Equinox Gold Delivers Strong Second Quarter Results; Increases 2026 Production Guidance Following Successful Completion of the Orla Mining Merger; Quarterly Dividend Increased by 50% Focusing on execution as North America’s New Senior Gold Producer
Equinox Gold Delivers Strong Second Quarter Results; Increases 2026
Production Guidance Following Successful Completion of the Orla Mining
Merger; Quarterly Dividend Increased by 50%
Focusing on execution as North America’s New Senior Gold Producer
VANCOUVER, British Columbia, Aug. 05, 2026 -- Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or
the “Company”) is pleased to announce its financial and operating results for the second quarter of 2026 (“Q2 2026”). The
Company’s unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026
(“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 : “With completion of the business combination with Orla Mining on July
31, we enter the second half of 2026 as North America’s new senior gold producer, with meaningfully greater production and
cash flow, and one of the industry’s strongest organic growth profiles. The financial benefits of the combination will begin to be
reflected in our third quarter results, with our focus on disciplined integration, operational execution and delivering the long-term
value this transformational combination has created.
“The second quarter reflected continued improvement across our Canadian operations, with higher production at both
Greenstone and Valentine. At Valentine, high-grade reconciliation improved significantly compared to the first quarter as our
operational initiatives gained traction, and that positive trend continued into July. The process plant continues to perform
exceptionally well, consistently exceeding nameplate capacity, while ongoing gains in mining performance are supporting
higher-grade mill feed. Together with Greenstone’s continued ramp-up and the addition of Musselwhite, we expect our
Canadian portfolio to deliver higher production at lower unit costs through the second half of 2026.
“The new Company’s consolidated 2026 production guidance of 870,000 to 920,000 ounces of gold reflects 12 months of
production from Equinox Gold’s existing portfolio and five months (August through December) from the assets acquired with
Orla Mining. On a pro-forma basis, considering a full 12 months of production from both companies, annual production is
expected to be approximately 1.1 million ounces of gold in 2026.
“The Board of Directors has approved construction of the Phase 2 expansion at Valentine, reflecting our confidence in the
operation and our disciplined approach to investing in high-return organic growth. The expansion is expected to increase
processing capacity to approximately 13,700 tonnes per day (5.0 Mtpa) and average annual gold production to approximately
223,000 ounces, unlocking the full long-term value of this cornerstone Canadian mine. Construction is expected to be
completed in late 2028.
“With the merger complete, the Board of Directors has approved a 50% increase to our quarterly dividend, reflecting the
strength of our balance sheet, our growing free cash flow generation, and our commitment to delivering meaningful shareholder
returns while continuing to invest in high-return organic growth opportunities.
“Our focus is clear: achieve operational excellence, allocate capital with discipline and successfully execute our organic
growth pipeline, creating long-term shareholder value as North America’s new senior gold producer.”
Q2 2026 Highlights
• Produced 176,836 ounces of gold, including 64,656 oz from Greenstone, 32,617 oz from Valentine, 18,572 oz from
Mesquite, 59,476 oz from Nicaragua and 1,515 oz from Castle Mountain
• Sold 177,959 ounces of gold from All Operations1 at an average realized gold price of $4,256 per oz
• Cash costs of $1,816 per oz2 and all-in sustaining costs (“AISC”) of $2,175 per oz for All Operations2
• Cash flow before changes in non-cash working capital of $272.0 million
• Mine-site free cash flow from All Operations before changes in non-cash working capital of $223.7 million2
• Revenue of $769.8 million
• Adjusted EBITDA from All Operations of $358.3 million2
• Income from mine operations of $301.7 million
• Net income of $230.6 million or $0.29 per share (basic)
• Adjusted net income from All Operations of $123.3 million or $0.16 per share2
• Paid dividends to shareholders of $11.8 million ($0.015 per share) on June 5, 2026
• Entered into an arrangement agreement to combine with Orla Mining to create a new North American senior gold
