Equinox Gold Delivers Solid Second Quarter 2025 Financial and Operating Results Poised for Major Inflection in Q3 2025 Including Calibre Asset Production, Canadian Greenstone Gold Mine Ramp-up and Valentine Gold Mine Startup
Equinox Gold Delivers Solid Second Quarter
2025 Financial and Operating Results
Poised for Major Inflection in Q3 2025 Including Calibre Asset
Production, Canadian Greenstone Gold Mine Ramp-up and
Valentine Gold Mine Startup
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2025) -
Equinox Gold Corp.
(TSX: EQX)
(NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its Q2 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 is entering a pivotal growth phase.
Q2 delivered solid results, led by Greenstone, where mining rates increased 23% and processing rates
improved 20% over Q1. Building on that momentum, Q3 is off to a strong start, with quarter-to-date ex-pit
mining volumes 10% higher than Q2 and process plant throughput averaging 24.5 kptd over the last 30
days, including more than one-third of the days above nameplate capacity of 27 ktpd. This sets the stage
for our true inflection point in Q3, driven by a full-quarter contribution from the Calibre assets, first ore
processed at Valentine, and continued improvement at Greenstone.
"If the Calibre transaction had been effective from January 1, 2025, our pro-forma consolidated revenue
for the first half would have been approximately $1.33 billion, highlighting the enhanced scale and
earnings power of the combined company.
"We expect a strong second half of the year, with production on track to meet our full-year consolidated
guidance of 785,000 to 915,000 ounces and anticipate continued growth in both production and cash
flow into 2026.
"Our focus is clear as we grow into a top-tier producer - operational excellence, disciplined
capital allocation, and deliver on our commitments to drive debt reduction, optimize our
balance sheet, and maximize returns for shareholders."
HIGHLIGHTS FOR Q2 2025 AND SUBSEQUENT EVENTS
(1)
On June 17, 2025, Equinox Gold closed its acquisition of Calibre Mining Corp. ("Calibre")
Produced 219,122 ounces ("oz") of gold, including full period contributions of 72,823 oz of gold
from the Nicaragua operations and Pan Mine ("Calibre Assets")
(2)
, excluding 1,975 oz from Castle
Mountain and 1,495 oz from Los Filos
(3)
Total cash costs of $1,478 per oz and all-in sustaining costs ("AISC") of $1,959 per oz
(4)
Cash flow from operations before changes in non-cash working capital of $126.0 million ($132.9
million after changes in non-cash working capital)
Mine-site free cash flow before changes in non-cash working capital of $154.5 million ($178.4
million after changes in non-cash working capital)
(4)
Adjusted EBITDA of $200.5 million
(4)
Income from mine operations of $159.8 million
Net income of $23.8 million or $0.05 per share (basic)
Adjusted net income of $56.7 million or $0.11 per share
(4)
Sustaining expenditures of $71.1 million
(4)
and non-sustaining expenditures of $42.3 million
Cash and equivalents (unrestricted) of $406.7 million at June 30, 2025
Net debt
(4)
of $1,373.7 million at June 30, 2025
The Castle Mountain Mine was designated as a FAST-41 Project by the United States Federal
Permitting Improvement Steering Council. According to the FAST-41 project dashboard as of
August 8, 2025, the federal permitting process is expected to be completed in December 2026
(
see link
)
Announced agreement to sell non-core Nevada assets for US$115 million (
see link
)
Valentine Gold Mine enters the final stages of commissioning with ore processing expected to
commence before the end of August 2025, followed by the first gold pour approximately one month
later
On June 30, 2025, Equinox Gold ratified the new long-term land access agreements with Mezcala
and Xochipala, two of the three communities near the Los Filos Mine. These agreements enable a
new mine development project, starting with an exploration program in Q3 2025 and followed by
engineering studies to evaluate alternative locations for the carbon-in-leach plant needed for a
potential expansion.
Senior leadership transition
: Darren Hall was appointed Chief Executive Officer and Director on
July 22, 2025.
