Equinox Gold (EQX) 2025 Precious Metals Summit - Beaver Creek summary

Strategic positioning and recent developments

• Transitioning from a capital investment phase to a cash harvesting environment, aiming for top quartile valuation among gold producers.

• Recently completed a strategic merger with Calibre Mining, bringing experienced leadership and enhancing the asset portfolio.

• Over 50% of NAV now located in Canada, with more than 65% in North America, strengthening jurisdictional quality.

• Focus on delivering production and cost expectations to enable a significant rerating versus peers.

• Share price performance has lagged gold and peer indices due to missed commitments, but new leadership and assets are expected to unlock value.

Asset portfolio and operational updates

• Greenstone Mine in Ontario ramping up, targeting 240,000–260,000 oz in 2024 at $1,750/oz, with a 15-year reserve life and ongoing expansion.

• Valentine Gold Mine in Newfoundland completed construction, with first ore processed and first gold pour expected by end of September; full capacity targeted by end of Q1 next year.

• Combined production for 2024 projected at 750,000–915,000 oz, not including Valentine, which will add 195,000–200,000 oz annually.

• Additional production from Central America (200,000–250,000 oz), California (80,000 oz), and Brazil (250,000–270,000 oz) supports a 2025 midpoint of 850,000 oz.

Growth pipeline and future outlook

• Castle Mountain project in California advancing through FAST-41 permitting, with a record of decision expected by December 2026 and potential for 200,000 oz/year production.

• Los Filos asset in Mexico on care and maintenance; negotiations ongoing with local communities and exploration work commencing to assess technical viability for a new CIL plant.

• Focus on deleveraging the balance sheet and returning capital to shareholders within 18–24 months.

• Ongoing efforts to align operational metrics with top peers and achieve a rerating in market valuation.