December 31, 2024, to $4,692,030 at June 30, 2025, largely due to the Calibre acquisition.

Outbound Investments

• Equinox Gold completed the all-stock acquisition of Calibre Mining for approximately US$1.8 billion (C$2.6 billion) in February/June 2025. This merger added the Greenstone and Valentine mines to Equinox Gold's portfolio.
• In December 2020, the company acquired Premier Gold Mines, which secured a stake in the Greenstone Project.
• In 2020, Equinox Gold merged with Leagold Mining, which brought three mines in Brazil and the Los Filos mine in Mexico into its portfolio.
• In August 2025, Equinox Gold divested its non-core Nevada assets (Pan Mine, Gold Rock Project, Illipah Project) to Minera Alamos Inc. for US$115 million, consisting of US$90 million cash and US$25 million in Minera Alamos shares.

Capital Expenditures

• For the nine months ended September 30, 2025, total capital additions to mineral properties, plant and equipment were US$477.8 million, with sustaining capital reported as US$184.4 million.
• Full-year 2025 pro forma guidance (including Calibre assets) for capital expenditures includes $260 million to $310 million for growth capital and exploration, and approximately $285 million for sustaining expenditures.
• The primary focus of capital expenditures has been on advancing and ramping up major projects, including the Greenstone Mine in Ontario and the Valentine Gold Mine in Newfoundland, Canada, with first gold poured at Valentine in September 2025. Substantial exploration investment, estimated at $75-$100 million annually, is also ongoing across the portfolio.