Nicaragua exploration results
: Reported new high-grade resource expansion drill results, including:
-
36.77 g/t gold over 6.9 metres, 8.55 g/t gold over 14.6 metres, 10.19 g/t gold over 6.0 metres
(1)
Unless otherwise noted, the sections of this news release titled "Highlights for Q2 2025 AND SUBSEQUENT EVENTS" and "Consolidated
Operational and Financial Highlights" include contributions from the Calibre Assets from June 17 to June 30, 2025 only. The section titled "2025
Guidance & Reconciliation" includes full-period production from the Calibre Assets for the three and six months ended June 30, 2025, to align with
the Company's revised 2025 production guidance issued on June 11, 2025 ("2025 Guidance").
(2)
Produced 1,080 oz from the Calibre Assets from the date of acquisition, June 17, 2025, to June 30, 2025.
(3)
2025 Guidance excludes results from Los Filos, Castle Mountain and Valentine.
(4)
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
Six months ended
Operating data
Unit
June 30,
2025
(5)
March 31,
2025
June 30,
2024
June 30,
2025
(5)
June 30,
2024
Gold produced from operating assets included in 2025
Guidance
oz
219,122
n/a
n/a
401,211
n/a
Less: Gold produced from Calibre Assets before close of
Calibre transaction
oz
(71,743
)
n/a
n/a
(143,282
)
n/a
Add: Gold produced from assets not included in 2025
Guidance
oz
3,470
n/a
n/a
38,210
n/a
Gold produced
(4)
oz
150,849
145,290
122,221
296,139
233,946
Gold sold
(4)
oz
148,938
147,920
115,423
296,858
231,927
Average realized gold price
$/oz
3,207
2,858
2,328
3,033
2,197
Cash costs per oz sold
(1)(2)
$/oz
1,478
1,769
1,747
1,624
1,653
Cash costs per oz sold
(1)(2)
- excluding Los Filos
(3)
$/oz
1,478
1,637
1,640
1,548
1,567
AISC per oz sold
(1)(2)
$/oz
1,959
2,065
2,041
2,012
1,993
AISC per oz sold
(1)(2)
- excluding Los Filos
(3)
$/oz
1,959
1,979
1,925
1,968
1,861
Financial data
Revenue
M$
478.6
423.7
269.4
902.4
510.8
Income from mine operations
M$
159.8
33.7
21.2
193.5
32.6
Net income (loss)
M$
23.8
(75.5
)
353.5
(51.6
)
310.7
Earnings (loss) per share (basic)
$/share
0.05
(0.17
)
0.90
(0.11
)
0.87
Adjusted EBITDA
(1)
M$
200.5
137.9
45.1
338.4
97.2
Adjusted net income (loss)
(1)
M$
56.7
(36.6
)
(46.4
)
20.0
(60.8
)
Adjusted EPS
(1)
$/share
0.11
(0.08
)
(0.12
)
0.04
(0.17
)
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)
M$
406.7
172.9
167.5
406.7
167.5
Net debt
(1)
M$
1,373.7
1,220.0
1,308.9
1,373.7
1,308.9
Operating cash flow before changes in non-cash working
capital
M$
126.0
73.3
39.7
199.3
87.4
(1)
Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income (loss), adjusted EPS 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 for the three months ended June 30, 2025 and March 31, 2025 and six months ended
June 30, 2025 exclude Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, figures for the three months
ended June 30, 2025 exclude Los Filos as operations were indefinitely suspended on April 1, 2025. 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
2025 Guidance.
(4)
Gold produced for the three months ended June 30, 2025 includes 1,495 and 1,975 ounces produced at Los Filos and Castle Mountain,
respectively; gold sold for the three months ended June 30, 2025 includes 2,731 and 1,982 ounces sold at Los Filos and Castle Mountain,
respectively.
(5)
Operating and financial data for the three and six months ended June 30, 2025 includes results from the Calibre Assets from the date of
acquisition of June 17, 2025 to June 30, 2025.
