Equinox Gold Delivers Record Q3 Production and Revenue Canadian Gold Production Increasing, Setting the Stage for a Strong 2025 Finish and Momentum into 2026
Equinox Gold Delivers Record Q3 Production
and Revenue
Canadian Gold Production Increasing, Setting the Stage for a Strong 2025 Finish and
Momentum into 2026
Vancouver, British Columbia--(Newsfile Corp. - November 5, 2025) -
Equinox Gold Corp.
(TSX: EQX)
(NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its Q3 2025
financial and operating results. The Company's unaudited condensed consolidated interim financial
statements ("Financial Statements") and related management's discussion and analysis ("MD&A") are
available for download on the Company's profile on SEDAR+ at
www.sedarplus.ca
, on EDGAR at
www.sec.gov/edgar
and on the Company's website at
www.equinoxgold.com
. All financial figures are in
US dollars, unless otherwise indicated.
Darren Hall, CEO of Equinox Gold, commented
: "Equinox Gold delivered another solid quarter with
record production of 236,382 ounces and all-in sustaining costs of $1,833 per oz. With Greenstone
continuing to improve, Valentine ramping up well, and Nicaragua and Brazil reliably contributing to
production and cash flow, we expect a strong finish to the year. The Company remains on track to deliver
the mid-point of our 2025 consolidated production guidance, after the divestment of our Nevada assets,
and before considering any production from Valentine.
"At Greenstone, operational performance advanced significantly during the quarter. In Q3, mining rates
exceeded 185,000 tonnes per day, a 10% increase over Q2 and a 21% increase over Q1. Importantly,
mill grades improved 13% in Q3 to 1.05 grams per tonne ("g/t") gold. This positive momentum has
continued into Q4 with October mining rates exceeding 205,000 tonnes per day and mill grades
improving to 1.34 g/t. The improvements underscore our confidence that Greenstone will deliver a strong
Q4 and continue that momentum into 2026.
"At Valentine, commissioning continues ahead of expectations. From first ore on August 27 through to
the end of October, the plant averaged 4,992 tonnes per day, or 73% of nameplate capacity. For
October, the plant averaged 91% of nameplate and recoveries exceeded 93%, positioning the team well
to deliver into the higher end of our Q4 Valentine production range of 15,000 to 30,000 ounces. With the
ramp-up firmly on track, I anticipate Valentine will reach nameplate capacity by Q2 2026.
"During the quarter, we strengthened our balance sheet by reducing debt by $139 million and,
subsequent to quarter-end, added $88 million in cash from the sale of our Nevada assets. These actions
enhance financial flexibility and reinforce our commitment to balance sheet strength, portfolio
optimization, and disciplined capital allocation.
"With Greenstone and Valentine ramping up, the Company is entering 2026 with growing Canadian
production, improving cash flow, and a clear strategy to maximize per-share value through operational
excellence, capital discipline, and continued debt reduction."
