VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- 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 ir@equinoxgold.com.
EQUINOX GOLD CONTACT
Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com
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 | $/t | 5.94 | 9.08 | — | 3.46 | 2.91 | |
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver by-product credits.
Pan Mine, Nevada, USA
Equinox Gold acquired the Pan Mine on June 17, 2025 in the Calibre Acquisition and sold it on October 1, 2025. Pan is an open pit, heap leach gold mine located southeast of Eureka, Nevada, and has been in continuous production since 2017.
| Three months ended | Period from | Nine months ended | |||
| Operating data | Unit | September 30 2025 | June 17 to 30, 2025(1) | June 17 to September 30, 2025 | September 30, 2025(2) |
| Ore mined and stacked on leach pad | kt | 1,166 | 191 | 1,357 | 3,541 |
| Waste mined | kt | 2,881 | 364 | 3,245 | 8,660 |
| Open pit strip ratio | w:o | 2.47 | 1.90 | 2.39 | 2.45 |
| Average gold grade stacked to leach pad | g/t | 0.37 | 0.50 | 0.38 | 0.35 |
| Gold produced | oz | 10,797 | 1,080 | 11,877 | 26,138 |
| Gold sold | oz | 10,746 | 1,079 | 11,825 | 26,086 |
| Financial data | |||||
| Revenue(4) | M$ | 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 | |
1. Cash costs, sustaining capital, AISC, AISC contribution margin, cash costs per oz sold, and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver by-product credits.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
At December 31, 2025 and 2024
(Unaudited, expressed in thousands of US Dollars)
| 2025 | 2024 | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 407,355 | $ | 239,329 | |
| Marketable securities | 162,683 | 6,142 | |||
| Trade and other receivables | 65,468 | 70,035 | |||
| Inventories | 369,759 | 417,541 | |||
| Prepaid expenses | 26,352 | 44,529 | |||
| Other current assets | 10,608 | 6,529 | |||
| Assets held for sale | 928,332 | — | |||
| 1,970,557 | 784,105 | ||||
| Non-current assets | |||||
| Restricted cash | 7,567 | 12,201 | |||
| Inventories | 368,130 | 277,102 | |||
| Mineral properties, plant and equipment | 7,910,329 | 5,564,713 | |||
| Deferred income tax assets | — | 2,339 | |||
| Other non-current assets | 278,812 | 73,135 | |||
| Total assets | $ | 10,535,395 | $ | 6,713,595 | |
| Liabilities and Equity | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | $ | 302,420 | $ | 258,341 | |
| Income taxes payable | 153,118 | 10,103 | |||
| Current portion of loans and borrowings | 181,330 | 135,592 | |||
| Current portion of deferred revenue | 127,597 | 116,334 | |||
| Current portion of derivative liabilities | 184,171 | 116,563 | |||
| Other current liabilities | 82,663 | 52,158 | |||
| Liabilities relating to assets held for sale | 230,675 | — | |||
| 1,261,974 | 689,091 | ||||
| Non-current liabilities | |||||
| Loans and borrowings | 1,373,350 | 1,212,239 | |||
| Deferred revenue | 165,130 | 266,718 | |||
| Derivative liabilities | 46,710 | 46,372 | |||
| Reclamation and closure cost provisions | 229,787 | 130,174 | |||
| Deferred income tax liabilities | 1,411,851 | 799,972 | |||
| Other non-current liabilities | 251,286 | 171,477 | |||
| Total liabilities | 4,740,088 | 3,316,043 | |||
| Shareholders’ equity | |||||
| Common shares | 4,874,712 | 2,798,820 | |||
| Reserves | 93,081 | 74,100 | |||
| Accumulated other comprehensive income (loss) | 7,516 | (89,027 | ) | ||
| Retained earnings | 819,998 | 613,659 | |||
| Total equity | 5,795,307 | 3,397,552 | |||
| Total liabilities and equity | $ | 10,535,395 | $ | 6,713,595 | |
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31, 2025 and 2024
(Unaudited, expressed in thousands of US Dollars, except number of shares and per share amounts)
| 2025 | 2024(1) | |||||
| Continuing operations | ||||||
| Revenue | $ | 1,817,195 | $ | 912,840 | ||
| Cost of sales | ||||||
| Operating expense | (834,589 | ) | (596,921 | ) | ||
| Depreciation and depletion | (339,694 | ) | (109,796 | ) | ||
| (1,174,283 | ) | (706,717 | ) | |||
| Income from mine operations | 642,912 | 206,123 | ||||
| Care and maintenance expense | (94,991 | ) | (580 | ) | ||
| Exploration and evaluation expense | (10,884 | ) | (1,631 | ) | ||
| General and administration expense | (104,698 | ) | (52,208 | ) | ||
| Income from operations | 432,339 | 151,704 | ||||