producer with the capacity to produce approximately 1.1 million ounces of gold annually, and a clear path to more than
1.9 million ounces of annual production3 from the combined portfolio of high-quality North American growth projects
• Announced 20-year land access agreements with all three communities hosting Los Filos Mine, enabling the gradual
restart of heap leach operations, while advancing technical studies to evaluate potential expansion opportunities
Subsequent Events
• On July 7, 2026, the Company sold 8.7 million common shares in Versamet Royalties Corporation for gross proceeds
of C$130 million ($92 million)
• On July 31, 2026, the Company completed the business combination with Orla Mining and issued 378,115,579
common shares and paid $0.0001 per share in cash to former Orla Mining shareholders
◦ Darren Hall will retire from Equinox Gold effective October 31, 2026. Jason Simpson, former President and CEO
of Orla Mining, joined Equinox Gold as President and will assume the role of CEO upon Darren Hall’s retirement
◦ As the Company enters its next chapter, it is supported by a strong and experienced leadership team, including
Peter Hardie, Chief Financial Officer; Etienne Morin, Chief Capital Markets Officer; Andrew Cormier, Chief
Operating Officer; Daniella Dimitrov, Chief Corporate Development, Sustainability and Risk Officer; Sylvain
Guerard, Executive Vice President, Exploration; and Matthew MacPhail, Executive Vice President, Technical
Services
◦ The Board of Directors consists of Chuck Jeannes (Chair), Lenard Boggio (Lead Director), Tamara Brown,
Omaya Elguindi, Douglas Forster, Darren Hall, Blayne Johnson, Rob Krcmarov, Jason Simpson, David Stephens
and Mike Vint. Ross Beaty will remain closely involved as Chair Emeritus and a Special Advisor
• On August 5, 2026, the Board of Directors approved construction of the Valentine Phase 2 expansion project with an
initial capital budget of $436 million, including $54 million of contingency. Updated 2026 guidance includes $50-$60
million of growth capital related to the project, which was not included in the Company’s original 2026 guidance.
Construction is expected to be completed in late 2028
• On August 5, 2026, the Board of Directors approved a 50% increase to our quarterly dividend to $0.0225 per common
share, which equates to an annualized dividend of $0.09 per common share. The dividend is payable on
September 2, 2026 to shareholders of record at the close of business on August 19, 2026
• As of July 31, 2026, Equinox Gold had a pro forma net cash position of $214 million (excluding convertible debentures)
2,4 and available liquidity of $1,214 million4
1
All Operations includes both Continuing Operations and Discontinued Operations (the Brazil mines that were sold in January 2026).
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 .
3 Anticipated production growth comes from completion of the Valentine Phase 2 expansion (Canada) and with Castle Mountain (USA), South Railroad (USA), Los Filos
(Mexico) and Camino Rojo underground (Mexico) in production and operating in line with expectations outlined in current technical reports, which technical reports are available
under the respective SEDAR+ profiles of Equinox Gold (in the case of Valentine, Castle Mountain and Los Filos) and Orla (in the case of South Railroad and Camino Rojo).
4
Net cash is calculated using combined Equinox Gold and Orla cash of $729 million, as at June 30, 2026, as reported by Equinox Gold and Orla, and drawn debt of $515
million as at July 31, 2026, excluding in-the-money convertible debentures and equipment loans. Pro forma adjustments reflect the repayment of the Orla Term Loan and
Revolving Credit Facility but exclude estimated transaction costs that will be reflected in Q3 2026. Available liquidity is calculated as combined $729 million of cash as at
June 30, 2026 plus $485 million of undrawn debt on Equinox Gold’s Revolving Credit Facility as at July 31, 2026.
Updated 2026 Guidance Reflects Combined Company
Following completion of the business combination with Orla Mining on July 31, 2026, Equinox Gold is providing updated
consolidated guidance for 2026 that reflects five months (August to December 2026) of contribution from Musselwhite and
Camino Rojo. For comparative purposes, on a full-year pro forma basis assuming the Equinox Gold and Orla Mining business
combination had been completed on January 1, 2026, consolidated 2026 production guidance would have been approximately
1.1 million ounces of gold.