HIGHLIGHTS FOR Q3 2025 AND SUBSEQUENT EVENTS
First gold poured at Valentine ahead of schedule on September 14, 2025, marking the launch of a
second Canadian cornerstone asset (
watch the gold pour video here
)
Valentine process plant commissioning progress:
From first ore (August 27) to October 31: 4,992 tonnes per day, or 73% of nameplate
capacity (6,850 tonnes per day)
October: 6,221 tonnes per day, or 91% of nameplate capacity with mill recoveries exceeding
93% from low-grade commissioning feed
Produced 236,382 ounces of gold, including 56,029 ounces from Greenstone, 71,119 ounces from
Nicaragua, 67,629 ounces from Brazil, 27,642 ounces from Mesquite, 10,797 ounces from Pan,
2,557 ounces from Castle Mountain and 609 ounces from Valentine
Consolidated year-to-date gold production of 634,427 ounces
(1)
, excluding production from
Los Filos, Castle Mountain and Valentine, which were not included in the Company's 2025
production guidance
Sold 239,311 ounces of gold at an average realized gold price of $3,397 per oz
Total cash costs of $1,434 per oz and all-in sustaining costs ("AISC") of $1,833 per oz
(2)
Cash flow from operations before changes in non-cash working capital of $322.1 million ($240.8
million after changes in non-cash working capital)
Mine-site free cash flow before changes in non-cash working capital of $304.3 million ($223.0
million after changes in non-cash working capital)
(2)
Revenue of $819.0 million
Adjusted EBITDA of $420.0 million
(2)
Income from mine operations of $280.1 million
Net income of $85.6 million or $0.11 per share (basic)
Adjusted net income of $147.4 million or $0.19 per share
(2)
AISC contribution margin of $1,565 per oz, driven by higher realized gold prices and cost
discipline, underpinning strong adjusted EBITDA and mine-site free cash flow
(2)
Retired $139.3 million of debt with conversion of September 2020 convertible notes
Cash and equivalents (unrestricted) of $348.5 million at September 30, 2025, not including $88
million from the sale of our Nevada assets which closed after quarter end
Net debt of $1,278.2 million at September 30, 2025
(2)
Greenstone operational improvements yielding positive results:
Expit mining increased 11% in Q3 vs Q2, averaging 185,000 tonnes per day
Process grades increased 13% in Q3 vs Q2, averaging 1.05 g/t gold
Castle Mountain Phase 2 federal record of decision targeted for December 2026, following
acceptance of the project into the United States Federal Permitting Improvement Steering
Council's FAST-41 program
Portfolio optimization underway with sale of non-core Nevada assets for $115 million (see
news
release dated August 7, 2025
; the transaction closed on October 1, 2025)
Resource expansion and discovery drilling continues across the portfolio with significant activity in
Newfoundland, Nicaragua, and Mesquite, and recently commenced exploration activity at Los Filos
1
Year-to-date, Q1 and Q2 production includes full-period production from the assets ("Calibre Assets") acquired through the merger with Calibre Mining from January 1,
2025, to align with the Company's 2025 Production guidance issued on June 11, 2025.
2
Cash costs per oz sold, AISC per oz sold, mine-site free cash flow, adjusted net income, adjusted earnings per share, adjusted EBITDA, sustaining expenditures, and net
debt are non-IFRS measures. See
Non-IFRS Measures
and
Cautionary Notes.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
Three months ended
Nine months ended
Operating data
Unit
September 30,
2025
(5)
June 30,
2025
September 30,
2024
September 30,
2025
(5)
September 30,
2024
Gold produced from operating assets included in
Updated 2025 Guidance
oz
233,216
219,122
—
634,427
—
Less: Gold produced from Calibre Assets before
close of Calibre Acquisition
oz
—
(71,743)
—
(143,282)
—
Add: Gold produced from assets not included in
Updated 2025 Guidance
oz
3,166
3,470
—
41,376
—
Gold produced
(4)
oz
236,382
150,849
173,983
532,609
407,929
Gold sold
(4)
oz
239,311
148,938
173,973
536,169
405,901
Average realized gold price
$/oz
3,397
3,207
2,461
3,196
2,310
Cash costs per oz sold
(1)(2)
$/oz
1,434
1,478
1,720
1,539
1,678
Cash costs per oz sold
(1)(2)
- excluding
Los Filos
(3)
$/oz
1,434
1,478
1,567
1,494
1,567
AISC per oz sold
(1)(2)
$/oz
1,833
1,959
1,994
1,932
1,994
AISC per oz sold
(1)(2)
- excluding Los Filos
(3)
$/oz
1,833
1,959
1,894
1,904
1,872
Financial data
Revenue
M$
819.0
478.6
428.4
1,721.4
939.1
Income from mine operations
M$
280.1
159.8
101.4
473.6
133.9
Net income
M$
85.6
23.8
0.3
33.9
311.0
Earnings per share (basic)
$/share
0.11
0.05
—
0.06
0.81
Adjusted EBITDA
(1)
M$
420.0
199.1
145.0
760.5
255.6
Adjusted net income (loss)
(1)
M$
147.4
55.2
40.5
169.6
27.5
Adjusted EPS
(1)
$/share
0.19
0.11
0.09
0.29
0.07
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)
M$
348.5
406.7
167.8
348.5
167.8
Net debt
(1)
M$
1,278.2
1,373.7
1,314.7
1,278.2
1,314.7
Operating cash flow before changes in non-cash
working capital
M$
322.1
126.0
130.1
521.4
217.5
(1)
Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, mine-site free cash flow, AISC contribution margin and net debt are
non-IFRS measures. See
Non-IFRS Measures
and
Cautionary Notes
.
