Darren Hall, CEO of Equinox Gold, commented: "2025 marked an important year of progress for Equinox Gold. The merger with Calibre created a tier one North American focused gold producer anchored by two new long-life Canadian mines. The year required a reset in expectations, particularly with ramp-up challenges at Greenstone. Many of those issues have been successfully addressed, along side the delivery of first gold and commercial production at Valentine ahead of schedule, portfolio optimization through asset divestments, and materially transforming the balance sheet with more than $1.1 billion in debt reduction since Q2 2025.
"During the fourth quarter, key operational improvements began to translate into sustainable results, delivering record Q4 gold production of 247,024 ounces. At Greenstone, higher mining and milling rates drove a meaningful increase in production to more than 70,000 ounces of gold, up 29% from the prior quarter. At Valentine, commissioning progressed ahead of plan, with the declaration of commercial production in November and contribution of more than 23,000 ounces of gold in Q4.
"As we enter 2026, our priorities are clear: operate safely and responsibly, generate free cash flow, reduce debt and continue unlocking the value of our portfolio. With gold prices strong and the expectation of producing 700,000 to 800,000 ounces of gold in 2026, we expect cash flow to eliminate the remaining debt in 2026. The strengthened balance sheet provides greater flexibility to self-fund 400,000 to 500,000 ounces of potential annual organic growth over the next five years from the Phase 2 expansion at Valentine, the Castle Mountain expansion, and optionality at Los Filos.
"As free cash flow continues to grow, so do opportunities to return capital to shareholders. Earlier today, we announced the initiation of a quarterly cash dividend and, subject to TSX approval, the implementation of a share buy back program, reflecting our confidence in the Company's financial position and long-term outlook, and our commitment to delivering meaningful, long-term value for our shareholders.
"Execution, growth, discipline and transparency will drive shareholder value. Equinox Gold is focused on delivering sustainable superior value for our shareholders and long-term benefits for our community partners as a leading gold producer."
FULL YEAR 2025 HIGHLIGHTS AND SUBSEQUENT EVENTS(1)
Achieved a Full Year production record of 922,827 ounces; including 856,908 ounces meeting 2025 guidance of 785,000 to 915,000 ounces, plus 65,918 ounces from Valentine, Los Filos and Castle Mountain(2)
Total cash costs of $1,494 per oz and all-in sustaining costs ("AISC") of $1,925 per oz(2)(3)
Cash costs and AISC came in at the low end of full year guidance; see 2025 Guidance & Actuals below
Sold 778,561 ounces of gold attributable to Equinox Gold in 2025 at an average realized gold price of $3,465 per oz, generating revenue from continuing and discontinued operations of $2.71 billion
Cash flow from operations before changes in non-cash working capital of $915.1 million
Adjusted EBITDA of $1,339.6 million(3)
Net income of $221.5 million or $0.35 per share (basic)
Adjusted net income of $420.5 million or $0.67 per share (basic)(3)
As of January 31, 2026, Equinox Gold had reduced debt by $1.1 billion since Q2 2025
Cash and equivalents (unrestricted) of $407.4 million(4) at December 31, 2025
Net debt of approximately $75 million at January 31, 2026 (3)(5)
Inaugural quarterly cash dividend of $0.015 per share payable on March 26, 2026; targeting a regular quarterly dividend of $0.015 per share ($0.06 per share annually), subject to quarterly Board of Directors approval
Implementation of a normal course issuer bid, subject to Toronto Stock Exchange approval, to purchase for cancellation up to 5% of the Company's outstanding shares
Made a significant new AI-supported gold discovery 8km northwest of the Valentine mill, and continued to encounter broad zones of high-grade gold mineralization along trend from existing mineral reserves (see February 2, 2026 news release)
Q4 2025 HIGHLIGHTS(1)
Produced a record 247,024 ounces of gold, including 1,336 ounces from Castle Mountain and 23,207 ounces from Valentine
Total cash costs of $1,392 per oz and AISC of $1,907 per oz(3)
Sold 242,392 ounces of gold at an average realized gold price of $4,060 per oz, generating revenue from continuing and discontinued operations of $987.8 million
Cash flow from operations before changes in non-cash working capital of $396.0 million
Adjusted EBITDA of $579.0 million(3)
Net income of $197.5 million or $0.25 per share (basic)
Adjusted net income of $272.9 million or $0.35 per share (basic)(3)
1. See 2025 Reporting Overview in the Appendix. While the production, cost and financial results shown in the highlight bullets above include contribution from the Brazil Operations, in the Company's Financial Statements and MD&A the Brazil Operations are reported as assets held for sale, their associated liabilities as liabilities held for sale, and the results from their operations as Discontinued Operations.2. Production, gold ounces sold and the cash costs and AISC associated with the Calibre Assets is attributable to Equinox Gold only from June 17, 2025. Equinox Gold's 2025 guidance includes production from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded portfolio, but excludes production from Castle Mountain, Los Filos and Valentine. See 2025 Guidance & Actuals below.3. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.4. Excluding $22.6 million of cash and equivalents held in assets for sale at December 31, 2025, related to Discontinued Operations.5. Calculated using cash unreconciled of $440 million and debt of $515 million at January 31, 2026, excluding in-the-money convertible debentures.