Consolidated Greenstone
(Jan – Dec)
Musselwhite
(Aug – Dec)
Valentine
(Jan – Dec)
Nicaragua
(Jan – Dec)
Camino
Rojo
(Aug –
Dec)
Mesquite
(Jan –
Dec)
Project
Pipeline
Gold Production
(ounces)
870,000–
920,000
250,000 –
275,000
100,000 –
110,000
140,000 –
150,000
225,000 –
250,000
55,000 –
65,000
70,000 –
80,000 –
Cash Cost1
($/ounce)
$1,600 –
$1,700
$1,550 –
$1,650
$1,200 –
$1,300
$1,900 –
$2,100
$1,800 –
$1,900
$700 –
$800
$1,800 –
$1,900 –
AISC1
($/ounce)
$1,900 –
$2,000
$1,900 –
$2,000
$1,700 –
$1,800
$2,000 –
$2,200
$2,000 –
$2,100
$950 –
$1,050
$2,500 –
$2,600 –
Growth Capital2
($ million) $600 – $650 $145 – $155 $10 – $15 $180 – $200 $115 – $125 $30 – $35 ~$10 $105 –
$120
Growth
Exploration
($ million)
$110 – $120 ~$5 $10 – $15 $25 – $30 $25 – $30 0 ~$5 $35 – $40
G&A3
($ million) $95 – $105 n/a n/a n/a n/a n/a n/a n/a
1 Cash costs per ounce sold and AISC per ounce sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes . Consolidated AISC per oz sold excludes
corporate general and administrative expenses.
2 2026 Growth Capital guidance includes $70-$80M for South Railroad and $35-$40M for Los Filos. Valentine’s Growth Capital includes $50-$60M allocated to Phase 2.
3
General and administrative expenses exclude share-based compensation and transaction costs.
2026 updated guidance reflects year-to-date performance and expected production for the balance of the year. The Company
anticipates stronger production from its Canadian operations – Greenstone, Musselwhite and Valentine – in the second half of
2026, driving improved consolidated AISC for the remainder of 2026. Equinox Gold maintains strong margins, with updated
consolidated cash cost guidance of $1,600-$1,700/oz and AISC guidance of $1,900-$2,000/oz. Cash cost and AISC guidance
ranges by asset have been revised to reflect year-to-date results and the impact of higher fuel prices.
Equinox Gold will continue to advance its portfolio of organic growth projects, with $105-$120 million in growth capital allocated
to studies, engineering, procurement and construction. This includes $70-$80 million at South Railroad in the United States,
where the Company anticipates receiving a Federal Record of Decision, a key permitting milestone, in August 2026; and $35-
$40 million at Los Filos in Mexico. In addition, updated guidance includes $50-$60 million of growth capital for the Valentine
Phase 2 expansion, which was not included in the Company’s original 2026 guidance. As a result, the Company’s
consolidated 2026 growth capital guidance is $600-$650 million.
Consolidated Operational and Financial Highlights – Operating Data
Three months ended Six months ended
Operating data Unit
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Gold produced from operating assets included in
Guidance(1) oz 175,321 181,856 219,122 357,177 401,211
Less: Gold produced from Calibre Assets
before close of Calibre Acquisition oz — — (71,743) — (143,282)
Add: Gold produced from assets not included
in Guidance(1) oz 1,515 15,772 3,470 17,287 38,210
Gold produced - All Operations oz 176,836 197,628 150,849 374,464 296,139
Gold produced - Continuing Operations oz 176,836 184,155 87,148 360,991 178,607
Gold produced - Discontinued Operations oz — 13,473 63,701 13,473 117,531
Gold sold - All Operations oz 177,959 199,217 148,938 377,176 296,858
Gold sold - Continuing Operations oz 177,959 183,960 88,453 361,920 180,921
Gold sold - Discontinued Operations oz — 15,257 60,485 15,257 115,937
Average realized gold price - All Operations $/oz 4,256 4,604 3,207 4,440 3,033
Average realized gold price - Continuing
Operations $/oz 4,256 4,630 3,224 4,446 3,042
Average realized gold price - Discontinued
Operations $/oz N/A 4,285 3,182 4,285 3,019
Cash costs per oz sold - All Operations (2)(3) $/oz 1,816 1,633 1,480 1,719 1,625
Cash costs per oz sold - All Operations,
excluding Los Filos (2)(3)(4) $/oz 1,816 1,633 1,480 1,719 1,548
Cash costs per oz sold - Continuing
Operations(3) $/oz 1,816 1,601 1,401 1,707 1,603
Cash costs per oz sold - Discontinued
Operations $/oz N/A 2,010 1,589 2,010 1,657
AISC per oz sold - All Operations (2)(3) $/oz 2,175 1,950 1,961 2,057 2,013
AISC per oz sold - All Operations, excluding
Los Filos(2)(3)(4) $/oz 2,175 1,950 1,961 2,057 2,013
AISC per oz sold - Continuing Operations(3) $/oz 2,175 1,908 1,859 2,040 1,932
AISC per oz sold - Discontinued Operations $/oz N/A 2,452 2,103 2,452 2,134
(1) The Brazil Operations, Los Filos and Castle Mountain are excluded from the 2026 Guidance. Valentine, Los Filos and Castle Mountain were excluded from the 2025
production and cost guidance issued in June 2025 (“2025 Guidance”). References to 2025 Guidance and 2026 Guidance for the respective periods are interchangeably
referred to as “Guidance”.
