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Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the best Canadian stocks to buy under $20. On February 19, Equinox Gold achieved record production in 2025, delivering 922,000 ounces of gold. The company reduced net debt from $1.4 billion in mid-2025 to just $75 million by the end of January 2026. Furthermore, the company was able to make $681.40 million in Q4 revenue, which was an 18.50% increase year-over-year. The growth was driven by the ramp-up of the Greenstone and Valentine mines. Greenstone saw a ...

Core Viewpoint - Equinox Gold Corp. has announced a normal course issuer bid (NCIB) to repurchase up to 39,414,095 common shares, representing approximately 5% of its issued shares, to enhance shareholder value and reflect the company's underlying potential [1][2][3] Financial Position - The company has reduced its debt by over US$1.1 billion since Q2 2025, strengthening its balance sheet and enabling the initiation of a quarterly cash dividend of US$0.015 per share [2] - Equinox Gold expects to generate sufficient free cash flow in 2026 to support both the share repurchase and the dividend, indicating a strong financial position [3] Share Repurchase Program - The NCIB will allow purchases at prevailing market prices over a 12-month period starting March 2, 2026, with a maximum daily purchase limit of 660,178 common shares [1][3] - All shares repurchased under the NCIB will be cancelled, and the actual number and timing of purchases will depend on market conditions and management's discretion [4] Automatic Share Purchase Plan (ASPP) - The company plans to implement an automatic share purchase plan (ASPP) to facilitate share repurchases during regulatory black-out periods, allowing for continuous repurchase activity [5] - The ASPP will operate under the terms set by the company and will terminate when the NCIB expires [5]

Equinox Gold Conference Call Summary Company Overview - **Company**: Equinox Gold (NYSEAM:EQX) - **Date of Conference**: February 23, 2026 - **Key Focus**: Discussion on operational performance, financial health, and future growth strategies Key Points Industry Context - The gold market is currently buoyant, positively impacting Equinox Gold's operations and share price appreciation [1][2] Operational Performance - **Greenstone Mine**: - Significant improvements in operational performance noted over the last few quarters, attributed to leadership changes and local presence of the management team [3][5] - Mill performance has improved, with quarter-on-quarter enhancements in throughput, aiming for a nameplate capacity of 27,000 tons per day [6][10] - Achieved 30 consecutive days above nameplate capacity in December, indicating strong operational capabilities [10][11] - Investments of $130 million-$160 million planned for the year, focusing on tailings dam improvements and a trommel addition to enhance processing efficiency [7][8] - **Valentine Mine**: - First production achieved ahead of schedule, with Q4 performance at 89% of nameplate capacity [15] - Anticipated ramp-up to full capacity by Q2 2026, with phase two expansion expected to increase capacity from 2.5 million tons to 4 million tons [16][17] Financial Health - Significant debt reduction from over $1.4 billion to less than $100 million in net debt within a year [26] - Positive cash flow generation expected to fund future projects, including Castle Mountain, which is in the FAST-41 permitting process [26][27] - The company is considering share buybacks over dividend increases to enhance shareholder value [30] Exploration and Growth Potential - Exploration success noted around Valentine and potential for further discoveries in the region [19][22] - Los Filos is highlighted as a significant asset with substantial exploration potential, despite limited exploration activities in the past decade [37][51] - Plans to resume exploration activities at Greenstone and Los Filos to capitalize on identified underground potential [12][13][38] Community Relations and Future Investments - Progress made in community relations at Los Filos, with agreements ratified with two out of three agrarian communities [35] - Aiming for responsible investment in expansion projects, with a focus on community engagement and sustainable practices [36] Cost Management - The company acknowledges cost pressures due to rising gold prices but emphasizes the importance of prudent financial management [47][48] - Efficiencies expected from ramping up Canadian assets, which will help mitigate some cost pressures [49] Conclusion - Equinox Gold is positioned for growth with a strong operational focus, significant debt reduction, and a commitment to exploration and community engagement. The company aims to leverage its assets effectively while navigating the challenges of the gold market.

Core Viewpoint - Equinox Gold Corp. has filed its audited financial statements and management's discussion for the year ended December 31, 2025, indicating a commitment to transparency and regulatory compliance [1]. Financial Statements - The financial documents are available for download on SEDAR+, EDGAR, and the company's website, providing stakeholders with access to detailed financial performance data [1]. Contact Information - The company has provided contact details for inquiries, including Ryan King, EVP of Capital Markets, with a direct phone number and email addresses for investor relations [2].

Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in thousands of United States dollars, unless otherwise stated) Consolidated Financial Statements For the years ended December 31, 2025 and 2024 | CONTENTS | | | --- | --- | | Management's Report | 3 | | Report of Independent Registered Public Accounting Firm – Consolidated Financial Statements | 4 | | Report of Independent Registered Public Accounting Firm – Internal Control over Financial Reporting | 6 | | Consolid ...