| Finance expense | (179,288 | ) | (91,302 | ) | ||
| Finance income | 10,946 | 7,071 | ||||
| Other (expense) income | (132,630 | ) | 465,837 | |||
| Income before income taxes from continuing operations | 131,367 | 533,310 | ||||
| Income tax expense | (150,228 | ) | (273,016 | ) | ||
| Net (loss) income from continuing operations | (18,861 | ) | 260,294 | |||
| Discontinued operations | ||||||
| Net income from discontinued operations | 240,332 | 78,993 | ||||
| Net income | $ | 221,471 | $ | 339,287 | ||
| Net income per share | ||||||
| Basic | $ | 0.35 | $ | 0.85 | ||
| Diluted | $ | 0.35 | $ | 0.75 | ||
| Net (loss) income per share - continuing operations | ||||||
| Basic | $ | (0.03 | ) | $ | 0.65 | |
| Diluted | $ | (0.03 | ) | $ | 0.59 | |
| Weighted average shares outstanding | ||||||
| Basic | 630,306,219 | 400,109,698 | ||||
| Diluted | 630,306,219 | 473,546,710 | ||||
1. Restated.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the years ended December 31, 2025 and 2024
(Unaudited, expressed in thousands of US Dollars)
| 2025 | 2024 | |||||
| Net income | $ | 221,471 | $ | 339,287 | ||
| Other comprehensive income (loss) | ||||||
| Items that may be reclassified subsequently to net income or loss: | ||||||
| Foreign currency translation loss | — | (84,417 | ) | |||
| Reclassification of cumulative foreign currency translation loss relating to previously held 60% interest in the Greenstone Mine | — | 31,904 | ||||
| Items that will not be reclassified subsequently to net income or loss: | ||||||
| Net increase (decrease) in fair value of marketable securities and other investments in equity instruments | 92,648 | (39,961 | ) | |||
| Income tax expense relating to change in fair value of marketable securities and other investments in equity instruments | (12,511 | ) | — | |||
| Remeasurement of post-employment benefits | 1,274 | — | ||||
| 81,411 | (92,474 | ) | ||||
| Total comprehensive income | $ | 302,882 | $ | 246,813 | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2025 and 2024
(Unaudited, expressed in thousands of US Dollars)
| 2025 | 2024 | |||||
| Cash provided by (used in): | ||||||
| Operating activities | ||||||
| Net income for the year | $ | 221,471 | $ | 339,287 | ||
| Adjustments for: | ||||||
| Depreciation and depletion | 517,516 | 222,616 | ||||
| Finance expense | 185,678 | 95,381 | ||||
| Amortization of deferred revenue | (158,063 | ) | (14,342 | ) | ||
| Change in fair value of derivatives | 113,964 | 123,289 | ||||
| Settlements of derivatives | (85,080 | ) | (13,857 | ) | ||
| Unrealized foreign exchange loss (gain) | 21,149 | (21,418 | ) | |||
| Gain on remeasurement of previously held interest in the Greenstone Mine | — | (579,816 | ) | |||
| Income tax expense | 191,119 | 290,794 | ||||
| Income taxes paid | (129,226 | ) | (19,602 | ) | ||
| Other | 36,575 | 7,866 | ||||
| Operating cash flow before changes in non-cash working capital | 915,103 | 430,198 | ||||
| Changes in non-cash working capital | (96,758 | ) | (58,014 | ) | ||
| 818,345 | 372,184 | |||||
| Investing activities | ||||||
| Expenditures on mineral properties, plant and equipment | (692,346 | ) | (412,073 | ) | ||
| Cash acquired on acquisition of Calibre Mining Corp. | 193,107 | — | ||||
| Investment in Calibre Mining Corp. | (40,000 | ) | — | |||
| Net proceeds on disposal of assets | 83,232 | — | ||||
| Proceeds from dispositions of marketable securities | 3,023 | 48,191 | ||||
| Acquisition of Greenstone Mine | — | (744,110 | ) | |||
| Other | (5,689 | ) | (3,727 | ) | ||
| (458,673 | ) | (1,111,719 | ) | |||
| Financing activities | ||||||
| Drawdowns on credit facility | 85,000 | 560,000 | ||||
| Repayments of loans and borrowings | (81,482 | ) | — | |||
| Proceeds from other financing arrangements | 21,621 | 57,346 | ||||
| Repayments of other financing arrangements | (24,878 | ) | (7,296 | ) | ||
| Interest paid | (132,580 | ) | (112,647 | ) | ||
| Lease payments | (39,887 | ) | (29,494 | ) | ||
| Net proceeds from shares issued in public offerings | — | 335,562 | ||||
| Transaction costs and other | 313 | (10,996 | ) | |||
| (171,893 | ) | 792,475 | ||||
| Effect of foreign exchange on cash and cash equivalents | 2,896 | (5,606 | ) | |||
| Increase in cash and cash equivalents | 190,675 | 47,334 | ||||