Consolidated revenue for the six months ended June 30, 2025 was $902.4 million, including $3.6 million
from the Calibre Assets recognized since the closing of the Calibre transaction on June 17, 2025. Had
the transaction been effective from January 1, 2025, pro forma consolidated revenue for the first half of
the year would have been approximately $1.33 billion, highlighting the enhanced scale and earnings
power of the combined company. Looking ahead, the continued ramp-up of the Greenstone Mine and
the commencement of production at the Valentine Mine during the third quarter are expected to further
strengthen production volumes and financial performance.
2025 GUIDANCE & RECONCILIATION
On June 11, 2025, the Company issued its updated 2025 Guidance to reflect the transaction with
Calibre and the slower-than-planned ramp-up of Greenstone. Guidance for Brazil was consolidated on a
regional basis and reflects a narrower production guidance range and higher cost expectations due to
operational cost pressures. The updated 2025 Guidance incorporates the Calibre Assets on a 100%
basis from January 1, 2025. The Company's primary focus for 2025 remains on ramping up the
Greenstone Gold Mine and achieving first gold pour at the Valentine Gold Mine, with a targeted ramp-up
to nameplate capacity in Q1 2026. Additional development priorities include advancing engineering and
permitting for Castle Mountain Phase 2 and initiating underground portal development for the Aurizona
underground expansion.
Actuals
2025 Guidance
(1)
H1 2025
(1)
Consolidated
(1)
Greenstone
Brazil
Mesquite
Pan
Nicaragua
Production (oz)
401,211
785,000-
915,000
220,000-
260,000
250,000-
270,000
85,000-95,000
30,000-40,000
200,000-
250,000
Cash costs ($/oz)
(1)(2)
$1,420
$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)
(1)(2)
$1,732
$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 H1 2025 Actuals reflect consolidated production from the Equinox Gold and Calibre Assets commencing from January 1,
2025, but excludes production from Los Filos, Castle Mountain and Valentine.
(2)
Full-year 2025 cash costs and AISC guidance reflect consolidated costs for the Equinox Gold and Calibre Assets from January 1, 2025, but
excludes 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 rates assumptions for 2025 cash costs and AISC per oz include the following: BRL 5.25 to USD 1, CAD 1.34 to USD 1 and MXN 18.50
to USD 1.
Further details relating to 2025 Guidance are included in the Company's
news release dated June 11,
2025
.
Additional information regarding the Company's financial and operating results can be found in the
Company's Q2 2025 Financial Statements and accompanying MD&A for the three and six months
ended June 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, August 14, 2025, commencing at
7:30 am PT (10:30 am ET) to discuss its second quarter results.
Conference Call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813
Webcast Login
www.equinoxgold.com/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
Six months ended
June 30,
2025
March 31,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Operating expenses
229.7
292.6
204.0
522.2
387.8
Silver revenue
(1.3
)
(0.9
)
(0.7
)
(2.2
)
(1.3
)
Fair value adjustment on acquired inventories
1.4
(3.6
)
(12.0
)
(2.2
)
(12.6
)
Non-recurring charges recognized in operating expenses
(10.7
)
(26.1
)
-
(36.8
)
-
Pre-commercial production and development stage operating
expenses
(1)
(6.0
)
(6.0
)
(7.8
)
(12.0
)
(7.8
)
Total cash costs
$
213.1
$
256.0
$
183.5
$
469.2
$
366.1
Sustaining capital
62.1
37.5
26.0
99.6
65.0
Sustaining lease payments
2.9
1.9
2.1
4.8
4.7
Reclamation expense
6.0
3.6
2.6
9.6
5.5
Sustaining exploration expense
-
-
0.2
-
0.4
Pre-commercial production and development stage sustaining
expenditures
(1)
(1.7
)
(0.2
)
(0.1
)
(1.9
)
(0.1
)
Total AISC
$
282.5
$
298.8
$
214.5
$
581.3
$
441.7
Gold oz sold
148,938
147,920
115,423
296,858
231,927
Gold oz sold from entities during pre-commercial production or
development stages
(1)
(4,713
)
(3,222
)
(10,358
)
(7,935
)
(10,358
)
Adjusted gold oz sold
144,225
144,698
105,065
288,923
221,569
Cash costs per gold oz sold
1,478
$
1,769
$
1,747
1,624
$
1,653
AISC per oz sold
$
1,959
$
2,065
$
2,041
$
2,012
$
1,993
(1)
Consolidated cash cost per oz sold and AISC per oz sold for the three months ended June 30, 2025 and March 31, 2025 and six months ended
June 30, 2025 exclude Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, figures for the three months
ended June 30, 2025 exclude Los Filos after March 31, 2025 as operations were indefinitely suspended on April 1, 2025. Consolidated AISC per oz
sold excludes corporate general and administration expenses.