(2)
Consolidated cash cost per oz sold and AISC per oz sold excludes Castle Mountain results after August 31, 2024 when residual leaching commenced and Los Filos
results after operations were indefinitely suspended on April 1, 2025. Consolidated cash cost per oz sold and AISC per oz sold includes Greenstone from November 6,
2024 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3)
Consolidated cash cost per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which were excluded from the Updated 2025
Guidance.
(4)
Gold produced for the three months ended September 30, 2025 includes 0 and 2,557 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the
three months ended September 30, 2025 includes 1,973 and 2,554 ounces sold at Los Filos and Castle Mountain, respectively. Gold produced for the nine months ended
September 30, 2025 includes 33,013 and 7,754 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the nine months ended September 30, 2025
includes 36,837 and 7,757 ounces sold at Los Filos and Castle Mountain, respectively.
(5)
Operating and financial data for the nine months ended September 30, 2025 includes results from Pan 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.
Additional information regarding the Company's financial and operating results can be found in the
Company's Q3 2025 Financial Statements and accompanying MD&A for the three and nine months
ended September 30, 2025. These documents are available for download on the Company's website at
www.equinoxgold.com
, on SEDAR+ at
www.sedarplus.ca
and on EDGAR at
www.sec.gov/edgar
.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and webcast on Thursday, November 6, 2025, commencing at
7:00 am PT (10:00 am ET) to discuss its third quarter results.
Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813
Webcast login
Equinox Gold | Financials
ABOUT EQUINOX GOLD
Equinox Gold (TSX: EQX) (NYSE American: 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
.
EQUINOX GOLD CONTACT
Ryan King
EVP Capital Markets
T: 778.998.3700
E:
E:
NON-IFRS MEASURES
This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC
contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net
debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS,
i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other
companies. Their measurement and presentation is consistently prepared and is intended to provide
additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Numbers presented in the tables below may not sum
due to rounding.
Cash Costs and Cash Costs per oz Sold
Cash costs is a common financial performance measure in the gold mining industry; however, it has no
standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. The
Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain
investors use this information to evaluate the Company's performance and ability to generate operating
income and cash flow from mining operations. Cash costs are calculated as mine site operating costs,
net of non-recurring items that are not reflective of the underlying operating performance of the Company,
and are net of silver revenue. Cash costs are divided by ounces sold to arrive at cash costs per oz sold.
In calculating cash costs, the Company deducts silver revenue as it considers the cost to produce the
gold is reduced as a result of the by-product sales incidental to the gold production process, thereby
allowing management and other stakeholders to assess the net costs of gold production. The measure
is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under
IFRS.
AISC per oz Sold
The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating
AISC was developed internally and is outlined below. Current IFRS measures used in the gold industry,
such as operating expenses, do not capture all of the expenditures incurred to discover, develop and
sustain gold production. The Company believes the AISC measure provides further transparency into
costs associated with producing gold and will assist analysts, investors and other stakeholders of the
Company in assessing its operating performance, its ability to generate free cash flow from current
operations and its overall value. AISC includes cash costs (described above) and also includes
sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization
and exploration and evaluation costs. This measure seeks to reflect the full cost of gold production from
current operations; therefore, expansionary capital and non-sustaining expenditures are excluded.