| Cash and cash equivalents – beginning of year | 239,329 | 191,995 | ||||
| Cash and cash equivalents – end of year | 430,004 | 239,329 | ||||
| Cash and cash equivalents classified as held for sale | (22,649 | ) | — | |||
| Cash and cash equivalents, excluding cash and cash equivalents held for sale | $ | 407,355 | $ | 239,329 | ||
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 and are net of silver by-product credits. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts silver by-product credits 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:
| Three months ended | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Operating expenses | $ | 239.3 | $ | 266.0 | $ | 220.6 | $ | 834.6 | $ | 596.9 | ||||||
| Silver by-product credits | (3.1 | ) | (5.4 | ) | (0.7 | ) | (9.5 | ) | (1.7 | ) | ||||||
| Fair value adjustment on acquired inventories | (27.8 | ) | (26.5 | ) | (4.9 | ) | (56.5 | ) | (20.6 | ) | ||||||
| Non-recurring charges recognized in operating expenses(1) | — | — | — | (36.8 | ) | — | ||||||||||
| Pre-commercial production and development stage operating expenses(2) | (20.9 | ) | (5.0 | ) | (37.8 | ) | (37.9 | ) | (88.5 | ) | ||||||
| Total cash costs - continuing operations | $ | 187.5 | $ | 229.0 | $ | 177.1 | $ | 693.9 | $ | 486.1 | ||||||
| Total cash costs - discontinued operations(4) | $ | 130.9 | $ | 107.6 | $ | 112.3 | $ | 430.6 | $ | 391.3 | ||||||
| Total cash costs - All Operations | $ | 318.4 | $ | 336.6 | $ | 289.4 | $ | 1,124.5 | $ | 877.4 | ||||||
| Gold oz sold - continuing operations | 168,558 | 170,193 | 136,384 | 519,671 | 374,246 | |||||||||||
| Less: gold oz sold during pre-commercial production period | (13,667 | ) | (4,527 | ) | (19,161 | ) | (26,128 | ) | (74,547 | ) | ||||||
| Adjusted gold oz sold - continuing operations | 154,891 | 165,666 | 117,223 | 493,543 | 299,699 | |||||||||||
| Gold oz sold - discontinued operations | 73,834 | 69,119 | 81,294 | 258,890 | 249,332 | |||||||||||
| Adjusted gold oz sold - All Operations | 228,725 | 234,785 | 198,517 | 752,433 | 549,031 | |||||||||||
| Cash costs per gold oz sold - continuing operations | $ | 1,211 | $ | 1,383 | $ | 1,511 | $ | 1,406 | $ | 1,622 | ||||||
| Cash costs per gold oz sold - discontinued operations | $ | 1,773 | $ | 1,556 | $ | 1,381 | $ | 1,663 | $ | 1,569 | ||||||
| Cash costs per gold oz sold - All Operations | $ | 1,392 | $ | 1,434 | $ | 1,458 | $ | 1,494 | $ | 1,598 | ||||||
| Total cash costs - continuing operations | $ | 187.5 | $ | 229.0 | $ | 177.1 | $ | 693.9 | $ | 486.1 | ||||||
| Sustaining capital | 67.2 | 55.6 | 13.0 | 174.6 | 48.2 | |||||||||||
| Sustaining lease payments | 0.3 | 0.4 | 0.2 | 1.2 | 2.5 | |||||||||||
| Reclamation expense | 5.9 | 4.4 | 1.9 | 16.8 | 7.0 | |||||||||||
| Sustaining exploration expense | — | — | 0.2 | — | 0.9 | |||||||||||
| Pre-commercial production and development stage sustaining expenditures(2) | (1.7 | ) | (1.4 | ) | (1.3 | ) | (4.9 | ) | (1.9 | ) | ||||||
| Total AISC - continuing operations | $ | 259.2 | $ | 288.1 | $ | 191.1 | $ | 881.5 | $ | 542.6 | ||||||
| Total AISC - discontinued operations(4) | 177.0 | 142.1 | 136.9 | 566.5 | 484.0 | |||||||||||
| Total AISC - All Operations | $ | 436.2 | $ | 430.3 | $ | 328.0 | $ | 1,448.1 | $ | 1,026.6 | ||||||
| AISC per gold oz sold - continuing operations | $ | 1,673 | $ | 1,739 | $ | 1,630 | $ | 1,786 | $ | 1,811 | ||||||
| AISC per gold oz sold - discontinued operations | $ | 2,397 | $ | 2,056 | $ | 1,684 | $ | 2,188 | $ | 1,941 | ||||||
| AISC per gold oz sold - All Operations | $ | 1,907 | $ | 1,833 | $ | 1,652 | $ | 1,925 | $ | 1,870 | ||||||
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 costs per oz sold from continuing operations and AISC per oz sold from continuing operations exclude Castle Mountain results after August 2024 when residual leaching commenced, Greenstone results for the period prior to November 2024 when the mine reached commercial production, Los Filos results after March 2025 as operations were indefinitely suspended on April 1, 2025 and Valentine results for the period prior to December 2025 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. Consolidated cash costs per oz sold from continuing operations and AISC per oz sold from continuing operations include results from Pan and Nicaragua Operations from the date of the Calibre Acquisition of June 17, 2025.
