Equinox Gold Delivers Transformational Year with Strategic Merger, Record Production and Revenue, Portfolio Optimization, More than US$1.1 Billion in Debt Reduction, and Announces Inaugural Dividend
Equinox Gold Delivers Transformational Year with Strategic Merger, Record
Production and Revenue, Portfolio Optimization, More than US$1.1 Billion in
Debt Reduction, and Announces Inaugural Dividend
VANCOUVER, British Columbia, Feb. 18, 2026 -- Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or
the “Company”) is pleased to report its unaudited financial and operating results for the three months (“Q4”) and year (“Full
Year”) ended December 31, 2025. These results are preliminary and could change based on final audited results. Equinox
Gold’s 2025 audited consolidated financial statements and accompanying management’s discussion and analysis for Q4 and
Full Year 2025 will be released later this month. All financial figures are in US dollars unless otherwise indicated.
Darren Hall, CEO of Equinox Gold, commented : “2025 marked an important year of progress for Equinox Gold. The merger
with Calibre created a tier one North American focused gold producer anchored by two new long-life Canadian mines. The year
required a reset in expectations, particularly with ramp-up challenges at Greenstone. Many of those issues have been
successfully addressed, along side the delivery of first gold and commercial production at Valentine ahead of schedule,
portfolio optimization through asset divestments, and materially transforming the balance sheet with more than $1.1 billion in
debt reduction since Q2 2025.
“During the fourth quarter, key operational improvements began to translate into sustainable results, delivering record Q4 gold
production of 247,024 ounces. At Greenstone, higher mining and milling rates drove a meaningful increase in production to
more than 70,000 ounces of gold, up 29% from the prior quarter. At Valentine, commissioning progressed ahead of plan, with
the declaration of commercial production in November and contribution of more than 23,000 ounces of gold in Q4.
“As we enter 2026, our priorities are clear: operate safely and responsibly, generate free cash flow, reduce debt and continue
unlocking the value of our portfolio. With gold prices strong and the expectation of producing 700,000 to 800,000 ounces of
gold in 2026, we expect cash flow to eliminate the remaining debt in 2026. The strengthened balance sheet provides greater
flexibility to self-fund 400,000 to 500,000 ounces of potential annual organic growth over the next five years from the Phase 2
expansion at Valentine, the Castle Mountain expansion, and optionality at Los Filos.
“As free cash flow continues to grow, so do opportunities to return capital to shareholders. Earlier today, we announced the
initiation of a quarterly cash dividend and, subject to TSX approval, the implementation of a share buy back program, reflecting
our confidence in the Company’s financial position and long-term outlook, and our commitment to delivering meaningful, long-
term value for our shareholders.
“Execution, growth, discipline and transparency will drive shareholder value. Equinox Gold is focused on delivering sustainable
superior value for our shareholders and long-term benefits for our community partners as a leading gold producer.”
