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EQX
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Equinox Gold Corp. is a Vancouver, British Columbia-headquartered Canadian mining company listed on the TSX and NYSE American under EQX. Equinox produced 197,628 ounces from all operations in Q1 2026, including 184,155 ounces from continuing operations, compared with 145,290 ounces from all operations in Q1 2025. The key review question is whether Equinox Gold can translate this operating and financial setup into durable cash generation while managing gold prices, input costs, production and cost guidance, achieving design capacity at Greenstone and Valentine, mine sequencing, grades and recoveries, labour disruptions, unplanned delays, severe weather.
Management says the company remains on track to achieve full-year consolidated production and cost guidance after a solid Q1 2026 start. The Q1 2026 news release identifies 2026 guidance of 700,000 to 800,000 ounces of gold, and the CEO commentary says Q1 cash costs and all-in sustaining costs were $1,633 and $1,950 per ounce, respectively. Greenstone produced 60,338 ounces in Q1 after severe winter conditions affected mine sequencing and grades, while Valentine produced 27,064 ounces in its first full quarter of operations and its plant averaged 6,192 tonnes per day, or 90% of nameplate capacity, for the quarter. Earnings sensitivity remains tied to realized gold prices, Greenstone and Valentine ramp-up to design capacity, mine sequencing, grades, cash costs, AISC, sustaining and expansion capital, debt service, and the timing of growth projects.
Equinox Gold Corp. is a gold producer whose current source packet emphasizes a long-life Canadian production platform, ramp-up of Greenstone and Valentine, and a deleveraged balance sheet after the sale of the Brazil operations. The Q1 2026 news release says Equinox produced 197,628 ounces of gold in Q1 2026, including 60,338 ounces from Greenstone and 27,064 ounces from Valentine, with Canadian production of 87,402 ounces during the quarter. It also states that average annual Canadian production is estimated at more than 500,000 ounces per year from 2026 to 2036, with Greenstone averaging 320,000 ounces and Valentine averaging 223,000 ounces after successful completion of Phase 2 expansion. The thesis to review is whether Equinox can convert Greenstone and Valentine ramp-up, reduced leverage, and organic growth projects at Valentine Phase 2, Castle Mountain, and Los Filos into durable free cash flow while managing gold-price exposure, mine ramp-up, winter weather, permitting, community, operating-cost, and capital allocation risks.
Potential catalysts requiring analyst review include delivery against 2026 production and cost guidance, Greenstone productivity and grade improvement after winter conditions, Valentine ramp-up to consistent nameplate throughput, Board approval and construction start for the Valentine Phase 2 expansion, Castle Mountain studies and expected federal Record of Decision in Q4 2026, progress on Los Filos engineering and community dialogue, continuation of the quarterly dividend, execution of the share buyback framework, and further balance-sheet improvement from cash generation. These are source-backed items to monitor, not automated triggers.
Street
bullMarket-Implied
bearMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 15.06 compares with a low/mean/high consensus range of 23.19, 30.10, and 36.12 across 8 analysts. That setup points to a bull street case because the mean and high ends of the range remain materially above the current quote.
The market-implied case is bear because the current quote sits below the low end of the target range, showing that investors still discount material delivery or cycle risk.
Current Price
$15.06
Expected Value
$29.88
Implied Move
+98.4%
Current vs low/median/mean/high target prices
Equinox Gold's operating risk is concentrated in a multi-asset gold mining portfolio across the Americas, with current operating mines including Greenstone, Valentine, Mesquite, La Libertad and El Limon, while Castle Mountain and Los Filos are development or suspended assets. The Q1 2026 MD&A states that Greenstone and Valentine are still important ramp-up assets, that Los Filos operations were indefinitely suspended in April 2025 while the company evaluates long-term potential and community arrangements, and that Castle Mountain remains focused on permitting for a planned expansion. Mining results depend on safe execution, ore grades, recoveries, mine plans, processing throughput, equipment availability, contractors, labor, community access, environmental performance, and successful integration of the Calibre assets acquired in 2025. Mineral reserve and resource disclosures show large reserve bases at Greenstone, Valentine, Castle Mountain and Los Filos, but also state that mineral resources are not mineral reserves and do not have demonstrated economic viability, and that there is no certainty resources will convert into reserves. The sustainability report adds operational exposure to tailings, heap leach, waste rock, water, biodiversity, safety and environmental incident management. Any shortfall in ramp-up, community agreements, reserve conversion, permitting, safety, environmental controls or mine execution could reduce production, increase costs, delay development or impair asset value.
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Equinox Gold's financial profile is exposed to gold prices, mine costs, capital commitments, debt, working capital, derivatives, taxes and development funding. The Q1 2026 MD&A reported cash and cash equivalents of $363.0 million, net debt of $251.8 million, $409.6 million undrawn on the revolving facility at March 31, 2026, and $594.8 million of financial, operating and capital commitments requiring settlement within 12 months. Management stated expected operating cash flows, cash and available revolving credit were sufficient for those near-term commitments, but that assessment depends on mine performance, gold prices and access to funding. During Q1 2026 the company repaid the $500 million term loan, extinguished the Sprott loan, repaid revolving debt and later amended the revolving facility to $1.0 billion with security over certain subsidiaries and Greenstone assets until the Greenstone contingent payment obligation is settled. Financial results also include exposure to fair value changes in gold contracts, foreign exchange contracts and Greenstone contingent consideration, with losses recognized in other expense during Q1 2026. Sustaining and growth capital, exploration, reclamation and closure obligations, higher income taxes, working-capital needs, dividend payments, share repurchases, development spending at Valentine, Castle Mountain or Los Filos, and lower realized gold prices could constrain liquidity or reduce free cash flow.
Equinox Gold operates as a gold mining company that owns, operates, develops and explores mineral properties, with a focus on gold assets in the Americas. Its business model is based on producing gold dore from owned mines, selling refined output into the global gold market, and reinvesting cash flow into mine ramp-up, sustaining capital, exploration, technical studies and selected expansion projects. The company also manages portfolio changes, development projects and balance-sheet actions, including the 2026 sale of its Brazil operations and repayment of debt. Its operating base includes producing mines, development projects, suspended operations and exploration opportunities.
Equinox Gold Corp. is a Vancouver, British Columbia-headquartered Canadian mining company listed on the TSX and NYSE American under EQX. The 2026 Annual Information Form states that Equinox Gold is principally engaged in the operation, development and exploration of gold projects, with all principal properties located in the Americas. As of the AIF date, the company owned four producing mines and was advancing expansion projects in Canada, the United States and Mexico. Its material assets are Greenstone in Ontario and Valentine in Newfoundland and Labrador, both 100% owned and in production.
Equinox Gold's cost structure is driven by mine operating expenses, depreciation and depletion, sustaining and non-sustaining capital, exploration and evaluation expense, care and maintenance expense, general and administration expense, finance expense, income taxes, reclamation and closure obligations, royalties, refining and transport costs, inventory movements, development spending and project construction costs. In Q1 2026, the financial statements reported $310.9 million of operating expense, $111.9 million of depreciation and depletion, $20.8 million of care and maintenance expense, $6.3 million of exploration and evaluation expense, $21.5 million of general and administration expense and $31.7 million of finance expense from continuing operations. The AIF also describes mining, processing and G&A cost components for Valentine and royalty obligations at assets such as Mesquite, Nicaragua and Castle Mountain.
Barriers to entry include mineral discovery, resource drilling, reserve conversion, technical reporting, permitting, environmental and mine-safety compliance, community and Indigenous engagement, construction capital, operating expertise, access to labor and equipment, and the time required to build and ramp up processing plants. The Form 40-F points to NI 43-101 as the Canadian technical disclosure standard for mineral projects, and the presentation ties technical information to filed technical reports. Substitutes and supply alternatives include recycled gold, existing above-ground gold inventories, and demand shifts among jewelry, bars and coins, ETF-backed products, central banks and technology users.
Equinox Gold's advantages are asset-based rather than product-differentiation based. The company has multiple operating and development assets across Canada, Nicaragua, the United States and Mexico, with its presentation describing a portfolio weighted to Canada and a pipeline that includes Greenstone, Valentine, Castle Mountain and Los Filos. Its reserve and resource supplement reports 19.0 million ounces of consolidated proven and probable gold reserves, 19.1 million ounces of measured and indicated resources exclusive of reserves, and 11.1 million ounces of inferred resources. Competitive durability depends on reserve life, operating execution, permitting progress, cost control, balance-sheet capacity and the ability to convert resources and projects into producing mines.
The competitive landscape is global and commodity-driven. Gold producers compete for prospective land, deposits, permits, equipment, power, skilled labor, contractors, financing, processing performance and community support, while the metal itself is sold into a global market where individual producers have limited product differentiation. Competition therefore centers on orebody quality, reserve scale, mine life, jurisdiction, development pipeline, operating reliability, cost per ounce, recovery rates and capital discipline. World Gold Council data show mine production, recycled gold, jewelry fabrication, bars and coins, ETF-backed products, central banks and technology demand as major parts of the gold supply-and-demand system.
Capital structure composition and liquidity ratios
Unrestricted cash and cash equivalents were $363.0 million at March 31, 2026, compared with $407.4 million at year-end 2025. The Q1 financial statements showed current assets of $988.3 million, current liabilities of $797.8 million and total assets of $9.66 billion after the sale of the Brazil operations, which had been classified as held for sale at year-end 2025.
The Brazil sale and related debt repayment reshaped the balance sheet during and after the quarter. Management reported that $988.6 million of debt was extinguished and repaid, and by April 30, 2026 net debt excluding convertible debentures was $77 million with available liquidity of $923 million.