2025 GUIDANCE & ACTUALS
Updated 2025 Guidance, as announced on June 11, 2025, incorporated the Calibre Assets on a 100% basis from January 1, 2025.
Actuals
2025 Guidance(1)
Full Year 2025(1)
Consolidated(1)
Greenstone
Brazil
Mesquite
Pan
Nicaragua
Production (oz)
856,908
785,000-915,000
220,000-260,000
250,000-270,000
85,000-95,000
30,000-40,000
200,000-250,000
Cash costs ($/oz)(2)(3)
$1,416
$1,400-$1,500
$1,275-$1,375
$1,725-$1,825
$1,200-$1,300
$1,600-$1,700
$1,200-$1,300
AISC ($/oz)(2)(3)
$1,809
$1,800-$1,900
$1,700-$1,800
$2,275-$2,375
$1,800-$1,900
$1,600-$1,700
$1,400-$1,500
1. 2025 Guidance and 2025 Actuals reflect consolidated production from the Equinox Gold and Calibre Assets commencing from January 1, 2025, but exclude production from Los Filos, Castle Mountain and Valentine.2. Full-year 2025 cash costs and AISC reflect consolidated costs for the Equinox Gold and Calibre Assets from January 1, 2025, and exclude production and costs associated with Los Filos, Castle Mountain and Valentine. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.3. Exchange rate assumptions for 2025 cash costs and AISC per oz included the following: BRL 5.25 to USD 1, CAD 1.34 to USD 1 and NIO 35 to USD 1.
2026 GUIDANCEOn January 14, 2026, Equinox Gold provided 2026 production and cost guidance of 700,000 to 800,000 ounces of gold, at cash costs of $1,425 to $1,525 per ounce and AISC of $1,775 to $1,875 per ounce (see January 14, 2026 news release). Guidance does not include production from the Brazil Operations, which were sold on January 23, 2026. The Company also provided 2026 expenditure guidance of $325 to $375 million for growth capital, $70 to $80 million for exploration and $80 to $90 million of corporate general and administrative expenditures.
CONFERENCE CALL AND WEBCASTThe Company will host a conference call and webcast on Thursday, February 19, 2026, commencing at 7:00 am PT (10:00 am ET) to discuss its fourth quarter and full year 2025 results.
Conference call
Webcast login
Toll-free in U.S. and Canada: 1-833-752-3366
Equinox Gold | Financials
International callers: +1 647-846-2813
ABOUT EQUINOX GOLDEquinox Gold (TSX:EQX, NYSE-A: EQX)) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact [email protected].
EQUINOX GOLD CONTACTRyan KingEVP Capital MarketsT: 778.998.3700E: [email protected] E: [email protected]
APPENDIX
2025 REPORTING OVERVIEWEquinox Gold completed a number of transactions during 2025 that affect the way operating and financial results have been reported in the Financial Statements and related MD&A.
