Equinox Gold
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Equinox Gold (EQX) investor relations material

Equinox Gold Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Completed a transformational merger with Calibre Mining, creating a tier one North American gold producer and expanding portfolio diversification.

  • Achieved record annual gold production of 922,827 ounces and record revenue of $2.71 billion for 2025, with strong contributions from new and existing assets.

  • Reduced net debt from $1.4 billion in June 2025 to $75 million by January 2026, following asset sales and strong cash flow.

  • Announced inaugural quarterly cash dividend of $0.015/share and a share buyback program, marking a shift to disciplined capital returns.

  • Portfolio transformation included the sale of Brazilian assets, Pan Mine, and ramp-up of Greenstone and Valentine mines, with a significant new gold discovery near Valentine.

Financial highlights

  • Q4 2025 gold production reached 247,024 ounces; full year production was 922,827 ounces.

  • Q4 revenue was $987.8 million; full year revenue was $2.71 billion.

  • Q4 adjusted EBITDA was $579 million; full year adjusted EBITDA was $1,339.6 million.

  • Q4 adjusted net income was $272.9 million ($0.35/share); full year adjusted net income was $420.5 million ($0.67/share).

  • Ended 2025 with $407.4 million in cash and equivalents and net debt of $75 million at January 31, 2026.

Outlook and guidance

  • 2026 gold production guidance: 700,000–800,000 ounces; Greenstone 250,000–300,000 ounces; Valentine 150,000–200,000 ounces.

  • 2026 consolidated cash costs forecast: $1,425–$1,525/oz; AISC: $1,775–$1,875/oz.

  • Growth capital for 2026 projected at $325–$375 million; exploration spend of $70–$80 million.

  • Greenstone and Valentine expected to reach full capacity by mid-2026, with Valentine production H2-weighted.

  • Plans to self-fund 400,000–500,000 ounces of potential annual organic growth over the next five years.

Debt elimination's impact on growth funding?
Greenstone/Valentine ramp-up to full capacity?
Los Filos optionality for organic growth?
Greenstone's daily throughput: plan to sustain 30k tpd?
How will Los Filos and Castle Mountain be sequenced?
What drives the conservative dividend approach?
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Next Equinox Gold earnings date

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35th BMO Global Metals, Mining & Critical Minerals Conference23 Feb, 2026
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Next Equinox Gold earnings date

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35th BMO Global Metals, Mining & Critical Minerals Conference23 Feb, 2026

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Frequently asked questions

Equinox Gold Corp., together with its subsidiaries, engages in the acquisition, exploration, and development of mineral deposits. The company primarily explores for gold and silver deposits. Its properties include the Aurizona gold mine located in the state of Maranhao; the Fazenda gold mine located in Bahia; the RDM gold mine located in Minas Gerais; and the Santa Luz gold mine located in Bahia, Brazil. The company also holds interests in the Mesquite gold mine and Castle Mountain property situated in California; and Los Filos Gold Mine located in Guerrero State, Mexico. In addition, it holds a 60% interest in the Greenstone project located in Ontario, Canada. The company was formerly known as Trek Mining Inc. and changed its name to Equinox Gold Corp. in December 2017. Equinox Gold Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.

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