4. See table below.
The following table provides a reconciliation of total cash costs and AISC from Discontinued Operations:
| Three months ended | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Discontinued operations | ||||||||||||||||
| Operating expenses | $ | 131.6 | $ | 108.1 | $ | 112.8 | $ | 432.6 | $ | 392.7 | ||||||
| Less: silver by-product credits | (0.7 | ) | (0.6 | ) | (0.5 | ) | (2.1 | ) | (1.4 | ) | ||||||
| Total cash costs | $ | 130.9 | $ | 107.6 | $ | 112.3 | $ | 430.6 | $ | 391.3 | ||||||
| Sustaining capital | 40.4 | 29.3 | 21.9 | 117.4 | 82.7 | |||||||||||
| Sustaining lease payments | 3.3 | 3.2 | 1.4 | 10.9 | 5.3 | |||||||||||
| Reclamation expense | 2.3 | 2.1 | 1.3 | 7.6 | 4.7 | |||||||||||
| Total AISC | $ | 177.0 | $ | 142.1 | $ | 136.9 | $ | 566.5 | $ | 484.0 | ||||||
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 | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Capital additions to mineral properties, plant and equipment(1) | $ | 276.2 | $ | 266.9 | $ | 103.3 | $ | 754.0 | $ | 523.7 | ||||||
| Less: Non-sustaining capital at operating sites | (69.1 | ) | (50.1 | ) | (34.6 | ) | (178.2 | ) | (64.1 | ) | ||||||
| Less: Sustaining and non-sustaining capital associated with pre-commercial production period and development projects(3) | (73.0 | ) | (98.4 | ) | (11.6 | ) | (189.2 | ) | (260.5 | ) | ||||||
| Less: Non-cash additions(2) | (26.5 | ) | (33.6 | ) | (22.2 | ) | (94.9 | ) | (67.5 | ) | ||||||
| Sustaining capital - All Operations | $ | 107.6 | $ | 84.9 | $ | 34.9 | $ | 291.7 | $ | 131.7 | ||||||
| Sustaining capital - discontinued operations(4) | 40.4 | 29.3 | 21.9 | 117.4 | 82.7 | |||||||||||
| Sustaining capital - continued operations | $ | 67.2 | $ | 55.6 | $ | 13.0 | $ | 174.6 | $ | 48.2 | ||||||
| Sustaining capital - All Operations | $ | 107.6 | $ | 84.9 | $ | 34.9 | $ | 291.7 | $ | 130.0 | ||||||
| Add: Sustaining lease payments | 3.6 | 3.6 | 1.6 | 12.0 | 7.8 | |||||||||||
| Add: Sustaining reclamation expense | 8.2 | 6.5 | 3.2 | 24.3 | 11.7 | |||||||||||
| Add: Sustaining exploration expense | — | — | 0.1 | — | 0.4 | |||||||||||
| Less: Sustaining expenditures associated with pre-commercial production period and development projects(3) | (1.7 | ) | (1.4 | ) | (1.3 | ) | (4.8 | ) | (1.9 | ) | ||||||
| Sustaining expenditures - consolidated | $ | 117.7 | $ | 93.7 | $ | 38.5 | $ | 323.3 | $ | 148.0 | ||||||
| Sustaining expenditures - operating mine sites - discontinued operations(4) | 46.1 | 34.6 | 24.6 | 136.0 | 92.7 | |||||||||||
| Sustaining expenditures - operating mine sites - continuing operations | $ | 71.6 | $ | 59.1 | $ | 14.0 | $ | 187.6 | $ | 56.6 | ||||||
1. Per note 10 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, Greenstone for the period prior to November 2024 when the mine reached commercial production, Los Filos after March 2025 as operations were indefinitely suspended on April 1, 2025 and Valentine for the period prior to December 2025 when the mine reached commercial production.
