Equinox Gold Corp.

EQX · ARCA EQX · TSX

equinoxgold

$7.7B

USD

Market cap · 2026–07 · week 28

🇨🇦 Canada, Vancouver

Country

Precious Metals

Sector

Producer · Senior · Gold · Canada · Mexico · USA

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Equinox Gold Corp. is a senior gold producer headquartered in Vancouver, Canada, operating primarily in the Americas. The portfolio consists of 13 projects, comprising 4 operating mines, 1 development project, 1 suspended operation, and 7 advanced exploration projects. Key assets include Greenstone, Valentine, Mesquite, Castle Mountain, the Nicaragua Operations, and Los Filos. The business model integrates the company's own mining activities with a focus on long-life, low-cost assets and growth opportunities to maximize shareholder value. Processing capabilities include the production of dore through carbon-in-pulp, carbon-in-leach, and heap-leach recovery methods. A defining competitive characteristic is the company's ability to select and acquire suitable producing properties or prospects for development across the Americas. The combination of producing mines and a deep pipeline of development and exploration assets supports a growth-oriented production profile. The recently commissioned Greenstone mine anchors the company's long-life production base. The business remains subject to mineral price cycles, with marketability affected by worldwide economic conditions and macroeconomic factors beyond its control.

Strategy: Strategic focus centers on blending cash flow from current operations with growth driven by expansions, exploration, and development projects. The enterprise intends to maintain a disciplined approach to capital allocation, continuing to review its portfolio to direct investment toward high-return opportunities such as the Phase 2 expansions at Valentine and Castle Mountain and the potential restart and expansion at Los Filos. A core objective is the continual addition to its mineral base through acquisitions, exploration, and development. Capital allocation is prioritized to advance high-return growth opportunities within the company's portfolio. The organization manages a portfolio of assets across stages, from production and construction to permitting and exploration, to create a sustainable growth pipeline. This includes advancing studies for new development plans and optimizing the development strategy for others. The ramp-up of Greenstone and the advancement of Valentine are central to the company's near-term production growth. The disciplined review of the portfolio directs capital toward the company's highest-return projects. The company continues to evaluate development plans across its portfolio of growth projects.

Management: Executive leadership is headed by Chief Executive Officer Darren Hall, an experienced executive who previously served as Chief Executive Officer of Calibre Mining. The Board is chaired by Ross Beaty, a renowned mining entrepreneur and former Chair of Pan American Silver. The 10-member Board of Directors, of whom 9 are independent, oversees corporate strategy through 3 committees: Audit, Compensation and Nomination, and Environment, Social and Governance. The 3 members of the Audit Committee are independent and financially literate, with Lenard Boggio serving as the designated financial expert. Governance practices are structured to manage conflicts of interest, requiring directors and officers to disclose material conflicts and abstain from voting on related resolutions, in accordance with the Business Corporations Act (British Columbia). The leadership team's experience integrating the Calibre combination supports the company's growth strategy. Board oversight of environmental, social, and governance matters reflects the operational and social dimensions of the company's operations across the Americas. This governance structure keeps capital discipline and responsible mining central to executive accountability.

Sustainability: The organization's sustainability framework is guided by policies covering environmental stewardship, health and safety, and community engagement. A key environmental initiative involves water-management systems, including a water-treatment plant at Greenstone that manages grey water and surface runoff and a submerged attached growth reactor biological treatment system at Valentine to remove nitrogen compounds from effluent. The company rehabilitated historical MacLeod tailings at Greenstone by relocating them to the tailings-management facility. Social programs focus on local hiring and training and on supporting development initiatives that meet the needs and priorities of local communities. The social-investment framework includes formal systems to identify stakeholders and communities of interest, with dedicated community liaisons meeting regularly with host communities. The enterprise achieved a significant environmental incident frequency rate of 0.00 per million hours worked in 2025. These programs connect the company's water-management and tailings stewardship with measurable community and safety outcomes. The strong environmental-incident performance reflects the company's focus on responsible operations.

Structure: A significant structural change occurred in 2025 when the company acquired all outstanding shares of Calibre Mining Corp., which expanded the portfolio with the Pan Mine, the Nicaragua Operations, and Valentine. In 2024, the enterprise consolidated 100% ownership of Greenstone by acquiring Orion Mine Finance's 40% interest. In 2026, the company completed the sale of its Brazil Operations, comprising the Aurizona Mine, RDM Mine, and Bahia Complex, to CMOC Limited for up to $1.015 billion, including a production-linked contingent cash payment. The company also sold its 100% interest in the Pan Mine, Gold Rock Project, and Illipah Project to Minera Alamos Inc. in 2025. The company's operations are conducted through material subsidiaries, including Greenstone Gold Mines GP Inc., Western Mesquite Mines, Inc., Triton Minera S.A., and Castle Mountain Venture GP. The company has a stream agreement with Nomad Royalty Company Ltd. requiring delivery of 2.375% of gold produced from Greenstone until 120,333 ounces are delivered, and 1.583% thereafter. These transactions reshaped the company around its long-life North American assets. These transactions concentrated the company's portfolio on long-life, low-cost North American assets.

