olivLaw · US equity research
Equinox Gold Corp. EQX
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Equinox Gold Corp. is a gold mining company that reports in US dollars and is listed on the NYSE American. Its 2026 filings describe operations in several countries and a development plan for the Castle Mountain project, which makes its operational progress worth close attention.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Equinox Gold Corp. (EQX) stock was 11.28 USD (+12.80% on the day), with market capitalisation 8.9 bn USD, P/E 32.2 on diluted EPS of 0.35 USD over the last 12 months, beta 0.98, 52-week range 8.62–18.76 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.1
- strong (55–70)
- Bollinger (20, 2)
- 9.62 – 11.68
- in the upper half of the band · %B 0.80 · band width 19.4%
- SMA 50 / 200
- 11.59 / 12.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.31 / -0.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −1.1% | +1.5 pp | — |
| 3 months | +9.3% | −0.5% | +9.8 pp | — |
| 6 months | −21.5% | +4.4% | −25.9 pp | — |
| Year to date | −19.7% | +12.3% | −32.0 pp | — |
| 1 year | +8.8% | +13.5% | −4.8 pp | −9.2% |
| 3 years | +131.1% | +76.4% | +54.7 pp | +144.6% |
| 5 years | +45.2% | +63.7% | −18.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 5-quarter history (min 4.0, median 40.1, max 103.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.2 m | 281.7 m | 845.4 m | 1.1 bn | 952.2 m | 1.1 bn | 912.8 m | 1.8 bn |
| Revenue YoY | unavailable | +834.0% | — | +28.0% | −12.0% | +14.3% | −16.1% | +99.1% |
| Net income | -65.5 m | -18.4 m | 20.7 m | 554.9 m | -106.0 m | 28.9 m | 339.3 m | 221.5 m |
| Net income YoY | unavailable | unavailable | — | +2,578.0% | −119.1% | unavailable | +1,074.7% | −34.7% |
| Diluted EPS | unavailable | -0.16 | 0.10 | 1.69 | -0.35 | 0.09 | 0.75 | 0.35 |
| Diluted EPS YoY | unavailable | unavailable | — | +1,590.0% | −120.7% | unavailable | +733.3% | −53.3% |
| net % | -217.3% | -6.5% | 2.5% | 51.3% | -11.1% | 2.7% | 37.2% | 12.2% |
| Free cash flow | -126.0 m | -37.9 m | 81.0 m | -23.4 m | -500.6 m | -164.8 m | -39.9 m | 126.0 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 430.0 m USD
- Financial debt
- 1.6 bn USD
- Net debt
- 1.1 bn USD
- Equity
- 5.8 bn USD
- Total assets
- 10.5 bn USD
- Debt / equity
- 0.27x
- Current ratio
- unavailable
- ROE
- 4.8%
- ROA
- 2.6%
- FCF margin
- 6.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 845.4 m | 1.1 bn | 952.2 m | 1.1 bn | 912.8 m | 1.8 bn | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 555.2 m | 851.7 m | 867.2 m | 979.2 m | 706.7 m | 1.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 290.2 m | 230.6 m | 85.0 m | 109.0 m | 206.1 m | 642.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | 173.0 m | 146.5 m | 10.4 m | 49.6 m | 151.7 m | 432.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 131.9 m | 196.9 m | 187.2 m | 215.0 m | 109.8 m | 339.7 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 304.9 m ≈ | 343.4 m ≈ | 197.6 m ≈ | 264.6 m ≈ | 261.5 m ≈ | 772.0 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 39.8 m | 41.6 m | 40.4 m | 60.2 m | 91.3 m | 179.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 43.1 m | 535.0 m | -98.4 m | 14.8 m | 533.3 m | 131.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 20.8 m | -19.9 m | 7.6 m | -14.1 m | 273.0 m | 150.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 20.7 m | 554.9 m | -106.0 m | 28.9 m | 339.3 m | 221.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.10 | 1.69 | -0.35 | 0.09 | 0.75 | 0.35 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 218.4 m | 333.7 m | 304.0 m | 316.3 m | 473.5 m | 630.3 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 344.9 m | 310.1 m | 200.8 m | 192.0 m | 239.3 m | 430.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 55.9 m | 50.3 m | 76.1 m | 82.3 m | 70.0 m | 65.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 208.3 m | 201.6 m | 265.1 m | 412.0 m | 417.5 m | 369.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 646.0 m | — | — | — | — | — | SEC (XBRL)· 24 Mar 2021verified |
| Property, plant & equipment, net | 1.9 bn | 2.5 bn | 2.8 bn | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Total assets | 2.7 bn | 4.0 bn | 3.9 bn | 4.4 bn | 6.7 bn | 10.5 bn | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | — | — | 239.8 m | 246.5 m | 258.3 m | 302.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 13.3 m | 26.7 m | 0 | 138.6 m | 135.6 m | 181.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 531.9 m | 514.0 m | 828.0 m | 786.4 m | 1.2 bn | 1.4 bn | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 222.7 m | 402.6 m | 271.7 m | 479.6 m | 689.1 m | 1.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 1.2 bn | 1.4 bn | 1.5 bn | 1.9 bn | 3.3 bn | 4.7 bn | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 1.4 bn | 2.6 bn | 2.4 bn | 2.4 bn | 3.4 bn | 5.8 bn | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | 242.4 m | 301.3 m | 307.4 m | 318.0 m | 455.2 m | 785.6 m | SEC (XBRL)· 31 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 255.8 m | 320.8 m | 56.5 m | 358.5 m | 372.2 m | 818.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 174.8 m | 344.2 m | 557.1 m | 523.3 m | 412.1 m | 692.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 81.0 m ≈ | -23.4 m ≈ | -500.6 m ≈ | -164.8 m ≈ | -39.9 m ≈ | 126.0 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -131.2 m | -347.6 m | -419.0 m | -462.7 m | -1.1 bn | -458.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 152.7 m | -1.6 m | 254.3 m | 92.5 m | 792.5 m | -171.9 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 30 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet5
