Nicaragua Operations (Limon + Libertad)

Hub-and-spoke gold operation with Limon and Libertad mills (combined 2.7 Mtpa installed processing capacity). Acquired June 17, 2025 via Calibre Transaction. Multiple open-pit and underground deposits. Limon: 3 contiguous mineral concessions ~100km NW of Managua. Libertad: 40-year concession (1994). 2025 production exceeded guidance: 262,025 oz (vs 200-250 koz guidance); 133,003 oz produced during Equinox ownership (Jun 17-Dec 31). Cash cost $1,272/oz; AISC $1,551/oz. Royalties: Limon 3% NSR to Royal Gold; Libertad 2% royalty + 3% ad valorem export tax.