FULL YEAR 2025 HIGHLIGHTS AND SUBSEQUENT EVENTS(1)
• Achieved a Full Year production record of 922,827 ounces; including 856,908 ounces meeting 2025 guidance of
785,000 to 915,000 ounces, plus 65,918 ounces from Valentine, Los Filos and Castle Mountain (2)
• Total cash costs of $1,494 per oz and all-in sustaining costs (“AISC”) of $1,925 per oz(2)(3)
◦ Cash costs and AISC came in at the low end of full year guidance; see 2025 Guidance & Actuals below
• Sold 778,561 ounces of gold attributable to Equinox Gold in 2025 at an average realized gold price of $3,465 per oz,
generating revenue from continuing and discontinued operations of $2.71 billion
• Cash flow from operations before changes in non-cash working capital of $915.1 million
• Adjusted EBITDA of $1,339.6 million(3)
• Net income of $221.5 million or $0.35 per share (basic)
• Adjusted net income of $420.5 million or $0.67 per share (basic)(3)
• As of January 31, 2026, Equinox Gold had reduced debt by $1.1 billion since Q2 2025
• Cash and equivalents (unrestricted) of $407.4 million(4) at December 31, 2025
• Net debt of approximately $75 million at January 31, 2026 (3)(5)
• Inaugural quarterly cash dividend of $0.015 per share payable on March 26, 2026; targeting a regular quarterly dividend
of $0.015 per share ($0.06 per share annually), subject to quarterly Board of Directors approval
• Implementation of a normal course issuer bid, subject to Toronto Stock Exchange approval, to purchase for cancellation
up to 5% of the Company’s outstanding shares
• Made a significant new AI-supported gold discovery 8km northwest of the Valentine mill, and continued to encounter
broad zones of high-grade gold mineralization along trend from existing mineral reserves ( see February 2, 2026 news
release)
Q4 2025 HIGHLIGHTS(1)
• Produced a record 247,024 ounces of gold, including 1,336 ounces from Castle Mountain and 23,207 ounces from
Valentine
• Total cash costs of $1,392 per oz and AISC of $1,907 per oz(3)
• Sold 242,392 ounces of gold at an average realized gold price of $4,060 per oz, generating revenue from continuing and
discontinued operations of $987.8 million
• Cash flow from operations before changes in non-cash working capital of $396.0 million
• Adjusted EBITDA of $579.0 million(3)
• Net income of $197.5 million or $0.25 per share (basic)
• Adjusted net income of $272.9 million or $0.35 per share (basic)(3)
1. See 2025 Reporting Overview in the Appendix. While the production, cost and financial results shown in the highlight bullets above include contribution from the Brazil
Operations, in the Company’s Financial Statements and MD&A the Brazil Operations are reported as assets held for sale, their associated liabilities as liabilities held for sale,
and the results from their operations as Discontinued Operations.
2. Production, gold ounces sold and the cash costs and AISC associated with the Calibre Assets is attributable to Equinox Gold only from June 17, 2025. Equinox Gold’s 2025
guidance includes production from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded portfolio, but excludes production from Castle Mountain,
Los Filos and Valentine. See 2025 Guidance & Actuals below.
3. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, and net debt are non-IFRS measures. See Non-IFRS Measures and
Cautionary Notes .
4. Excluding $22.6 million of cash and equivalents held in assets for sale at December 31, 2025, related to Discontinued Operations.
5. Calculated using cash unreconciled of $440 million and debt of $515 million at January 31, 2026, excluding in-the-money convertible debentures.
2025 GUIDANCE & ACTUALS
Updated 2025 Guidance, as announced on June 11, 2025, incorporated the Calibre Assets on a 100% basis from January 1,
2025.
Actuals 2025 Guidance(1)
Full Year
2025(1)
Consolidated
(1)
Greenstone Brazil Mesquite Pan Nicaragua
Production (oz) 856,908 785,000-
915,000
220,000-
260,000
250,000-
270,000
85,000-95,000 30,000-40,000 200,000-
250,000
Cash costs ($/oz)
(2)(3)
$1,416 $1,400-$1,500 $1,275-$1,375 $1,725-$1,825 $1,200-$1,300 $1,600-$1,700 $1,200-$1,300
AISC ($/oz)(2)(3) $1,809 $1,800-$1,900 $1,700-$1,800 $2,275-$2,375 $1,800-$1,900 $1,600-$1,700 $1,400-$1,500
1. 2025 Guidance and 2025 Actuals reflect consolidated production from the Equinox Gold and Calibre Assets commencing from January 1, 2025, but exclude production
from Los Filos, Castle Mountain and Valentine.
2. Full-year 2025 cash costs and AISC reflect consolidated costs for the Equinox Gold and Calibre Assets from January 1, 2025, and exclude production and costs
associated with Los Filos, Castle Mountain and Valentine. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary
Notes.
3. Exchange rate assumptions for 2025 cash costs and AISC per oz included the following: BRL 5.25 to USD 1, CAD 1.34 to USD 1 and NIO 35 to USD 1.