- Growth100
- Valuation19
- Quality37
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.78 – 8.86 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.86 – 8.63 (Mid 6.29)WACC 8.7% · starting FCFF 276.6 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA5.23 – 8.86 (Mid 7.23)8 companies used · median multiple 8.8x · quartiles 6.8x – 10.5xAG, CDE, EGO, IDR, ITRG, KGC, MUX, PAAS
- Peers: P/E4.78 – 7.77 (Mid 5.30)16 companies used · median multiple 15.1x · quartiles 13.7x – 22.2xAEM, AG, AGI, ARIS, AU, B, CDE, EGO, FNV, GFI, IDR, KGC, MUX, NAMM, NEM, PAAS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 30/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.4% | 31 (vs peers) | 14% |
| Net margin · Quality | 12.2% | 47 (vs peers) | 8% |
| FCF conversion · Quality | 56.9% | 38 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 24.0% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.5x | 0 (vs peers) | 14% |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 8% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 32.2x | 28 (vs peers) | 14% |
| EV/EBITDA · Valuation | 12.9x | 11 (vs peers) | 14% |
| FCF yield · Valuation | 1.4% | 18 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality37/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation19/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Equinox Gold Corp. (EQX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth 99.1%; net margin 12.2%; ROE 4.8%; net debt/EBITDA 1.5x.
The estimated value range is 4.86–8.63 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 6.29 USD, the price of 11.28 USD leaves a potential of -44.3% (value / price − 1) and a margin of safety of -79.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 30/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 24.0%
What contradicts it
- Net debt / EBITDA: 1.5x
- Interest coverage: 2.4x
- P/E (TTM): 32.2x
- EV/EBITDA: 12.9x
- FCF yield: 1.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Current ratio, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | +9% / +131% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| MTAMetalla Royalty & Streaming Ltd. | 732.0 m | — | -1.7% | -36.1% | +99.6% | +6% / +145% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
1- and 3-year price returns: for EQX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.94 Total return -47% · Per year -47% | 10.45 Total return -7% · Per year -7% | 15.67 Total return 39% · Per year 39% |
| 3 years | 7.04 Total return -38% · Per year -15% | 13.82 Total return 22% · Per year 7% | 22.57 Total return 100% · Per year 26% |
| 5 years | 8.35 Total return -26% · Per year -6% | 18.27 Total return 62% · Per year 10% | 32.50 Total return 188% · Per year 24% |
- Exit P/E± 3.45
- Net margin± 2.42
- Annual revenue growth± 1.80
- Annual dilution± 0.20
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (29 Sept 2026), 6-K (21 Sept 2026), 6-K (17 Aug 2026), 6-K (06 Aug 2026), 6-K (05 Aug 2026).
In brief
Equinox Gold Corp. is a gold mining company that reports in US dollars and is listed on the NYSE American. Its 2026 filings describe operations in several countries and a development plan for the Castle Mountain project, which makes its operational progress worth close attention.
SWOT
Strengths
- The company reports internal control over financial reporting that management considers effective, with an audit of internal control by KPMG LLP.
- The Greenstone and Valentine operations provide an existing production base, which management expects to bring to project capacity.
- The dividend policy and shareholder return mechanisms are presented as part of the financial strategy.
Weaknesses
- Operations at Los Filos are suspended, meaning part of the production potential is not currently active.
- Differences between Canadian resource standards and SEC standards limit the comparability of information with US companies.
- Dependence on reaching project capacity and keeping production costs under control makes results sensitive to execution.
Opportunities
- The restart of Los Filos operations with a CIL plant could add new production if agreements with communities are respected.
- Exploration and expansion potential around Valentine could generate new resources over the long term.
- Rapid receipt of permits for Castle Mountain could accelerate the development of a major project.
Threats
- A fall in the gold price could reduce cash flow and the self-funding capacity of projects.
- Delays in authorisations or tensions with local communities could push back development schedules.
- Funding conditions and entry costs could become more difficult, affecting investment plans.
Risks
- Gold price volatilityhigh
The assumption of stable gold prices is essential to the projections; an unfavourable change could affect revenues and margins.
- Restart of Los Filos operationshigh
The restart depends on agreements with communities and on building a CIL plant; delays could postpone production.