The merger with Calibre Mining was completed on June 17, 2025. While production and associated costs from these assets (the "Calibre Assets") is attributable to Equinox Gold only from June 17, 2025, Equinox Gold's production and cost guidance for 2025 includes production and costs from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded portfolio.
On October 1, 2025, Equinox Gold completed the sale of the Pan Mine and other Nevada assets for total consideration of $136.5 million, comprising $98.4 million in cash, of which $10.3 million was included in trade and other receivables at December 31, 2025, an $8.6 million promissory note that was fully repaid in January 2026, and equity consideration with a fair value of $29.5 million in the form of Minera Alamos common shares (TSXV:MAI). Equinox Gold sold its Minera Alamos common shares in February 2026 for gross proceeds of $41.1 million.
On December 14, 2025, Equinox Gold announced an agreement to sell its operating mines in Brazil ("Brazil Operations"), for $900 million in cash on closing of the transaction and up to $115 million in a production-linked contingent payment one year from closing ("Brazil Sale Transaction"). As such, in the Financial Statements and MD&A and in the Consolidated Operational and Financial Highlights table below, Brazil Operations were reported as assets held for sale, their associated liabilities as liabilities held for sale, and the results from their operations as "Discontinued Operations", separately from "Continuing Operations" which comprise Greenstone, Valentine, Mesquite, Castle Mountain, Los Filos and Nicaragua Operations. The Brazil Sale Transaction closed on January 23, 2026. On closing of the Brazil Sale Transaction, the Company received cash consideration of $891.1 million, which is subject to customary post-closing working capital adjustments.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS, Operating Data
Three months ended
Year ended
Operating data
Unit
December 31,2025
September 30, 2025
December 31,2024
December 31, 2025(5)
December 31,2024
Gold produced from operating assets included in 2025 Guidance
oz
222,481
233,216
—
856,908
—
Less: Gold produced from Calibre Assets before close of Calibre Acquisition
oz
—
—
—
(143,282)
—
Add: Gold produced from assets not included in 2025 Guidance
oz
24,543
3,166
—
65,918
—
Gold produced - All Operations(4)
oz
247,024
236,382
213,964
779,544
621,893
Gold produced - continuing operations
oz
173,278
168,753
135,052
520,639
374,581
Gold produced - discontinued operations
oz
73,745
67,629
78,912
258,905
247,311
Gold sold - All Operations(4)
oz
242,392
239,311
217,678
778,561
623,578
Gold sold - continuing operations
oz
168,558
170,193
136,384
519,671
374,246
Gold sold - discontinued operations
oz
73,834
69,119
81,294
258,890
249,332
Average realized gold price - All Operations
$/oz
$4,060
$3,397
$2,636
$3,465
$2,423
Average realized gold price - continuing operations
$/oz
$4,024
$3,401
$2,630
$3,478
$2,435
Average realized gold price - discontinued operations
$/oz
$4,140
$3,388
$2,646
$3,437
$2,406
Cash costs per oz sold - All Operations(1)(2)
$/oz
$1,392
$1,434
$1,458
$1,494
$1,598
Cash costs per oz sold - All Operations and excluding Los Filos(2)(3)
$/oz
$1,392
$1,441
$1,432
$1,464
$1,519
Cash costs per oz sold - continuing operations(2)
$/oz
$1,211
$1,383
$1,511
$1,406
$1,622
Cash costs per oz sold - discontinued operations(2)
$/oz
$1,773
$1,556
$1,381
$1,663
$1,569
AISC per oz sold - All Operations(1)(2)
$/oz
$1,907
$1,833
$1,652
$1,925
$1,870
AISC per oz sold - All Operations and excluding Los Filos(2)(3)
$/oz
$1,907
$1,825
$1,613
$1,891
$1,752
AISC per oz sold - continuing operations(2)
$/oz
$1,673
$1,739
$1,630
$1,786
$1,811
AISC per oz sold - discontinued operations(2)
$/oz
$2,397
$2,056
$1,684
$2,188
$1,941
1. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.2. Consolidated cash costs per oz sold and AISC per oz sold excludes Castle Mountain results after August 2024 when residual leaching commenced (see Development Projects) and Los Filos results after March 2025 when operations were indefinitely suspended on April 1, 2025 (see Development Projects). Consolidated cash costs per oz sold and AISC per oz sold includes Greenstone from November 2024 and Valentine from December 2025 when the mines reached commercial production, respectively. Consolidated AISC per oz sold excludes corporate general and administration expenses.3. Consolidated cash costs per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which were excluded from the 2025 Guidance.4. Gold produced for the three months ended December 31, 2025 includes 1,336 and 23,207 ounces produced at Castle Mountain and Valentine, respectively; gold sold for the three months ended December 31, 2025 includes 335 ounces at Los Filos, 1,349 ounces at Castle Mountain, and 19,155 ounces at Valentine. Gold produced for the year ended December 31, 2025 includes 33,013, 9,089 and 23,816 ounces produced at Los Filos, Castle Mountain and Valentine, respectively; gold sold for the year ended December 31, 2025 includes 37,172, 9,106 and 19,155 ounces sold at Los Filos, Castle Mountain and Valentine, respectively.5. Operations for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.6. Numbers in tables throughout this news release may not sum due to rounding.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS, Financial Data
Three months ended
Year ended
Financial data
Unit
December 31,2025
September 30, 2025
December 31,2024
December 31, 2025(2)
December 31,2024
Revenue
M$
681.4
584.3
359.4
1,817.2
912.8
Income from mine operations
M$
342.3
181.9
95.8
642.9
206.1
Net income - All Operations
M$
197.5
75.6
28.3
221.5
339.3
Net income (loss) - continuing operations
M$
82.3
5.8
(29.6
)
(18.9
)
260.3
Net income - discontinued operations
M$
115.2
69.8
57.9
240.3
79.0
Earnings (loss) per share (basic) - All Operations
$/share
0.25
0.10
0.06
0.35
0.85
Earnings (loss) per share (basic) - continuing operations
$/share
0.10
0.01
(0.07
)
(0.03
)
0.65
Earnings (loss) per share (basic) - discontinued operations
$/share
0.15
0.09
0.13
0.38
0.20
Adjusted EBITDA - All Operations(1)
M$
579.0
419.9
223.2
1,339.6
479.0
Adjusted EBITDA - continuing operations
M$
405.1
297.1
123.8
889.3
281.6
Adjusted EBITDA - discontinued operations
M$
173.9
122.9
99.5
450.2
197.3
Adjusted net income - All Operations(1)
M$
272.9
139.9
77.5
420.5
113.1
Adjusted net income - continuing operations
M$
163.2
70.4
13.6
187.9
30.7
Adjusted net income - discontinued operations
M$
109.7
69.4
63.9
232.6
82.4
Adjusted EPS - All Operations(1)
$/share
0.35
0.18
0.17
0.67
0.28
Adjusted EPS - continuing operations
$/share
0.21
0.09
0.03
0.30
0.08
Adjusted EPS - discontinued operations
$/share
0.14
0.09
0.14
0.37
0.21
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)
M$
407.4
348.5
239.3
407.4
239.3
Net debt(1)
M$
1,147.3
1,278.2
1,108.5
1,147.3
1,108.5
Operating cash flow before changes in non-cash working capital
M$
396.0
322.1
212.7
915.1
430.2
Share capital
Basic weighted average shares outstanding
M
786.1
771.3
454.4
630.3
400.1
Diluted weighted average shares outstanding
M
794.7
781.9
454.4
630.3
473.5
1. Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.2. Operating and financial data for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.3. Numbers in tables throughout this news release may not sum due to rounding.
OPERATING & FINANCIAL RESULTS BY MINE
Greenstone, Ontario, Canada
Greenstone is an open-pit mine with a 9.8 million tonne per year carbon-in-pulp process plant located in Ontario, Canada. The Company acquired its initial 60% interest in Greenstone in April 2021 and consolidated 100% ownership in May 2024. Commissioning activities at Greenstone commenced in Q1 2024 and commercial production was achieved in November 2024. Greenstone is in the late-stages of ramping up to full design capacity. As Greenstone was not fully operational for all of Q4 2024, results for the Quarter are compared to Q3 2025 below.