2026 GUIDANCE
On January 14, 2026, Equinox Gold provided 2026 production and cost guidance of 700,000 to 800,000 ounces of gold, at
cash costs of $1,425 to $1,525 per ounce and AISC of $1,775 to $1,875 per ounce (see January 14, 2026 news release ).
Guidance does not include production from the Brazil Operations, which were sold on January 23, 2026. The Company also
provided 2026 expenditure guidance of $325 to $375 million for growth capital, $70 to $80 million for exploration and $80 to $90
million of corporate general and administrative expenditures.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and webcast on Thursday, February 19, 2026, commencing at 7:00 am PT (10:00 am
ET) to discuss its fourth quarter and full year 2025 results.
Conference call Webcast login
Toll-free in U.S. and Canada: 1-833-752-3366 Equinox Gold | Financials
International callers: +1 647-846-2813
ABOUT EQUINOX GOLD
Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high
-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects.
Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad
expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox
Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at
www.equinoxgold.com or contact [email protected].
EQUINOX GOLD CONTACT
Ryan King
EVP Capital Markets
T: 778.998.3700
APPENDIX
2025 REPORTING OVERVIEW
Equinox Gold completed a number of transactions during 2025 that affect the way operating and financial results have been
reported in the Financial Statements and related MD&A.
The merger with Calibre Mining was completed on June 17, 2025. While production and associated costs from these assets
(the “Calibre Assets”) is attributable to Equinox Gold only from June 17, 2025, Equinox Gold’s production and cost guidance
for 2025 includes production and costs from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded
portfolio.
On October 1, 2025, Equinox Gold completed the sale of the Pan Mine and other Nevada assets for total consideration of
$136.5 million, comprising $98.4 million in cash, of which $10.3 million was included in trade and other receivables at
December 31, 2025, an $8.6 million promissory note that was fully repaid in January 2026, and equity consideration with a fair
value of $29.5 million in the form of Minera Alamos common shares (TSX-V: MAI). Equinox Gold sold its Minera Alamos
common shares in February 2026 for gross proceeds of $41.1 million.
On December 14, 2025, Equinox Gold announced an agreement to sell its operating mines in Brazil (“Brazil Operations”), for
$900 million in cash on closing of the transaction and up to $115 million in a production-linked contingent payment one year
from closing (“Brazil Sale Transaction”). As such, in the Financial Statements and MD&A and in the Consolidated Operational
and Financial Highlights table below, Brazil Operations were reported as assets held for sale, their associated liabilities as
liabilities held for sale, and the results from their operations as “Discontinued Operations”, separately from “Continuing
Operations” which comprise Greenstone, Valentine, Mesquite, Castle Mountain, Los Filos and Nicaragua Operations. The
Brazil Sale Transaction closed on January 23, 2026. On closing of the Brazil Sale Transaction, the Company received cash
consideration of $891.1 million, which is subject to customary post-closing working capital adjustments.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS – Operating Data
Three months ended Year ended
Operating data Unit
December
31,
2025
September 30,
2025
December 31,
2024
December
31,
2025(5)
December 31,
2024
Gold produced from operating assets
included in 2025 Guidance oz 222,481 233,216 — 856,908 —
Less: Gold produced from Calibre
Assets before close of Calibre
Acquisition oz — — — (143,282) —
Add: Gold produced from assets not
included in 2025 Guidance oz 24,543 3,166 — 65,918 —
Gold produced - All Operations(4) oz 247,024 236,382 213,964 779,544 621,893
Gold produced - continuing operations oz 173,278 168,753 135,052 520,639 374,581
Gold produced - discontinued operations oz 73,745 67,629 78,912 258,905 247,311
Gold sold - All Operations(4) oz 242,392 239,311 217,678 778,561 623,578
Gold sold - continuing operations oz 168,558 170,193 136,384 519,671 374,246
Gold sold - discontinued operations oz 73,834 69,119 81,294 258,890 249,332
Average realized gold price - All