Operating, investing, and financing cash flow by period
Operating cash flow before changes in non-cash working capital was $341.0 million, while operating cash flow after working-capital changes was $236.8 million. Investing cash flow was positive because the company received $845.2 million of net proceeds from the Brazil operations sale, and financing cash flow was negative as the company repaid $977.2 million of loans and borrowings.
Normalized cash conversion and accrual quality metrics
Cash Conversion
0.76x
OK
Accrual Intensity
8.5%
Risk
Earnings Margin
36.0%
Good
OCF Margin
27.5%
Good
Cash Conversion
0.76x
Accrual Intensity
8.5%
Earnings Margin
36.0%
OCF Margin
27.5%
Revenue
$862K
Net Income
$310K
Operating CF
$237K
Q1 earnings included a gain on the sale of Brazil operations and a loss on extinguishment of debt, and the Brazil mines are reported as discontinued operations following their January 2026 sale. Equinox uses non-IFRS measures including adjusted EBITDA, adjusted net income, net debt, cash costs and all-in sustaining costs, which should be reconciled to IFRS income and cash flow before comparison.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| IMG | 822.9% | IAMGOLD Corporation | 115.9% |
| ELD | 97.9% | Eldorado Gold Corporation | 49.9% |
| DPM | 294.7% | DPM Metals Inc. | 115.3% |
| OR | 184.4% |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 2,413,082 | 1,817,195 | 912,840 | 1,088,191 | 952,196 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 10,535,395 | 6,713,595 | 4,350,377 | 3,856,397 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 1,000,702 | 818,345 | 372,184 | 358,463 | 56,473 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 1,452,751,429 | 85,080,607 | institutional | Van Eck Associates Corporation | Mar 2026 | 10.78% |
| 691,437,351 | 40,494,133 | mutual_fund | VanEck ETF Trust-VanEck Junior Gold Miners ETF | Apr 2026 | 5.13% |
| 543,819,120 | 31,848,849 | mutual_fund |
Equinox Gold's 2024 Sustainability Report frames environmental stewardship around compliance and incident management, climate action, tailings and heap leach management, waste, water stewardship, biodiversity, and reclamation. The company says its Environment and Climate Change Policy applies to the workforce and suppliers, and that its environmental management system is based on the ISO 14001:2015 framework. In 2024, Equinox Gold reported a Significant Environmental Incident Frequency Rate of 0.20 per million hours worked, down from 0.29 in 2023, with 175 environmental incidents, no moderate, major, or catastrophic incidents, and no environmental fines; one non-compliance incident was reported at Greenstone for storage of contaminated soils outside a permitted area. For climate metrics, 2024 Scope 1 plus Scope 2 greenhouse gas emissions were 351,708 tonnes CO2e, made up of 301,539 tonnes Scope 1 and 50,168 tonnes Scope 2. Energy consumption was 6,468,694 GJ, and diesel remained the largest emissions source at 254,587 tonnes CO2e, about 72% of total emissions. Water metrics included 14,301,551 m3 of total water withdrawn, 133,370,279 m3 of reused water, and 4,860,529 m3 of water discharged in the summary performance table; the report also states that 94.5% of water used in processing operations was reused or recycled. Tailings and waste controls include established monitoring and inspection programs for all tailings storage facilities, third-party inspections, a centralized geotechnical monitoring centre in Brazil, emergency response planning, and independent tailings review boards for Aurizona and Greenstone. The company reported zero tailings-related environmental or safety incidents in 2024, 143,352,116 tonnes of waste rock, 9,178,312 tonnes of tailings, 1,406 tonnes of hazardous waste, 4,722 tonnes of non-hazardous inert waste, and 985 tonnes of domestic waste. Non-mineral waste initiatives diverted 4,531 tonnes from disposal, equal to 40% of total non-mineral waste. Biodiversity work included a Level A rating for 100% of TSM Biodiversity Conservation Management protocol indicators, 38.53 hectares of land rehabilitated, and more than 32,395 seedlings planted.
Equinox Gold's materiality assessment identifies ESG risk areas most relevant to stakeholders and the business. The 2024 assessment highlighted higher scores for business ethics, compliance with agreements, occupational health and safety, and tailings management. Its material environmental topics include air quality, biodiversity, climate change and risks, environmental compliance and incident management, tailings management, waste management, and water stewardship. Material social topics include community engagement and development, compliance with agreements, human rights, occupational health and safety, people and organizational culture, relationships with Indigenous peoples, and socio-environmental impacts. Material governance topics include business ethics, corporate governance, and supply-chain management. The main operating risk themes supported by the source bundle are safety risk, including the 2024 fatality at Fazenda; environmental compliance and incident risk, including the Greenstone contaminated-soils non-compliance incident; climate and energy risk, including diesel's 72% share of total emissions and the integration of climate risk into ERM; tailings and heap leach risk, mitigated through inspections, monitoring, dry-stack tailings at RDM, independent review boards, and emergency response planning; water availability and stewardship risk, addressed through reuse, water-balance work, and the Rodeador Dam initiative in Brazil; community and agreement risk, including Los Filos community agreements and the April 2025 indefinite suspension disclosed in the ESG report; human-rights and modern slavery risk in operations and suppliers; cyber risk; and ethics, corruption, and whistleblower risk. The same source bundle identifies operational ESG improvement areas: renewable-energy contracts at Fazenda and Santa Luz, emissions-reduction initiatives at Greenstone, solar assessments at Aurizona and other sites, improved water balance and water tracking, waste reduction and recycling, biodiversity rehabilitation, expanded Indigenous cross-cultural training, external assurance against Responsible Gold Mining Principles at two sites, and an e-sourcing solution for Greenstone and Brazil operations that integrates ESG and supply-risk management into procurement.
1Y cumulative return vs XIC
The source packet provides inputs for analyst review but does not by itself establish market mispricing. Items requiring analyst review include Q1 2026 production of 197,628 ounces, adjusted EBITDA from all operations of $527.2 million, cash flow before working-capital changes from all operations of $341.0 million, net income from all operations of $310.1 million, available liquidity of $923 million at April 30, 2026, and the reduced net debt position after the Brazil sale. Analyst review should weigh those inputs against Q1 all-in sustaining costs of $1,950 per ounce, severe winter impacts at Greenstone and Valentine, the need to achieve full-year consolidated production and cost guidance, Los Filos uncertainty, and the capital and execution requirements of Valentine Phase 2, Castle Mountain, and other organic growth projects.
The primary risks are those disclosed in the annual report, Q1 MD&A, news release, presentation, transcript, and gold demand context. Equinox identifies risks from gold prices, input costs, production and cost guidance, achieving design capacity at Greenstone and Valentine, mine sequencing, grades and recoveries, labour disruptions, unplanned delays, severe weather, Los Filos community agreements and suspended operations, Castle Mountain permitting, Valentine Phase 2 execution, availability of funding, mineral reserve and resource estimates, regulatory approvals, environmental and safety compliance, Indigenous and community engagement, debt and liquidity, capital allocation, and the ability to improve cash flow and self-fund projects. The thesis is also exposed to higher AISC, delayed ramp-ups, project capital overruns, and weaker gold demand or prices.
Recent developments include Q1 2026 production, deleveraging, and capital-return actions. The Q1 2026 news release says Equinox produced 197,628 ounces of gold, sold 199,217 ounces at an average realized gold price of $4,604 per ounce, generated revenue from continuing operations of $861.6 million, adjusted EBITDA from all operations of $527.2 million, net income from all operations of $310.1 million, adjusted net income from all operations of $234.0 million, cash flow before working-capital changes from all operations of $341.0 million, and mine-site free cash flow before working-capital changes from all operations of $408.9 million. The company completed the sale of Aurizona, RDM, and Bahia Complex mines in Brazil for up to $1.015 billion, extinguished and repaid $988.6 million of debt, paid its inaugural quarterly dividend of $0.015 per share on March 26, 2026, and reported cash and equivalents of $363.0 million at March 31, 2026 plus net debt of $77 million and available liquidity of $923 million at April 30, 2026.
The source packet does not support an automated portfolio action. Any action requires analyst review of Equinox's source-backed Q1 earnings, Canadian production ramp-up, deleveraging, dividend and buyback framework, 2026 production guidance, growth-project capital needs, and mining and jurisdictional risk disclosures. The review should also incorporate current market data and portfolio constraints outside this source-only packet before any action is set.
The source packet supplies valuation work inputs but does not establish a standalone valuation outcome; that requires analyst review. Relevant source-backed inputs include Q1 2026 gold production of 197,628 ounces, gold sales of 199,217 ounces, realized gold price of $4,604 per ounce, revenue from continuing operations of $861.6 million, adjusted EBITDA from all operations of $527.2 million, net income from all operations of $310.1 million, adjusted net income from all operations of $234.0 million, mine-site free cash flow before working-capital changes from all operations of $408.9 million, unrestricted cash of $363.0 million at March 31, 2026, net debt of $77 million and available liquidity of $923 million at April 30, 2026, and 2026 production guidance of 700,000 to 800,000 ounces. Analyst review should normalize discontinued Brazil operations, ramp-up costs, sustaining capital, expansion capital, working capital, and gold-price assumptions before deriving any valuation view.
The overall case is base because Equinox Gold must convert its Americas gold mining portfolio into durable evidence around mine execution, cash generation, debt management, and development delivery. The report context is constructive enough to keep the scenario live, but gold prices, leverage, ramp-up delivery, and permitting risk keep the range from being a one-way read.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on gold prices, leverage, ramp-up delivery, and permitting risk.
