Q4 2025 RESULTS & CORPORATE UPDATE FEBRUARY 19, 2026 Cautionary Notes Gaining Momentum Streamlined Portfolio Strong Balance Sheet Date X, 2025 Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations and the ensuing financial res ...

Core Insights - Equinox Gold Corp. reported significant progress in 2025, highlighted by a merger with Calibre Mining, resulting in a strong North American gold production focus and the establishment of two new long-life Canadian mines [2][6] Financial Performance - The company achieved a record full-year gold production of 922,827 ounces, exceeding its guidance of 785,000 to 915,000 ounces, with total cash costs of $1,494 per ounce and all-in sustaining costs (AISC) of $1,925 per ounce [6][28] - Revenue from continuing and discontinued operations reached $2.71 billion, with an average realized gold price of $3,465 per ounce [6][28] - Cash flow from operations before changes in non-cash working capital was $915.1 million, and adjusted EBITDA stood at $1,339.6 million [6][28] Operational Highlights - In Q4 2025, Equinox Gold produced a record 247,024 ounces of gold, with Greenstone contributing over 70,000 ounces, marking a 29% increase from the previous quarter [3][6] - The Valentine mine achieved commercial production ahead of schedule, contributing more than 23,000 ounces in Q4 [3][6] Debt Management and Shareholder Returns - The company successfully reduced its debt by over $1.1 billion since Q2 2025, with net debt approximately $75 million as of January 31, 2026 [6][28] - Equinox Gold announced the initiation of a quarterly cash dividend of $0.015 per share and plans for a share buyback program, reflecting confidence in its financial position [5][6] Future Outlook - For 2026, Equinox Gold expects to produce between 700,000 to 800,000 ounces of gold, with cash costs projected at $1,425 to $1,525 per ounce and AISC at $1,775 to $1,875 per ounce [4][15] - The company aims to self-fund 400,000 to 500,000 ounces of potential annual organic growth over the next five years through various expansion projects [4][6]

VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that its Board of Directors (“Board”) has declared an inaugural quarterly cash dividend of US$0.015 per common share (“Share”) of the Company, which is payable on March 26, 2026 to shareholders of record as at the close of business on the record date of March 12, 2026. The Board has also approved a dividend policy under which the Company in ...

Core Viewpoint - Equinox Gold (EQX) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system reflects changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for Equinox Gold suggest an improvement in the company's underlying business, likely leading to increased stock prices [5][10]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions [9][10]. Recent Earnings Estimate Revisions - For the fiscal year ending December 2025, Equinox Gold is expected to earn $0.44 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 7.7% over the past three months [8].

Core Insights - Equinox Gold Corp. (EQX) is expected to release its fourth-quarter 2025 results on February 18, with a history of mixed earnings surprises, having beaten estimates in two of the last four quarters and missed in two, averaging an earnings surprise of approximately 86.6% over the trailing four quarters [1][10] Group 1: Performance Metrics - EQX's shares have increased by 125.7% over the past year, while the Zacks Mining – Gold industry has seen a rise of 140% [2] - The company reported record gold production of 922,827 ounces for the full year 2025, indicating strong operational performance [5] - For the fourth quarter, gold production reached a record 247,024 ounces, including contributions from Greenstone (72,091 ounces) and Valentine (23,207 ounces) [6][8] Group 2: Market Factors - Higher gold prices are anticipated to have positively impacted EQX's profitability, with prices closing nearly 13% higher in the fourth quarter and surging approximately 65% throughout 2025 due to increased safe-haven demand amid global trade tensions and geopolitical issues [4] - Operational improvements at Greenstone and Valentine are expected to have contributed to the strong production figures, with Greenstone showing enhanced mining and milling rates [9]

Group 1: Company Overview - Equinox Gold Corp. is engaged in the exploration, operation, acquisition, and development of mineral properties in the Americas, primarily focusing on silver and gold deposits. The company was founded in 2007 and is based in Vancouver, Canada [4]. Group 2: Recent Developments - On February 2, Equinox Gold released updated results from its 2025 diamond drilling program at the Valentine Gold Mine in Newfoundland & Labrador, highlighting a new gold discovery and successful expansion of mineralization across the property. The drilling confirmed the discovery of the Minotaur Zone, located approximately 8 km northwest of the mill, with results showing broad intervals of high-grade mineralization [2]. - CEO Darren Hall stated that the latest drill results enhance confidence in the scale and quality of the Valentine Gold District, particularly at the Frank Zone, where consistent high-grade gold mineralization over broad widths supports the potential for a new open pit, contributing to production growth and extending the mine life beyond the current 14-year plan [3]. Group 3: Analyst Upgrades - CIBC analyst Anita Soni upgraded Equinox Gold from Neutral to Outperformer on February 4, raising the price target from C$21.50 to C$31. This upgrade reflects a more bullish outlook on the gold market, with increased gold price assumptions to $6,000 per ounce in 2026, $6,500 per ounce in 2027, and $6,000 per ounce in 2028. The firm believes that the demand drivers supporting gold prices in 2025 will continue into 2026 [1].

