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Equinox Gold Corp

www: www.equinoxgold.com   email: info@equinoxgold.com
Category: Major
Rating:
Upside Downside Quality
3.5 3.5 A
Risk: Moderate View History

Rating History

Date Category Rating Risk
Upside Downside Quality
07/04/2026 Major 3.5 3.0A-Moderate
Current Major 3.5 3.5AModerate
Profile
Notes
Forum
Your Data



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Price Data Price Data Split History Split History Drill Results Drill Results

Symbol Traded Checked Price
TSE:EQX 09/25/2026 09/25/2026 CAD 16.8700
NYSEAMERICAN:EQX 09/25/2026 09/25/2026 USD 11.94

Note: This history is likely to be incomplete; the data is maintained for companies in our database but does not get populated historically.

Date Split Type Magnitude
08/20/2019 Consolidation 5:1

Each share now represents 5. of those that existed when we started monitoring this company.
Date Notes
09/03/2025
36.77 grams per tonne gold ("g/t Au") over 6.9 metres at El Limon
36.77 grams per tonne gold ("g/t Au") over 6.9 metres at El Limon

Performance

+/-
since 		1 Day Last Friday 4 Weeks
1.81% 1.81% 1.81%
3 Months 6 Months 1 Year
16.26% 2.74% 13.91%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
24 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 07/04/2026)

Equinox Gold was formed in 2017 from a merger between Trek Mining, NewCastle Gold, and Anfield Gold. In 2020, they merged with Leagold Mining, a 400,000 oz producer with 20 million oz of gold. In 2021, they acquired Premier Gold, which added another potential 400,000 oz. In 2025, they acquired Calibre Mining, which will add 500,000 oz of production. In 2026, they acquired Orla Mining, which will add 300K of production.

With Calibre and Orla, they will be a 1.1M oz producer with 60 million oz of gold, and development projects to take them to 1.9 million oz of production in about 3 years. They have about 6 producing mines and about 5 development projects. AISC costs are around $2000 per oz and all-in costs around $3000 (free cash flow). They have about $790 million in cash and $600 million in debt. That is a lot of debt, but they are okay as long as gold remains above $3,500.

Their FCF runrate will be around $1.6B ($400M/Qtr) at $4,000 gold. The Calibre and Orla deals should fix their high cost and high debt problem and make them a player in the major sector. They just joined the big leagues, which was always their goal. Ross Beaty, their chairman, pulled it off like a boss.

2025 and 2026, were pinnacle years for Equinox, which had been struggling. First, they built Greenstone in Canada, their flagship project and took 100% control. Greenstone is a beauty of a mine, ramping up from today's 240k oz to 330K oz a year, with 5M oz of reserves. Valentine Lake (which Calibre acquired from Marathon Gold) will add another 200K oz a year in H2 2025. The combination of Greenstone and Valentine lowered their AISC.

With Calibre, they now have producing mines in Canada, Brazil, Mexico, Nicaragua, and the USA. They also have a 350 tpd toll mill (Koricancha) that provides approximately $5 million in free cash flow.

They have the potential to become a growth stock. Ross Beaty is the Chairman and wants to build a large gold producer. He is also the Chairman of Pan American Silver, of which he was the founder. With Ross Beaty in charge, they will likely accomplish their goal. I expect this stock to do well.

They had some local political issues at their Los Filos mine in Mexico. This was recently resolved and Los Filos is back on track to resume production after an upgrade.

In 2025 they sold their Brazil mines for $1B in cash to pay down debt.

Growth projects
Valentine: 50K oz
South Railroad: 130K oz
Castle Mountain: 220K oz
Los Filos: 280K oz
Camino Rojo: 215K oz
Total: 900K oz


DD

General Details

Financial 07/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $13,112.80M $14,859.88M 07/04/2026 $1,747.09M
MCap (OS): $11,944.64M $13,774.61M 07/22/2026 $1,829.97M
Total Assets: $9,000.00M $9,000.00M 07/04/2026 $0.00M
Total Liabilities: $4,000.00M $4,000.00M 07/04/2026 $0.00M
Current Assets: $790.00M $790.00M 07/04/2026 $0.00M
Current Liabilities: $693.00M $693.00M 07/04/2026 $0.00M
Total Debt: $600.00M $600.00M 07/04/2026 $0.00M
Cash: $790.00M $790.00M 07/04/2026 $0.00M
Debt (Net): $-190.00M $-190.00M $0.00M
Enterprise Value: $12,922.80M $14,669.88M $1,747.09M
Cash Flow: $1,622.79M $1,517.82M never $-104.96M
Cash Flow Multiple: 8.08 9.79 never 1.71
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 07/04/2026 n/a
Misc 07/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,135,000,001 1,155,000,001 07/22/2026 20,000,000
Shares (FD): 1,246,000,000 1,246,000,000 07/04/2026 0
Insider Ownership: n/a n/a 07/04/2026 n/a
Dividend (Annual): n/a n/a 09/22/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 01/01/2018 07/04/2026 n/a
Production (Gold Eq Oz.): (guess) 
1,100,000		 (guess) 
1,100,000		 07/04/2026 0
Production (Silver Eq Oz.): (guess) 
73,496,335		 (guess) 
73,444,992		 07/04/2026 -51,343
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 07/04/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 07/04/2026 0
Cash Flow Multiple: 24 25 09/22/2026 1.00