Bear Case
In the bear case, Equinox Gold remains tied to its Americas gold mining portfolio, but investors put more weight on gold prices, leverage, ramp-up delivery, and permitting risk than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, Equinox Gold needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that mine execution, cash generation, debt management, and development delivery are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if gold prices, leverage, ramp-up delivery, and permitting risk weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, Equinox Gold executes broadly in line with the prepared report context. The business continues to show credible support from its Americas gold mining portfolio, while the market waits for clearer evidence that mine execution, cash generation, debt management, and development delivery can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, Equinox Gold converts the strengths identified in the report into clearer market evidence. Investors give more credit to mine execution, cash generation, debt management, and development delivery, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its Americas gold mining portfolio into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around gold prices, leverage, ramp-up delivery, and permitting risk, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
Equinox Gold operates in a gold mining industry shaped by gold demand, gold price volatility, input costs, reserve replacement, technical studies, access to skilled labor, community consent, project financing and competition for attractive development opportunities. The World Gold Council Q1 2026 source reported record quarterly gold-demand value, strong bar and coin demand, ETF buying, central-bank net buying, high gold prices and pressure on jewellery volumes, showing that demand mix and price conditions can shift materially by segment. Equinox Gold's own MD&A assumptions depend on stable gold prices and input costs, expected ore grades and recoveries, mine plans and schedules, and absence of labor disruptions or unplanned delays. The reserve and resource supplement also shows that asset economics depend on assumptions for gold prices, exchange rates, mining costs, processing costs, G&A costs, metallurgical recovery, royalties, cut-off grades and technical parameters. Competitive pressure arises from other mining companies competing for labor, contractors, capital, equipment, mineral properties and development opportunities, while governments and communities can influence the availability and cost of mining rights. If gold demand weakens, prices fall, costs rise, mine plans underperform, resources do not convert, or competing miners secure better assets and talent, Equinox Gold's growth pipeline and margins could deteriorate.
Equinox Gold's regulatory and legal risk reflects mining permits, environmental approvals, community and Indigenous relationships, mine closure obligations, securities filings, labor rules and cross-border operations. The Q1 2026 MD&A identifies forward-looking assumptions that include receipt and maintenance of permits and regulatory approvals, compliance with environmental and safety regulations, productive relationships with workers, unions and communities, constructive engagement with Indigenous and community partners, geopolitical stability, and successful long-term agreements with Los Filos communities. The same MD&A states that Castle Mountain Phase 2 depends on required approvals and permits and that Los Filos restart depends on community agreements and suspended-operations management. The sustainability report describes environmental compliance systems, permitting obligations, water stewardship, tailings and heap leach management, biodiversity, reclamation and closure, human rights, modern slavery, supply-chain due diligence, business ethics and cybersecurity governance. It also discloses one 2024 regulatory non-compliance incident at Greenstone involving contaminated soil storage outside the permitted area, although no environmental fines were incurred. Litigation and contingent liability remain possible, including indemnities related to former Brazil operations after the Brazil sale. Adverse permit decisions, non-compliance, community disputes, human rights concerns, environmental incidents, cyber events, tax matters or legal proceedings could delay projects, restrict operations, create costs or harm reputation.
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Risk sensitivity visual unavailable for this report.
A source-supported view of Equinox Gold depends on the company converting its enlarged Americas gold portfolio into consistent production, lower leverage, mine-site free cash flow, disciplined capital returns and organic growth. The main risk is that the portfolio does not deliver those outcomes at the same time. The Q1 2026 MD&A describes the business as a multi-asset Americas gold producer with Greenstone and Valentine as operating mines, Nicaragua assets acquired through Calibre, Castle Mountain and Los Filos as development opportunities, and Brazil operations sold in January 2026. The Q4 2025 transcript emphasizes management's priorities of ramping Greenstone and Valentine to nameplate capacity, allocating capital across sustaining investment, development and shareholder returns, and advancing Valentine Phase 2, Castle Mountain and Los Filos. Those plans depend on operational performance, cost discipline, favorable gold-market conditions, adequate funding, reliable reserves and resources, permitting, community agreements, Indigenous and stakeholder relationships, and successful integration of acquired assets. A constructive case could be impaired by slower Greenstone or Valentine ramp-up, lower grades or recoveries, higher strip ratios or AISC, weaker gold prices, derivative losses, development cost escalation, Los Filos community delays, Castle Mountain permitting setbacks, safety or environmental incidents, reserve downgrades, working-capital pressure or capital allocation that proves too aggressive for future funding needs.
Equinox Gold's go-to-market path is the standard precious-metals mining channel. The company produces gold dore at its mines and sells the product after refining to international bullion banks, traders and refiners. The AIF states that there is a worldwide market for gold dore and that Equinox Gold is not dependent on any particular purchaser for sales of gold, silver or other metals. Operating mines feed ore into processing plants or heap leach systems, produce dore, and monetize that production through gold sales. Project development and exploration are directed toward expanding mine production, extending mine lives and supporting future output.
Equinox Gold's principal property exposure is in Canada, the United States, Nicaragua and Mexico, after the January 2026 sale of the Brazil operations. Producing assets include Greenstone in Ontario, Valentine in Newfoundland and Labrador, Mesquite in California, and the Nicaragua Operations, comprising the La Libertad and El Limon mine complexes. Castle Mountain in California is a development project, and Los Filos in Guerrero, Mexico is suspended while the company evaluates its long-term potential and land access arrangements. The company's AIF describes Greenstone and Valentine as its material assets and identifies all principal properties as located in the Americas.
Key operating levers include gold price, ounces produced and sold, ore grade, mining rates, mill throughput, heap leach recovery, metallurgical recovery, strip ratios, processing availability, mine sequencing, ramp-up execution at Greenstone and Valentine, development and permitting progress, exploration success, reserve and resource conversion, capital allocation, royalties, input costs, labour and contractor performance, supply-chain availability, land access, community relations, environmental compliance, water and tailings management, taxes, foreign exchange and financing costs. In Q1 2026, Equinox Gold produced 197,628 ounces of gold, with Greenstone and Valentine ramp-up performance central to the quarter's operating narrative.
Equinox Gold's principal product is gold dore. The company produces gold from open-pit and underground mining operations and development projects using processing methods that include conventional milling, carbon-in-pulp or carbon-in-leach circuits, gravity concentration, cyanidation and heap leaching. Greenstone is an open-pit gold mine with a conventional milling operation in Ontario. Valentine is an open-pit mine with a conventional crush-grind carbon-in-leach processing operation in Newfoundland and Labrador. Mesquite is an open-pit run-of-mine heap leach gold mine in California, while the Nicaragua Operations include multiple open-pit and underground deposits processed through hub-and-spoke mine complexes.
Equinox Gold operates in a heavily regulated mining environment across Canada, the United States, Mexico and Nicaragua. Its operations, development activities and exploration programs require permits and approvals from national, state, provincial, local and environmental authorities, and are subject to mining, environmental, health and safety, labour, tax, land use, water use, export, Indigenous and community engagement, reclamation and closure, securities disclosure and technical-reporting requirements. The AIF notes that environmental regulations generally require approval before work begins and that permitting, surface rights, land access, mineral title, tailings, water management, artisanal mining, community relations and foreign operations can materially affect operations and development timing.
Equinox Gold's revenue is driven by gold ounces produced and sold, realized gold prices, mine operating performance, grades, recoveries, throughput, mine sequencing, commercial production status, discontinued operations and any by-product credits or related precious-metals sales. In Q1 2026, the company reported $861.6 million of revenue from continuing operations and $438.8 million of income from mine operations. The Q1 release reported 197,628 ounces of gold produced, with 87,402 ounces from Canadian operations. Revenue also reflects changes in the operating portfolio, including the Brazil operations sale completed in January 2026 and the commercial production ramp-up at Greenstone and Valentine.
Equinox Gold operates in the gold mining industry, which explores for, develops, mines, processes and sells gold from mineral properties. The selected sources describe Equinox Gold as a Canadian issuer filing a Form 40-F, with producing and development assets including Greenstone and Valentine in Canada, Nicaragua operations, Mesquite and Castle Mountain in the United States, and Los Filos in Mexico. The broader industry links mine production and recycled supply with demand from jewelry, bars and coins, ETF-backed products, central banks, technology and other bullion-market channels.
Industry growth is driven by gold demand, mine supply, recycling, reserve replacement, mine construction, expansions, exploration success and commodity prices. World Gold Council data show total Q1 2026 gold demand including OTC at 1,231 tonnes, up 2% year over year, with bar and coin demand up 42%, central bank purchases up 3%, technology demand up 1%, jewelry volumes down 23%, mine production up 2% and recycled supply up 5%. Cyclicality is high because mine economics and development decisions are affected by gold prices, grades, recoveries, strip ratios, processing throughput, input costs, exchange rates, weather, labor availability, permitting, community agreements and access to capital.
Gold mining is highly regulated through securities disclosure, mining tenure, technical reporting, environmental approvals, health and safety rules, water and land-use approvals, community agreements and mine closure obligations. The Form 40-F notes that Equinox Gold reports mineral property information under NI 43-101 and refers to risk factors in the company's annual information form, while the presentation and transcript cite permitting, regulatory approvals, environmental and safety compliance, labor disruption, community agreements, Indigenous and community engagement, technical studies and mine plans. Structural risks include gold price volatility, input cost inflation, reserve and resource estimate accuracy, grade and recovery variability, construction and ramp-up delays, metallurgical issues, equipment downtime, weather, permitting challenges and social license constraints.
Gold miners generally have limited pricing power because gold is priced in global bullion markets, with company revenue tied to realized gold prices and ounces sold. World Gold Council data cite an LBMA quarterly average gold price of US$4,872.9 per ounce in Q1 2026, while Equinox Gold's presentation reports Q1 2026 ounces sold at a realized gold price of US$4,604 per ounce. Cost position is driven by mine grade, strip ratio, throughput, recovery, labor, fuel, power, reagents, sustaining capital, growth capital, royalties, exchange rates, refining and transportation. Equinox Gold's 2026 guidance lists consolidated cash costs of US$1,425 to US$1,525 per ounce and all-in sustaining costs of US$1,775 to US$1,875 per ounce, with different cost ranges across Greenstone, Valentine, Nicaragua and Mesquite.
