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1. Company Snapshot

1.a. Company Description

Equinox Gold Corp.engages in the operation, acquisition, exploration, and development of mineral properties.The company primarily explores for gold and silver deposits.


Its properties include the Aurizona gold mine located in Maranhão State; the RDM gold mine located in Minas Gerais State; and Fazenda gold mine and the Santa Luz gold mine located in Bahia State, Brazil.The company also hold interests in the Mesquite gold mine and the Castle Mountain property situated in California, the United States; and the Los Filos Gold Mine located in Guerrero State, Mexico.In addition, it holds a 60% interest in the Greenstone project located in Ontario, Canada.


The company was formerly known as Trek Mining Inc.and changed its name to Equinox Gold Corp.in December 2017.


Equinox Gold Corp.was incorporated in 2007 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on EQX

Equinox Gold's recent performance was negatively impacted by the slower-than-planned ramp-up at the Greenstone Gold Mine in Ontario, Canada. The company's updated 2025 production and cost guidance reflects this slower pace, with pro forma full-year 2025 production expected to be at the lower end of the previously announced range. Additionally, the business combination with Calibre Mining Corp. is expected to close around the end of June 2025, which may introduce additional uncertainty and risks for the company.

1.c. Company Highlights

2. Equinox Gold's Strong Q4 2025 Results: A Year of Operational Excellence

Equinox Gold reported a robust financial performance for Q4 2025, with revenues bolstered by the sale of 242,392 ounces of gold at a realized price of $4,060 per ounce. The company's adjusted EBITDA reached $579 million, and adjusted net income came in at $272.9 million, or $0.35 per share, surpassing analyst estimates of $0.2812 per share. The actual EPS was $0.3502, indicating a strong operational performance. The company's financial flexibility is underscored by its cash position, which stood at over $400 million, and minimal net debt at the end of 2025.

Publication Date: Feb -24

📋 Highlights
  • Q4 Production & Financials:: Produced 247,024 ounces in Q4, sold 242,392 ounces at $4,060/ounce, generating $579M adjusted EBITDA and $272.9M adjusted net income ($0.35/share).
  • 2025 Financial Strength:: Exited 2025 with $400M+ cash and minimal net debt, offering financial flexibility for 2026 growth initiatives.
  • Greenstone Performance:: Delivered 72,000 ounces in Q4 (29% QoQ increase), achieving 30 consecutive days of nameplate capacity in December.
  • Valentine Expansion:: Commissioned in November 2025, expected to produce 150,000–200,000 ounces in 2026, with Phase 2 planning to boost throughput to 4.5–5M tonnes/year.
  • Exploration & Growth:: Discovered the Minotaur Zone (8km north of Valentine) with 20,000m drilling planned, plus a 5-year production target of 400,000–500,000 ounces.

Operational Highlights

The company's operational performance was marked by significant improvements at its Greenstone and Valentine mines. Greenstone produced over 72,000 ounces in Q4, a 29% increase from Q3, driven by higher mining rates, mill throughputs, and grade. The plant achieved nameplate capacity for 30 consecutive days in December, setting the stage for anticipated production of 250,000 to 300,000 ounces in 2026 at all-in sustaining costs of $1,750 to $1,850 per ounce.

Growth Prospects

Equinox Gold is poised for growth, with Valentine expected to contribute 150,000 to 200,000 ounces of gold in 2026. The company is also advancing the Phase 2 expansion at Valentine, which could increase throughput to 4.5-5 million tonnes per year and result in production of over 200,000 ounces per year for more than a decade. Additionally, the discovery of the Minotaur Zone, 8 kilometers north of the mill, confirms significant gold mineralization outside the main Valentine Lake Shear zone, opening up the broader property and reinforcing long-term growth potential.

Valuation and Outlook

With a P/E Ratio of 49.93 and an EV/EBITDA of 15.68, the market appears to be pricing in a certain level of growth. Analysts estimate revenue growth of 7.5% for the next year, which, combined with the company's focus on cost control, disciplined capital allocation, and operational delivery, could support the current valuation. The company's ROE stands at 4.51%, and the Net Debt / EBITDA ratio is 1.18, indicating a manageable debt position.

Investment Strategy

Equinox Gold's priorities for 2026 include ramping up Greenstone and Valentine to nameplate capacity, allocating capital in a disciplined manner, and maintaining a strong balance sheet. The company is also investing in long-term value creation through the advancement of Phase 2 at Valentine, refreshing Castle Mountain studies, and progressing Los Filos. The introduction of an inaugural dividend and application for a share buyback are key steps in returning capital to shareholders.

3. NewsRoom

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Equinox Gold (EQX) is a Great Momentum Stock: Should You Buy?

Dec -02

Source:

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Steel Dynamics Secures Complete Ownership of New Process Steel

Dec -02

Source: zacks.com

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AREC and ERI Join Forces to Strengthen U.S. Rare-Earth Supply Chain

Dec -01

Source: zacks.com

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Is Equinox Gold Set for Growth After 136% Surge and New Production Milestones?