(2)
Consolidated cash cost per oz sold and AISC per oz sold for the three months and six months ended June 30, 2025 include results from Pan and
Nicaragua (Limon and Libertad) from the date of acquisition of June 17, 2025 to June 30, 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
Six months ended
$'s in millions
June 30,
2025
March 31,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Capital additions to mineral properties, plant and equipment
(1)
$
118.2
$
92.7
$
139.1
$
210.8
$
273.5
Less: Non-sustaining capital at operating sites
(17.9
)
(41.1
)
(4.8
)
(59.0
)
(14.7
)
Less: Non-sustaining capital for pre-commercial production and
development stages
(16.2
)
(1.7
)
(92.7
)
(17.9
)
(156.8
)
Less: Other non-cash additions
(2)
(22.0
)
(12.4
)
(15.6
)
(34.3
)
(37.0
)
Sustaining capital expenditures - consolidated
$
62.1
$
37.5
$
26.0
$
99.6
$
65.0
Less: Sustaining expenditures for entities in
development stages
(3)
(1.7
)
-
-
(1.7
)
-
Add: Sustaining lease payments
2.9
1.9
2.1
4.8
4.7
Add: Reclamation expense
6.0
3.6
2.6
9.6
5.5
Add: Sustaining exploration expense
-
-
0.2
-
0.4
Sustaining expenditures - operating mine sites
$
69.4
$
42.9
$
31.0
112.3
75.6
(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 and Los Filos after March 31, 2025 as operations were
indefinitely suspended on April 1, 2025.
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
Six months ended
$'s in millions
June 30,
2025
March 31,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Operating cash flow before non-cash changes in working capital
$
126.0
$
73.3
$
39.7
$
199.3
$
87.4
Fair value adjustments on acquired inventories
(1.4
)
3.6
12.0
2.2
12.6
Non-recurring charges recognized in operating expenses
10.7
26.1
-
36.8
-
Operating cash flow (generated) used by non-mine site activity
(1)
106.9
39.9
7.7
146.8
15.0
Cash flow from operating mine sites
$
242.1
$
142.9
$
59.4
$
385.1
$
115.1
Less: Capital expenditures from operating mine sites
Mineral property, plant and equipment additions
$
118.2
92.7
139.1
$
210.8
273.5
Capital expenditures relating to development projects and
corporate and other non-cash additions
(38.2
)
(14.1
)
(108.3
)
(52.2
)
(193.8
)
80.0
78.6
30.8
158.6
79.8
Less: Lease payments related to non-sustaining capital items
5.4
4.8
5.9
10.2
13.4
Less: Non-sustaining exploration expense
2.1
1.8
1.0
3.9
3.2
Total mine-site free cash flow before changes in non-cash working
capital
$
154.5
$
57.7
$
21.7
$
212.4
$
18.7
(Increase) decrease in non-cash working capital
$
23.9
$
(18.8
)
$
(72.8
)
$
5.1
$
(102.6
)
Total mine site free cash flow after changes in non-cash working
capital
$
178.4
$
38.8
$
(51.0
)
$
217.5
$
(83.9
)
(1)
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 development stage, including Castle Mountain
results after August 31, 2024 when residual leaching commenced and Los Filos when the Company suspended operations on April 1, 2025.