Customer demand ultimately comes from bullion-market channels including jewelry fabricators, bar and coin buyers, ETF-backed products, central banks, technology users and other gold market participants. Equinox Gold reports selling produced ounces at realized market prices, so customer dynamics are tied more to global gold demand and liquidity than to bespoke product terms. Supplier dynamics include mining contractors, employees, unions, equipment and mobile fleet providers, power and fuel suppliers, reagent and consumable vendors, assay and technical consultants, refiners, transport providers, construction contractors, financing providers, governments, regulators, Indigenous groups and host communities. Operating costs and reliability depend on availability and pricing for those inputs, as well as ore grade, recovery, throughput and mine sequencing.
Insufficient structured data
Earnings history visual unavailable for this report.
Equinox stated that full-year consolidated production and cost guidance remained on track, with 2026 guidance production of 700,000 to 800,000 ounces. Management highlighted ongoing ramp-up at Greenstone and Valentine, including Greenstone quarter-on-quarter improvement and expected grade improvement as mining sequencing moves past severe winter conditions.
Equinox produced 197,628 ounces from all operations in Q1 2026, including 184,155 ounces from continuing operations, compared with 145,290 ounces from all operations in Q1 2025. The higher production base, higher realized gold prices and contribution from Greenstone and Valentine drove materially higher revenue, mine operating income and net income than in the prior-year quarter.
Revenue (USD) and profitability margins (% of revenue)
Equinox reported Q1 2026 revenue from continuing operations of $861.6 million, income from mine operations from continuing operations of $438.8 million, and net income from all operations of $310.1 million, or $0.39 per basic share. The company sold 199,217 ounces from all operations at an average realized gold price of $4,604 per ounce, with continuing operations accounting for 183,960 ounces sold.
All-operations cash costs were $1,633 per ounce sold and all-in sustaining costs were $1,950 per ounce sold in Q1 2026. Adjusted EBITDA from all operations was $527.2 million, adjusted net income from all operations was $234.0 million, and mine-site free cash flow before working-capital changes was $408.9 million.
Q1 results include the January 2026 sale of the Brazil operations, a gain on sale, discontinued-operation reporting and a loss on debt extinguishment. Those items, along with large debt repayments and sale proceeds, should be excluded when assessing continuing operating cash generation.
| OR Royalties Inc. |
| 87.3% |
| OGC | 140.5% | OceanaGold Corporation | 98.5% |
| LUG | 79.4% | Lundin Gold Inc. | 59.2% |
| BTO | 250.3% | B2Gold Corp. | 117.7% |
| AGI | 1144.7% | Alamos Gold Inc. | 79.2% |
| PAAS | 131.6% | Pan American Silver Corp. | 49.3% |
| K | 133.9% | Kinross Gold Corporation | 60.8% |
| Subject (EQX) | 224.3% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 16.9% | 28.0% | IMG | 29.5% | IAMGOLD Corporation | 48.0% | 52.8% |
| 8.8% | 14.0% | ELD | 28.6% | Eldorado Gold Corporation | 62.8% | 48.8% |
| 16.6% | 25.5% | DPM | 44.9% | DPM Metals Inc. | 69.4% | 59.3% |
| 10.3% | 18.9% | OR | 78.1% | OR Royalties Inc. | 96.7% | 85.4% |
| 21.8% | 34.6% | OGC | 33.7% | OceanaGold Corporation | 62.3% | 50.2% |
| 46.5% | 68.5% | LUG | 45.7% | Lundin Gold Inc. | 77.8% | 68.9% |
| 16.9% | 16.5% | BTO | 14.8% | B2Gold Corp. | 65.5% | 45.0% |
| 12.0% | 25.9% | AGI | 51.2% | Alamos Gold Inc. | 70.2% | 52.4% |
| 10.6% | 20.8% | PAAS | 31.6% | Pan American Silver Corp. | 55.7% | 48.1% |
| 20.3% | 35.5% | K | 36.0% | Kinross Gold Corporation | 68.7% | 55.1% |
| 6.9% | 5.2% | 25.2% | Subject (EQX) | 58.9% | 45.3% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 2.31 | 10.04 | 4.04 | IMG | 7.65x | 4.11x | $13.8bn | 6.87 | IAMGOLD Corporation | $14.0bn |
| 1.48 | 11.28 | 5.82 | ELD | 10.77x | 6.19x | $11.6bn | 5.42 | Eldorado Gold Corporation | $12.4bn |
| 2.82 | 13.51 | 9.44 | DPM | 13.92x | 8.94x | $10.5bn | 8.02 | DPM Metals Inc. | $10.0bn |
| 4.79 | 27.54 | 29.36 | OR | 32.77x | 29.37x | $9.6bn | 21.90 | OR Royalties Inc. | $9.6bn |
| 2.87 | 9.24 | 4.18 | OGC | 7.17x | 4.00x | $9.4bn | 6.87 | OceanaGold Corporation | $9.0bn |
| 11.42 | 16.90 | 10.70 | LUG | 14.55x | 10.37x | $21.3bn | 12.52 | Lundin Gold Inc. | $20.7bn |
| 1.71 | 12.28 | 2.35 | BTO | 4.41x | 2.38x | $8.7bn | 4.07 | B2Gold Corp. | $8.8bn |
| 3.65 | 15.88 | 11.17 | AGI | 16.91x | 11.04x | $23.1bn | 11.99 | Alamos Gold Inc. | $22.9bn |
| 3.33 | 17.31 | 8.01 | PAAS | 16.35x | 7.96x | $32.0bn | 10.09 | Pan American Silver Corp. | $31.8bn |
| 3.86 | 12.46 | 6.07 | K | 9.60x | 5.98x | $48.3bn | 8.29 | Kinross Gold Corporation | $47.6bn |
| 1.62 | 34.02 | 5.67 | 10.18x | 5.92x | $13.7bn | 6.88 | Subject (EQX) | $14.3bn |
| 2,413,082 |
| 1,817,195 |
| 912,840 |
| 1,088,191 |
| 952,196 |
Cost of Revenue | 1,351,202 | 1,175,091 | 708,649 | 979,207 | 868,258 |
Gross Profit | 1,061,880 | 642,104 | 204,191 | 108,984 | 83,938 |
•Operating Expense | 230,113 | 209,765 | 52,487 | 73,166 | 73,992 |
•Selling General and Administrative | 107,820 | 103,890 | 50,276 | 45,171 | 45,650 |
•General & Administrative Expense | 107,820 | 103,890 | 50,276 | 45,171 | 45,650 |
Salaries and Wages | 65,896 | 65,600 | 28,749 | 27,500 | 21,666 |
Other G and A | 41,924 | 38,290 | 21,527 | 17,671 | 23,984 |
•Depreciation Amortization Depletion | -- | -- | 2,104 | 1,072 | 1,032 |
•Depreciation & amortization | -- | -- | 2,104 | 1,072 | 1,032 |
Depreciation | -- | -- | 2,104 | 1,072 | 1,032 |
Provision for Doubtful Accounts | -- | -- | -31 | 13,802 | 446 |
Other Operating Expenses | 16,476 | 10,884 | 1,631 | 11,690 | 18,423 |
Operating Income | 831,767 | 432,339 | 151,704 | 35,818 | 9,946 |
•Net Non Operating Interest Income Expense | -151,208 | -168,342 | -84,231 | -48,512 | -34,741 |
Interest Income Non Operating | 13,346 | 10,946 | 7,071 | 11,689 | 5,611 |
Interest Expense Non Operating | 164,554 | 179,288 | 91,302 | 60,201 | 40,352 |
•Other Income Expense | -165,639 | -132,630 | 465,837 | 27,462 | -73,612 |
Gain on Sale of Security | -107,882 | -95,763 | -103,131 | 33,953 | -59,469 |
Earnings from Equity Interest | -579,115 | -- | 6,264 | -17,465 | -6,178 |
•Special Income Charges | -57,822 | -36,107 | 561,953 | 27,119 | -7,274 |
Restructuring & Mergers Acquisition | 38,248 | 49,149 | -556,570 | 2,999 | 0 |
Write Off | -- | -- | -- | 13,802 | 446 |
Other Special Charges | -- | -13,042 | -5,383 | 4,349 | -4,958 |
Gain on Sale of Business | -- | -- | 0 | 34,467 | -7,006 |
Gain on Sale of PPE | -- | -- | -- | -328 | -5,226 |
Other Non Operating Income Expenses | 65 | -760 | 7,015 | -16,145 | -691 |
Pretax Income | 514,920 | 131,367 | 533,310 | 14,768 | -98,407 |
Tax Provision | 268,108 | 150,228 | 273,016 | -14,116 | 7,620 |
•Net Income Common Stockholders | 607,061 | 221,471 | 339,287 | 28,884 | -106,027 |
•Net Income | 607,061 | 221,471 | 339,287 | 28,884 | -106,027 |
•Net Income Including Non-Controlling Interests | 607,061 | 221,471 | 339,287 | 28,884 | -106,027 |
Net Income Continuous Operations | 246,812 | -18,861 | 260,294 | 28,884 | -106,027 |
