Equinox Gold (EQX) Investor presentation summary

Strategic transformation and portfolio optimization

• Completed merger with Calibre Mining, establishing a new foundation and delivering record 2025 production of 922,827 ounces at cash costs of $1,416/oz and AISC of $1,809/oz.

• Sold non-core Nevada and Brazil assets, generating $1.13 billion and reducing net debt from ~$1.4 billion to $75 million.

• Initiated inaugural quarterly dividend and share buyback program, returning capital to shareholders.

Operational performance and growth pipeline

• Canadian operations ramped up, with Greenstone producing 72,091 oz in Q4 2025 and Valentine achieving commercial production, targeting nameplate capacity by mid-2026.

• 2026 guidance: consolidated gold production of 700,000–800,000 oz, with Greenstone and Valentine contributing up to 500,000 oz.

• Valentine Phase 2 expansion to double throughput, targeting 25% production increase and 223,000 oz/year average output.

• Organic growth pipeline includes Castle Mountain Phase 2 and Los Filos expansion, with +500,000 oz annual production potential.

Financial and valuation metrics

• Average 2026–2028 free cash flow projected at ~$1.3 billion, with 70% of production from three long-life mines in Tier 1 jurisdictions.

• Trading at 0.67x P/NAV and $14,042/oz EV/2026–2028 production, below peer averages, indicating revaluation potential.

• Market cap of ~US$11.4 billion as of March 31, 2026, with $430 million cash and $515 million debt.