Financial Data and Key Metrics Changes - Equinox Gold achieved record gold production of 922,000 ounces in 2025, with Q4 production of 247,000 ounces, generating $579 million in adjusted EBITDA and $272 million in adjusted net income, or $0.35 per share [6][8] - The company reduced net debt from approximately $1.4 billion in June 2025 to $75 million by the end of January 2026, exiting 2025 with over $400 million in cash [7][8] Business Line Data and Key Metrics Changes - Greenstone produced over 72,000 ounces in Q4, a 29% increase over Q3, with expectations of 250,000-300,000 ounces in 2026 at all-in sustaining costs of $1,750 to $1,850 per ounce [9][10] - Valentine achieved first gold production in September and commercial production in November, with expectations of contributing 150,000-200,000 ounces in 2026 [10][11] Market Data and Key Metrics Changes - The company sold over 242,000 ounces at a realized price of $4,060 per ounce in Q4, reflecting strong market conditions for gold [8] Company Strategy and Development Direction - Equinox Gold's strategy focuses on operational excellence, cost discipline, and high-return organic growth, with plans for disciplined capital allocation and shareholder returns through dividends and share buybacks [6][14] - The company aims to ramp up production at Greenstone and Valentine to nameplate capacity while investing in long-term value creation at other assets like Castle Mountain and Los Filos [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the gold price and the company's ability to generate consistent cash flow while maintaining a focus on cost control and disciplined capital allocation [8][14] - The company is optimistic about its organic growth potential, with 400,000-500,000 ounces of growth expected over the next five years [69] Other Important Information - The company announced its inaugural quarterly cash dividend of $0.015 per share and plans to initiate a share buyback of up to 5% of issued shares [7][8] - The sale of Brazilian assets has simplified the portfolio and accelerated deleveraging, with proceeds used to strengthen the balance sheet [25][27] Q&A Session Summary Question: Potential for Dividend Growth - Management indicated that the inaugural dividend is a fixed amount for the next 12-24 months, with potential for growth as the development pipeline firms up [17][19] Question: Brazilian Asset Sale Situation - Management confirmed confidence in the legality of the Brazilian asset sale and stated that all contractual obligations were met, addressing concerns raised by a Brazilian regulator [25][27] Question: Development of Los Filos and Castle Mountain - Management is optimistic about both assets but emphasized the need for robust land access agreements and feasibility studies before making development decisions [31][33] Question: Greenstone Recovery Rate Decline - Management explained that the decline in recovery rates was anticipated due to higher grades associated with arsenic lockup, which is part of the deposit's metallurgy [44][45] Question: Greenstone Throughput Levels - Management confirmed guidance of 250,000-300,000 ounces for Greenstone in 2026, with ongoing improvements in throughput expected [54][56] Question: Costs in Nicaragua - Management clarified that cost increases in Nicaragua are primarily volume-driven due to higher strip ratios and not due to inflation [75][76]

Equinox Gold (NYSEAM:EQX) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsAnita Soni - Managing Director of Equity ResearchDarren Hall - CEOFrancisco Costanzo - Associate Director of Equity ResearchJeremy Hui - Equity Research AssociateMohammed Sadidi - Equity Research AssociatePeter Hardie - CFORyan King - EVP of Capital MarketsConference Call ParticipantsJohn Tomazos - CEO and Senior AnalystOperatorThank you for standing by. This is the conference operator, and welcome to the Equin ...

Financial Data and Key Metrics Changes - Equinox Gold achieved record gold production of 922,000 ounces in 2025, with cash and all-in costs within guidance [6][9] - In Q4 2025, the company produced 247,000 ounces and sold over 242,000 ounces at a realized price of $4,060 per ounce, generating $579 million in adjusted EBITDA and $272 million in adjusted net income, or $0.35 per share [9] - The company exited 2025 with over $400 million in cash and minimal net debt of approximately $75 million, providing financial flexibility for 2026 [9][27] Business Line Data and Key Metrics Changes - Greenstone produced over 72,000 ounces in Q4 2025, a 29% increase over Q3, with expectations of 250,000-300,000 ounces production in 2026 at all-in sustaining costs of $1,750 to $1,850 per ounce [10] - Valentine achieved first gold production in September 2025, with Q4 production of over 23,000 ounces and expectations of 150,000-200,000 ounces in 2026 [11][12] Market Data and Key Metrics Changes - The company noted a strong gold price environment, which is expected to support margin expansion and free cash flow generation [9] Company Strategy and Development Direction - The company is focused on creating shareholder value through operational excellence, cost discipline, and high-return organic growth [5][14] - Capital return initiatives include an inaugural quarterly cash dividend of $0.015 per share and a share buyback program of up to 5% of issued shares [8][9] - The company plans to advance Phase II at Valentine, refresh Castle Mountain studies, and progress Los Filos, emphasizing long-term value creation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to fund organic growth while maintaining a conservative approach to capital allocation [20][23] - The company is optimistic about the operational improvements and the potential for significant gold mineralization at the Valentine district [13][14] Other Important Information - The company completed the sale of Brazilian assets, which simplified its portfolio and accelerated deleveraging, with proceeds used to reduce debt [25][27] - Management confirmed compliance with Brazilian laws regarding the sale of operations, addressing concerns raised by a local regulatory body [26][27] Q&A Session Summary Question: Potential for dividend growth and buyback strategy - Management indicated that the inaugural dividend is a fixed amount for the next 12-24 months, with potential for future increases as development pipelines firm up [17][19] Question: Situation regarding Brazilian asset sale - Management reassured that the sale complied with all laws and contractual obligations, and they remain committed to constructive dialogue regarding any issues raised [25][26] Question: Development approach for Los Filos and Castle Mountain - Management stated that they are focused on understanding the scope and scale of both assets, with a decision expected by the end of the year [31][34] Question: Recovery rates and production calculations - Management clarified that production numbers are based on poured bullion, and minor discrepancies in recovery rates are expected due to inventory changes [48][49] Question: Throughput levels at Greenstone - Management confirmed guidance of 250,000-300,000 ounces for 2026, with ongoing improvements in throughput expected [55][56] Question: Cost increases in Nicaragua - Management explained that cost increases are primarily volume-driven due to the development of larger pits and higher strip ratios [76][78]

Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]