Net Income Discontinuous Operations | 360,249 | 240,332 | 78,993 | -- | -- |
Average Dilution Earnings | -- | -- | 18,194 | 0 | 0 |
Diluted NI Available to Com Stockholders | 607,061 | 221,471 | 357,481 | 28,884 | -106,027 |
Basic EPS | 0.91 | 0.35 | 0.85 | 0.09 | -0.35 |
Diluted EPS | 0.90 | 0.35 | 0.75 | 0.09 | -0.35 |
Basic Average Shares | 713,522.49 | 630,306.22 | 400,109.70 | 312,765.52 | 304,001.63 |
Diluted Average Shares | 722,811.01 | 630,306.22 | 473,546.71 | 316,302.86 | 304,001.63 |
Total Operating Income as Reported | 831,767 | 432,339 | 151,704 | 49,620 | 10,392 |
Total Expenses | 1,581,315 | 1,384,856 | 761,136 | 1,052,373 | 942,250 |
Net Income from Continuing & Discontinued Operation | 607,061 | 221,471 | 339,287 | 28,884 | -106,027 |
Normalized Income | 346,234.40 | 93,228.50 | -129,704.70 | -7,759.20 | -56,777.34 |
Interest Income | 13,346 | 10,946 | 7,071 | 11,689 | 5,611 |
Interest Expense | 164,554 | 179,288 | 91,302 | 60,201 | 40,352 |
Net Interest Income | -151,208 | -168,342 | -84,231 | -48,512 | -34,741 |
EBIT | 679,474 | 310,655 | 624,612 | 74,969 | -58,055 |
EBITDA | 1,215,529 | 828,171 | 847,228 | 291,090 | 130,782 |
Reconciled Cost of Revenue | 1,351,202 | 1,175,091 | 708,649 | 764,158 | 868,258 |
Reconciled Depreciation | 536,055 | 517,516 | 222,616 | 216,121 | 188,837 |
Net Income from Continuing Operation Net Minority Interest | 246,812 | -18,861 | 260,294 | 28,884 | -106,027 |
Total Unusual Items Excluding Goodwill | -165,704 | -131,870 | 458,822 | 61,072 | -66,743 |
Total Unusual Items | -165,704 | -131,870 | 458,822 | 61,072 | -66,743 |
Normalized EBITDA | 1,381,233 | 960,041 | 388,406 | 230,018 | 197,525 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -66,281.60 | -19,780.50 | 68,823.30 | 24,428.80 | -17,493.34 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 2,413,082 | 861,593 | 95,821 | 819,010 | 478,600 | 265,706 |
Operating Revenue | 2,413,082 | 861,593 | 95,821 | 819,010 | 478,600 | 265,706 |
Cost of Revenue | 1,351,202 | 423,097 | -73,141 | 539,114 | 318,986 | 246,986 |
Gross Profit | 1,061,880 | 438,496 | 168,962 | 279,896 | 159,654 | 18,720 |
•Operating Expense | 230,113 | 48,264 | 41,156 | 74,722 | 64,551 | 27,916 |
Operation & Maintenance | 105,817 | 20,771 | 22,056 | 27,734 | 35,256 | 9,945 |
•Selling General and Administrative | 107,820 | 21,206 | 25,514 | 35,330 | 25,471 | 17,276 |
•General & Administrative Expense | 107,820 | 21,206 | 25,514 | 35,330 | 25,471 | 17,276 |
Salaries and Wages | 65,896 | 10,224 | 14,798 | 26,813 | 13,884 | 9,928 |
Other G and A | 41,924 | 10,982 | 10,716 | 8,517 | 11,587 | 7,348 |
•Depreciation Amortization Depletion | -- | -- | -- | -- | -- | 123 |
Depreciation & amortization | -- | -- | -- | -- | -- | 123 |
Other Operating Expenses | 16,476 | 6,287 | -6,414 | 11,658 | 3,824 | 695 |
Operating Income | 831,767 | 390,232 | 127,806 | 205,174 | 159,800 | -9,196 |
•Net Non Operating Interest Income Expense | -151,208 | -27,492 | -31,594 | -47,677 | -42,833 | -44,626 |
Interest Income Non Operating | 13,346 | 4,201 | 3,163 | 3,213 | 2,475 | 1,801 |
Interest Expense Non Operating | 164,554 | 31,693 | 34,757 | 50,890 | 45,308 | 46,427 |
•Other Income Expense | -165,639 | -48,729 | -64,292 | -42,510 | -2,957 | -15,720 |
Gain on Sale of Security | -107,882 | -11,347 | -61,377 | -32,396 | 5,286 | 772 |
Earnings from Equity Interest | -579,115 | -- | -- | -- | 0 | -- |
•Special Income Charges | -57,822 | -36,679 | -11,699 | -3,343 | -6,101 | -14,964 |
Restructuring & Mergers Acquisition | 38,248 | 4,063 | 11,699 | 16,385 | 6,101 | 14,964 |
Other Special Charges | -- | 32,616 | 0 | -13,042 | -- | -- |
Other Non Operating Income Expenses | 65 | -703 | 8,784 | -6,771 | -2,142 | -1,528 |
Pretax Income | 514,920 | 314,011 | 31,920 | 114,987 | 49,313 | -69,542 |
Tax Provision | 268,108 | 126,841 | 84,722 | 29,412 | 25,468 | 8,961 |
•Net Income Common Stockholders | 607,061 | 310,111 | 187,530 | 85,575 | 23,800 | -75,479 |
•Net Income | 607,061 | 310,111 | 187,530 | 85,575 | 23,800 | -75,479 |
•Net Income Including Non-Controlling Interests | 607,061 | 310,111 | 187,530 | 85,575 | 23,800 | -75,479 |
Net Income Continuous Operations | 246,812 | 187,170 | -52,802 | 85,575 | 23,800 | -78,503 |
Net Income Discontinuous Operations | 360,249 | 122,941 | -- | -- | -- | 3,024 |
Diluted NI Available to Com Stockholders | 607,061 | 310,111 | 187,530 | 85,575 | 23,800 | -75,479 |
Basic EPS | 0.91 | 0.39 | -- | 0.11 | 0.05 | -0.17 |
Diluted EPS | 0.90 | 0.38 | -- | 0.11 | 0.05 | -0.17 |
Basic Average Shares | 713,522.49 | 788,596.53 | -- | 771,312.31 | 759,013.17 | 455,731.47 |
Diluted Average Shares | 722,811.01 | 825,750.64 | -- | 781,873.30 | 759,013.17 | 455,731.47 |
Total Operating Income as Reported | 831,767 | 390,232 | 127,806 | 205,174 | 159,800 | -9,196 |
Total Expenses | 1,581,315 | 471,361 | -31,985 | 613,836 | 383,537 | 274,902 |
Interest Income | 13,346 | 4,201 | 3,163 | 3,213 | 2,475 | 1,801 |
Interest Expense | 164,554 | 31,693 | 34,757 | 50,890 | 45,308 | 46,427 |
Net Interest Income | -151,208 | -27,492 | -31,594 | -47,677 | -42,833 | -44,626 |
Net Income from Continuing & Discontinued Operation | 607,061 | 310,111 | 187,530 | 85,575 | 23,800 | -75,479 |
Normalized Income | 346,234.40 | 215,985.60 | 9,312.60 | 112,172.48 | 23,800 | -66,439.80 |
EBIT | 679,474 | 345,704 | 66,677 | 165,877 | 159,800 | -23,115 |
EBITDA | 1,215,529 | 461,804 | 218,525 | 338,350 | 159,800 | 74,446 |
Reconciled Cost of Revenue | 1,351,202 | 423,097 | -73,141 | 539,114 | 318,986 | 246,986 |
Reconciled Depreciation | 536,055 | 116,100 | 151,848 | 172,473 | 95,634 | 97,561 |
Net Income from Continuing Operation Net Minority Interest | 246,812 | 187,170 | -52,802 | 85,575 | 23,800 | -78,503 |
Total Unusual Items Excluding Goodwill | -165,704 | -48,026 | -73,076 | -35,739 | -815 | -14,192 |
Total Unusual Items | -165,704 | -48,026 | -73,076 | -35,739 | -815 | -14,192 |
Normalized EBITDA | 1,381,233 | 509,830 | 291,601 | 374,089 | 159,800 | 88,638 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -66,281.60 | -19,210.40 | -10,961.40 | -9,141.52 | 0 | -2,128.80 |
| 1,970,557 |
| 784,105 |
| 833,958 |
| 655,095 |
•Cash, Cash Equivalents & Short Term Investments | 570,038 | 245,471 | 284,661 | 237,636 |
Cash And Cash Equivalents | 407,355 | 239,329 | 191,995 | 200,769 |
Other Short Term Investments | 162,683 | 6,142 | 92,666 | 36,867 |
•Receivables | 65,468 | 70,035 | 82,307 | 76,103 |
Accounts receivable | 7,146 | 3,943 | 9,916 | 8,180 |
Taxes Receivable | 41,364 | 47,083 | 62,825 | 49,837 |
Other Receivables | 16,958 | 19,009 | 9,566 | 18,086 |
Inventory | 369,759 | 417,541 | 412,005 | 265,105 |
Prepaid Assets | 26,352 | 44,529 | 35,144 | -- |
Assets Held for Sale Current | 928,332 | 0 | -- | 0 |
Hedging Assets Current | -- | 0 | 17,700 | 36,218 |
Other Current Assets | 10,608 | 6,529 | 2,141 | 40,033 |
•Total non-current assets | 8,564,838 | 5,929,490 | 3,516,419 | 3,201,302 |
•Net PPE | 7,910,329 | 5,564,713 | 3,225,213 | 2,840,499 |
•Gross PPE | 8,750,310 | 6,486,517 | 3,986,969 | 3,345,810 |
Machinery Furniture Equipment | 2,536,027 | 1,886,383 | 971,885 | 820,531 |
Construction in Progress | 39,565 | 212,260 | 746,138 | 382,338 |
Accumulated Depreciation | -839,981 | -921,804 | -761,756 | -505,311 |
•Investments And Advances | 0 | 32,317 | 29,263 | 153,128 |
•Long Term Equity Investment | -- | 0 | 29,263 | 150,834 |
