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Equinox Gold Corp

www: www.equinoxgold.com   email: info@equinoxgold.com
Category: Major
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Symbol Data

Symbol Currency
TSE:EQX CAD
NYSEAMERICAN:EQX USD

Description

Equinox Gold Corp are a gold focused major with two producing mines in Nicaragua and USA, four mines in development in Brazil, Canada and USA and exploration properties. Currently they produce roughly 750koz. of gold per year. They have approximately 56Moz. of gold in the reserves and resources category of which 42Moz. are in the measured and indicated category. They have a market capitalisation of ~$12328.52M which is a rise of roughly 152% over the last five months. As of 12/14/2025 they have ~$750M debt and ~$376M cash. They have 759M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 07/04/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $4,889.93M $12,328.52M 07/04/2025
MCap (OS): $4,423.62M $11,152.87M 07/04/2025
Total Assets: $6,670.00M $6,670.00M 07/04/2025
Total Liabilities: $3,350.00M $3,350.00M 07/04/2025
Current Assets: $592.00M $592.00M 07/04/2025
Current Liabilities: $693.00M $693.00M 07/04/2025
Total Debt: $1,449.00M $750.00M 12/14/2025
Cash: $376.00M $376.00M 07/04/2025
Debt (Net): $1,073.00M $374.00M
Enterprise Value: $5,962.93M $12,702.52M 07/11/2372
Cash Flow: $839.98M $1,340.06M never
Cash Flow Multiple: 5.82 9.20 never
Net Debt to
Cash Flow Ratio:		 1.28 0.28 never
Finance within 1 year: 07/04/2025
Misc 07/04/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 758,992,919 758,992,919 07/04/2025
Shares (FD): 839,000,000 839,000,000 07/04/2025
Insider Ownership: n/a n/a 03/04/2025
Dividend (Annual): n/a n/a 12/14/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2018 07/04/2025
Production (Gold Eq Oz.): (guess) 
850,000		 (guess) 
750,000		 12/14/2025
Production (Silver Eq Oz.): (guess) 
77,189,295		 (guess) 
52,217,882		 12/14/2025
Development Phase: none Producer (Single Mine) 12/14/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 10/01/2023
Cash Flow Multiple: 18 20 12/14/2025

Resource Data

GOLD 07/04/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 23.00M 23.00M 07/04/2025
Measured & Indicated: 45.00M 42.00M 12/14/2025
Inferred: 14.00M 14.00M 12/14/2025
Reserves & Resources: 59.00M 56.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 19.55M 19.55M 07/04/2025
Measured & Indicated: 34.51M 32.47M 12/14/2025
Inferred: 5.95M 5.95M 12/14/2025
Reserves & Resources: 40.46M 38.42M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
850,000oz.		 (guess) 
750,000oz.		 12/14/2025
Cash Cost: $1,500 $1,700 12/14/2025
Extra Operating Cost: $850 $800 08/13/2025
Total: $2,350 $2,500 12/14/2025
Margin (Free Cash Flow): $988 (30%) $1,787 (42%)
MCap / Production (AuEq): $5,752.86 $16,438.02
EV / Production (AuEq): $7,015.21 $16,936.69
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 07/04/2025
Open Pit (Avg): n/a 0.75 g/t 03/23/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 12/14/2025
F
U
T
U
R
E		 Proven & Probable: 45.00M 42.00M 12/14/2025
Annual Production: 1,200,000oz. 950,000oz. 12/14/2025
Cash Cost: $1,600 $1,800 12/14/2025
Extra Operating Cost: $850 $800 08/13/2025
SILVER 07/04/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 07/04/2025
Measured & Indicated: n/a n/a 07/04/2025
Inferred: n/a n/a 07/04/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 07/04/2025
Measured & Indicated: n/a n/a 07/04/2025
Inferred: n/a n/a 07/04/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 07/04/2025
Extra Operating Cost: n/a n/a 07/04/2025
Total: n/a n/a 07/04/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $63.35 $236.10
EV / Production (AgEq): $77.25 $243.26
G
R
A
D
E		 Underground (Avg): n/a n/a 07/04/2025
Open Pit (Avg): n/a n/a 03/11/2024
Recovery Rate: n/a n/a 07/04/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/04/2025
Annual Production: n/a n/a 07/04/2025
Cash Cost: n/a n/a 07/04/2025
Extra Operating Cost: n/a n/a 07/04/2025

Property

Last Analysis Data  (07/04/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Fazenda
100 show
70,000 oz per year.

6 year mine life.
Prod RDM
100 show
75,000 oz per year.
Dev Aurizona
100 show
2 million oz deposit.

$146 Capex
Production in 2019.

Size: 200,000 ha
Dev Santa Luz
100 show
On Care & Maintenance.

100,000 oz per year
$84 million capex to restart production.
Dev Valentine Lake
100 show
3 million oz and growing. Large 10 mile trend on 60,000 acres.

Moving towards development.

Open Pit and Underground.

Size: 26,000 ha
Exp Baie Verte
100 n/a
Exp Finger Pond
100 n/a
Exp Greenstone
60 show
8M oz project

70% ownership

240,000 oz year (their share)
Exp Los Filos
100 show
Open Pit and Underground mines.