4. See table below.
The following table provides a reconciliation of sustaining capital and sustaining expenditures from Discontinued Operations:
| Three months ended | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Sustaining capital - discontinued operations | ||||||||||||||||
| Capital additions to mineral properties, plant and equipment | $ | 50.4 | $ | 36.9 | $ | 25.9 | $ | 160.2 | $ | 110.6 | ||||||
| Less: Non-sustaining capital | (8.8 | ) | (2.2 | ) | (2.7 | ) | (21.6 | ) | (16.9 | ) | ||||||
| Less: Non-cash additions | (1.2 | ) | (5.5 | ) | (1.2 | ) | (21.1 | ) | (11.0 | ) | ||||||
| Sustaining capital | $ | 40.4 | $ | 29.3 | $ | 21.9 | $ | 117.4 | $ | 82.7 | ||||||
| Add: Sustaining lease payments | 3.3 | 3.2 | 1.4 | 10.9 | 5.3 | |||||||||||
| Add: Sustaining reclamation expense | 2.3 | 2.1 | 1.3 | 7.6 | 4.7 | |||||||||||
| Add: Sustaining exploration expense | — | — | — | — | — | |||||||||||
| Sustaining expenditures - operating mine sites | $ | 46.1 | $ | 34.6 | $ | 24.6 | $ | 136.0 | $ | 92.7 | ||||||
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 | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Operating cash flow before non-cash changes in working capital | $ | 396.0 | $ | 319.9 | $ | 212.7 | $ | 915.1 | $ | 430.2 | ||||||
| Fair value adjustments on acquired inventories | 27.8 | 26.5 | 4.9 | 56.5 | 20.6 | |||||||||||
| Non-recurring charges recognized in operating expenses(1) | — | — | — | 36.8 | — | |||||||||||
| Operating cash flow (generated) used by non-mine site activity(2) | 182.0 | 106.6 | 12.6 | 435.4 | (10.0 | ) | ||||||||||
| Cash flow from operating mine sites - All Operations | $ | 605.7 | $ | 453.1 | $ | 230.1 | $ | 1,443.7 | $ | 440.8 | ||||||
| Cash flow from operating mine sites - discontinued operations(3) | $ | 181.6 | $ | 121.9 | $ | 75.2 | $ | 446.8 | $ | 202.1 | ||||||
| Cash flow from operating mine sites - continuing operations | $ | 424.1 | $ | 331.2 | $ | 155.0 | $ | 996.9 | $ | 238.7 | ||||||
| Cash flow from operating mine sites - All Operations | $ | 605.7 | $ | 453.1 | $ | 230.1 | $ | 1,443.7 | $ | 440.8 | ||||||
| Less: Capital expenditures from operating mine sites | ||||||||||||||||
| Mineral property, plant and equipment additions | 276.2 | 266.9 | 103.3 | 754.0 | 523.7 | |||||||||||
| Capital expenditures relating to pre-commercial production and development projects, corporate and other non-cash additions | (99.9 | ) | (132.0 | ) | (34.9 | ) | (284.1 | ) | (329.9 | ) | ||||||
| Less: Capital expenditure from operating mine sites - All Operations | $ | 176.3 | $ | 134.9 | $ | 68.4 | $ | 469.9 | $ | 193.8 | ||||||
| Less: Lease payments related to non-sustaining capital items | 10.2 | 5.1 | 11.6 | 25.5 | 28.3 | |||||||||||
| Less: Non-sustaining exploration expense | 3.8 | 8.9 | 1.7 | 16.6 | 7.1 | |||||||||||
| Total mine site free cash flow before changes in working capital - All Operations | $ | 415.4 | $ | 304.2 | $ | 148.4 | $ | 931.7 | $ | 211.6 | ||||||
| Total mine site free cash flow before changes in working capital - discontinued operations(3) | $ | 132.3 | $ | 90.4 | $ | 50.5 | $ | 307.8 | $ | 101.2 | ||||||
| Total mine site free cash flow before changes in working capital - continuing operations | $ | 283.1 | $ | 213.7 | $ | 97.9 | $ | 623.9 | $ | 110.4 | ||||||
| (Increase) decrease in non-cash working capital | (3.6 | ) | (81.3 | ) | 35.2 | (96.8 | ) | (49.7 | ) | |||||||
| Total mine site free cash flow after changes in non-cash working capital - All Operations | $ | 411.8 | $ | 222.9 | $ | 183.6 | $ | 834.9 | $ | 161.9 | ||||||
1. Non-recurring charges recognized in operating expenses for the year ended December 31, 2025 includes 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 | Year ended | ||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||
| Discontinued operations | |||||||||||||
| Operating cash flow before non-cash changes in working capital | $ | 181.6 | 121.9 | 75.2 | 446.8 | 202.1 | |||||||
| Less: Capital expenditures from operating mine sites | 49.3 | 31.4 | 24.7 | 139.0 | 99.5 | ||||||||
| Less: Lease payments related to non-sustaining capital items | — | — | — | — | 1.3 | ||||||||
| Total mine site free cash flow before changes in working capital | $ | 132.3 | $ | 90.4 | $ | 50.5 | $ | 307.8 | $ | 101.2 | |||
| (Increase) decrease in non-cash operating working capital | $ | (9.0 | ) | $ | 2.4 | $ | 13.1 | $ | (25.5 | ) | $ | 20.2 | |
| Total mine site free cash flow after changes in working capital | $ | 123.3 | $ | 92.8 | $ | 63.6 | $ | 282.3 | $ | 121.4 | |||
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 | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Revenue | $ | 681.4 | $ | 584.3 | $ | 359.4 | $ | 1,817.2 | $ | 912.8 | ||||||
| Less: silver by-product credits | (3.1 | ) | (5.4 | ) | (0.7 | ) | (9.5 | ) | (1.7 | ) | ||||||
| Less: AISC | (259.2 | ) | (288.1 | ) | (191.2 | ) | (881.6 | ) | (542.6 | ) | ||||||
| Less: revenues associated with pre-commercial production period and development projects (net of silver by-product credits)(1) | (56.6 | ) | (15.3 | ) | (50.1 | ) | (95.5 | ) | (183.6 | ) | ||||||