- Permits for Castle Mountainmedium
Project development depends on obtaining the necessary permits and approvals, and the timetable could be affected.
- Reaching project capacitymedium
The assumption that Greenstone and Valentine reach project capacity may not materialise, which would affect the production guidance.
Investment thesis
What would need to be true (bull case)
- If production at Greenstone and Valentine reaches project capacity, cash flow could support dividends and project funding.
- The Los Filos restart and the advance of the Castle Mountain project could add production growth over the medium term.
- Internal control considered effective and external audit could help build investor confidence in the company's reporting.
What would break the thesis
- If the gold price falls, margins could be squeezed and the capacity to fund projects could be limited.
- Delays in permits or in agreements with communities could postpone production growth and could raise costs.
- Differences in resource reporting standards limit comparability, which could make valuing the company harder for investors.
What to watch
- Reaching project capacity at Greenstone and Valentine2026
- Progress on the Los Filos restart and CIL plant construction2026
- Receipt of approvals for Castle Mountain Phase 2next 10-K
- Realisation of the contingent consideration from the Brazil sale2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (29 Sept 2026), 6-K (21 Sept 2026), 6-K (17 Aug 2026), 6-K (06 Aug 2026), 6-K (05 Aug 2026).
The business
According to the annual report for 2025 1, Equinox Gold Corp. (referred to as 'Equinox Gold' or 'the Company') files with the SEC under the multijurisdictional disclosure system between the US and Canada, and its financial statements are prepared under IFRS. The Company presents results in US dollars, with reference to the exchange rate as of 31 December 2025.
The core activity involves mineral properties and gold production, and the document explicitly mentions the Greenstone and Valentine operations, as well as the suspension of operations at Los Filos and the plan to restart them, which includes building a CIL plant. The Company also includes the Castle Mountain Phase 2 project, which is going through permitting, indicating a growth strategy based on developing new resources.
The document also shows that Equinox Gold sold its Brazil operations, with contingent cash consideration, and management believes this could help improve cash flow. The dividend policy is mentioned as part of the strategy to return value to shareholders, without the document specifying an amount for 2026.
Segments
Producing operations
The Greenstone and Valentine operations are the most important producing assets mentioned in the report. The document emphasises reaching project capacity at both operations as a premise of the 2026 production guidance 1.
Development and restart projects
Castle Mountain Phase 2 is a project whose development depends on obtaining the required approvals and permits, including the effect of the FAST-41 designation. The restart of Los Filos operations, with a CIL plant construction, is a second development commitment, conditional on agreements with local communities.
Sale of the Brazil operations
The sale of the Brazil assets generated contingent cash consideration, whose realisation is cited as an assumption in the forward-looking statements. The document does not quantify future receipts from this mechanism.
Market context
The report does not describe the size of the global gold market, but confirms that the gold price is a key assumption in the company's projections, alongside entry costs and funding availability 1. On this basis, Equinox Gold's results depend directly on the macroeconomic conditions that influence the price of the precious metal.
The market in which the company operates is one with strict rules on mineral reserves and resources, because Equinox Gold reports under the Canadian NI 43-101 standard, which differs from SEC requirements for US companies. This means resource information is not directly comparable with that of US companies.
Trends
- Gold price as a core factormixed
The document includes the stability of gold prices among the core assumptions of the projections. If the gold price stays at favourable levels, revenues and self-funding capacity could be supported, whereas a decline would compress margins.
- New project development and resource expansiontailwind
The exploration and expansion potential around Valentine, as well as Castle Mountain Phase 2, suggests a growth orientation. Realising these projects depends on authorisations and adherence to construction schedules.
- Obtaining permits and approvalsheadwind
Delays in the authorisation process, including for Castle Mountain, could postpone the point at which projects add further production. The FAST-41 designation is mentioned as an element that could speed up the process.
- Relations with communities and Indigenous partnersmixed
Agreements with the communities around Los Filos and collaboration with Indigenous partners are cited as essential assumptions. If these relations become strained, the restart of operations could be delayed.
Competitive position
The report does not name competitors and contains no comparative analysis of market share. According to the document, the company operates in a context where comparisons with other producers are limited by differences in mineral resource reporting standards.
The competitive structure of the gold mining sector is not described in the documents provided. Any comparison with other producers should be made on the basis of their own reports, taking into account the differences in standards noted by Equinox Gold 1.
- Other gold producers listed in the US
The source document names no competitors; comparison with other gold producers requires additional sources.
- Canadian mining companies active in gold
Not identified in the source; a comparison could be made on the basis of the NI 43-101 reporting standard.
- Operators in US development projects
The source does not describe competitors for the Castle Mountain project; the situation remains unclarified.
- Potential buyers of mining assets
The document does not mention such entities; the context of the Brazil transaction is not detailed.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Day and night get equal billing on Tuesday. A guide to the fall equinoxPhys.org · 22 Sept 2026 · EN
- What the equinox 'henge' effect tells us about U.S. citiesNPR News · 21 Sept 2026 · EN
- Bilt CEO, Equinox Exec. Chairman on New PartnershipBloomberg Markets · 24 Aug 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 13 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)23 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Equinox Gold Corp. · 31 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.