Three months ended
Year ended
Operating data
Unit
December 31,2025
September 30,2025
December 31,2024
December 31,2025
December 31,2024
Ore mined
kt
5,033
3,797
3,145
14,198
7,108
Waste mined
kt
13,216
12,957
9,225
48,207
26,453
Open pit strip ratio
w:o
2.63
3.41
2.93
3.40
3.72
Tonnes processed
kt
2,195
1,909
1,643
7,777
3,687
Average gold grade processed
g/t
1.29
1.05
1.26
1.09
1.22
Recovery
%
83.7
85.8
82.0
83.9
82.1
Gold produced
oz
72,091
56,029
53,022
223,843
111,717
Gold sold
oz
71,466
55,603
56,413
223,355
110,518
Financial data
Revenue(2)
M$
286.2
195.5
148.3
777.3
278.3
Cash costs(1)
M$
80.8
80.6
58.7
308.1
107.2
Sustaining capital(1)
M$
31.7
28.7
5.3
94.5
5.3
Reclamation expenses
M$
3.6
0.5
0.3
4.9
0.8
Total AISC(1)
M$
116.1
109.8
64.3
407.5
113.3
AISC contribution margin(1)
M$
170.0
85.7
83.9
369.8
165.0
Non-sustaining expenditures
M$
49.7
29.0
21.1
121.4
212.9
Unit analysis
Realized gold price per oz sold
$/oz
4,004
3,516
2,629
3,480
2,518
Cash costs per oz sold(1)
$/oz
1,131
1,450
1,041
1,380
970
AISC per oz sold(1)
$/oz
1,626
1,975
1,141
1,824
1,025
Mining cost per tonne mined
$/t
3.17
3.31
2.66
3.24
1.97
Processing cost per tonne processed
$/t
14.70
15.80
15.68
15.17
12.05
G&A cost per tonne processed
$/t
11.62
9.51
7.04
9.55
7.24
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.2. Revenue is reported net of silver by-product credits.
Valentine, Newfoundland and Labrador, Canada
Valentine is an open-pit mine with a conventional 2.5 million tonne crush-grind CIL operation located in central Newfoundland & Labrador, Canada, that Equinox Gold acquired on June 17, 2025 as part of the Calibre Acquisition. Valentine was undergoing commissioning at the time and first gold pour was achieved in September 2025, followed by commercial production at the end of November 2025. Valentine is now in the process of ramping up to full design capacity.
Three months ended
Period from
Operating data
Unit
December 31,2025
September 30,2025
June 30,2025
June 17 to December 31, 2025
Ore mined
kt
1,007
445
44
1,496
Waste mined
kt
6,139
4,989
439
11,568
Open pit strip ratio
w:o
6.10
11.22
9.91
7.73
Tonnes processed
kt
558
127
—
685
Average gold grade processed
g/t
1.53
0.78
—
1.39
Recovery
%
91.7
89.7
—
91.5
Gold produced
oz
23,207
609
—
23,816
Gold sold
oz
19,155
—
—
19,155
Financial data
Revenue(3)
M$
80.5
—
—
80.5
Cash costs(1)
M$
30.2
—
—
30.2
Reclamation expenses
M$
0.2
0.1
—
0.3
Total AISC(1)
M$
30.4
0.1
—
30.6
AISC contribution margin(1)
M$
50.1
(0.1
)
—
50.0
Non-sustaining expenditures
M$
70.3
97.2
15.1
182.7
Unit analysis
Realized gold price per oz sold
$/oz
4,204
—
—
4,204
Cash costs per oz sold(1)(2)
$/oz
1,579
—
—
1,579
AISC per oz sold(1)(2)
$/oz
1,588
—
—
1,596
Mining cost per tonne mined
$/t
5.13
—
—
2.81
Processing cost per tonne processed
$/t
18.15
—
—
14.78
G&A cost per tonne processed
$/t
25.46
—
—
20.74
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.2. Consolidated cash cost per oz sold and AISC per oz sold for the three months and year ended December 31, 2025 includes results from Valentine from December 2025 after the mine reached commercial production in November 2025.3. Revenue is reported net of silver by-product credits.
