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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 four producing mines in Brazil, Nicaragua and USA, five mines in development in Brazil, Canada and USA and exploration properties. Currently they produce roughly 880koz. of gold per year. They have approximately 59Moz. of gold in the reserves and resources category of which 45Moz. are in the measured and indicated category. They have a market capitalisation of ~$9261.45M which is a rise of roughly 89% over the last four months. As of 07/04/2025 they have ~$1,449M 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
Change
Item Value Value Updated Value
MCap (FD): $4,889.93M $9,261.45M 07/04/2025 $4,371.53M
MCap (OS): $4,423.62M $8,378.28M 07/04/2025 $3,954.66M
Total Assets: $6,670.00M $6,670.00M 07/04/2025 $0.00M
Total Liabilities: $3,350.00M $3,350.00M 07/04/2025 $0.00M
Current Assets: $592.00M $592.00M 07/04/2025 $0.00M
Current Liabilities: $693.00M $693.00M 07/04/2025 $0.00M
Total Debt: $1,449.00M $1,449.00M 07/04/2025 $0.00M
Cash: $376.00M $376.00M 07/04/2025 $0.00M
Debt (Net): $1,073.00M $1,073.00M $0.00M
Enterprise Value: $5,962.93M $10,334.45M 06/26/2297 $4,371.53M
Cash Flow: $839.98M $1,275.94M never $435.96M
Cash Flow Multiple: 5.82 7.26 never 1.44
Net Debt to
Cash Flow Ratio:		 1.28 0.84 never -0.44
Finance within 1 year: 07/04/2025 n/a
Misc 07/04/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 758,992,919 758,992,919 07/04/2025 0
Shares (FD): 839,000,000 839,000,000 07/04/2025 0
Insider Ownership: n/a n/a 03/04/2025 n/a
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 01/01/2018 07/04/2025 n/a
Production (Gold Eq Oz.): (guess) 
850,000		 (guess) 
880,000		 08/13/2025 30,000
Production (Silver Eq Oz.): (guess) 
77,189,295		 (guess) 
71,997,104		 08/13/2025 -5,192,192
Development Phase: none Producer (Multiple Mines) 09/01/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 10/01/2023 0
Cash Flow Multiple: 18 18 03/04/2025 0.00

Resource Data

GOLD 07/04/2025
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 07/04/2025 0.00M
Measured & Indicated: 45.00M 45.00M 07/04/2025 0.00M
Inferred: 14.00M 14.00M 07/04/2025 0.00M
Reserves & Resources: 59.00M 59.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 19.55M 19.55M 07/04/2025 0.00M
Measured & Indicated: 34.51M 34.51M 07/04/2025 0.00M
Inferred: 5.95M 5.95M 07/04/2025 0.00M
Reserves & Resources: 40.46M 40.46M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
850,000oz.		 (guess) 
880,000oz.		 08/13/2025 30,000oz.
Cash Cost: $1,500 $1,750 08/13/2025 $250.00
Extra Operating Cost: $850 $800 08/13/2025 $-50.00
Total: $2,350 $2,550 08/13/2025 $200.00
Margin (Free Cash Flow): $988 (30%) $1,450 (36%) $461.72
MCap / Production (AuEq): $5,752.86 $10,524.38 $4,771.52
EV / Production (AuEq): $7,015.21 $11,743.70 $4,728.49
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 07/04/2025 n/a
Open Pit (Avg): n/a 0.75 g/t 03/23/2024 0.75 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/01/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 45.00M 45.00M 07/04/2025 0.00M
Annual Production: 1,200,000oz. 1,200,000oz. 07/04/2025 0oz.
Cash Cost: $1,600 $1,700 08/13/2025 $100
Extra Operating Cost: $850 $800 08/13/2025 $-50
SILVER 07/04/2025
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 07/04/2025 0.00M
Measured & Indicated: n/a n/a 07/04/2025 0.00M
Inferred: n/a n/a 07/04/2025 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 07/04/2025 0.00M
Measured & Indicated: n/a n/a 07/04/2025 0.00M
Inferred: n/a n/a 07/04/2025 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 07/04/2025 $0.00
Extra Operating Cost: n/a n/a 07/04/2025 $0.00
Total: n/a n/a 07/04/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $63.35 $128.64 $65.29
EV / Production (AgEq): $77.25 $143.54 $66.29
G
R
A
D
E		 Underground (Avg): n/a n/a 07/04/2025 n/a
Open Pit (Avg): n/a n/a 03/11/2024 n/a
Recovery Rate: n/a n/a 07/04/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/04/2025 0.00M
Annual Production: n/a n/a 07/04/2025 n/a
Cash Cost: n/a n/a 07/04/2025 n/a
Extra Operating Cost: n/a n/a 07/04/2025 n/a