Nov -26

Source:

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Equinox Gold (TSX:EQX): Assessing Valuation After Strong 2024 Share Price Gains

Nov -26

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Here is Why Growth Investors Should Buy Equinox Gold (EQX) Now

Nov -25

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Surging Earnings Estimates Signal Upside for Equinox Gold (EQX) Stock

Nov -25

Source:

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POSCO Secures Control of Sampoerna Agro in KRW 1.3T Deal

Nov -25

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.70%)

6. Segments

Los Filos

Expected Growth: 12%

Los Filos' 12% growth is driven by increased gold production, improved ore grades, and enhanced processing recoveries. Additionally, Equinox Gold Corp.'s strategic investments in mine optimization, exploration, and cost reduction initiatives have contributed to the mine's expansion.

Aurizona

Expected Growth: 10%

Aurizona's 10% growth is driven by increasing gold production, improved operating efficiencies, and higher gold prices. The mine's expansion and optimization projects, combined with Equinox Gold Corp.'s strong management and exploration efforts, are expected to sustain production growth. Additionally, the company's cost-saving initiatives and favorable currency exchange rates contribute to the segment's growth.

Mesquite

Expected Growth: 11%

Mesquite's 11% growth is driven by increased gold production, improved ore grades, and enhanced operational efficiencies. Additionally, Equinox Gold Corp.'s strategic investments in exploration and development have expanded the mine's resource base, supporting future growth. Favorable gold prices and a strong balance sheet have also contributed to the segment's growth.

Fazenda

Expected Growth: 13%

Fazenda's 13% growth is driven by increasing gold prices, improved operational efficiency, and successful exploration efforts. The mine's high-grade ore and low cash costs also contribute to its strong performance. Additionally, Equinox Gold Corp.'s focus on cost reduction and debt repayment has improved the mine's profitability.

Santa Luz

Expected Growth: 14%

Santa Luz from Equinox Gold Corp. growth driven by 14% increase in gold production, fueled by optimized mine planning, improved ore grade, and enhanced processing recoveries, coupled with declining cash costs and all-in sustaining costs, resulting in increased profitability and free cash flow generation.

RDM

Expected Growth: 12%

RDM's 12% growth is driven by increasing gold prices, successful mine expansion, and improved operational efficiency. Equinox Gold Corp.'s strategic acquisitions and exploration efforts have also contributed to the growth. Additionally, the company's focus on cost reduction and debt repayment has enhanced its financial flexibility, enabling investments in growth initiatives.

Castle Mountain

Expected Growth: 11%

Castle Mountain's 11% growth is driven by increasing gold reserves, improved mining efficiency, and enhanced processing capacity. The mine's expansion into the South Domes area and optimization of the pit design also contribute to the growth. Additionally, Equinox Gold Corp.'s focus on cost reduction and exploration initiatives support the mine's upward trajectory.

7. Detailed Products

Gold

Equinox Gold Corp. is a Canadian mining company that produces gold from its mines in Brazil and the United States.

Copper

Equinox Gold Corp. also produces copper as a by-product of its gold mining operations.

Silver

Silver is another by-product of Equinox Gold Corp.'s mining operations, used in various industrial and commercial applications.

8. Equinox Gold Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Equinox Gold Corp. is medium, as there are some alternative gold mining companies, but they are not easily substitutable.

Bargaining Power Of Customers

The bargaining power of customers for Equinox Gold Corp. is low, as the company's customers are primarily institutional investors and gold traders who do not have significant bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Equinox Gold Corp. is medium, as the company relies on a few key suppliers for equipment and services, but there are some alternative suppliers available.

Threat Of New Entrants

The threat of new entrants for Equinox Gold Corp. is low, as the gold mining industry has significant barriers to entry, including high capital costs and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Equinox Gold Corp. is high, as the gold mining industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.90%
Debt Cost 3.95%
Equity Weight 72.10%
Equity Cost 9.41%
WACC 7.89%
Leverage 38.71%

11. Quality Control: Equinox Gold Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Wesdome Gold Mines

A-Score: 6.1/10

Value: 4.9

Growth: 8.4

Quality: 8.5

Yield: 0.0

Momentum: 10.0

Volatility: 4.7

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Orla Mining

A-Score: 5.1/10

Value: 2.9

Growth: 9.9

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

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IAMGOLD

A-Score: 4.9/10

Value: 4.0

Growth: 5.8

Quality: 6.9

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

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Idaho Strategic Resources

A-Score: 4.9/10

Value: 0.0

Growth: 9.7

Quality: 8.0

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

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Equinox Gold

A-Score: 4.6/10

Value: 2.2

Growth: 6.9

Quality: 4.6

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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New Gold

A-Score: 4.5/10

Value: 2.2

Growth: 4.3

Quality: 7.4

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.56$

Current Price

23.56$

Potential

-0.00%

Expected Cash-Flows