Operations $/oz $4,060 $3,397 $2,636 $3,465 $2,423
Average realized gold price - continuing
operations $/oz $4,024 $3,401 $2,630 $3,478 $2,435
Average realized gold price -
discontinued operations $/oz $4,140 $3,388 $2,646 $3,437 $2,406
Cash costs per oz sold - All Operations
(1)(2) $/oz $1,392 $1,434 $1,458 $1,494 $1,598
Cash costs per oz sold - All Operations
and excluding Los Filos(2)(3) $/oz $1,392 $1,441 $1,432 $1,464 $1,519
Cash costs per oz sold - continuing
operations(2) $/oz $1,211 $1,383 $1,511 $1,406 $1,622
Cash costs per oz sold - discontinued
operations(2) $/oz $1,773 $1,556 $1,381 $1,663 $1,569
AISC per oz sold - All Operations (1)(2) $/oz $1,907 $1,833 $1,652 $1,925 $1,870
AISC per oz sold - All Operations and
excluding Los Filos (2)(3) $/oz $1,907 $1,825 $1,613 $1,891 $1,752
AISC per oz sold - continuing operations
(2) $/oz $1,673 $1,739 $1,630 $1,786 $1,811
AISC per oz sold - discontinued
operations(2) $/oz $2,397 $2,056 $1,684 $2,188 $1,941
1. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes .
2. Consolidated cash costs per oz sold and AISC per oz sold excludes Castle Mountain results after August 2024 when residual leaching commenced (see Development
Projects ) and Los Filos results after March 2025 when operations were indefinitely suspended on April 1, 2025 (see Development Projects ). Consolidated cash costs per oz
sold and AISC per oz sold includes Greenstone from November 2024 and Valentine from December 2025 when the mines reached commercial production, respectively.
Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. Consolidated cash costs per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which were excluded from the 2025 Guidance.
4. Gold produced for the three months ended December 31, 2025 includes 1,336 and 23,207 ounces produced at Castle Mountain and Valentine, respectively; gold sold for
the three months ended December 31, 2025 includes 335 ounces at Los Filos, 1,349 ounces at Castle Mountain, and 19,155 ounces at Valentine. Gold produced for the year
ended December 31, 2025 includes 33,013, 9,089 and 23,816 ounces produced at Los Filos, Castle Mountain and Valentine, respectively; gold sold for the year ended
December 31, 2025 includes 37,172, 9,106 and 19,155 ounces sold at Los Filos, Castle Mountain and Valentine, respectively.
5. Operations for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the Calibre Acquisition of
June 17, 2025.
6. Numbers in tables throughout this news release may not sum due to rounding.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS – Financial Data
Three months ended Year ended
Financial data Unit
December
31,
2025
September
30,
2025
December 31,
2024
December 31,
2025(2)
December 31,
2024
Revenue M$ 681.4 584.3 359.4 1,817.2 912.8
Income from mine operations M$ 342.3 181.9 95.8 642.9 206.1
Net income - All Operations M$ 197.5 75.6 28.3 221.5 339.3
Net income (loss) - continuing
operations M$ 82.3 5.8 (29.6) (18.9) 260.3
Net income - discontinued
operations M$ 115.2 69.8 57.9 240.3 79.0
Earnings (loss) per share (basic) - All
Operations $/share 0.25 0.10 0.06 0.35 0.85
Earnings (loss) per share (basic) -
continuing operations $/share 0.10 0.01 (0.07) (0.03) 0.65
Earnings (loss) per share (basic) -
discontinued operations $/share 0.15 0.09 0.13 0.38 0.20
Adjusted EBITDA - All Operations(1) M$ 579.0 419.9 223.2 1,339.6 479.0
Adjusted EBITDA - continuing
operations M$ 405.1 297.1 123.8 889.3 281.6
Adjusted EBITDA - discontinued
operations M$ 173.9 122.9 99.5 450.2 197.3
Adjusted net income - All Operations
(1) M$ 272.9 139.9 77.5 420.5 113.1
Adjusted net income - continuing
operations M$ 163.2 70.4 13.6 187.9 30.7
Adjusted net income - discontinued
operations M$ 109.7 69.4 63.9 232.6 82.4
Adjusted EPS - All Operations (1) $/share 0.35 0.18 0.17 0.67 0.28
Adjusted EPS - continuing
operations $/share 0.21 0.09 0.03 0.30 0.08
Adjusted EPS - discontinued
operations $/share 0.14 0.09 0.14 0.37 0.21
Balance sheet and cash flow data
Cash and cash equivalents
(unrestricted) M$ 407.4 348.5 239.3 407.4 239.3
Net debt(1) M$ 1,147.3 1,278.2 1,108.5 1,147.3 1,108.5
Operating cash flow before changes in
non-cash working capital M$ 396.0 322.1 212.7 915.1 430.2
Share capital
Basic weighted average shares
outstanding M 786.1 771.3 454.4 630.3 400.1
Diluted weighted average shares
outstanding M 794.7 781.9 454.4 630.3 473.5
1. Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes .
2. Operating and financial data for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the
Calibre Acquisition of June 17, 2025.
3. Numbers in tables throughout this news release may not sum due to rounding.
OPERATING & FINANCIAL RESULTS BY MINE
Greenstone, Ontario, Canada
Greenstone is an open-pit mine with a 9.8 million tonne per year carbon-in-pulp process plant located in Ontario, Canada. The
Company acquired its initial 60% interest in Greenstone in April 2021 and consolidated 100% ownership in May 2024.
Commissioning activities at Greenstone commenced in Q1 2024 and commercial production was achieved in November 2024.
Greenstone is in the late-stages of ramping up to full design capacity. As Greenstone was not fully operational for all of Q4
2024, results for the Quarter are compared to Q3 2025 below.
Three months ended Year ended
Operating data Unit
December
31,
2025
September 30,
2025
December 31,
2024
December
31,
2025
December 31,
2024
Ore mined kt 5,033 3,797 3,145 14,198 7,108
Waste mined kt 13,216 12,957 9,225 48,207 26,453
Open pit strip ratio w:o 2.63 3.41 2.93 3.40 3.72
Tonnes processed kt 2,195 1,909 1,643 7,777 3,687
Average gold grade processed g/t 1.29 1.05 1.26 1.09 1.22
Recovery % 83.7 85.8 82.0 83.9 82.1
Gold produced oz 72,091 56,029 53,022 223,843 111,717
Gold sold oz 71,466 55,603 56,413 223,355 110,518
Financial data
Revenue(2) M$ 286.2 195.5 148.3 777.3 278.3
Cash costs (1) M$ 80.8 80.6 58.7 308.1 107.2
Sustaining capital(1) M$ 31.7 28.7 5.3 94.5 5.3
Reclamation expenses M$ 3.6 0.5 0.3 4.9 0.8
Total AISC(1) M$ 116.1 109.8 64.3 407.5 113.3
AISC contribution margin(1) M$ 170.0 85.7 83.9 369.8 165.0
Non-sustaining expenditures M$ 49.7 29.0 21.1 121.4 212.9
Unit analysis
Realized gold price per oz sold $/oz 4,004 3,516 2,629 3,480 2,518
Cash costs per oz sold (1) $/oz 1,131 1,450 1,041 1,380 970
AISC per oz sold(1) $/oz 1,626 1,975 1,141 1,824 1,025
Mining cost per tonne mined $/t 3.17 3.31 2.66 3.24 1.97
Processing cost per tonne processed $/t 14.70 15.80 15.68 15.17 12.05
G&A cost per tonne processed $/t 11.62 9.51 7.04 9.55 7.24
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS
Measures and Cautionary Notes .