Resource Data

GOLD 07/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 23.00M 23.00M 07/04/2026 0.00M
Measured & Indicated: 48.00M 48.00M 07/04/2026 0.00M
Inferred: 14.00M 14.00M 07/04/2026 0.00M
Reserves & Resources: 62.00M 62.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 19.55M 19.55M 07/04/2026 0.00M
Measured & Indicated: 36.55M 36.55M 07/04/2026 0.00M
Inferred: 5.95M 5.95M 07/04/2026 0.00M
Reserves & Resources: 42.50M 42.50M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
1,100,000oz.		 (guess) 
1,100,000oz.		 07/04/2026 0oz.
Cash Cost: $1,700 $1,900 08/15/2026 $200.00
Extra Operating Cost: $1,000 $1,000 07/04/2026 $0.00
Total: $2,700 $2,900 08/15/2026 $200.00
Margin (Free Cash Flow): $1,475 (35%) $1,380 (32%) $-95.42
MCap / Production (AuEq): $11,920.72 $13,508.98 $1,588.26
EV / Production (AuEq): $11,748.00 $13,336.26 $1,588.26
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 07/04/2026 n/a
Open Pit (Avg): n/a 0.75 g/t 07/04/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/22/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 35.00M 35.00M 07/04/2026 0.00M
Annual Production: 1,500,000oz. 1,300,000oz. 09/22/2026 -200,000oz.
Cash Cost: $2,100 $2,300 09/22/2026 $200
Extra Operating Cost: $1,000 $1,000 07/04/2026 $0
SILVER 07/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 07/04/2026 0.00M
Measured & Indicated: n/a n/a 07/04/2026 0.00M
Inferred: n/a n/a 07/04/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 07/04/2026 0.00M
Measured & Indicated: n/a n/a 07/04/2026 0.00M
Inferred: n/a n/a 07/04/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 07/04/2026 $0.00
Extra Operating Cost: n/a n/a 07/04/2026 $0.00
Total: n/a n/a 07/04/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $178.41 $202.33 $23.91
EV / Production (AgEq): $175.83 $199.74 $23.91
G
R
A
D
E		 Underground (Avg): n/a n/a 07/04/2026 n/a
Open Pit (Avg): n/a n/a 07/04/2026 n/a
Recovery Rate: n/a n/a 07/04/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/04/2026 0.00M
Annual Production: n/a n/a 07/04/2026 n/a
Cash Cost: n/a n/a 07/04/2026 n/a
Extra Operating Cost: n/a n/a 07/04/2026 n/a

Property

Last Analysis Data  (07/04/2026)
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.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Musslewhite
100 show
200K oz a year 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)
Prod Camino Rojo
100 121.00 25.00 125.00 show
12 million oz project.

Plus, silver, lead, zinc offsets

Size: 200,000 ha
Dev Los Filos
100 show
Open Pit and Underground mines.

150,000 acres.

Size: 60,000 ha
Exp Cusi
50 n/a
Exp Magistral
100 n/a
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 Dark Star
100 n/a
Exp Golden Eagle
100 show
2 million oz at 1.3 gpt
Exp Green Springs
30 show
Early Exploration
Entered into a JV with Centerra

Size: 1,700 ha
Exp Lewis
100 n/a
Exp Mesquite
100 show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Exp North Bullion
100 n/a
Exp Pinion - Railroad South
50 show
Early exploration

Size: 2,500 ha
Exp Pony Creek
100 show
Early exploration.

Size: 7,000 ha
Exp Railroad
100 show
Very large property on the Carlin Trend in Nevada. Already two discoveries. A large mine in the making. Probably not until 2020 for production.

2 million oz.
$190M capex
125K oz year
Feasibility completed.

Size: 21,000 ha
Exp RC
100 n/a
Exp Safford Claims
100 n/a

Profitability (by resource)