| AISC contribution margin - continuing operations | $ | 362.5 | $ | 275.4 | $ | 117.4 | $ | 830.5 | $ | 184.9 | ||||||
| AISC contribution margin - discontinued operations(3) | 128.7 | 92.0 | 78.2 | 323.3 | 116.0 | |||||||||||
| AISC contribution margin - All Operations | $ | 491.2 | $ | 367.5 | $ | 195.6 | $ | 1,153.8 | $ | 300.9 | ||||||
| Gold oz sold - continuing operations | 168,558 | 170,193 | 136,384 | 519,671 | 374,246 | |||||||||||
| Less: gold sold associated with pre-commercial production period and development projects(1) | (13,667 | ) | (4,527 | ) | (19,161 | ) | (26,128 | ) | (74,547 | ) | ||||||
| Adjusted gold oz sold - continuing operations | 154,891 | 165,666 | 117,223 | 493,543 | 299,699 | |||||||||||
| Gold oz sold - discontinued operations | 73,834 | 69,119 | 81,294 | 258,890 | 249,332 | |||||||||||
| Adjusted gold oz sold - All Operations | 228,725 | 234,785 | 198,517 | 752,433 | 549,031 | |||||||||||
| AISC contribution margin per oz sold - continuing operations | $ | 2,340 | $ | 1,663 | $ | 1,001 | $ | 1,683 | $ | 617 | ||||||
| AISC contribution margin per oz sold - discontinued operations(3) | 1,743 | 1,332 | 962 | 1,249 | 465 | |||||||||||
| AISC contribution margin per oz sold - All Operations | $ | 2,148 | $ | 1,565 | $ | 985 | $ | 1,533 | $ | 548 | ||||||
1. AISC contribution margin excludes Castle Mountain results after August 31, 2024 when residual leaching commenced, Greenstone results for the period prior to November 2024 when the mine reached commercial production, 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 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
2. AISC contribution margin include results from Pan and Nicaragua Operations from the date of the Calibre Acquisition of June 17, 2025.
3. See table below.
The following table provides a reconciliation of AISC contribution margin and AISC contribution margin per oz sold from Discontinued Operations:
| Three months ended | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Discontinued operations: | ||||||||||||||||
| Revenue | $ | 306.4 | $ | 234.7 | $ | 215.6 | $ | 891.9 | $ | 601.3 | ||||||
| Less: silver by-product credits | (0.7 | ) | (0.6 | ) | (0.5 | ) | (2.1 | ) | (1.4 | ) | ||||||
| Less: AISC | (177.0 | ) | (142.1 | ) | (136.9 | ) | (566.5 | ) | (484.0 | ) | ||||||
| AISC contribution margin | $ | 128.7 | $ | 92.0 | $ | 78.2 | $ | 323.3 | $ | 116.0 | ||||||
| Gold oz sold | 73,834 | 69,119 | 81,294 | 258,890 | 249,332 | |||||||||||
| AISC contribution margin per oz sold - discontinued operations | $ | 1,743 | $ | 1,332 | $ | 962 | $ | 1,249 | $ | 465 | ||||||
EBITDA and Adjusted EBITDA
| Three months ended | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Continuing operations: | ||||||||||||||||
| Net income (loss) - continuing operations | $ | 82.3 | 5.8 | (29.6 | ) | $ | (18.9 | ) | 260.3 | |||||||
| Income tax expense | 93.4 | 17.2 | 34.4 | 150.2 | 273.0 | |||||||||||
| Depreciation and depletion | 104.8 | 141.9 | 43.9 | 356.7 | 111.8 | |||||||||||
| Finance costs | 39.5 | 49.4 | 36.7 | 179.3 | 91.3 | |||||||||||
| Finance income | (3.6 | ) | (3.2 | ) | (1.5 | ) | (10.9 | ) | (7.1 | ) | ||||||
| EBITDA - continuing operations | $ | 316.4 | $ | 211.1 | $ | 83.8 | $ | 656.4 | $ | 729.3 | ||||||
| Non-cash share-based compensation | 0.9 | 6.5 | 1.9 | 14.6 | 9.4 | |||||||||||
| Unrealized (gain) loss on gold contracts | 5.1 | 16.5 | (11.9 | ) | 38.0 | 16.5 | ||||||||||
| Unrealized (gain) loss on foreign exchange contracts | 4.4 | (3.3 | ) | 39.1 | (63.4 | ) | 72.4 | |||||||||
| Unrealized foreign exchange (gain) loss | (4.6 | ) | (4.8 | ) | 2.8 | (5.5 | ) | 3.5 | ||||||||
| Change in fair value of Greenstone Contingent Consideration | 11.7 | 16.4 | 0.6 | 49.1 | 23.2 | |||||||||||
| Change in fair value of 2025 Convertible Notes conversion option | 10.6 | 18.8 | — | 29.4 | — | |||||||||||
| Change in fair value of Equinox warrant liability | 10.7 | 20.7 | — | 31.4 | — | |||||||||||
| Gain on modification of debt | — | (13.0 | ) | — | (13.0 | ) | (5.4 | ) | ||||||||
| Gain on remeasurement of previously held interest in Greenstone | — | — | — | — | (579.8 | ) | ||||||||||
| Other (income) expense | 20.8 | (11.5 | ) | 2.3 | 11.3 | (9.0 | ) | |||||||||
| Transaction and integration costs | 1.4 | 13.0 | — | 26.7 | 0.8 | |||||||||||
| Fair value adjustments on acquired inventories | 27.8 | 26.5 | 4.9 | 56.5 | 20.6 | |||||||||||
| Non-recurring charges recognized in operating expense(1) | — | — | — | 40.2 | — | |||||||||||
| Non-recurring charges recognized in care and maintenance expense | — | 0.2 | — | 17.7 | — | |||||||||||
| Adjusted EBITDA - continuing operations | $ | 405.1 | $ | 297.1 | $ | 123.7 | $ | 889.3 | $ | 281.5 | ||||||
| Adjusted EBITDA - discontinued operations(2) | 173.9 | 122.9 | 99.5 | 450.2 | 197.3 | |||||||||||
| Adjusted EBITDA - All Operations | $ | 579.0 | $ | 419.9 | $ | 223.2 | $ | 1,339.6 | $ | 479.0 | ||||||
1. Non-recurring charges recognized in operating expenses for the year ended December 31, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. See table below.