2. Revenue is reported net of silver by-product credits.
Valentine, Newfoundland and Labrador, Canada
Valentine is an open-pit mine with a conventional 2.5 million tonne crush-grind CIL operation located in central Newfoundland &
Labrador, Canada, that Equinox Gold acquired on June 17, 2025 as part of the Calibre Acquisition. Valentine was undergoing
commissioning at the time and first gold pour was achieved in September 2025, followed by commercial production at the end
of November 2025. Valentine is now in the process of ramping up to full design capacity.
Three months ended Period from
Operating data Unit
December
31,
2025
September 30,
2025
June 30,
2025
June 17 to
December
31,
2025
Ore mined kt 1,007 445 44 1,496
Waste mined kt 6,139 4,989 439 11,568
Open pit strip ratio w:o 6.10 11.22 9.91 7.73
Tonnes processed kt 558 127 — 685
Average gold grade processed g/t 1.53 0.78 — 1.39
Recovery % 91.7 89.7 — 91.5
Gold produced oz 23,207 609 — 23,816
Gold sold oz 19,155 — — 19,155
Financial data
Revenue(3) M$ 80.5 — — 80.5
Cash costs (1) M$ 30.2 — — 30.2
Reclamation expenses M$ 0.2 0.1 — 0.3
Total AISC(1) M$ 30.4 0.1 — 30.6
AISC contribution margin(1) M$ 50.1 (0.1) — 50.0
Non-sustaining expenditures M$ 70.3 97.2 15.1 182.7
Unit analysis
Realized gold price per oz sold $/oz 4,204 — — 4,204
Cash costs per oz sold (1)(2) $/oz 1,579 — — 1,579
AISC per oz sold(1)(2) $/oz 1,588 — — 1,596
Mining cost per tonne mined $/t 5.13 — — 2.81
Processing cost per tonne processed $/t 18.15 — — 14.78
G&A cost per tonne processed $/t 25.46 — — 20.74
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS
Measures and Cautionary Notes .
2. Consolidated cash cost per oz sold and AISC per oz sold for the three months and year ended December 31, 2025 includes results from Valentine from December 2025
after the mine reached commercial production in November 2025.
3. Revenue is reported net of silver by-product credits.
Nicaragua Operations
Equinox Gold acquired El Limon (“Limon”) and La Libertad (“Libertad”) on June 17, 2025, as part of the Calibre Acquisition.
Limon and Libertad are both mine and mill operations and form part of Nicaragua’s hub-and-spoke strategy, where ore from
multiple open-pit and underground deposits is processed at either the Limon or Libertad mills, which together have 2.7 million
tonnes per annum of installed processing capacity.
Three months ended Period from Year ended
Operating data - Nicaragua Operations Unit
December 31,
2025
September 30,
2025
June 17 to
December 31,
2025
December 31,
2025(2)
Ore mined - open pit kt 485 740 1,329 2,104
Waste mined - open pit kt 10,957 10,375 22,720 40,755
Open pit strip ratio w:o 22.57 14.02 17.10 19.37
Average open pit gold grade g/t 3.86 3.51 3.74 3.84
Ore mined - underground kt 110 114 248 476
Average underground gold grade g/t 2.77 2.93 2.81 3.18
Ore mined - total kt 596 854 1,576 2,579
Tonnes processed kt 589 598 1,267 2,358
Average gold grade processed g/t 3.83 4.05 3.93 4.07
Recovery % 91.0 91.1 91.0 90.9
Gold produced oz 61,884 71,119 133,003 262,025
Gold sold oz 61,654 71,435 133,089 262,110
Operating data - El Limon Mill
Tonnes processed kt 129 124 272 504
Average gold grade processed g/t 5.01 5.61 5.27 5.12
Recovery % 89.5 90.5 90.0 90.0
Gold produced oz 17,449 22,838 40,287 71,605
Gold sold oz 17,401 22,944 40,345 71,663
Operating data - La Libertad Mill
Tonnes processed kt 460 474 1,003 1,854
Average gold grade processed g/t 3.50 3.64 3.55 3.78
Recovery % 91.6 91.3 91.3 91.2
Gold produced oz 44,435 48,281 92,716 190,420
Gold sold oz 44,253 48,491 92,744 190,448
Financial data - Nicaragua Operations
Revenue(4) M$ 243.9 239.9 483.8 N/A
Cash costs (3) M$ 75.1 94.2 169.3 N/A
Sustaining capital(3) M$ 21.4 12.5 35.1 N/A
Sustaining lease payments M$ 0.2 0.2 0.4 N/A
Reclamation expenses M$ 0.8 0.7 1.6 N/A
Total AISC(3) M$ 97.4 107.7 206.4 N/A
AISC contribution margin(3) M$ 146.5 132.2 277.4 N/A
Non-sustaining expenditures M$ 19.9 24.0 50.1 N/A
Unit analysis - Nicaragua Operations
Realized gold price per oz sold $/oz 3,956 3,358 3,635 N/A
Cash costs per oz sold (3) $/oz 1,218 1,319 1,272 N/A
AISC per oz sold(3) $/oz 1,580 1,507 1,551 N/A
1. Limon and Libertad were acquired as part of the Calibre Acquisition. As such, comparative figures to previous quarters are not presented.