Investments in Associatesat Cost | -- | 0 | 29,263 | 150,834 |
•Investment in Financial Assets | 0 | 32,317 | 0 | 2,294 |
Financial Assets Designatedas Fair Value Through Profitor Loss Total | -- | -- | 0 | 2,294 |
Available for Sale Securities | -- | 32,317 | -- | -- |
Financial Assets | -- | 81 | 496 | 525 |
Non Current Accounts Receivable | -- | 8,587 | 13,394 | 39,765 |
Non Current Note Receivables | 18,750 | 29,094 | 25,200 | 0 |
•Non Current Deferred Assets | 0 | 2,339 | 0 | 0 |
Non Current Deferred Taxes Assets | 0 | 2,339 | 0 | 0 |
Other Non Current Assets | 635,759 | 292,440 | 222,853 | 167,385 |
•Total Liabilities Net Minority Interest | 4,740,088 | 3,316,043 | 1,907,916 | 1,504,617 |
•Current Liabilities | 1,261,974 | 689,091 | 479,601 | 271,724 |
•Payables And Accrued Expenses | 455,538 | 268,444 | 246,522 | 239,808 |
•Payables | 265,910 | 155,870 | 128,600 | 136,288 |
Accounts Payable | 104,541 | 128,456 | 112,767 | 122,508 |
•Total Tax Payable | 161,369 | 27,414 | 15,833 | 13,780 |
Income Tax Payable | 153,118 | 10,103 | 6,399 | 9,379 |
Current Accrued Expenses | 189,628 | 112,574 | 117,922 | 103,520 |
•Current Debt And Capital Lease Obligation | 181,330 | 135,592 | 138,604 | -- |
•Current Debt | 181,330 | 135,592 | 138,604 | -- |
Other Current Borrowings | 181,330 | 135,592 | 138,604 | -- |
•Current Deferred Liabilities | 127,597 | 116,334 | 39,598 | 0 |
Current Deferred Revenue | 127,597 | 116,334 | 39,598 | 0 |
Other Current Liabilities | 497,509 | 168,721 | 54,877 | 31,916 |
•Total Non Current Liabilities Net Minority Interest | 3,478,114 | 2,626,952 | 1,428,315 | 1,232,893 |
Long Term Provisions | 229,821 | 136,569 | 127,873 | 95,514 |
•Long Term Debt And Capital Lease Obligation | 1,447,041 | 1,272,772 | 806,761 | 842,103 |
Long Term Debt | 1,373,350 | 1,212,239 | 786,376 | 828,024 |
Long Term Capital Lease Obligation | 73,691 | 60,533 | 20,385 | 14,079 |
•Non Current Deferred Liabilities | 1,576,981 | 1,066,690 | 439,239 | 271,219 |
Non Current Deferred Taxes Liabilities | 1,411,851 | 799,972 | 244,704 | 271,219 |
Non Current Deferred Revenue | 165,130 | 266,718 | 194,535 | 0 |
•Employee Benefits | 26,573 | 11,653 | 3,046 | 1,479 |
Non Current Pension And Other Post-Retirement Benefit Plans | 19,299 | 6,282 | -- | -- |
Derivative Product Liabilities | 46,710 | 46,372 | 11,082 | 8,806 |
Other Non Current Liabilities | 150,988 | 92,896 | 40,314 | 13,772 |
•Total Equity Gross Minority Interest | 5,795,307 | 3,397,552 | 2,442,461 | 2,351,780 |
•Stockholders' Equity | 5,795,307 | 3,397,552 | 2,442,461 | 2,351,780 |
•Capital Stock | 4,874,712 | 2,798,820 | 2,085,565 | 2,035,974 |
Common Stock | 4,874,712 | 2,798,820 | 2,085,565 | 2,035,974 |
Retained Earnings | 819,998 | 613,659 | 348,549 | 326,262 |
•Gains Losses Not Affecting Retained Earnings | 100,597 | -14,927 | 8,347 | -10,456 |
Other Equity Adjustments | 100,597 | -14,927 | 8,347 | -10,456 |
Total Capitalization | 7,168,657 | 4,609,791 | 3,228,837 | 3,179,804 |
Common Stock Equity | 5,795,307 | 3,397,552 | 2,442,461 | 2,351,780 |
Capital Lease Obligations | 73,691 | 60,533 | 20,385 | 14,079 |
Net Tangible Assets | 5,795,307 | 3,397,552 | 2,442,461 | 2,351,780 |
Working Capital | 708,583 | 95,014 | 354,357 | 383,371 |
Invested Capital | 7,349,987 | 4,745,383 | 3,367,441 | 3,179,804 |
Tangible Book Value | 5,795,307 | 3,397,552 | 2,442,461 | 2,351,780 |
Total Debt | 1,628,371 | 1,408,364 | 945,365 | 842,103 |
Net Debt | 1,147,325 | 1,108,502 | 732,985 | 627,255 |
Share Issued | 785,632.45 | 455,232.52 | 318,013.86 | 307,365.59 |
Ordinary Shares Number | 785,632.45 | 455,232.52 | 318,013.86 | 307,365.59 |
Treasury Shares Number | -- | -- | 0 | -- |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 9,656,055 | 10,535,395 | 10,308,323 | 10,020,805 | 6,669,995 |
•Current Assets | 988,309 | 1,970,557 | 1,293,109 | 1,015,804 | 592,776 |
•Cash, Cash Equivalents & Short Term Investments | 499,619 | 570,038 | 403,222 | 406,700 | 178,262 |
Cash And Cash Equivalents | 362,965 | 407,355 | 348,470 | 406,700 | 172,887 |
Other Short Term Investments | 136,654 | 162,683 | 54,752 | 23,823 | 5,375 |
•Receivables | 61,149 | 65,468 | 133,910 | 83,207 | 127,582 |
Accounts receivable | 61,149 | 7,146 | 37,288 | 11,849 | 22,654 |
Notes Receivable | -- | -- | -- | -- | 39,725 |
Taxes Receivable | -- | 41,364 | 74,347 | 50,836 | 46,522 |
Other Receivables | -- | 16,958 | 22,275 | 20,522 | 18,681 |
•Inventory | 392,045 | 369,759 | 541,003 | 439,392 | 244,051 |
Raw Materials | -- | -- | -- | 353,737 | 198,414 |
Work in Process | -- | -- | -- | 69,872 | 32,097 |
Finished Goods | -- | -- | -- | 15,783 | 13,540 |
Prepaid Assets | 33,474 | 26,352 | 35,882 | 48,784 | 37,021 |
Assets Held for Sale Current | 0 | 928,332 | 161,063 | -- | -- |
Other Current Assets | 2,022 | 10,608 | 18,029 | 13,931 | 5,860 |
•Total non-current assets | 8,667,746 | 8,564,838 | 9,015,214 | 9,005,001 | 6,077,219 |
•Net PPE | 7,948,829 | 7,910,329 | 8,443,008 | 8,419,242 | 5,560,206 |
•Gross PPE | 8,911,135 | 8,750,310 | 9,779,350 | 9,572,672 | 6,586,183 |
Mineral Properties | 6,235,365 | 6,174,718 | 6,499,881 | 6,461,671 | 4,548,742 |
Machinery Furniture Equipment | 2,631,939 | 2,536,027 | 2,359,201 | 2,287,596 | 1,957,945 |
Construction in Progress | 43,831 | 39,565 | 920,268 | 823,405 | 79,496 |
Accumulated Depreciation | -962,306 | -839,981 | -1,336,342 | -1,153,430 | -1,025,977 |
•Investments And Advances | -- | 0 | -- | -- | -- |
Investment in Financial Assets | -- | 0 | -- | -- | -- |
Non Current Note Receivables | 0 | 18,750 | -- | -- | -- |
•Non Current Deferred Assets | -- | 0 | 16,444 | 13,595 | 3,521 |
Non Current Deferred Taxes Assets | -- | 0 | 16,444 | 13,595 | 3,521 |
Other Non Current Assets | 718,917 | 635,759 | 555,762 | 572,164 | 513,492 |
•Total Liabilities Net Minority Interest | 3,530,835 | 4,740,088 | 4,732,582 | 4,729,064 | 3,346,914 |
•Current Liabilities | 797,821 | 1,261,974 | 1,204,539 | 1,085,372 | 693,900 |
•Payables And Accrued Expenses | 428,484 | 455,538 | 526,894 | 444,358 | 226,574 |
•Payables | 428,484 | 265,910 | -- | -- | -- |
Accounts Payable | 335,525 | 104,541 | -- | -- | -- |
•Total Tax Payable | 92,959 | 161,369 | -- | -- | -- |
Income Tax Payable | 92,959 | 153,118 | -- | -- | -- |
Current Accrued Expenses | -- | 189,628 | -- | -- | -- |
•Current Debt And Capital Lease Obligation | 29,080 | 181,330 | 144,250 | 220,312 | 136,878 |
•Current Debt | 29,080 | 181,330 | 144,250 | 220,312 | 136,878 |
Other Current Borrowings | 29,080 | 181,330 | 144,250 | 220,312 | 136,878 |
•Current Deferred Liabilities | 101,779 | 127,597 | 181,802 | 199,921 | 133,374 |
Current Deferred Revenue | 101,779 | 127,597 | 181,802 | 199,921 | 133,374 |
Other Current Liabilities | 238,478 | 497,509 | 351,593 | 220,781 | 197,074 |
•Total Non Current Liabilities Net Minority Interest | 2,733,014 | 3,478,114 | 3,528,043 | 3,643,692 | 2,653,014 |
Long Term Provisions | 232,303 | 229,821 | 227,532 | 241,632 | 129,400 |
•Long Term Debt And Capital Lease Obligation | 585,649 | 1,447,041 | 1,482,443 | 1,560,013 | 1,255,982 |
Long Term Debt | 585,649 | 1,373,350 | 1,482,443 | 1,560,013 | 1,255,982 |
Long Term Capital Lease Obligation | -- | 73,691 | -- | -- | -- |
•Non Current Deferred Liabilities | 1,613,781 | 1,576,981 | 1,492,746 | 1,506,241 | 1,044,068 |