The following table provides a reconciliation of adjusted EBITDA from Discontinued Operations:
| Three months ended | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Discontinued operations: | ||||||||||||||||
| Net income | $ | 115.2 | $ | 69.8 | $ | 57.9 | $ | 240.3 | $ | 79.0 | ||||||
| Income tax expense | 36.4 | 8.1 | 13.5 | 40.9 | 17.8 | |||||||||||
| Depreciation and depletion | 35.2 | 42.5 | 28.7 | 160.8 | 110.9 | |||||||||||
| Finance costs | 1.6 | 1.5 | 0.9 | 6.4 | 4.1 | |||||||||||
| Finance income | (0.5 | ) | — | (0.3 | ) | (0.9 | ) | (1.0 | ) | |||||||
| EBITDA - discontinued operations | $ | 187.9 | $ | 121.9 | $ | 100.7 | $ | 447.5 | $ | 210.7 | ||||||
| Non-cash share-based compensation | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
| Unrealized foreign exchange (gain) loss | (5.6 | ) | 2.9 | (8.8 | ) | 11.0 | (17.5 | ) | ||||||||
| Other (income) expense | (8.4 | ) | (2.0 | ) | 7.5 | (8.5 | ) | 3.9 | ||||||||
| Adjusted EBITDA - discontinued operations | $ | 173.9 | $ | 122.9 | $ | 99.5 | $ | 450.2 | $ | 197.3 | ||||||
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 | Year ended | |||||||||||||||
| $’s and share amounts in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Net income (loss) attributable to Equinox Gold shareholders - continuing operations | $ | 82.3 | $ | 5.8 | $ | (29.6 | ) | $ | (18.9 | ) | $ | 260.3 | ||||
| Add (deduct): | ||||||||||||||||
| Non-cash share-based compensation | 0.9 | 6.5 | 2.0 | 14.6 | 9.4 | |||||||||||
| Unrealized loss (gain) on gold contracts | 5.1 | 16.5 | (11.9 | ) | 38.0 | 16.5 | ||||||||||
| Unrealized loss (gain) on foreign exchange contracts | 4.4 | (3.3 | ) | 39.1 | (63.4 | ) | 72.4 | |||||||||
| Unrealized foreign exchange loss (gain) | (4.6 | ) | (4.8 | ) | 2.8 | (5.5 | ) | 3.5 | ||||||||
| Change in fair value of Greenstone Contingent Consideration | 11.7 | 16.4 | 0.6 | 49.1 | 23.2 | |||||||||||
| Change in fair value of 2025 Convertible Notes conversion option | 10.6 | 18.8 | — | 29.4 | — | |||||||||||
| Change in fair value of warrant liability | 10.7 | 20.7 | — | 31.4 | — | |||||||||||
| Gain on modification of debt | — | (13.0 | ) | — | (13.0 | ) | — | |||||||||
| Gain on remeasurement of previously held interest in Greenstone | — | — | — | — | (579.8 | ) | ||||||||||
| Other expense (income) | 20.8 | (11.5 | ) | 2.3 | 11.3 | (14.4 | ) | |||||||||
| Transaction and integration costs | 1.4 | 13.0 | — | 26.7 | 0.8 | |||||||||||
| Fair value adjustments on acquired inventories | 27.8 | 26.5 | 4.9 | 56.5 | 20.6 | |||||||||||
| Non-recurring charges recognized in operating expense(1) | — | — | — | 40.2 | — | |||||||||||
| Non-recurring charges recognized in care and maintenance expense | — | 0.2 | — | 17.7 | — | |||||||||||
| Non-recurring charge recognized in tax expense | 0.1 | (7.7 | ) | (1.5 | ) | (1.1 | ) | 184.1 | ||||||||
| Income tax impact related to above adjustments | (2.4 | ) | 1.9 | (0.6 | ) | (2.2 | ) | 0.6 | ||||||||
| Unrealized foreign exchange (gain) loss recognized in deferred tax expense | (5.4 | ) | (15.5 | ) | 5.5 | (22.8 | ) | 33.5 | ||||||||
| Adjusted net income - continuing operations | $ | 163.2 | $ | 70.4 | $ | 13.6 | $ | 187.9 | $ | 30.7 | ||||||
| Adjusted net income - discontinued operations(2) | 109.7 | 69.4 | 63.9 | 232.6 | 82.4 | |||||||||||
| Adjusted net income - All Operations | $ | 272.9 | $ | 139.9 | $ | 77.5 | $ | 420.5 | $ | 113.1 | ||||||
| Basic weighted average shares outstanding | 786.1 | 771.3 | 454.4 | 630.3 | 400.1 | |||||||||||
| Diluted weighted average shares outstanding | 794.7 | 781.9 | 454.4 | 630.3 | 473.5 | |||||||||||
| Adjusted EPS - continuing operations | ||||||||||||||||
| Per share - basic ($/share) | $ | 0.21 | $ | 0.09 | $ | 0.03 | $ | 0.30 | $ | 0.08 | ||||||
| Per share - diluted ($/share) | $ | 0.21 | $ | 0.09 | $ | 0.03 | $ | 0.30 | $ | 0.06 | ||||||
| Adjusted EPS - discontinued operations | ||||||||||||||||