(2)
Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes .
(3) Consolidated cash costs per oz sold and AISC per oz sold exclude Castle Mountain’s results after August 2024 when residual leaching commenced (see Development
Projects) and Los Filos’ results after March 2025 when operations were indefinitely suspended on April 1, 2025 (see Development Projects). Consolidated cash costs per oz
sold and AISC per oz sold include Valentine commencing December 2025 after the mine achieved commercial production. Consolidated AISC per oz sold excludes corporate
general and administration expenses.
(4) Consolidated cash costs per oz sold and AISC per oz sold for Q1 2025 have been adjusted to exclude the results from Los Filos which were excluded from 2025 Guidance.
(5)
Numbers in tables throughout this news release may not sum due to rounding.
Consolidated Operational and Financial Highlights – Financial Data
Three months ended Six months ended
Financial data Unit
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Revenue M$ 769.8 861.6 285.8 1,631.4 551.5
Income from mine operations M$ 301.7 438.8 99.9 740.5 118.7
Net income (loss) M$ 230.6 310.1 23.8 540.7 (51.6)
Net income (loss) - Continuing Operations M$ 218.6 187.2 (28.4) 405.8 (106.9)
Net income - Discontinued Operations M$ 12.0 122.9 52.3 135.0 55.3
Earnings (loss) per share (basic) $/share 0.29 0.39 0.05 0.68 (0.11)
Earnings (loss) per share (basic) - Continuing
Operations $/share 0.27 0.24 (0.06) 0.51 (0.22)
Earnings per share (basic) - Discontinued
Operations $/share 0.02 0.16 0.10 0.17 0.12
Adjusted EBITDA - All Operations(1) M$ 358.3 527.2 199.1 885.5 340.6
Adjusted EBITDA - Continuing Operations M$ 358.3 493.0 105.8 851.3 187.2
Adjusted EBITDA - Discontinued Operations M$ — 34.2 93.3 34.2 153.4
Adjusted net income - All Operations (1) M$ 123.3 234.0 42.5 357.3 8.6
Adjusted net income (loss) - Continuing
Operations M$ 123.3 217.2 (6.6) 340.5 (44.9)
Adjusted net income - Discontinued
Operations M$ — 16.8 49.1 16.8 53.5
Adjusted EPS - All Operations (1) $/share 0.16 0.30 0.09 0.45 0.02
Adjusted EPS - Continuing Operations $/share 0.16 0.28 (0.01) 0.43 (0.09)
Adjusted EPS - Discontinued Operations $/share — 0.02 0.10 0.02 0.11
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted) M$ 317.8 363.0 406.7 317.8 406.7
Net debt(3) M$ 265.2 251.8 1,373.7 265.2 1,373.7
Operating cash flow before changes in non-cash
working capital M$ 272.0 341.0 126.0 613.0 199.3
Share capital
Basic weighted average shares outstanding 790.0 788.6 499.4 789.4 477.7
Diluted weighted average shares outstanding 829.9 825.8 506.1 829.9 477.7
(1) Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes .
(2)
Numbers in tables throughout this news release may not sum due to rounding.