Non Current Deferred Taxes Liabilities | 1,447,497 | 1,411,851 | 1,321,753 | 1,303,355 | 801,206 |
Non Current Deferred Revenue | 166,284 | 165,130 | 170,993 | 202,886 | 242,862 |
•Employee Benefits | -- | 26,573 | -- | -- | -- |
Non Current Pension And Other Post-Retirement Benefit Plans | -- | 19,299 | -- | -- | -- |
Derivative Product Liabilities | 49,098 | 46,710 | 41,087 | 49,203 | 50,495 |
Other Non Current Liabilities | 252,183 | 150,988 | 284,235 | 286,603 | 173,069 |
•Total Equity Gross Minority Interest | 6,125,220 | 5,795,307 | 5,575,741 | 5,291,741 | 3,323,081 |
•Stockholders' Equity | 6,125,220 | 5,795,307 | 5,575,741 | 5,291,741 | 3,323,081 |
•Capital Stock | 4,903,602 | 4,874,712 | 4,858,420 | 4,692,030 | 2,803,959 |
Common Stock | 4,903,602 | 4,874,712 | 4,858,420 | 4,692,030 | 2,803,959 |
Retained Earnings | 1,126,587 | 819,998 | 632,468 | 546,893 | 523,048 |
•Gains Losses Not Affecting Retained Earnings | 95,031 | 100,597 | 84,853 | 52,818 | -3,926 |
Other Equity Adjustments | 95,031 | 100,597 | 84,853 | 52,818 | -3,926 |
Total Capitalization | 6,710,869 | 7,168,657 | 7,058,184 | 6,851,754 | 4,579,063 |
Common Stock Equity | 6,125,220 | 5,795,307 | 5,575,741 | 5,291,741 | 3,323,081 |
Capital Lease Obligations | -- | 73,691 | -- | -- | -- |
Net Tangible Assets | 6,125,220 | 5,795,307 | 5,575,741 | 5,291,741 | 3,323,081 |
Working Capital | 190,488 | 708,583 | 88,570 | -69,568 | -101,124 |
Invested Capital | 6,739,949 | 7,349,987 | 7,202,434 | 7,072,066 | 4,715,941 |
Tangible Book Value | 6,125,220 | 5,795,307 | 5,575,741 | 5,291,741 | 3,323,081 |
Total Debt | 614,729 | 1,628,371 | 1,626,693 | 1,780,325 | 1,392,860 |
Net Debt | 251,764 | 1,147,325 | 1,278,223 | 1,373,658 | 1,219,973 |
Share Issued | 789,078.51 | 785,632.45 | 783,537.20 | 759,013.17 | 456,082.89 |
Ordinary Shares Number | 789,078.51 | 785,632.45 | 783,537.20 | 759,013.17 | 456,082.89 |
| 1,000,702 |
| 818,345 |
| 372,184 |
| 358,463 |
| 56,473 |
Net Income from Continuing Operations | 607,061 | 221,471 | 339,287 | 28,884 | -106,027 |
•Operating Gains Losses | 69,158 | 135,113 | 101,871 | -39,126 | 84,856 |
Gain Loss On Sale of Business | -- | -- | 0 | -34,467 | 0 |
Net Foreign Currency Exchange Gain Loss | 19,572 | 21,149 | -21,418 | 9,439 | 12,612 |
Gain Loss On Investment Securities | 122,615 | 113,964 | 123,289 | -31,563 | 53,834 |
Earnings Losses from Equity Investments | -- | -- | -702 | 17,465 | 6,178 |
Depreciation Amortization Depletion | 536,055 | 517,516 | 222,616 | 216,121 | 188,837 |
•Deferred Tax | 316,453 | 191,119 | 290,794 | -14,116 | 7,620 |
Deferred Income Tax | 316,453 | 191,119 | 290,794 | -14,116 | 7,620 |
Asset Impairment Charge | -- | -- | -31 | 13,802 | 0 |
Provision & Write Off of Assets | -- | -- | -- | 13,802 | 446 |
Other non-cash items | -94,049 | -20,890 | -504,768 | 335,452 | -9,315 |
•Change in working capital | -182,100 | -96,758 | -58,014 | -168,987 | -87,820 |
Change in Receivables | 26,410 | 13,320 | 6,964 | -27,094 | -14,416 |
Change in Inventory | -263,391 | -157,791 | -72,369 | -165,697 | -69,607 |
Change in Prepaid Assets | 2,322 | 17,791 | -11,349 | 3,721 | -4,928 |
•Change in Payables And Accrued Expense | 52,559 | 29,922 | 18,740 | 20,083 | 1,131 |
•Change in Payable | -- | 29,922 | 18,740 | 20,083 | 1,131 |
Change in Account Payable | -- | 29,922 | 18,740 | 20,083 | 1,131 |
Change in Other Current Liabilities | -- | -- | -- | -- | 3,792 |
Taxes Refund Paid | -251,876 | -129,226 | -19,602 | -13,567 | -22,124 |
•Investing Cash Flow | 383,787 | -458,673 | -1,111,719 | -462,674 | -419,002 |
•Cash Flow from Continuing Investing Activities | 383,787 | -458,673 | -1,111,719 | -462,674 | -419,002 |
Capital Expenditure Reported | -783,388 | -692,346 | -412,073 | -523,298 | -557,074 |
•Net PPE Purchase And Sale | -- | -- | -- | -- | -557,074 |
Purchase of PPE | -- | -- | -- | -- | -557,074 |
•Net Business Purchase And Sale | 1,038,288 | 193,107 | -744,110 | 22,846 | -3,343 |
Purchase of Business | -40,000 | 0 | -744,110 | 0 | -3,343 |
Sale of Business | 1,038,288 | 193,107 | 0 | 22,846 | 0 |
•Net Investment Purchase And Sale | 41,146 | -36,977 | 48,191 | 44,432 | 84,600 |
Purchase of Investment | 0 | -40,000 | 0 | -8,927 | -7,421 |
Sale of Investment | 41,146 | 3,023 | 48,191 | 53,359 | 92,021 |
Net Other Investing Changes | 87,741 | 77,543 | -3,727 | -6,654 | 56,815 |
•Financing Cash Flow | -1,192,725 | -171,893 | 792,475 | 92,498 | 254,311 |
•Cash Flow from Continuing Financing Activities | -1,192,725 | -171,893 | 792,475 | 92,498 | 254,311 |
•Net Issuance Payments of Debt | -1,064,730 | -61,247 | 523,210 | 96,708 | 262,618 |
•Net Long Term Debt Issuance | -1,064,730 | -61,247 | 523,210 | 96,708 | 262,618 |
Long Term Debt Issuance | 59,308 | 85,000 | 560,000 | 426,167 | 299,800 |
Long Term Debt Payments | -1,124,038 | -146,247 | -36,790 | -329,459 | -37,182 |
•Net Short Term Debt Issuance | -- | -24,878 | -7,296 | 253,667 | 299,800 |
Short Term Debt Issuance | -- | -- | -- | 253,667 | 299,800 |
Short Term Debt Payments | -- | -24,878 | -7,296 | -- | -- |
•Net Common Stock Issuance | -4,710 | 0 | 335,562 | 40,769 | 7,219 |
Common Stock Issuance | 0 | 0 | 335,562 | 40,769 | 7,219 |
Cash Dividends Paid | -11,838 | 0 | 0 | 0 | 0 |
Proceeds from Stock Option Exercised | -- | -- | 2,456 | 3,465 | 11,488 |
Interest Paid CFF | -120,861 | -132,580 | -112,647 | -65,857 | -33,590 |
Net Other Financing Charges | 9,414 | 21,934 | 46,350 | 17,413 | 6,576 |
•End Cash Position | 364,651 | 430,004 | 239,329 | 191,995 | 200,769 |
Changes in Cash | 191,764 | 187,779 | 52,940 | -11,713 | -108,218 |
Effect of Exchange Rate Changes | -1,686 | 2,896 | -5,606 | 2,939 | -1,086 |
Beginning Cash Position | 172,887 | 239,329 | 191,995 | 200,769 | 310,073 |
Capital Expenditure | -783,388 | -692,346 | -412,073 | -523,298 | -557,074 |
Issuance of Capital Stock | 0 | 0 | 335,562 | 40,769 | 7,219 |
Issuance of Debt | 59,308 | 85,000 | 560,000 | 426,167 | 299,800 |
Repayment of Debt | -1,124,038 | -146,247 | -36,790 | -329,459 | -37,182 |
Free Cash Flow | 217,314 | 125,999 | -39,889 | -164,835 | -500,601 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 1,000,702 | 236,842 | 390,150 | 240,821 | 132,889 | 54,485 |
•Cash Flow from Continuing Operating Activities | 1,000,702 | 236,842 | 390,150 | 240,821 | 132,889 | 54,485 |
Net Income from Continuing Operations | 607,061 | 310,111 | 187,530 | 85,575 | 23,845 | -75,479 |
•Operating Gains Losses | 69,158 | -48,668 | 47,903 | 67,731 | 2,192 | 17,287 |
Gain Loss On Sale of Business | -- | -105,645 | -- | -- | -- | 0 |
Net Foreign Currency Exchange Gain Loss | 19,572 | 5,504 | 2,623 | -2,286 | 13,731 | 7,081 |
Gain Loss On Investment Securities | 122,615 | 18,857 | 45,280 | 70,017 | -11,539 | 10,206 |
Depreciation Amortization Depletion | 536,055 | 116,100 | 151,848 | 172,473 | 95,634 | 97,561 |
•Deferred Tax | 316,453 | 135,960 | 125,613 | 29,412 | 25,468 | 10,626 |
Deferred Income Tax | 316,453 | 135,960 | 125,613 | 29,412 | 25,468 | 10,626 |
Other non-cash items | -94,049 | -31,420 | -35,674 | -14,660 | -12,295 | 41,739 |
•Change in working capital | -182,100 | -104,162 | -3,598 | -81,279 | 6,939 | -18,820 |
Change in Receivables | 26,410 | -9,337 | 40,181 | -36,718 | 32,284 | -22,427 |
Change in Inventory | -263,391 | -81,134 | -101,004 | -53,072 | -28,181 | 24,466 |