The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold
sold to the most directly comparable IFRS measure on an aggregate basis:
$'s in millions, except ounce and per oz figures
Three months ended
Nine months ended
September 30,
2025
June 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Operating expenses
371.9
229.7
268.3
894.2
656.2
Silver revenue
(6.0)
(1.3)
(0.4)
(7.9)
(1.7)
Fair value adjustment on acquired inventories
(24.3)
1.4
(3.1)
(26.5)
(15.7)
Non-recurring charges recognized in operating
expenses
(1)
—
(10.7)
—
(36.8)
—
Pre-commercial production and development stage
operating expenses
(2)
(5.0)
(6.0)
(43.0)
(17.0)
(50.5)
Total cash costs
$
336.6
$
213.1
$
221.8
$
806.0
$
588.2
Sustaining capital
84.9
62.1
30.9
184.4
95.9
Sustaining lease payments
3.6
2.9
1.6
8.4
6.3
Reclamation expense
6.5
6.0
3.0
16.2
8.5
Sustaining exploration expense
—
—
0.2
—
0.7
Pre-commercial production and development stage
sustaining expenditures
(2)
(1.4)
(1.7)
(0.4)
(3.2)
(0.5)
Total AISC
$
430.3
$
282.5
$
257.2
$
1,011.9
$
699.1
Gold oz sold
239,311
148,938
173,973
536,169
405,901
Gold oz sold from entities during pre-commercial
production and development stages
(2)
(4,527)
(4,713)
(45,028)
(12,462)
(55,386)
Adjusted gold oz sold
234,784
144,225
128,945
523,707
350,515
Cash costs per gold oz sold
1,434
$
1,478
$
1,720
1,539
$
1,678
AISC per oz sold
$
1,833
$
1,959
$
1,994
$
1,932
$
1,994
(1)
Non-recurring charges recognized in operating expenses relate to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1,
2025.
(2)
Consolidated cash cost per oz sold and AISC per oz sold exclude Castle Mountain results after August 31, 2024 when residual leaching commenced, Los Filos results
after March 31, 2025 as operations were indefinitely suspended on April 1, 2025 and Greenstone results for the period prior to November 6, 2024 when the mine reached
commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3)
Consolidated cash cost per oz sold and AISC per oz sold include results from Pan and Nicaragua (Limon and Libertad) from the date of the Calibre Acquisition of June
17, 2025.
Sustaining Capital and Sustaining Expenditures
The following table provides a reconciliation of sustaining capital expenditures to the Company's total
capital expenditures for continuing operations:
Three months ended
Nine months ended
$'s in millions
September 30,
2025
June 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Capital additions to mineral properties, plant and
equipment
(1)
$
266.9
$
118.2
$
146.9
$
477.8
$
420.4
Less: Non-sustaining capital at operating sites
(50.1)
(17.9)
(14.8)
(109.1)
(29.5)
Less: Non-sustaining capital for pre-commercial
production and development stages
(3)
(98.4)
(16.2)
(92.1)
(116.2)
(248.9)
Less: Other non-cash additions
(2)
(33.6)
(22.0)
(9.1)
(67.9)
(46.1)
Sustaining capital - consolidated
$
84.9
$
62.1
$
30.9
$
184.4
$
95.9
Add: Sustaining lease payments
3.6
2.9
1.6
8.4
6.3
Add: Sustaining reclamation expense
6.5
6.0
3.0
16.2
8.5
Add: Sustaining exploration expense
—
—
0.2
—
0.7
Less: Sustaining expenditures for entities in pre-
commercial production and development stages
(3)
(1.4)
(1.7)
(0.4)
(3.2)
(0.5)
Sustaining expenditures - operating mine sites
$
93.7
$
69.4
$
35.3
205.9
110.8
(1)
Per note 7 of the consolidated financial statements. Capital additions exclude non-cash changes to reclamation assets arising from changes in discount rate and
inflation rate assumptions in the reclamation provision.