2. The operating data presented in this column includes operating results for Limon and Libertad for the entire year ended December 31, 2025, including the period prior to
completion of the Calibre Acquisition on June 17, 2025. As Equinox Gold is not entitled to the economic benefits of Limon and Libertad prior to the completion of the Calibre
Acquisition, financial results for the period prior to June 17, 2025 are not provided.
3. Cash costs, sustaining capital, AISC and AISC contribution margin, are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes .
4. Revenue is reported net of silver by-product credits.
Mesquite Gold Mine, California, USA
Mesquite is an open pit, run-of-mine (“ROM”) heap leach gold mine located in Imperial County, California. Mesquite has been
operating since 1986.
Three months ended Year ended
Operating data Unit
December
31,
2025
September 30,
2025
December 31,
2024
December
31,
2025
December 31,
2024
Ore mined and stacked on leach pad kt 667 780 — 6,193 6,681
Waste mined kt 11,337 11,663 13,348 43,604 49,076
Open pit strip ratio w:o 17.00 14.95 — 7.04 7.35
Average gold grade stacked to leach pad g/t 0.25 0.24 — 0.51 0.33
Gold produced oz 14,761 27,642 17,129 85,998 71,984
Gold sold oz 14,599 27,882 17,273 85,970 73,664
Financial data
Revenue(2) M$ 60.0 90.2 45.5 286.8 173.1
Cash costs (1) M$ 21.4 37.2 23.1 115.6 92.7
Sustaining capital(1) M$ 13.6 14.4 0.2 40.5 0.6
Reclamation expenses (recoveries) M$ 0.3 1.8 0.7 5.9 2.8
Total AISC(1) M$ 35.3 53.4 24.0 162.0 96.1
AISC contribution margin(1) M$ 24.7 36.9 21.4 124.7 76.9
Non-sustaining expenditures M$ 2.6 0.2 22.7 11.5 41.1
Unit analysis
Realized gold price per oz sold $/oz 4,111 3,236 2,634 3,336 2,350
Cash costs per oz sold (1) $/oz 1,465 1,333 1,337 1,345 1,259
AISC per oz sold(1) $/oz 2,417 1,913 1,392 1,885 1,306
Mining cost per tonne mined $/t 1.74 1.79 1.71 1.70 1.47
Processing cost per tonne processed $/t 15.34 13.99 — 7.08 6.82
G&A cost per tonne processed $/t 5.94 9.08 — 3.46 2.91
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS
Measures and Cautionary Notes .
2. Revenue is reported net of silver by-product credits.
Pan Mine, Nevada, USA
Equinox Gold acquired the Pan Mine on June 17, 2025 in the Calibre Acquisition and sold it on October 1, 2025. Pan is an
open pit, heap leach gold mine located southeast of Eureka, Nevada, and has been in continuous production since 2017.