Hedge: The company uses gold collar contracts and gold prepay arrangements to manage commodity-price risk and to provide financing for development, while retaining substantial exposure to gold prices. As of the reporting date, the company had entered into certain gold collar contracts, most of which had matured, and from time to time it may enter into similar hedging arrangements. The company also has Gold Prepay Transactions outstanding, entered into to provide financing for the development of its projects, with deliveries scheduled through the fourth quarter of 2026. While such hedging and prepay arrangements may reduce cash-flow variability or provide development financing, the company may from time to time commit forecast production to forward sales and option contracts. This combination of collars and prepay financing balances development funding and cash-flow protection against continued participation in gold prices. The prepay arrangements are tied to the financing of the company's growth projects rather than to broad price hedging.

Source: Equinox Gold Corp. - Annual Information Form - 2025

Portfolio Aggregate · 1 project

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

Equinox Gold - Total Company

Portfolio

Canada, Worldwide

Open project page

Mining

Type

Operating

Status

🇨🇦 Canada, Worldwide

Country

Project information

As at 31 December 2025

Aggregation level: Company portfolio

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Equinox Gold (EQX) - mid-tier gold producer with diversified portfolio across Canada (Greenstone 100%, Valentine), USA (Mesquite, Castle Mountain dev, Golden Eagle expl), Nicaragua (Limon + Libertad), Mexico (Los Filos - suspended Apr 2025). Acquired Calibre Mining June 17, 2025 (added Valentine + Nicaragua). Brazil operations (Aurizona, Bahia Complex, RDM) sold Jan 23, 2026. 2025 Total production 922,827 oz Au; 2026 guidance 700-800 koz at cash cost $1,425-1,525/oz, AISC $1,775-1,875/oz. Consolidated P&P 19.0 Moz; M&I (excl Reserves) 19.1 Moz; Inferred 11.1 Moz.

Portfolio Aggregate

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Reserves & resources — detail

As at 31 December 2025

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Operating · 4 projects

Greenstone Mine

Asset

Canada, Ontario, Abitibi Greenstone Belt

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Mining

Type

Operating

Status

🇨🇦 Canada, Ontario (Abitibi Greenstone Belt)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Ore type: Sulphide

Processing route: Grinding and flotation, or CIL

Description

Processing route: Heap leach, or acid leach and SX-EW

Description

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Description

As at 31 December 2025

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.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Development · 1 project

Castle Mountain Project

Asset · Construction

United States, California (San Bernardino County)

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Mining

Type

Development

Status

🇺🇸 United States, California (San Bernardino County)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Heap Leach

Ore type: Oxide

Processing route: Heap leach, or acid leach and SX-EW

Description

As at 31 December 2025

Located in historic Hart Mining District, San Bernardino County, California (~60 mi south of Las Vegas, NV). Acquired in 2017. Two-stage development: Phase 1 (small open-pit heap leach operated Q4 2020 - Q3 2024, currently re-leaching); Phase 2 advancing permitting. Aug 2025: Castle Mountain accepted into FAST-41 federal permitting program. Record of Decision expected Dec 2026. 2026 plans: advance detailed engineering for investment decision H1 2027. Royalties: 2.65% Franco-Nevada on all ounces + area-specific 2-5%. Phase 2 feasibility (Mar 2021) estimated 218,000 oz/yr for 14 years.

Mining metrics

Multiple effective dates · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Exploration · 3 projects

Golden Eagle Project

Asset · Feasibility

United States, Washington

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Mining

Type

Exploration

Status

🇺🇸 United States, Washington

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Golden Eagle exploration project in Washington State, USA. 2 Moz Au M&I + 200 koz Inferred.

Mining metrics

As at 31 December 2025

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Suspended · 1 project

Los Filos Mine Complex

District · Feasibility

Mexico, Guerrero State

Open project page

Mining

Type

Suspended

Status

🇲🇽 Mexico, Guerrero State

Country

Project information

As at 31 December 2025

Aggregation level: District / complex

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Ore type: Oxide

Processing route: Heap leach, or acid leach and SX-EW

Description

As at 31 December 2025

Los Filos, Guadalupe and Bermejal open pits plus Los Filos underground mine in Guerrero State, Mexico (~180 km SW of Mexico City). Commercial production began 2008; acquired by Equinox via Leagold acquisition in March 2020. Heap leach recovery. Suspended indefinitely on April 1, 2025 following expiry of land access agreement with one of three ejidos. Reclassified to development project pending long-term agreement with third group. 2025 production 26,138 oz (limited - pre-suspension). 50-yr concessions with renewals 2032-2067.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Precious metals

Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.