$EQX

Equinox Gold Corp.

CIK:0001756607|SEC Filings

Consolidated Statements of Income $ in Thousands	12 Months Ended
Consolidated Statements of Income $ in Thousands	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Profit or loss [abstract]
Revenue	$ 1,817,195	$ 912,840
Other operating expenses	(834,589)	(596,921)
Depreciation and depletion	(339,694)	(109,796)
Operating expense	(1,174,283)	(706,717)
Income from mine operations	642,912	206,123
Care and maintenance expense	(94,991)	(580)
Exploration and evaluation expense	(10,884)	(1,631)
General and administration expense	(104,698)	(52,208)
Income from operations	432,339	151,704
Finance expense	(179,288)	(91,302)
Finance income	10,946	7,071
Other (expense) income	(132,630)	465,837
Income before income taxes from continuing operations	131,367	533,310
Income tax expense	(150,228)	(273,016)
Net (loss) income from continuing operations	(18,861)	260,294
Net income from discontinued operations	240,332	78,993
Net income	$ 221,471	$ 339,287
Net income per share
Basic (in dollars per share) \| (per share)	$ 0.35	$ 0.85
Diluted (in dollars per share) \| (per share)	0.35	0.75
Basic (in dollars per share) from continuing operations \| $ / shares	(0.03)	0.65
Diluted (in dollars per share) from continuing operations \| (per share)	$ (0.03)	$ 0.59
Weighted average shares outstanding
Basic (in shares) \| shares	630,306,219	400,109,698
Diluted (in shares) \| shares	630,306,219	473,546,710

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income for the year	$ 221,471	$ 339,287
Adjustments for:
Depreciation and depletion	517,516	222,616
Finance expense	185,678	95,381
Amortization of deferred revenue	(158,063)	(14,342)
Change in fair value of derivatives	113,964	123,289
Settlements of derivatives	(85,080)	(13,857)
Unrealized foreign exchange loss (gain)	21,149	(21,418)
Gain on remeasurement of previously held interest in the Greenstone Mine	0	(579,816)
Income tax expense	191,119	290,794
Income taxes paid	(129,226)	(19,602)
Other	36,575	7,866
Operating cash flow before changes in non-cash working capital	915,103	430,198
Changes in non-cash working capital	(96,758)	(58,014)
Cash provided by (used in) operating activities	818,345	372,184
Investing activities
Expenditures on mineral properties, plant and equipment	(692,346)	(412,073)
Cash acquired on acquisition of Calibre Mining Corp.	193,107	0
Investment in Calibre Mining Corp.	(40,000)	0
Net proceeds on disposal of assets	83,232	0
Proceeds from dispositions of marketable securities	3,023	48,191
Acquisition of Greenstone Mine	0	(744,110)
Other	(5,689)	(3,727)
Cash provided by (used in) investing activities	(458,673)	(1,111,719)
Financing activities
Drawdowns on credit facility	85,000	560,000
Repayments of loans and borrowings	(81,482)	0
Proceeds from other financing arrangements	21,621	57,346
Repayments of other financing arrangements	(24,878)	(7,296)
Interest paid	(132,580)	(112,647)
Lease payments	(39,887)	(29,494)
Net proceeds from shares issued in public offerings	0	335,562
Transaction costs and other	313	(10,996)
Cash provided by (used in) financing activities	(171,893)	792,475
Effect of foreign exchange on cash and cash equivalents	2,896	(5,606)
Increase in cash and cash equivalents	190,675	47,334
Cash and cash equivalents – beginning of year	239,329	191,995
Cash and cash equivalents – end of year	430,004	239,329
Cash and cash equivalents classified as held for sale	(22,649)	0
Cash and cash equivalents, excluding cash and cash equivalents held for sale	$ 407,355	$ 239,329

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 407,355	$ 239,329
Marketable securities	162,683	6,142
Trade and other receivables	65,468	70,035
Inventories	369,759	417,541
Prepaid expenses	26,352	44,529
Other current assets	10,608	6,529
Assets held for sale	928,332	0
Current assets	1,970,557	784,105
Non-current assets
Restricted cash	7,567	12,201
Inventories	368,130	277,102
Mineral properties, plant and equipment	7,910,329	5,564,713
Deferred income tax assets	0	2,339
Other assets	278,812	73,135
Total assets	10,535,395	6,713,595
Current liabilities
Accounts payable and accrued liabilities	302,420	258,341
Income taxes payable	153,118	10,103
Current portion of loans and borrowings	181,330	135,592
Current portion of deferred revenue	127,597	116,334
Current portion of derivative liabilities	184,171	116,563
Other current liabilities	82,663	52,158
Liabilities relating to assets held for sale	230,675	0
Current liabilities	1,261,974	689,091
Non-current liabilities
Loans and borrowings	1,373,350	1,212,239
Deferred revenue	165,130	266,718
Derivative liabilities	46,710	46,372
Reclamation and closure cost provisions	229,787	130,174
Deferred income tax liabilities	1,411,851	799,972
Other non-current liabilities	251,286	171,477
Total liabilities	4,740,088	3,316,043
Shareholders’ equity
Common shares	4,874,712	2,798,820
Reserves	93,081	74,100
Accumulated other comprehensive income (loss)	7,516	(89,027)
Retained earnings	819,998	613,659
Total equity	5,795,307	3,397,552
Total liabilities and equity	$ 10,535,395	$ 6,713,595