Three months Nine months
ended Period from ended
Operating data Unit
September
30
2025
June 17 to 30,
2025(1)
June 17 to
September 30,
2025
September 30,
2025(2)
Ore mined and stacked on leach pad kt 1,166 191 1,357 3,541
Waste mined kt 2,881 364 3,245 8,660
Open pit strip ratio w:o 2.47 1.90 2.39 2.45
Average gold grade stacked to leach pad g/t 0.37 0.50 0.38 0.35
Gold produced oz 10,797 1,080 11,877 26,138
Gold sold oz 10,746 1,079 11,825 26,086
Financial data
Revenue(4) M$ 37.9 3.6 41.5 N/A
Cash costs (3) M$ 17.1 1.8 18.9 N/A
Reclamation and exploration expenses M$ 0.3 0.1 0.4 N/A
Total AISC(3) M$ 17.4 1.9 19.3 N/A
AISC contribution margin(3) M$ 20.5 1.7 22.2 N/A
Non-sustaining expenditures M$ 6.1 1.0 7.1 N/A
Unit analysis
Realized gold price per oz sold $/oz 3,528 3,323 3,510 N/A
Cash costs per oz sold (3) $/oz 1,592 1,654 1,597 N/A
AISC per oz sold(3) $/oz 1,619 1,737 1,629 N/A
Mining cost per tonne mined $/t 2.69 2.63 2.68 N/A
Processing cost per tonne processed $/t 4.01 3.79 3.98 N/A
G&A cost per tonne processed $/t 1.13 1.12 1.13 N/A
1. Pan was acquired as part of the Calibre Acquisition. As such, comparative figures for quarters prior to the Calibre Acquisition are not presented.
2. The operating data presented in this column includes operating results for Pan for the entire nine months ended September 30, 2025, including the period prior to completion
of the Calibre Acquisition on June 17, 2025 until it was sold on October 1, 2025. As Equinox Gold is not entitled to the economic benefits of Pan prior to the completion of the
Calibre Acquisition, financial results for the period prior to June 17, 2025 are not provided.
3. Cash costs, AISC, AISC contribution margin, cash costs per oz sold, and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes .
4. Revenue is reported net of silver by-product credits.
Discontinued Operations – Brazil
Discontinued operations includes the Aurizona Mine, the Bahia Complex, and the RDM Mine, located in Brazil.
Three months ended Year ended
Operating data Unit
December
31,
2025
September 30,
2025
December 31,
2024
December
31,
2025
December 31,
2024
Gold produced oz 73,745 67,629 78,912 258,905 247,311
Gold sold oz 73,834 69,119 81,294 258,890 249,332
Financial data
Revenue(2) M$ 305.7 234.2 215.1 889.9 599.9
Cash costs (1) M$ 130.9 107.0 112.1 430.6 391.3
Sustaining capital(1) M$ 40.4 29.3 21.9 117.4 82.7
Sustaining lease payments M$ 3.3 3.2 1.4 10.9 5.3
Reclamation expenses M$ 2.3 2.5 1.3 7.6 4.7
Total AISC(1) M$ 177.0 142.0 136.7 566.5 484.0
AISC contribution margin(1) M$ 128.7 92.2 78.4 323.3 116.0
Non-sustaining expenditures M$ 10.4 4.8 4.4 29.2 25.2
Unit analysis
Realized gold price per oz sold $/oz 4,140 3,388 2,646 3,437 2,406
Cash costs per oz sold (1) $/oz 1,773 1,548 1,379 1,663 1,569
AISC per oz sold(1) $/oz 2,397 2,054 1,682 2,188 1,941
Mining cost per tonne mined - open pit $/t 2.91 2.60 2.44 2.85 2.72
Mining cost per tonne mined -
underground $/t 46.44 44.07 28.06 41.42 33.81
Processing cost per tonne processed $/t 16.65 15.27 13.84 15.77 15.54
G&A cost per tonne processed $/t 7.71 5.93 4.83 5.95 5.31