(2)
Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping activities, and capitalized
non-cash share-based compensation.
(3)
Relates to Castle Mountain after August 31, 2024 when residual leaching commenced, Los Filos after March 31, 2025 as operations were indefinitely suspended on April
1, 2025, Greenstone for the period prior to November 6, 2024 when the mine reached commercial production and Valentine as the mine has not yet achieved commercial
production.
Total Mine-Site Free Cash Flow
The following table provides a reconciliation of mine-site free cash flow to the most directly comparable
IFRS measure on an aggregate basis:
Three months ended
Nine months ended
$'s in millions
September 30,
2025
June 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Operating cash flow before non-cash changes in
working capital
$
322.1
$
126.0
$
130.1
$
521.4
$
217.5
Fair value adjustments on acquired inventories
24.3
(1.4)
3.1
26.5
5.9
Non-recurring charges recognized in operating
expenses
(1)
—
10.7
—
36.8
—
Operating cash flow (generated) used by non-mine site
activity
(2)
106.9
106.9
(38.5)
253.7
(19.1)
Cash flow from operating mine sites
$
453.3
$
242.1
$
94.7
$
838.4
$
204.3
Less: Capital expenditure from operating mine sites
Mineral property, plant and equipment additions
$
266.9
118.2
146.9
$
477.8
420.4
Capital expenditures relating to pre-commercial
production and development projects, corporate
and other non-cash additions
(131.8)
(38.2)
(101.2)
(184.0)
(295.0)
135.1
80.0
45.7
293.8
125.4
Less: Lease payments related to non-sustaining capital
items
5.1
5.4
3.0
15.3
16.3
Less: Non-sustaining exploration expense
8.9
2.1
2.1
12.8
5.4
Total mine-site free cash flow before changes in non-
cash working capital
$
304.3
$
154.5
$
43.9
$
516.5
$
57.2
(Increase) decrease in non-cash working capital
$
(81.3)
$
23.9
$
9.4
$
(93.2)
$
(98.6)
Total mine site free cash flow after changes in
non-cash working capital
$
223.0
$
178.4
$
53.3
$
423.3
$
(41.4)
(1)
Non-recurring charges recognized in operating expenses for the nine months ended September 30, 2025 include a write-down of heap leach ore at Los Filos driven by the
indefinite suspension of operations on April 1, 2025.
(2)
Includes taxes paid that are not factored into mine-site free cash flow and is included in operating cash flow before non-cash changes in working capital in the statement
of cash flows. Also includes operating cash flow for projects in pre-commercial production and development stage, including Castle Mountain results after August 31, 2024
when residual leaching commenced, Los Filos when the Company suspended operations on April 1, 2025, Greenstone for the period prior to November 6, 2024 when the
mine reached commercial production and Valentine as the mine has not yet achieved commercial production.
AISC Contribution Margin, EBITDA and Adjusted EBITDA
The following tables provide the calculation of AISC contribution margin, EBITDA and adjusted EBITDA,
as calculated by the Company:
AISC Contribution Margin
Three months ended
Nine months ended
$'s in millions
September 30,
2025
June 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Revenue
$
819.0
$
478.6
$
428.4
$
1,721.4
$
939.1
Less: silver revenue
(6.0)
(1.3)
(0.4)
(7.9)
(1.7)
Less: AISC
(430.3)
(282.5)
(257.2)
(1,011.9)
(699.1)
Less: revenue from entities during pre-commercial
production and development stages
(1)
$
(15.3)
$
(14.4)
(109.5)
$
$ (39.0)
$
(133.5)
AISC contribution margin
$
367.4
$
180.4
61.3
$
$ 662.6
$
104.9
Gold ounces sold
239,311
148,938
173,973
536,169
405,901
Less: gold oz sold from entities during pre-
commercial production and development
stages
(1)
(4,527)
(4,713)
(45,028)
(12,462)
(55,386)
Adjusted gold ounces sold
234,784
144,225
128,945
523,707
350,515
AISC contribution margin per oz sold
$
1,565
$
1,251
$
475
$
1,265
$
299
(1)
AISC contribution margin excludes Castle Mountain effective from August 31, 2024 when the Company began reporting it as a development project when residual
leaching commenced; Los Filos from April 1, 2025 when the Company suspended operations; and Greenstone for the period prior to November 6, 2024 when the mine
reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(2)
AISC contribution margin include results from Pan and Nicaragua (Limon and Libertad) from the date of the Calibre Acquisition of June 17, 2025.