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
Six months ended
$'s in millions
June 30,
2025
March 31,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Revenue
$
478.6
$
423.7
$
269.4
$
902.4
$
510.8
Less: silver revenue
(1.3
)
(0.9
)
(0.7
)
(2.2
)
(1.3
)
Less: AISC
(282.5
)
(298.8
)
(214.5
)
(581.3
)
(441.7
)
Less: revenue from entities during pre-commercial production or
development stages
(1)
$
(14.4
)
$
(9.2
)
$
(24.0
)
$
(23.6
)
$
(24.0
)
AISC contribution margin
$
180.4
$
114.8
$
30.3
$
295.3
$
43.8
Gold ounces sold
148,938
147,920
115,423
296,858
231,927
Less: gold oz sold from entities during pre-commercial production or
development stages
(1)
(4,713
)
(3,222
)
(10,358
)
(7,935
)
(10,358
)
Adjusted gold ounces sold
144,225
144,698
105,065
288,923
221,569
AISC contribution margin per oz sold
$
1,251
$
793
$
288
$
1,022
$
198
(1)
AISC contribution margin for the three months ended June 30, 2025 and March 31, 2025 and six months ended June 30, 2025 exclude Castle
Mountain as the Company began reporting it as a development project effective August 31, 2024 when residual leaching commenced. In addition, the
figures for the three months ended June 30, 2025 exclude Los Filos as the Company suspended operations on April 1, 2025. Consolidated AISC per
oz sold excludes corporate general and administration expenses.
(2)
AISC contribution margin for the three months and six months ended June 30, 2025 include results from Pan and Nicaragua (Limon and Libertad)
from the date of acquisition of June 17, 2025 to June 30, 2025.
EBITDA and Adjusted EBITDA
Three months ended
Six months ended
$'s in millions
June 30,
2025
March 31,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Net income (loss)
$
23.8
(75.5
)
353.5
$
(51.6
)
310.7
Income tax expense
25.5
10.6
197.9
36.1
206.4
Depreciation and depletion
95.6
97.6
44.4
193.2
90.8
Finance expense
45.3
48.3
20.7
93.6
38.1
Finance income
(2.5
)
(2.1
)
(2.4
)
(4.6
)
(4.3
)
EBITDA
$
187.8
$
78.9
$
614.0
$
266.7
$
641.7
Non-cash share-based compensation expense
4.5
2.9
2.8
7.4
5.2
Unrealized (gain) loss on gold contracts
(10.6
)
27.1
(0.2
)
16.4
10.4
Unrealized (gain) loss on foreign exchange contracts
(30.2
)
(34.3
)
19.3
(64.6
)
37.6
Unrealized foreign exchange (gain) loss
11.7
6.0
(7.3
)
17.7
(13.0
)
Change in fair value of Greenstone Contingent Consideration
6.1
15.0
11.7
21.1
12.7
Gain on remeasurement of previously held interest in Greenstone
-
-
(579.8
)
-
(579.8
)
Other (income) expense
2.6
1.1
(15.3
)
3.7
(17.6
)
Transaction costs
9.0
3.3
-
12.3
-
Non-recurring charges recognized in operating expense
(1)
11.7
28.6
-
40.2
-
Non-recurring charges recognized in care and maintenance expense
$
8.0
9.4
-
$
17.4
-
Adjusted EBITDA
$
200.5
$
137.9
$
45.1
$
338.4
$
97.2
(1)
Non-recurring charges recognized in operating expenses relates to 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
Six months ended
$'s and shares in millions
June 30,
2025
March 31,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Net income (loss) attributable to Equinox Gold shareholders
$
23.8
$
(75.5
)
$
353.5
$
(51.6
)
$
310.7
Add (deduct):
Non-cash share-based compensation expense
4.5
2.9
2.8
7.4
5.2
Unrealized (gain) loss on gold contracts
(10.6
)
27.1
(0.2
)
16.4
10.4
Unrealized (gain) loss on foreign exchange contracts
(30.2
)
(34.3
)
19.3
(64.6
)
37.6
Unrealized foreign exchange (gain) loss
11.7
6.0
(7.3
)
17.7
(13.0
)
Change in fair value of Greenstone Contingent Consideration
6.1
15.0
11.7
21.1
12.7
Gain on remeasurement of previously held interest in Greenstone
-
-
(579.8
)
-
(579.8
)
Other (income) expense
2.6
1.1
(15.3
)
3.7
(17.6
)
Transaction costs
9.0
4.1
-
13.1
-
Non-recurring charges recognized in operating expense
(1)
11.7
28.6
-
40.2
-
Non-recurring charges recognized in care and maintenance expense
8.0
9.4
-
17.4
-
Non-recurring charge recognized in tax expense
24.5
-
-
24.5
-
Income tax impact related to above adjustments
5.8
(14.2
)
146.6
(8.4
)
147.8
Unrealized foreign exchange (gain) loss recognized in deferred tax
expense
(10.2
)
(6.7
)
22.5
(16.9
)
25.1
Adjusted net income (loss)