(3) Net debt in the MD&A and financial statements includes convertible debentures as per IFRS, whereas convertible debentures have been excluded from the highlight
bullets earlier in this news release since they are in-the-money and expected to convert to equity.
Additional information regarding the Company’s financial and operating results can be found in the Company’s Q2 2026
Financial Statements and accompanying MD&A. 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 to discuss the results on Thursday, August 6, 2026, commencing at
7:00am PT (10:00am ET). The webcast will be available for replay on Equinox Gold’s website until February 6, 2027.
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-A: EQX) is a Canadian mining company positioned as the new North American senior gold
producer 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. 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
Etienne Morin, Chief Capital Markets Officer
T: +1 604.260.0516
Ingrid Rico, SVP Capital Markets
T: +1 604.260.0516
Non-IFRS Measures
In this news release, cash costs, cash costs per oz sold, AISC, AISC per oz sold, adjusted net income, adjusted EPS, mine-
site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures 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 and are net of costs allocated to by-products. Cash costs are divided by ounces sold to arrive at
cash costs per oz sold. In calculating cash costs, the Company deducts costs allocated to by-products 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 AISC per oz sold
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,
2026 March 31,
2026 June 30,
2025
June 30,
2026 June 30,
2025
Operating expenses $ 341.6 $ 310.9 $ 133.2 $ 652.5 $ 329.3
Costs allocated to by-products (12.3) (9.8) (0.6) (22.1) (1.1)
Fair value adjustment on acquired inventories (4.8) (3.9) 1.4 (8.7) (2.2)
Non-recurring charges recognized in operating
expenses(1) — — (10.7) — (36.8)
Pre-commercial production and development
stage operating expenses(2) (4.1) (6.4) (6.0) (10.5) (12.0)
Total cash costs - Continuing Operations 320.4 290.8 117.3 611.2 277.3
Total cash costs - Discontinued Operations (3) — 30.7 96.1 30.7 192.1
Total cash costs - All Operations $ 320.4 321.5 213.4 $ 641.9 469.4
Gold oz sold - Continuing Operations 177,959 183,960 88,453 361,920 180,921
Less: gold oz sold during pre-commercial
production period and development stage(2) (1,517) (2,293) (4,713) (3,810) (7,935)
Adjusted gold oz sold - Continuing Operations 176,442 181,667 83,740 358,110 172,986
Gold oz sold - Discontinued Operations — 15,257 60,485 15,257 115,937
Adjusted gold oz sold - All Operations 176,442 196,924 144,225 373,367 288,923
Cash costs per gold oz sold - Continuing
Operations $ 1,816 $ 1,601 $ 1,401 $ 1,707 $ 1,603
Cash costs per gold oz sold - Discontinued
Operations $ — $ 2,010 $ 1,589 $ 2,010 $ 1,657
Cash costs per gold oz sold - All Operations $ 1,816 $ 1,633 $ 1,480 $ 1,719 $ 1,625
Total cash costs - Continuing Operations $ 320.4 $ 290.8 $ 117.3 $ 611.2 $ 277.3
Sustaining capital 59.1 53.0 35.6 112.1 51.9
Sustaining lease payments 0.1 0.1 0.2 0.3 0.4
Reclamation expense 4.4 4.1 4.2 8.5 6.4
Sustaining exploration expense 1.4 — — 1.4 —
Pre-commercial production and development
stage sustaining expenditures(2) (1.6) (1.4) (1.7) (3.0) (1.9)
Total AISC - Continuing Operations 383.8 346.7 155.6 730.5 334.2
Total AISC - Discontinued Operations(3) — 37.4 127.2 37.4 247.4
Total AISC - All Operations $ 383.8 384.1 282.8 $ 767.9 581.6
AISC per gold oz sold - Continuing Operations $ 2,175 $ 1,908 $ 1,859 $ 2,040 $ 1,932
AISC per gold oz sold - Discontinued Operations $ — $ 2,452 $ 2,103 $ 2,452 $ 2,134
AISC per gold oz sold - All Operations $ 2,175 $ 1,950 $ 1,961 $ 2,057 $ 2,013
(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.
(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 Valentine results for the period prior to December 2025 after the mine achieved commercial
production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3)
See table below.