Nicaragua Operations
Equinox Gold acquired El Limon ("Limon") and La Libertad ("Libertad") on June 17, 2025, as part of the Calibre Acquisition. Limon and Libertad are both mine and mill operations and form part of Nicaragua's hub-and-spoke strategy, where ore from multiple open-pit and underground deposits is processed at either the Limon or Libertad mills, which together have 2.7 million tonnes per annum of installed processing capacity.
Three months ended
Period from
Year ended
Operating data - Nicaragua Operations
Unit
December 31,2025
September 30,2025
June 17 to December 31, 2025
December 31, 2025(2)
Ore mined - open pit
kt
485
740
1,329
2,104
Waste mined - open pit
kt
10,957
10,375
22,720
40,755
Open pit strip ratio
w:o
22.57
14.02
17.10
19.37
Average open pit gold grade
g/t
3.86
3.51
3.74
3.84
Ore mined - underground
kt
110
114
248
476
Average underground gold grade
g/t
2.77
2.93
2.81
3.18
Ore mined - total
kt
596
854
1,576
2,579
Tonnes processed
kt
589
598
1,267
2,358
Average gold grade processed
g/t
3.83
4.05
3.93
4.07
Recovery
%
91.0
91.1
91.0
90.9
Gold produced
oz
61,884
71,119
133,003
262,025
Gold sold
oz
61,654
71,435
133,089
262,110
Operating data - El Limon Mill
Tonnes processed
kt
129
124
272
504
Average gold grade processed
g/t
5.01
5.61
5.27
5.12
Recovery
%
89.5
90.5
90.0
90.0
Gold produced
oz
17,449
22,838
40,287
71,605
Gold sold
oz
17,401
22,944
40,345
71,663
Operating data - La Libertad Mill
Tonnes processed
kt
460
474
1,003
1,854
Average gold grade processed
g/t
3.50
3.64
3.55
3.78
Recovery
%
91.6
91.3
91.3
91.2
Gold produced
oz
44,435
48,281
92,716
190,420
Gold sold
oz
44,253
48,491
92,744
190,448
Financial data - Nicaragua Operations
Revenue(4)
M$
243.9
239.9
483.8
N/A
Cash costs(3)
M$
75.1
94.2
169.3
N/A
Sustaining capital(3)
M$
21.4
12.5
35.1
N/A
Sustaining lease payments
M$
0.2
0.2
0.4
N/A
Reclamation expenses
M$
0.8
0.7
1.6
N/A
Total AISC(3)
M$
97.4
107.7
206.4
N/A
AISC contribution margin(3)
M$
146.5
132.2
277.4
N/A
Non-sustaining expenditures
M$
19.9
24.0
50.1
N/A
Unit analysis - Nicaragua Operations
Realized gold price per oz sold
$/oz
3,956
3,358
3,635
N/A
Cash costs per oz sold(3)
$/oz
1,218
1,319
1,272
N/A
AISC per oz sold(3)
$/oz
1,580
1,507
1,551
N/A
1. Limon and Libertad were acquired as part of the Calibre Acquisition. As such, comparative figures to previous quarters are not presented.2. The operating data presented in this column includes operating results for Limon and Libertad for the entire year ended December 31, 2025, including the period prior to completion of the Calibre Acquisition on June 17, 2025. As Equinox Gold is not entitled to the economic benefits of Limon and Libertad prior to the completion of the Calibre Acquisition, financial results for the period prior to June 17, 2025 are not provided.3. Cash costs, sustaining capital, AISC and AISC contribution margin, are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.4. Revenue is reported net of silver by-product credits.
Mesquite Gold Mine, California, USA
Mesquite is an open pit, run-of-mine ("ROM") heap leach gold mine located in Imperial County, California. Mesquite has been operating since 1986.
