EQXNYSEGold and Silver OresUS GAAP · USD

Equinox Gold Corp.

Equinox Gold Corp. is a gold mining company with operations and development projects across the Americas, centered on the production of gold from a portfolio of mines and expansion assets. It is organized as a multi-asset producer with interests in operating mines, development projects, and exploration opportunities in North and South America.

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Revenue1,817m USD
+99.1 %y/y
Operating profit (EBIT)311m USD
−50.3 %y/y
EBIT margin17.1%
−51.3 ppy/y
Net income221m USD
−34.7 %y/y
Free cash flow126m USD
+415.9 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-50005001,0001,5002,000m USD2022: 952 m USD2022: EBIT -58 m USD20222023: 1,088 m USD2023: EBIT 75 m USD20232024: 913 m USD2024: EBIT 625 m USD20242025: 1,817 m USD2025: EBIT 311 m USD20251,817311
RevenueOperating profit (EBIT)

Business

Share of revenue
Gold production70 %

Commercial gold output from operating mines and processing facilities.

Development projects20 %

Projects under construction or advancement to expand future production.

Exploration and resource growth10 %

Drilling and technical work to extend mine life and add ounces.

Customers

Equinox Gold primarily sells mined gold into the global bullion and precious-metals market rather than to end consumers. Its buyers are typically bullion dealers, refiners, traders, and institutional counterparties that purchase gold for investment, hedging, or industrial and financial use. The company’s sales are therefore linked to commodity pricing, market liquidity, and refining/offtake channels rather than branded customer demand.

Bullion dealers and traders

Buy doré and refined gold for resale into global bullion markets.

Refiners and processors

Take gold-bearing product for refining and market distribution.

Institutional commodity buyers

Purchase gold exposure through physical metal markets and contracts.

Hedging counterparties

Enter pricing and settlement arrangements tied to gold output.

Strategy

Equinox Gold’s strategy is to build a diversified Americas-focused gold producer with long-life, lower-cost assets and a pipeline of development and expansion projects. The company emphasizes disciplined capital allocation, operational execution, and portfolio optimization to grow production and value per share over time.

Portfolio optimizationMedium term

Concentrate capital on assets with the best long-term production and value profile.

Growth project executionMedium term

Development projects are needed to replace depletion and expand production.

Operating excellenceShort term

Stable mine performance supports cash generation and portfolio credibility.

Geography

Equinox Gold is Americas-focused, with operating mines and development projects in Canada and across Latin America. The company’s footprint ties it to multiple mining jurisdictions, permitting regimes, infrastructure networks, and local community relationships, which shape operating continuity and development timelines.

Risks

The business is exposed to gold-price volatility, mine-operating risk, and permitting or community-related disruption across multiple jurisdictions. Because production is tied to complex, long-life mines and development projects, schedule slippage, cost inflation, grade variability, and regulatory changes can materially affect results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Gold price volatility1Mine operating variability2Permitting and social license3Cost inflation and supply chain risk4Jurisdictional and political risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Gold price volatilityImpact: HighLikelihood: High

    Revenue and project returns are highly sensitive to commodity prices.

    Exposure: Physical gold sales and reserve economics

  2. Mine operating variabilityImpact: HighLikelihood: High

    Ore grade, recoveries, and equipment availability can change output.

    Exposure: Operating mines and processing plants

  3. Permitting and social licenseImpact: HighLikelihood: Medium

    Projects depend on approvals, community support, and local engagement.

    Exposure: Development and expansion projects

  4. Cost inflation and supply chain riskImpact: MediumLikelihood: High

    Mines require fuel, labor, reagents, and contractor services.

    Exposure: All operating sites

  5. Jurisdictional and political riskImpact: MediumLikelihood: Medium

    Operating across the Americas exposes the company to differing rules and taxes.

    Exposure: Canada and Latin America operations

Accounting

Judgemental items
Reserve and resource estimates

Reserve changes alter depletion, mine lives, and impairment assumptions.

Impact: Directly affects carrying values and unit costs

Capitalized stripping and mine development

Mine waste removal and development costs may be capitalized based on future benefit.

Impact: Impacts asset balances and future depreciation/depletion

Impairment testing

Long-lived mining assets are tested using commodity-price and reserve assumptions.

Impact: Can create large non-cash write-downs

Production-based depletion

Depletion expense is tied to output and reserve tonnes mined.

Impact: Affects gross margin and operating costs

Acquisition and consolidation accounting

Asset acquisitions and business combinations can change basis and comparability.

Impact: Impacts balance sheet and profit recognition

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Last updated: 28/09/2026

Equinox Gold Corp. (EQX) Revenue, Earnings & Financials 2025 – Clarifo