The following table provides a reconciliation of total cash costs and AISC from Discontinued Operations:
$’s in millions
Three months ended Six months ended
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Discontinued Operations:
Operating expenses $ — $ 31.8 $ 96.4 $ 31.8 $ 192.9
Less: costs allocated to by-products — (1.2) (0.3) (1.2) (0.8)
Total cash costs — 30.7 96.1 $ 30.7 $ 192.1
Sustaining capital — 5.6 26.5 5.6 47.7
Sustaining lease payments — 0.9 2.7 0.9 4.4
Reclamation expense — 0.3 1.8 0.3 3.2
Total AISC $ — $ 37.4 $ 127.2 $ 37.4 $ 247.4
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,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Capital additions to mineral properties, plant and
equipment(1) $ 197.5 $ 167.4 $ 118.2 $ 364.9 $ 210.8
Less: Non-sustaining capital at operating sites (128.6) (102.4) (17.9) (231.1) (59.0)
Less: Non-sustaining capital associated with pre
-commercial production period and development
projects(3) (8.4) (3.3) (16.2) (11.7) (16.2)
Less: Sustaining capital associated with pre-
commercial production period and development
projects(3) (0.2) — — (0.2) (1.7)
Less: Non-cash additions(2) (1.1) (3.1) (22.0) (4.2) (34.4)
Sustaining capital - All Operations 59.1 58.6 62.1 117.7 99.6
Sustaining capital - Discontinued Operations(4) — 5.6 26.5 5.6 47.7
Sustaining capital - Continuing Operations $ 59.1 $ 53.0 $ 35.6 $ 112.1 $ 51.9
Sustaining capital - All Operations $ 59.1 $ 58.6 $ 62.1 $ 117.7 $ 99.6
Add: Sustaining lease payments 0.1 1.0 2.9 1.2 4.8
Add: Sustaining reclamation expense 4.4 4.4 6.0 8.8 9.5
Add: Sustaining exploration expense 1.4 — — 1.4 –
Less: Sustaining expenditures associated with
pre-commercial production period and
development projects(3) (1.6) (1.4) (1.7) (3.0) (1.7)
Sustaining expenditures - consolidated 63.5 62.6 69.4 126.1 112.2
Sustaining expenditures - operating mine sites -
Discontinued Operations(4) — 6.7 31.1 6.7 55.3
Sustaining expenditures - operating mine sites -
Continuing Operations $ 63.5 $ 55.9 $ 38.3 $ 119.3 $ 56.9
(1) Per note 6 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 2024 when residual leaching commenced, Los Filos after March 2025 as operations were indefinitely suspended on April 1, 2025
and Valentine for the period prior to December 2025 after the mine achieved commercial production.
(4) See table below.
The following table provides a reconciliation of sustaining capital and sustaining expenditures from Discontinued Operations:
Three months ended Six months ended
$’s in millions
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Discontinued Operations:
Capital additions to mineral properties, plant and
equipment $ — $ 6.4 $ 37.5 $ 6.4 $ 72.8
Less: Non-sustaining capital — (0.6) (2.6) (0.6) (10.6)
Less: Non-cash additions — (0.1) (8.3) (0.1) (14.5)
Sustaining capital — 5.6 26.5 5.6 47.7
Add: Sustaining lease payments — 0.9 2.7 0.9 4.4
Add: Sustaining reclamation expense — 0.3 1.8 0.3 3.2
Add: Sustaining exploration expense — — — — —
Sustaining expenditures - operating mine sites $ — $ 6.7 $ 31.1 $ 6.7 $ 55.3
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,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Operating cash flow before non-cash changes in
working capital $ 272.0 $ 341.0 $ 126.0 $ 613.0 $ 199.3
Fair value adjustments on acquired inventories 4.8 3.9 (1.4) 8.7 2.2
Non-recurring charges recognized in operating
expenses(1) — — 10.7 — 36.8
Operating cash flow used by non-mine site
activity(2) 148.9 237.9 106.9 386.8 146.8
Cash flow from operating mine sites - All
Operations $ 425.8 $ 582.7 $ 242.1 $ 1,008.5 $ 385.0
Cash flow from operating mine sites -