Three months ended
Year ended
Operating data
Unit
December 31,2025
September 30,2025
December 31,2024
December 31,2025
December 31,2024
Ore mined and stacked on leach pad
kt
667
780
—
6,193
6,681
Waste mined
kt
11,337
11,663
13,348
43,604
49,076
Open pit strip ratio
w:o
17.00
14.95
—
7.04
7.35
Average gold grade stacked to leach pad
g/t
0.25
0.24
—
0.51
0.33
Gold produced
oz
14,761
27,642
17,129
85,998
71,984
Gold sold
oz
14,599
27,882
17,273
85,970
73,664
Financial data
Revenue(2)
M$
60.0
90.2
45.5
286.8
173.1
Cash costs(1)
M$
21.4
37.2
23.1
115.6
92.7
Sustaining capital(1)
M$
13.6
14.4
0.2
40.5
0.6
Reclamation expenses (recoveries)
M$
0.3
1.8
0.7
5.9
2.8
Total AISC(1)
M$
35.3
53.4
24.0
162.0
96.1
AISC contribution margin(1)
M$
24.7
36.9
21.4
124.7
76.9
Non-sustaining expenditures
M$
2.6
0.2
22.7
11.5
41.1
Unit analysis
Realized gold price per oz sold
$/oz
4,111
3,236
2,634
3,336
2,350
Cash costs per oz sold(1)
$/oz
1,465
1,333
1,337
1,345
1,259
AISC per oz sold(1)
$/oz
2,417
1,913
1,392
1,885
1,306
Mining cost per tonne mined
$/t
1.74
1.79
1.71
1.70
1.47
Processing cost per tonne processed
$/t
15.34
13.99
—
7.08
6.82
G&A cost per tonne processed
$/t
5.94
9.08
—
3.46
2.91
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.2. Revenue is reported net of silver by-product credits.
Pan Mine, Nevada, USA
Equinox Gold acquired the Pan Mine on June 17, 2025 in the Calibre Acquisition and sold it on October 1, 2025. Pan is an open pit, heap leach gold mine located southeast of Eureka, Nevada, and has been in continuous production since 2017.
Three months ended
Period from
Nine months ended
Operating data
Unit
September 302025
June 17 to 30,2025(1)
June 17 toSeptember 30,2025
September 30,2025(2)
Ore mined and stacked on leach pad
kt
1,166
191
1,357
3,541
Waste mined
kt
2,881
364
3,245
8,660
Open pit strip ratio
w:o
2.47
1.90
2.39
2.45
Average gold grade stacked to leach pad
g/t
0.37
0.50
0.38
0.35
Gold produced
oz
10,797
1,080
11,877
26,138
Gold sold
oz
10,746
1,079
11,825
26,086
Financial data
Revenue(4)
M$
37.9
3.6
41.5
N/A
Cash costs(3)
M$
17.1
1.8
18.9
N/A
Reclamation and exploration expenses
M$
0.3
0.1
0.4
N/A
Total AISC(3)
M$
17.4
1.9
19.3
N/A
AISC contribution margin(3)
M$
20.5
1.7
22.2
N/A
Non-sustaining expenditures
M$
6.1
1.0
7.1
N/A
Unit analysis
Realized gold price per oz sold
$/oz
3,528
3,323
3,510
N/A
Cash costs per oz sold(3)
$/oz
1,592
1,654
1,597
N/A
AISC per oz sold(3)
$/oz
1,619
1,737
1,629
N/A
Mining cost per tonne mined
$/t
2.69
2.63
2.68
N/A
Processing cost per tonne processed
$/t
4.01
3.79
3.98
N/A
G&A cost per tonne processed
$/t
1.13
1.12
1.13
N/A
1. Pan was acquired as part of the Calibre Acquisition. As such, comparative figures for quarters prior to the Calibre Acquisition are not presented.2. The operating data presented in this column includes operating results for Pan for the entire nine months ended September 30, 2025, including the period prior to completion of the Calibre Acquisition on June 17, 2025 until it was sold on October 1, 2025. As Equinox Gold is not entitled to the economic benefits of Pan prior to the completion of the Calibre Acquisition, financial results for the period prior to June 17, 2025 are not provided.3. Cash costs, AISC, AISC contribution margin, cash costs per oz sold, and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.4. Revenue is reported net of silver by-product credits.