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
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.

Profitability (by resource)

Proven &
Probable		 07/04/2025
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 -206.91M
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 -175.87M
Maximum Profit (Gold): $19,319.51M $28,346.13M n/a $9,026.63M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $19,319.51M $28,346.13M n/a $9,026.63M
Max Profit / Current MCap: 3.951 3.061 n/a -0.890
Max Profit Per Share (Gold): $23.03 $33.79 n/a $10.76
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $23.03 $33.79 n/a $10.76
Total Free Profit Per Share: $15.12 $18.35 n/a $3.23
FD MCap / Gold Eq.: $250.12 $473.73 n/a $223.61
FD MCap / Silver Eq.: $2.75 $5.79 n/a $3.04
FD MCap / Per Metal
as % Spot Price:		 7.49% 11.84% n/a 4.35%
EV / Gold Eq.: $305.01 $528.62 n/a $223.61
EV / Silver Eq.: $3.36 $6.46 n/a $3.10
EV / Per Metal
as % Spot Price:		 9.14% 13.22% n/a 4.08%
Measured &
Indicated		 07/04/2025
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.): 45.00M 45.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -404.82M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 34.51M 34.51M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -310.45M
Maximum Profit (Gold): $34,103.13M $50,037.08M n/a $15,933.96M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $34,103.13M $50,037.08M n/a $15,933.96M
Max Profit / Current MCap: 6.974 5.403 n/a -1.571
Max Profit Per Share (Gold): $40.65 $59.64 n/a $18.99
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $40.65 $59.64 n/a $18.99
Total Free Profit Per Share: $32.74 $44.20 n/a $11.46
FD MCap / Gold Eq.: $141.70 $268.37 n/a $126.67
FD MCap / Silver Eq.: $1.56 $3.28 n/a $1.72
FD MCap / Per Metal
as % Spot Price:		 4.24% 6.71% n/a 2.46%
EV / Gold Eq.: $172.79 $299.46 n/a $126.67
EV / Silver Eq.: $1.90 $3.66 n/a $1.76
EV / Per Metal
as % Spot Price:		 5.18% 7.49% n/a 2.31%

Reserves &
Resources		 07/04/2025
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.): 59.00M 59.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -530.77M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 40.46M 40.46M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -363.98M
Maximum Profit (Gold): $39,982.98M $58,664.17M n/a $18,681.19M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $39,982.98M $58,664.17M n/a $18,681.19M
Max Profit / Current MCap: 8.177 6.334 n/a -1.842
Max Profit Per Share (Gold): $47.66 $69.92 n/a $22.27
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $47.66 $69.92 n/a $22.27
Total Free Profit Per Share: $39.75 $54.48 n/a $14.74
FD MCap / Gold Eq.: $120.86 $228.90 n/a $108.05
FD MCap / Silver Eq.: $1.33 $2.80 n/a $1.47
FD MCap / Per Metal
as % Spot Price:		 3.62% 5.72% n/a 2.10%
EV / Gold Eq.: $147.38 $255.42 n/a $108.05
EV / Silver Eq.: $1.62 $3.12 n/a $1.50
EV / Per Metal
as % Spot Price:		 4.41% 6.39% n/a 1.97%

Future Valuation (Cash Flow & Totals)

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