Change in Prepaid Assets | 2,322 | -7,961 | -1,079 | 11,497 | -135 | 7,508 |
•Change in Payables And Accrued Expense | 52,559 | -5,730 | 58,304 | -2,986 | 2,971 | -28,367 |
•Change in Payable | -- | -- | 58,304 | -2,986 | -- | -- |
Change in Account Payable | -- | -- | 58,304 | -2,986 | -- | -- |
Taxes Refund Paid | -251,876 | -141,079 | -83,472 | -18,431 | -8,894 | -18,429 |
•Investing Cash Flow | 383,787 | 708,980 | -187,569 | -234,572 | 96,948 | -133,480 |
•Cash Flow from Continuing Investing Activities | 383,787 | 708,980 | -187,569 | -234,572 | 96,948 | -133,480 |
Capital Expenditure Reported | -783,388 | -184,842 | -267,080 | -235,476 | -95,990 | -93,800 |
•Net Business Purchase And Sale | 1,038,288 | 845,181 | 0 | 0 | 193,107 | 0 |
Purchase of Business | -40,000 | -- | 0 | 0 | 0 | -- |
Sale of Business | 1,038,288 | 845,181 | 0 | 0 | 193,107 | 0 |
•Net Investment Purchase And Sale | 41,146 | 41,146 | 0 | 0 | 0 | -36,977 |
Purchase of Investment | 0 | 0 | 0 | 0 | 0 | -40,000 |
Sale of Investment | 41,146 | 41,146 | 0 | 0 | 0 | 3,023 |
Net Other Investing Changes | 87,741 | 7,495 | 79,511 | 904 | -169 | -2,703 |
•Financing Cash Flow | -1,192,725 | -1,010,399 | -131,991 | -52,982 | 2,647 | 10,433 |
•Cash Flow from Continuing Financing Activities | -1,192,725 | -1,010,399 | -131,991 | -52,982 | 2,647 | 10,433 |
•Net Issuance Payments of Debt | -1,064,730 | -970,218 | -104,496 | -17,805 | 31,897 | 33,265 |
•Net Long Term Debt Issuance | -1,064,730 | -970,218 | -121,055 | -9,983 | 36,526 | 33,265 |
Long Term Debt Issuance | 59,308 | 14,308 | 0 | 0 | 45,000 | 40,000 |
Long Term Debt Payments | -1,124,038 | -984,526 | -121,055 | -9,983 | -8,474 | -6,735 |
•Net Short Term Debt Issuance | -- | -- | -8,319 | -7,822 | -4,629 | -- |
Short Term Debt Payments | -- | -- | -8,319 | -7,822 | -4,629 | -- |
•Net Common Stock Issuance | -4,710 | -4,710 | 0 | 0 | 0 | 0 |
Common Stock Issuance | 0 | -- | 0 | 0 | 0 | 0 |
Common Stock Payments | -- | -4,710 | -- | -- | -- | 0 |
Cash Dividends Paid | -11,838 | -11,838 | 0 | 0 | 0 | 0 |
Proceeds from Stock Option Exercised | -- | -- | -- | -- | -- | 929 |
Interest Paid CFF | -120,861 | -16,713 | -35,814 | -35,096 | -33,238 | -28,432 |
Net Other Financing Charges | 9,414 | -6,920 | 8,319 | -81 | 3,988 | 5,600 |
•End Cash Position | 364,651 | 362,965 | 430,004 | 359,704 | 406,667 | 172,887 |
Changes in Cash | 191,764 | -64,577 | 70,590 | -46,733 | 232,484 | -68,562 |
Effect of Exchange Rate Changes | -1,686 | -2,462 | -290 | -230 | 1,296 | 2,120 |
Beginning Cash Position | 172,887 | 407,355 | 359,704 | 406,667 | 172,887 | 239,329 |
Other Cash Adjustment Outside Change in Cash | -- | 22,649 | -- | -- | -- | 0 |
Capital Expenditure | -783,388 | -184,842 | -267,080 | -235,476 | -95,990 | -93,800 |
Issuance of Capital Stock | 0 | -- | 0 | 0 | 0 | 0 |
Issuance of Debt | 59,308 | 14,308 | 0 | 0 | 45,000 | 40,000 |
Repayment of Debt | -1,124,038 | -984,526 | -104,496 | -17,805 | -13,103 | -6,735 |
Repurchase of Capital Stock | -- | -4,710 | -- | -- | -- | 0 |
Free Cash Flow | 217,314 | 52,000 | 123,070 | 5,345 | 36,899 | -39,315 |
| VanEck ETF Trust-VanEck Gold Miners ETF |
| Apr 2026 |
| 4.04% |
| 533,982,742 | 31,272,780 | institutional | FIL LTD | Mar 2026 | 3.96% |
| 415,454,660 | 24,331,165 | institutional | L1 Capital Pty Ltd | Mar 2026 | 3.08% |
| 349,760,166 | 20,483,757 | institutional | Franklin Resources, Inc. | Mar 2026 | 2.60% |
| 347,713,027 | 20,363,866 | institutional | Vanguard Capital Management LLC | Mar 2026 | 2.58% |
| 331,675,879 | 19,424,648 | institutional | Maple Rock Capital Partners, Inc. | Mar 2026 | 2.46% |
| 215,757,045 | 12,635,844 | institutional | Evergreen Quality Fund GP, Ltd. | Mar 2026 | 1.60% |
| 190,587,248 | 11,161,771 | mutual_fund | Franklin Gold and Precious Metals Fd.-Franklin Gold & Precious Metals | Jan 2026 | 1.41% |
| 184,197,356 | 10,787,546 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.37% |
| 176,973,008 | 10,364,451 | institutional | Boston Partners | Mar 2026 | 1.31% |
| 162,305,326 | 9,505,436 | institutional | Sprott Inc. | Mar 2026 | 1.20% |
| 158,449,142 | 9,279,598 | institutional | Invesco Ltd. | Mar 2026 | 1.18% |
| 119,118,705 | 6,976,205 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.88% |
| 114,402,505 | 6,700,000 | mutual_fund | Fidelity Select Portfolios-Select Gold Portfolio | Mar 2026 | 0.85% |
| 98,381,066 | 5,761,702 | mutual_fund | AIM Sector Funds (Invesco Sector Funds)-INVESCO SMALL CAP VALUE FUND | Jan 2026 | 0.73% |
| 92,742,166 | 5,431,459 | mutual_fund | John Hancock Investment Trust-Disciplined Value International Fund | Mar 2026 | 0.69% |
| 83,667,503 | 4,900,000 | mutual_fund | ASA Gold & Precious Metals Ltd | Feb 2026 | 0.62% |
| 72,445,130 | 4,242,760 | mutual_fund | iShares, Inc.-iShares MSCI Global Gold Miners ETF | Apr 2026 | 0.54% |
Equinox Gold describes ESG governance as Board-led, with management policies, standards, systems, and processes intended to embed ESG commitments into culture, decision-making, and business strategy. The 2024 Sustainability Report states that the Board oversees and monitors policies, programs, and activities relating to ESG matters, while three standing Board committees support oversight: Audit, Compensation and Nomination, and ESG. The ESG Committee's remit includes health, safety, responsible mining, climate change, community relations, human rights, government relations, social responsibility, and ESG performance monitoring. The Audit Committee oversees financial integrity, enterprise risk, internal and external auditors, public disclosure documents, cybersecurity, controls, and ethics and compliance programs. In 2024, Board independence rose to 87.5%, women held three director seats, or 37.5% of the Board, and the report states that all Board members had ESG experience and expertise. Equinox Gold maintained ESG-linked incentives, with 8% of the corporate incentive plan tied to ESG factors including health and safety performance and environmental performance. Risk management is handled through an Enterprise Risk Management framework, monthly mine-site risk reporting to the corporate office, operational and enterprise risk-register reassessments, and Board committee oversight. Climate risk considerations were integrated into core business processes, and approval of the Environment and Climate Change Policy was elevated to the Board level in 2024. Cybersecurity remained under the Audit Committee, with a multi-year cybersecurity program and no successful cyberattacks recorded in 2024. Business ethics controls include the Code of Conduct and Business Ethics, Anti-Bribery and Anti-Corruption Policy, Whistleblower Policy, fraud risk standard, and annual ethics and compliance training. The company reported that all employees and every Board member completed ethics training and signed Code acknowledgements in 2024, no incidents of corruption or anti-corruption policy violations were identified, no substantiated bribery or corruption cases were found through whistleblower investigations, and no political contributions were made. Supply-chain governance includes a mandatory Supplier Code of Conduct covering ethical business practices, anti-bribery and anti-corruption, health and safety, human rights, and environmental stewardship; the company reported 100% acknowledgement from more than 4,000 active suppliers in 2024.