Discontinued Operations, Brazil
Discontinued operations includes the Aurizona Mine, the Bahia Complex, and the RDM Mine, located in Brazil.
Three months ended
Year ended
Operating data
Unit
December 31,2025
September 30,2025
December 31,2024
December 31,2025
December 31,2024
Gold produced
oz
73,745
67,629
78,912
258,905
247,311
Gold sold
oz
73,834
69,119
81,294
258,890
249,332
Financial data
Revenue(2)
M$
305.7
234.2
215.1
889.9
599.9
Cash costs(1)
M$
130.9
107.0
112.1
430.6
391.3
Sustaining capital(1)
M$
40.4
29.3
21.9
117.4
82.7
Sustaining lease payments
M$
3.3
3.2
1.4
10.9
5.3
Reclamation expenses
M$
2.3
2.5
1.3
7.6
4.7
Total AISC(1)
M$
177.0
142.0
136.7
566.5
484.0
AISC contribution margin(1)
M$
128.7
92.2
78.4
323.3
116.0
Non-sustaining expenditures
M$
10.4
4.8
4.4
29.2
25.2
Unit analysis
Realized gold price per oz sold
$/oz
4,140
3,388
2,646
3,437
2,406
Cash costs per oz sold(1)
$/oz
1,773
1,548
1,379
1,663
1,569
AISC per oz sold(1)
$/oz
2,397
2,054
1,682
2,188
1,941
Mining cost per tonne mined - open pit
$/t
2.91
2.60
2.44
2.85
2.72
Mining cost per tonne mined - underground
$/t
46.44
44.07
28.06
41.42
33.81
Processing cost per tonne processed
$/t
16.65
15.27
13.84
15.77
15.54
G&A cost per tonne processed
$/t
7.71
5.93
4.83
5.95
5.31
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold, and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.2. Revenue is reported net of silver by-product credits.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION At December 31, 2025 and 2024(Unaudited, expressed in thousands of US Dollars)
2025
2024
Assets
Current assets
Cash and cash equivalents
$
407,355
$
239,329
Marketable securities
162,683
6,142
Trade and other receivables
65,468
70,035
Inventories
369,759
417,541
Prepaid expenses
26,352
44,529
Other current assets
10,608
6,529
Assets held for sale
928,332
—
1,970,557
784,105
Non-current assets
Restricted cash
7,567
12,201
Inventories
368,130
277,102
Mineral properties, plant and equipment
7,910,329
5,564,713
Deferred income tax assets
—
2,339
Other non-current assets
278,812
73,135
Total assets
$
10,535,395
$
6,713,595
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities
$
302,420
$
258,341
Income taxes payable
153,118
10,103
Current portion of loans and borrowings
181,330
135,592
Current portion of deferred revenue
127,597
116,334
Current portion of derivative liabilities
184,171
116,563
Other current liabilities
82,663
52,158
Liabilities relating to assets held for sale
230,675
—
1,261,974
689,091
Non-current liabilities
Loans and borrowings
1,373,350
1,212,239
Deferred revenue
165,130
266,718
Derivative liabilities
46,710
46,372
Reclamation and closure cost provisions
229,787
130,174
Deferred income tax liabilities
1,411,851
799,972
Other non-current liabilities
251,286
171,477
Total liabilities
4,740,088
3,316,043
Shareholders' equity
Common shares
4,874,712
2,798,820
Reserves
93,081
74,100
Accumulated other comprehensive income (loss)
7,516
(89,027
)
Retained earnings
819,998
613,659
Total equity
5,795,307
3,397,552
Total liabilities and equity
$
10,535,395
$
6,713,595
CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2025 and 2024(Unaudited, expressed in thousands of US Dollars, except number of shares and per share amounts)
2025
2024(1)
Continuing operations
Revenue
$
1,817,195
$
912,840
Cost of sales
Operating expense
(834,589
)
(596,921
)
Depreciation and depletion
(339,694
)
(109,796
)
(1,174,283
)
(706,717
)
Income from mine operations
642,912
206,123
Care and maintenance expense
(94,991
)
