Equinox Gold Delivers Transformational Year with Strategic Merger, Record Production and Revenue, Portfolio Optimization, More than US$1.1 Billion in Debt Reduction, and Announces Inaugural Dividend
Press Release
February 18, 2026
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to report its unaudited financial and operating results for the three months (“Q4”) and year (“Full Year”) ended December 31, 2025. These results are preliminary and could change based on final audited results. Equinox Gold’s 2025 audited consolidated financial statements and accompanying management’s discussion and analysis for Q4 and Full Year 2025 will be released later this month. All financial figures are in US dollars unless otherwise indicated.
Darren Hall, CEO of Equinox Gold, commented: “2025 marked an important year of progress for Equinox Gold. The merger with Calibre created a tier one North American focused gold producer anchored by two new long-life Canadian mines. The year required a reset in expectations, particularly with ramp-up challenges at Greenstone. Many of those issues have been successfully addressed, along side the delivery of first gold and commercial production at Valentine ahead of schedule, portfolio optimization through asset divestments, and materially transforming the balance sheet with more than $1.1 billion in debt reduction since Q2 2025.
“During the fourth quarter, key operational improvements began to translate into sustainable results, delivering record Q4 gold production of 247,024 ounces. At Greenstone, higher mining and milling rates drove a meaningful increase in production to more than 70,000 ounces of gold, up 29% from the prior quarter. At Valentine, commissioning progressed ahead of plan, with the declaration of commercial production in November and contribution of more than 23,000 ounces of gold in Q4.
“As we enter 2026, our priorities are clear: operate safely and responsibly, generate free cash flow, reduce debt and continue unlocking the value of our portfolio. With gold prices strong and the expectation of producing 700,000 to 800,000 ounces of gold in 2026, we expect cash flow to eliminate the remaining debt in 2026. The strengthened balance sheet provides greater flexibility to self-fund 400,000 to 500,000 ounces of potential annual organic growth over the next five years from the Phase 2 expansion at Valentine, the Castle Mountain expansion, and optionality at Los Filos.
“As free cash flow continues to grow, so do opportunities to return capital to shareholders. Earlier today, we announced the initiation of a quarterly cash dividend and, subject to TSX approval, the implementation of a share buy back program, reflecting our confidence in the Company’s financial position and long-term outlook, and our commitment to delivering meaningful, long-term value for our shareholders.
“Execution, growth, discipline and transparency will drive shareholder value. Equinox Gold is focused on delivering sustainable superior value for our shareholders and long-term benefits for our community partners as a leading gold producer.”
FULL YEAR 2025 HIGHLIGHTS AND SUBSEQUENT EVENTS(1)
- Achieved a Full Year production record of 922,827 ounces; including 856,908 ounces meeting 2025 guidance of 785,000 to 915,000 ounces, plus 65,918 ounces from Valentine, Los Filos and Castle Mountain(2)
- Total cash costs of $1,494 per oz and all-in sustaining costs (“AISC”) of $1,925 per oz(2)(3)
- Cash costs and AISC came in at the low end of full year guidance; see 2025 Guidance & Actuals below
- Sold 778,561 ounces of gold attributable to Equinox Gold in 2025 at an average realized gold price of $3,465 per oz, generating revenue from continuing and discontinued operations of $2.71 billion
- Cash flow from operations before changes in non-cash working capital of $915.1 million
- Adjusted EBITDA of $1,339.6 million(3)
- Net income of $221.5 million or $0.35 per share (basic)
- Adjusted net income of $420.5 million or $0.67 per share (basic)(3)
- As of January 31, 2026, Equinox Gold had reduced debt by $1.1 billion since Q2 2025
- Cash and equivalents (unrestricted) of $407.4 million(4) at December 31, 2025
- Net debt of approximately $75 million at January 31, 2026 (3)(5)
- Inaugural quarterly cash dividend of $0.015 per share payable on March 26, 2026; targeting a regular quarterly dividend of $0.015 per share ($0.06 per share annually), subject to quarterly Board of Directors approval
- Implementation of a normal course issuer bid, subject to Toronto Stock Exchange approval, to purchase for cancellation up to 5% of the Company’s outstanding shares
- Made a significant new AI-supported gold discovery 8km northwest of the Valentine mill, and continued to encounter broad zones of high-grade gold mineralization along trend from existing mineral reserves (see February 2, 2026 news release)
Q4 2025 HIGHLIGHTS(1)
- Produced a record 247,024 ounces of gold, including 1,336 ounces from Castle Mountain and 23,207 ounces from Valentine
- Total cash costs of $1,392 per oz and AISC of $1,907 per oz(3)
- Sold 242,392 ounces of gold at an average realized gold price of $4,060 per oz, generating revenue from continuing and discontinued operations of $987.8 million
- Cash flow from operations before changes in non-cash working capital of $396.0 million
- Adjusted EBITDA of $579.0 million(3)
- Net income of $197.5 million or $0.25 per share (basic)
- Adjusted net income of $272.9 million or $0.35 per share (basic)(3)
1. See 2025 Reporting Overview in the Appendix. While the production, cost and financial results shown in the highlight bullets above include contribution from the Brazil Operations, in the Company’s Financial Statements and MD&A the Brazil Operations are reported as assets held for sale, their associated liabilities as liabilities held for sale, and the results from their operations as Discontinued Operations.
2. Production, gold ounces sold and the cash costs and AISC associated with the Calibre Assets is attributable to Equinox Gold only from June 17, 2025. Equinox Gold’s 2025 guidance includes production from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded portfolio, but excludes production from Castle Mountain, Los Filos and Valentine. See 2025 Guidance & Actuals below.
3. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
4. Excluding $22.6 million of cash and equivalents held in assets for sale at December 31, 2025, related to Discontinued Operations.
5. Calculated using cash unreconciled of $440 million and debt of $515 million at January 31, 2026, excluding in-the-money convertible debentures.
2025 GUIDANCE & ACTUALS
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