Proven &
Probable		 07/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 23.00M 23.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -1.07M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.55M 19.55M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.91M
Maximum Profit (Gold): $28,841.33M $26,975.87M n/a $-1,865.46M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $28,841.33M $26,975.87M n/a $-1,865.46M
Max Profit / Current MCap: 2.199 1.815 n/a -0.384
Max Profit Per Share (Gold): $23.15 $21.65 n/a $-1.50
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $23.15 $21.65 n/a $-1.50
Total Free Profit Per Share: $8.22 $4.78 n/a $-3.44
FD MCap / Gold Eq.: $670.73 $760.10 n/a $89.37
FD MCap / Silver Eq.: $10.04 $11.38 n/a $1.35
FD MCap / Per Metal
as % Spot Price:		 16.06% 17.76% n/a 1.70%
EV / Gold Eq.: $661.01 $750.38 n/a $89.37
EV / Silver Eq.: $9.89 $11.24 n/a $1.35
EV / Per Metal
as % Spot Price:		 15.83% 17.53% n/a 1.70%
Measured &
Indicated		 07/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 48.00M 48.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -2.24M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 36.55M 36.55M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -1.71M
Maximum Profit (Gold): $53,920.75M $50,433.15M n/a $-3,487.60M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $53,920.75M $50,433.15M n/a $-3,487.60M
Max Profit / Current MCap: 4.112 3.394 n/a -0.718
Max Profit Per Share (Gold): $43.28 $40.48 n/a $-2.80
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $43.28 $40.48 n/a $-2.80
Total Free Profit Per Share: $28.35 $23.61 n/a $-4.74
FD MCap / Gold Eq.: $358.76 $406.56 n/a $47.80
FD MCap / Silver Eq.: $5.37 $6.09 n/a $0.72
FD MCap / Per Metal
as % Spot Price:		 8.59% 9.50% n/a 0.91%
EV / Gold Eq.: $353.56 $401.36 n/a $47.80
EV / Silver Eq.: $5.29 $6.01 n/a $0.72
EV / Per Metal
as % Spot Price:		 8.47% 9.38% n/a 0.91%

Reserves &
Resources		 07/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 62.00M 62.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -2.89M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 42.50M 42.50M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -1.98M
Maximum Profit (Gold): $62,698.55M $58,643.20M n/a $-4,055.35M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $62,698.55M $58,643.20M n/a $-4,055.35M
Max Profit / Current MCap: 4.781 3.946 n/a -0.835
Max Profit Per Share (Gold): $50.32 $47.07 n/a $-3.25
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $50.32 $47.07 n/a $-3.25
Total Free Profit Per Share: $35.39 $30.20 n/a $-5.19
FD MCap / Gold Eq.: $308.54 $349.64 n/a $41.11
FD MCap / Silver Eq.: $4.62 $5.24 n/a $0.62
FD MCap / Per Metal
as % Spot Price:		 7.39% 8.17% n/a 0.78%
EV / Gold Eq.: $304.07 $345.17 n/a $41.11
EV / Silver Eq.: $4.55 $5.17 n/a $0.62
EV / Per Metal
as % Spot Price:		 7.28% 8.07% n/a 0.78%

Future Valuation (Cash Flow & Totals)

Totals 07/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $35,489.71M $36,378.64M n/a $888.93M
FD MCap: $13,112.80M $14,859.88M n/a $1,747.09M
Annual Gold Production: (guess) 
1,100,000oz.		 (guess) 
1,100,000oz.		 07/04/2026 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $49,000.00M $49,000.00M n/a $0M
FD MCap Growth (Resources): 274% 230% n/a -44%
FD MCap (Cash Flow): $140,400.00M $120,250M n/a -20,150.00M
FD MCap Growth (Cash Flow): 971% 709% n/a -261%
Estimated
Price		 USD: $112.68 $96.51 n/a $-16.17
CAD: $159.8570 $136.5164 n/a $-23.3406
Ratio FD MCap (Resources : Cash Flow): 0.35 0.41 n/a 0.06
Annual
Production		 Gold: 1,500,000 oz. 1,300,000 oz. n/a -200,000 oz.
Silver: n/a n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 374.65 424.57 n/a 49.92
Silver Eq. Reserves: 10.70 12.13 n/a 1.43
Gold Eq. Production: 8,741.86 11,430.68 n/a 2,688.81
Silver Eq. Production: 249.77 326.59 n/a 76.82
P&P
Reserves
(oz.)		 Gold: 35.00M 35.00M 07/04/2026 n/a
Silver: n/a n/a 07/04/2026 n/a
Gold Eq.: 35.00M 35.00M 07/04/2026 n/a
Silver Eq.: 1,225.00M 1,225.00M 07/04/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.028 0.028 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.028 0.028 n/a n/a
Silver Eq.: 0.983 0.983 n/a n/a
Free Cash Flow 07/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $1,622.79M $1,517.82M n/a $-104.96M
Current Multiple: 8.08 9.79 n/a 1.71
Current FCF/MCap Ratio: 12.38% 10.21% n/a -2.16%
Current FCF/Share: $1.30 $1.22 n/a $-0.08
F
U
T
U
R
E		 @ current pm prices: $1,612.89M $1,273.79M n/a $-339.10M
Multiple @ current pm prices: 8.13 11.67 n/a 3.54
Growth @ current pm prices: -0.61% -16.08% n/a -0.15
@ future prices: $5,850.00M $4,810.00M n/a $-1,040.00M
Multiple @ future prices: 2.24 3.09 n/a 0.85
Growth @ future prices: 216.90% 216.90% n/a -0.44

Defaults