Discontinued Operations(3) $ — $ 20.7 $ 91.6 $ 20.7 $ 143.3
Cash flow from operating mine sites -
Continuing Operations $ 425.8 562.0 150.5 $ 987.8 241.7
Cash flow from operating mine sites - All
Operations $ 425.8 $ 582.7 $ 242.1 $ 1,008.5 $ 385.0
Less: Capital expenditures from operating mine
sites
Mineral property, plant and equipment
additions 197.5 167.4 118.2 364.9 210.8
Capital expenditures relating to pre-commercial
production and development projects, corporate
and other non-cash additions (9.8) (6.4) (38.2) (16.1) (52.2)
Less: Capital expenditure from operating mine
sites - All Operations 187.7 161.0 80.0 348.8 158.6
Less: Lease payments related to non-sustaining
capital items 7.8 6.2 5.4 14.1 10.2
Less: Non-sustaining exploration expense 6.5 6.6 2.1 13.1 3.9
Total mine-site free cash flow before
changes in working capital - All Operations $ 223.7 $ 408.9 $ 154.5 $ 632.6 $ 212.2
Total mine-site free cash flow before changes
in working capital - Discontinued Operations(3) $ — $ 14.5 $ 62.4 $ 14.5 $ 85.0
Total mine-site free cash flow before changes
in working capital - Continuing Operations $ 223.7 $ 394.3 $ 92.1 $ 618.0 $ 127.2
Increase in non-cash working capital - All
Operations (68.6) (104.2) 6.9 (172.8) (11.9)
Total mine-site free cash flow after changes
in non-cash working capital - All Operations $ 155.1 $ 304.7 $ 161.4 $ 459.8 $ 200.3
(1)
Non-recurring charges recognized in operating expenses for the three and six months ended June 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 and proceeds from gold prepayments that are not factored into mine-site free cash flow and are included in operating cash flow before non-cash
changes in working capital in the statement of cash flows.
(3)
See table below.
The following table provides a reconciliation of mine site free cash flow after changes in working capital from Discontinued
Operations:
Three months ended Six months ended
$’s in millions
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Discontinued Operations:
Operating cash flow before non-cash changes in
working capital $ — $ 20.7 $ 91.6 20.7 143.3
Less: Capital expenditures from operating mine
sites — 6.2 29.2 6.2 58.3
Total mine site free cash flow before changes in
working capital — 14.5 62.4 $ 14.5 $ 85.0
Increase in non-cash operating working capital — (17.9) (7.7) $ (17.9) $ (18.9)
Total mine site free cash flow after changes in
working capital $ — $ (3.3) $ 54.7 $ (3.3) $ 66.1
EBITDA and Adjusted EBITDA
The following tables provide the calculation of EBITDA and adjusted EBITDA, as calculated by the Company:
Three months ended Six months ended
$’s in millions
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Continuing Operations:
Net income (loss) - Continuing Operations $ 218.6 $ 187.2 $ (28.4) $ 405.8 $ (106.9)
Income tax expense 87.0 126.8 30.7 213.8 39.7
Depreciation and depletion 130.3 116.1 59.1 246.4 110.1
Finance costs 12.1 31.7 43.9 43.8 90.4
Finance income (2.7) (4.2) (2.4) (6.9) (4.2)
EBITDA - Continuing Operations $ 445.3 $ 457.6 $ 102.9 $ 902.9 $ 128.9
Non-cash share-based compensation 2.0 1.8 4.4 3.7 7.3
Unrealized (gain) loss on gold contracts (35.9) (10.9) (10.6) (46.8) 16.4
Unrealized loss (gain) on foreign exchange
contracts 4.8 10.9 (30.2) 15.8 (64.6)
Unrealized foreign exchange (gain) loss (3.7) (8.8) 6.0 (12.5) 4.0
Change in fair value of Greenstone Contingent
Consideration (10.4) 4.1 6.1 (6.3) 21.1
Change in fair value of 2025 Convertible Notes
conversion option (18.6) 1.7 — (16.9) —
Change in fair value of Equinox Gold warrant
liability (13.6) (2.0) (15.6) —
Net (gain) loss on modification and
extinguishment of debt (18.2) 32.6 — 14.4 —