EBITDA and Adjusted EBITDA
Three months ended
Nine months ended
$'s in millions
September 30,
2025
June 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Net income (loss)
$
85.6
23.8
0.3
$
33.9
311.0
Income tax expense
29.4
25.5
36.5
65.5
242.9
Depreciation and depletion
172.5
95.6
59.3
365.7
150.1
Finance expense
50.9
45.3
19.7
144.5
57.8
Finance income
(3.2)
(2.5)
(2.0)
(7.8)
(6.3)
EBITDA
$
335.1
$
187.8
$
113.8
$
601.9
$
755.5
Non-cash share-based compensation expense
6.5
4.5
2.4
13.9
7.6
Unrealized (gain) loss on gold contracts
16.5
(10.6)
18.0
32.9
28.4
Unrealized (gain) loss on foreign exchange contracts
(3.3)
(30.2)
(4.4)
(67.8)
33.2
Unrealized foreign exchange (gain) loss
(1.9)
11.7
4.9
15.9
(8.1)
Change in fair value of Greenstone Contingent
Consideration
16.4
6.1
9.9
37.5
22.7
Change in fair value of 2025 Convertible Notes
conversion option
18.8
—
—
18.8
—
Gain on modification of debt
(13.0)
—
—
(13.0)
(5.4)
Gain on remeasurement of previously held
interest in Greenstone
—
—
—
—
(579.8)
Other (income) expense
7.3
2.6
(2.8)
11.0
(15.0)
Transaction-related costs
13.0
9.0
-
25.3
0.8
Fair value adjustments on acquired inventories
24.3
(1.4)
3.1
26.5
15.7
Non-recurring charges recognized in operating
expense
(1)
—
11.7
—
40.2
—
Non-recurring charges recognized in care and
maintenance expense
$
0.2
8.0
—
$
17.6
—
Adjusted EBITDA
$
420.0
$
199.1
$
145.0
$
760.5
$
255.6
(1)
Non-recurring charges recognized in operating expenses for the nine months ended September 30, 20205 include a write-down of heap leach ore at Los Filos driven by
the indefinite suspension of operations on April 1, 2025.