| Per share - basic ($/share) | $ | 0.14 | $ | 0.09 | $ | 0.14 | $ | 0.37 | $ | 0.21 | ||||||
| Per share - diluted ($/share) | $ | 0.14 | $ | 0.09 | $ | 0.14 | $ | 0.37 | $ | 0.17 | ||||||
| Adjusted EPS - All Operations | ||||||||||||||||
| Per share - basic ($/share) | $ | 0.35 | $ | 0.18 | $ | 0.17 | $ | 0.67 | $ | 0.28 | ||||||
| Per share - diluted ($/share) | $ | 0.34 | $ | 0.18 | $ | 0.17 | $ | 0.67 | $ | 0.24 | ||||||
1. Non-recurring charges recognized in operating expenses for the year ended December 31, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. See table below.
The following table provides a reconciliation of adjusted net income from Discontinued Operations:
| Three months ended | Year ended | |||||||||||||||
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Discontinued operations: | ||||||||||||||||
| Net income attributable to Equinox Gold shareholders - discontinued operations | $ | 115.2 | $ | 69.8 | $ | 57.9 | $ | 240.3 | $ | 79.0 | ||||||
| Add (deduct): | — | — | ||||||||||||||
| Non-cash share-based compensation | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
| Unrealized foreign exchange loss (gain) | (5.6 | ) | 2.9 | (8.8 | ) | 11.0 | (17.5 | ) | ||||||||
| Other expense (income) | (8.4 | ) | (2.0 | ) | 7.5 | (8.5 | ) | 3.9 | ||||||||
| Income tax impact related to above adjustments | 2.1 | (0.2 | ) | 0.2 | (0.6 | ) | 3.0 | |||||||||
| Unrealized foreign exchange (gain) loss recognized in deferred tax expense | 6.3 | (1.2 | ) | 7.0 | (9.9 | ) | 13.8 | |||||||||
| Adjusted net income - discontinued operations | $ | 109.7 | $ | 69.4 | $ | 63.9 | $ | 232.6 | $ | 82.4 | ||||||
Net Debt
A reconciliation of net debt is provided below.
| $’s in millions | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||
| Current portion of loans and borrowings | $ | 181.3 | $ | 144.3 | $ | 135.6 | |||
| Non-current portion of loans and borrowings | 1,373.4 | 1,482.4 | 1,212.2 | ||||||
| Total debt | 1,554.7 | 1,626.7 | 1,347.8 | ||||||
| Less: Cash and cash equivalents (unrestricted) | (407.4 | ) | (348.5 | ) | (239.3 | ) | |||
| Net debt | $ | 1,147.3 | $ | 1,278.2 | $ | 1,108.5 | |||
CAUTIONARY NOTES & FORWARD-LOOKING STATEMENTS
This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; anticipated 2026 production and cost guidance; expectations for Greenstone and Valentine operations, including achieving design capacity; potential future mining opportunities around Valentine; receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; realization of the contingent cash consideration from the Brazil operations sale; the Company’s ability to restart operations at Los Filos and the construction of a CIL plant; and the Company’s ability to improve cash flow and self-fund projects.
Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “deliver”, “expect”, “estimate”, “anticipate”, “target”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them.
Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; achieving design capacity at Greenstone and Valentine operations; timely execution of the Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; statements relating to the distribution of dividends to shareholders of the Company; the periodic review of, and changes to, the Company’s dividend policy; the declaration and payment of future dividends; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of new permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove incorrect.
Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors” in the Company’s MD&A for the most recent fiscal year end, and in the section titled “Risks Related to the Business” in the Company’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this MD&A is expressly qualified by this cautionary statement.
TECHNICAL INFORMATION
David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved the technical content of this document.