150,000 acres.

Size: 60,000 ha
Prod Limon
100 n/a
Exp East Borosi
30 show
700,000 oz at 5 gpt

IAMGold JV
Exp La Libertad
100 show
80,000 oz annual production.
1 million oz.
Growing in size.
Exp Pavon
100 show
High grade open pit

250,000 oz at 5 gpt.

Growing in size.
Prod Pan
100 show
3M oz at .8 gpt

40,000 oz production.

$800 cash costs.

Size: 10,000 ha
Dev Castle Mountain
100 show
4 million oz resource.

Low grade at .6 gpt

All-in cost projected to be around $1,000 per oz.

PEA: Low capex of only $98 million.

Size: 3,000 ha
Dev Goldstrike
100 show
600,000 oz at .5 gpt

Next mine.

Near Pan.

Size: 10,000 ha
Exp Bonanza Mine
100 show
Past producing high grade gold mine.
Exp Golden Eagle
100 show
2 million oz at 1.3 gpt
Exp Mesquite
100 show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Santa Luz
100 show
On Care & Maintenance.

100,000 oz per year
$84 million capex to restart production.
Dev Valentine Lake
100 show
3 million oz and growing. Large 10 mile trend on 60,000 acres.

Moving towards development.

Open Pit and Underground.

Size: 26,000 ha
Exp Baie Verte
100 n/a
Exp Finger Pond
100 n/a
Exp Greenstone
60 show
8M oz project

70% ownership

240,000 oz year (their share)
Exp Los Filos
100 show
Open Pit and Underground mines.

150,000 acres.

Size: 60,000 ha
Prod Limon
100 n/a
Exp East Borosi
30 show
700,000 oz at 5 gpt

IAMGold JV
Exp La Libertad
100 show
80,000 oz annual production.
1 million oz.
Growing in size.
Exp Pavon
100 show
High grade open pit

250,000 oz at 5 gpt.

Growing in size.
Prod Pan
100 show
3M oz at .8 gpt

40,000 oz production.

$800 cash costs.

Size: 10,000 ha
Dev Castle Mountain
100 show
4 million oz resource.

Low grade at .6 gpt

All-in cost projected to be around $1,000 per oz.

PEA: Low capex of only $98 million.

Size: 3,000 ha
Dev Goldstrike
100 show
600,000 oz at .5 gpt

Next mine.

Near Pan.

Size: 10,000 ha
Exp Bonanza Mine
100 show
Past producing high grade gold mine.
Exp Golden Eagle
100 show
2 million oz at 1.3 gpt
Exp Mesquite
100 show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.

Profitability (by resource)

Proven &
Probable		 07/04/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 23.00M 23.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.55M 19.55M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $19,319.51M $34,930.77M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $19,319.51M $34,930.77M n/a
Max Profit / Current MCap: 3.951 2.833 n/a
Max Profit Per Share (Gold): $23.03 $41.63 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $23.03 $41.63 n/a
Total Free Profit Per Share: $15.12 $21.40 n/a
FD MCap / Gold Eq.: $250.12 $630.61 n/a
FD MCap / Silver Eq.: $2.75 $9.06 n/a
FD MCap / Per Metal
as % Spot Price:		 7.49% 14.71% n/a
EV / Gold Eq.: $305.01 $649.75 n/a
EV / Silver Eq.: $3.36 $9.33 n/a
EV / Per Metal
as % Spot Price:		 9.14% 15.16% n/a
Measured &
Indicated		 07/04/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 45.00M 42.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 34.51M 32.47M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $34,103.13M $58,015.45M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $34,103.13M $58,015.45M n/a
Max Profit / Current MCap: 6.974 4.706 n/a
Max Profit Per Share (Gold): $40.65 $69.15 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $40.65 $69.15 n/a
Total Free Profit Per Share: $32.74 $48.92 n/a
FD MCap / Gold Eq.: $141.70 $379.69 n/a
FD MCap / Silver Eq.: $1.56 $5.45 n/a
FD MCap / Per Metal
as % Spot Price:		 4.24% 8.86% n/a
EV / Gold Eq.: $172.79 $391.21 n/a
EV / Silver Eq.: $1.90 $5.62 n/a
EV / Per Metal
as % Spot Price:		 5.18% 9.13% n/a

Reserves &
Resources		 07/04/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 59.00M 56.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 40.46M 38.42M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $39,982.98M $68,646.55M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $39,982.98M $68,646.55M n/a
Max Profit / Current MCap: 8.177 5.568 n/a
Max Profit Per Share (Gold): $47.66 $81.82 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $47.66 $81.82 n/a
Total Free Profit Per Share: $39.75 $61.59 n/a
FD MCap / Gold Eq.: $120.86 $320.89 n/a
FD MCap / Silver Eq.: $1.33 $4.61 n/a
FD MCap / Per Metal
as % Spot Price:		 3.62% 7.49% n/a
EV / Gold Eq.: $147.38 $330.62 n/a
EV / Silver Eq.: $1.62 $4.75 n/a
EV / Per Metal
as % Spot Price:		 4.41% 7.71% n/a

Future Valuation (Cash Flow & Totals)

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