Adjusted Net Income and Adjusted EPS
The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and
calculated by the Company:
Three months ended
Nine months ended
$'s and shares in millions
September 30,
2025
June 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Net income (loss) attributable to Equinox Gold
shareholders
$
85.6
$
23.8
0.3
$
33.9
$
311.0
Add (deduct):
Non-cash share-based compensation expense
6.5
4.5
2.4
13.9
7.6
Unrealized (gain) loss on gold contracts
16.5
(10.6)
18.0
32.9
28.4
Unrealized (gain) loss on foreign exchange contracts
(3.3)
(30.2)
(4.4)
(67.8)
33.2
Unrealized foreign exchange (gain) loss
(1.9)
11.7
4.9
15.9
(8.1)
Change in fair value of Greenstone Contingent
Consideration
16.4
6.1
9.9
37.5
22.7
Change in fair value of 2025 Convertible Notes
conversion option
18.8
—
—
18.8
—
Gain on modification of debt
(13.0)
—
—
(13.0)
(5.4)
Gain on remeasurement of previously held interest in
Greenstone
—
—
—
—
(579.8)
Transaction-related costs
13.0
9.0
—
26.1
0.8
Fair value adjustments on acquired inventories
24.3
(1.4)
3.1
26.5
15.7
Non-recurring charges recognized in operating
expense
(1)
—
11.7
—
40.2
—
Non-recurring charges recognized in care and
maintenance expense
0.2
8.0
—
17.6
—
Other (income) expense
7.3
2.6
(2.8)
11.0
(15.0)
Non-recurring charge recognized in tax expense
1.2
24.5
—
25.6
—
Income tax impact related to above adjustments
(7.5)
5.8
(0.6)
(15.9)
181.5
Unrealized foreign exchange (gain) loss recognized in
deferred tax expense
(16.8)
(10.2)
9.6
(33.6)
34.8
Adjusted net income (loss)
$
147.4
$
55.2
40.5
$
169.6
$
27.5
Basic weighted average shares outstanding
771.3
499.4
428.5
576.6
381.8
Diluted weighted average shares outstanding
781.9
506.1
434.5
583.6
461.7
Adjusted income (loss) per share - basic ($/share)
$0.19
$0.11
$0.09
$0.29
$0.07
Adjusted income (loss) per share - diluted ($/share)
$0.19
$0.11
$0.09
$0.29
$0.06
(1)
Non-recurring charges recognized in operating expenses relate to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1,
2025.
Net Debt
A reconciliation of net debt is provided below.
$'s in millions
September 30,
2025
June 30,
2025
September 30,
2024
Current portion of loans and borrowings
$
144.3
$
220.3
$
273.8
Non-current portion of loans and borrowings
1,482.4
1,560.0
$
1,208.7
Total debt
1,626.7
1,780.3
$
1,482.5
Less: Cash and cash equivalents (unrestricted)
(348.5)
(406.7)
$
(167.8)
Net debt
$
1,278.2
$
1,373.7
$
1,314.7
CAUTIONARY NOTES & FORWARD-LOOKING STATEMENTS
This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may
include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations
and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information Forward-looking Information in this
news release includes: the Company's strategic vision and expectations for exploration potential, production capabilities, growth potential,
expansion projects and future financial or operating performance, including shareholder returns; expectations for Greenstone and Valentine
operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine and
anticipated Castle Mountain Phase 2, receipt of required approvals and permits and effectiveness of the FAST-41 designation; the Company's ability
to improve cash flow and reduce debt. Forward-looking Information is typically identified by words such as "believe", "will", "achieve", "grow",
"plan", "expect", "estimate", "anticipate", "target", and similar terms, including variations like "may", "could", or "should", or the negative connotation of
such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on
them. Forward-looking Information is based on the Company's current expectations and assumptions, including: achievement of exploration,
production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations;
timely execution of the Aurizona expansion and Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of
Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended
operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays;
productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with
environmental and safety regulations; and constructive engagement with Indigenous and community partners.
While the Company considers these
assumptions reasonable, they may prove incorrect.
Forward-looking Information involves numerous risks, uncertainties and other factors that may
cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors
include those described in the section "Risk Factors in in the Company's MD&A dated March 13, 2025 for the year ended December 31, 2024, and in
the section titled "Risks Related to the Business" in Equinox Gold's most recently filed Annual Information Form which is available on SEDAR+ at
www.sedarplus.ca
and on EDGAR at
www.sec.gov/edgar
and in the section "Risk Factors" in Calibre Mining's MD&A dated February 19, 2025 for
the year ended December 31, 2024 and the section titled "Risk Factors" in Calibre Mining's most recently filed Annual Information Form which is
available on SEDAR+ at
www.sedarplus.ca
. Forward-looking Information reflects management's current expectations for future events and is
subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any
change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes
in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should
be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information
contained in this news release is expressly qualified by this cautionary statement
.
TECHNICAL INFORMATION
David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved
the technical content of this document.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/273300