$
56.7
$
(36.6
)
$
(46.4
)
$
20.0
$
(60.8
)
Basic weighted average shares outstanding
499.4
455.7
392.5
477.7
358.2
Diluted weighted average shares outstanding
506.1
455.7
471.5
477.7
435.7
Adjusted income (loss) per share - basic ($/share)
$
0.11
$
(0.08
)
$
(0.12
)
$
0.04
$
(0.17
)
Adjusted income (loss) per share - diluted ($/share)
$
0.11
$
(0.08
)
$
(0.10
)
$
0.04
$
(0.14
)
(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
The following table provides a reconciliation of net debt as calculated by the Company:
$'s in millions
June 30,
2025
March 31,
2025
June 30,
2024
Current portion of loans and borrowings
$
220.3
$
136.9
$
138.0
Non-current portion of loans and borrowings
1,560.0
1,256.0
1,338.4
Total debt
1,780.3
1,392.9
1,476.4
Less: Cash and cash equivalents (unrestricted)
(406.7
)
(172.9
)
(167.5
)
Net debt
$
1,373.7
$
1,220.0
$
1,308.9
CAUTIONARY NOTES & FORWARD-LOOKING STATEMENTS.
This news release contains certain
forward-looking information and forward-looking statements within the meaning of applicable securities
legislation and may include future-oriented financial information or financial outlook information
(collectively "Forward-looking Information"). All statements other than statements of historical fact may be
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 relates to, among other things: statements about the strategic vision for the Company
and expectations regarding exploration potential, production capabilities, growth potential, and future
financial or operating performance, including shareholder returns; the expected benefits of the Calibre
Transaction and attributes of Equinox Gold post-Transaction, including potential growth opportunities
and operational, competitive and portfolio synergies and the ability to reduce debt; the Company's
expectations for the operation of Greenstone, including
improvements in recovery rates, mining rates
and throughput to achieve design capacity; expectations for completing construction and commissioning
at Valentine and timing of first gold pour; anticipated closing of the Nevada assets sale;
the Company's
production and cost guidance; the timing for and Company's ability to successfully advance its growth
and development projects, including the expansion at Aurizona and the impact of the FAST-41 project
designation for Castle Mountain; the duration of the suspension of operations at Los Filos; and the
strength of the Company's balance sheet, and the Company's liquidity and future cash requirements; and
expectations for future success of the management team.
Forward-looking Information is generally identified by the use of words like "believe", "will", "achieve",
"grow",
"vision", "on track", "deliver", "potential", "intend", "expect", "target", and similar expressions and
phrases or statements that certain actions, events or results "may", "could", or "should", or the negative
connotation of such terms, are intended to identify Forward-looking Information. Although the Company
believes that the expectations reflected in such Forward-looking Information are reasonable, undue
reliance should not be placed on Forward-looking Information since the Company can give no assurance
that such expectations will prove to be correct. The Company has based Forward-looking Information on
the Company's current expectations and projections about future events and these assumptions include:
the ability to meet exploration, production, cost and development goals, including expected completion
of Valentine construction and commissioning and the successful ramp-up to design capacity at
Greenstone; the expansion projects at Castle Mountain and Aurizona being completed and performed in
accordance with current expectations; gold prices remaining as estimated; availability of funds for
projects and future cash requirements; prices for energy inputs, labour, materials, supplies and services
remaining as estimated; the accuracy of Mineral Reserve and Mineral Resource estimates and the
assumptions on which they are based; the Company's ability to successfully complete new long-term