Core Insights - The volume of outbound mergers and acquisitions (M&A) from Greater China reached approximately $12 billion in January, marking the highest figure for the first month of a year since 2017 [1] - The increase in outbound M&A activity is attributed to heightened competition, fewer domestic opportunities, and renewed confidence among local brands, supported by Beijing's approval for strategic asset acquisitions [1][12] - Chinese companies are particularly interested in markets with lower regulatory hurdles, including consumer and retail sectors, as well as critical metals and technology [1][8][12] Outbound M&A Activity - Notable acquisitions include Luckin Coffee's potential bids for Blue Bottle Coffee and Costa Coffee, and HSG's interest in Leica Camera AG [5][11] - The Aluminum Corporation of China is acquiring a controlling interest in Cia. Brasileira de Alumínio, while CMOC Group and Jiangxi Copper Co. are making significant acquisitions in Brazil [8][11] - The strong performance of stock markets, such as Hong Kong's Hang Seng Index, has bolstered corporate confidence, facilitating increased M&A activity [6][11] Market Dynamics - The competitive landscape in China is driving innovation and positioning companies favorably for international expansion, particularly in Europe and Southeast Asia [9][12] - Private companies in China are often sector leaders, having developed the necessary scale and capabilities to compete globally [12] - The fast-growing data center sector is attracting investment, with companies like DayOne Data Centers planning expansions and IPOs [10][12] Strategic Considerations - The appetite for overseas expansion includes sensitive sectors, which may lead to complications in negotiations, as seen in the case of CK Hutchison Holdings Ltd. [7][11] - Companies are proactively advancing strategic priorities in a constructive M&A environment, supported by a dynamic global backdrop [11]

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, particularly in the financial sector, to achieve exceptional returns, although identifying such stocks can be challenging due to inherent risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying promising growth stocks by analyzing a company's real growth prospects beyond traditional metrics [2] - Equinox Gold (EQX) is currently highlighted as a recommended growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is a critical factor for investors, with double-digit growth being particularly desirable as it indicates strong future prospects [3] - Equinox Gold has a historical EPS growth rate of 25.9%, but the projected EPS growth for this year is significantly higher at 162.4%, surpassing the industry average of 61.5% [4] Group 3: Cash Flow Growth - High cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [5] - Equinox Gold's year-over-year cash flow growth stands at 34.3%, well above the industry average of 15.1% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 32.8%, compared to the industry average of 15.4% [6] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions are correlated with stock price movements, making them an important consideration for investors [7] - The current-year earnings estimates for Equinox Gold have increased by 19.3% over the past month, indicating a favorable outlook [7] Group 5: Conclusion - Equinox Gold has achieved a Growth Score of B and a Zacks Rank 1, reflecting positive earnings estimate revisions and strong growth metrics, positioning it as a potential outperformer for growth investors [8][9]

Core Insights - Equinox Gold Corp. is identified as one of the most undervalued gold stocks, with analysts highlighting its potential for investment [1] Group 1: New Discoveries and Drilling Plans - Equinox Gold announced a new AI-supported gold discovery at its Valentine Gold Mine, specifically identifying the Minotaur Zone and expanding the Frank Zone [1] - The Minotaur Zone is located 8 km from the existing mill, with initial drilling confirming mineralization over a 700-metre strike length that remains open in all directions [1] - High-grade results from the Minotaur Zone include 2.68 g/t gold over 32 metres and surface samples reaching as high as 650 g/t gold, leading to a planned 15,000 to 20,000 metres of dedicated drilling for 2026 [2] - Drilling at the Frank Zone has revealed continuous high-grade gold mineralization, including intercepts of 22.10 g/t gold over 6.3 metres and 3.12 g/t gold over 63.9 metres, supporting the potential for a new open pit that could extend the mine's current 14-year life [2] Group 2: Analyst Ratings and Price Target - BMO Capital analyst Kevin O'Halloran increased the price target for Equinox Gold from C$20 to C$26 while maintaining an Outperform rating [3] Group 3: Company Overview - Equinox Gold Corp. engages in the acquisition, exploration, development, and operation of mineral properties in the Americas, primarily focusing on gold and silver deposits [4]

Core Insights - Equinox Gold Corp. has announced new results from its 2025 diamond drill program at the Valentine Gold Mine, confirming a new gold discovery in the Minotaur Zone and broad zones of high-grade mineralization in the Frank Zone, indicating significant potential for resource expansion and new discoveries in the area [1][2][4] Exploration and Discoveries - The 2026 exploration program will target approximately 100 km of drilling across the Valentine property, focusing on the Frank and Minotaur Zones, as well as additional greenfield discoveries [1] - The Minotaur Zone has shown significant gold mineralization over a 700-meter strike length, with potential extensions of approximately 2 km, and initial drilling results include visible gold samples grading as high as 650 g/t [3][8] - The Frank Zone has demonstrated consistent high-grade gold mineralization over broad widths, supporting the potential for a new open pit that could enhance production growth and extend mine life beyond the current 14-year plan [2][9] Drilling Highlights - Initial drilling highlights from the Minotaur Zone include significant gold grades, with the potential for further exploration and development [4][8] - Notable drill results from the Frank Zone include: - 2.43 g/t Au over 172.80 m ETW - 22.10 g/t Au over 6.30 m ETW - 3.12 g/t Au over 63.90 m ETW - 16.45 g/t Au over 3.60 m ETW [6][7][9] Production and Operational Insights - The Valentine Gold Mine is expected to produce between 150,000 to 200,000 ounces of gold in 2026, with all-in sustaining costs projected between US$1,200 to US$1,300 per ounce [10] - Once fully operational, the mine is anticipated to be the largest gold-producing mine in Atlantic Canada, with an average production of 175,000 to 200,000 ounces per year for the first 12 years of its 14-year reserve life [10] Technological Integration - The discovery of the Minotaur Zone has been enhanced by the integration of artificial intelligence in exploration, utilizing VRIFY's AI-powered software to analyze multiple geological data layers, which has led to the identification of high-priority targets [8]