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

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

Updated 2025 Guidance, as announced on June 11, 2025, incorporated the Calibre Assets on a 100% basis from January 1, 2025.

1. 2025 Guidance and 2025 Actuals reflect consolidated production from the Equinox Gold and Calibre Assets commencing from January 1, 2025, but exclude production from Los Filos, Castle Mountain and Valentine.
2. Full-year 2025 cash costs and AISC reflect consolidated costs for the Equinox Gold and Calibre Assets from January 1, 2025, and exclude production and costs associated with Los Filos, Castle Mountain and Valentine. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
3. Exchange rate assumptions for 2025 cash costs and AISC per oz included the following: BRL 5.25 to USD 1, CAD 1.34 to USD 1 and NIO 35 to USD 1.

2026 GUIDANCE

On January 14, 2026, Equinox Gold provided 2026 production and cost guidance of 700,000 to 800,000 ounces of gold, at cash costs of $1,425 to $1,525 per ounce and AISC of $1,775 to $1,875 per ounce (see January 14, 2026 news release). Guidance does not include production from the Brazil Operations, which were sold on January 23, 2026. The Company also provided 2026 expenditure guidance of $325 to $375 million for growth capital, $70 to $80 million for exploration and $80 to $90 million of corporate general and administrative expenditures.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and webcast on Thursday, February 19, 2026, commencing at 7:00 am PT (10:00 am ET) to discuss its fourth quarter and full year 2025 results.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast login
Equinox Gold | Financials

ABOUT EQUINOX GOLD

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

EQUINOX GOLD CONTACT

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

APPENDIX

2025 REPORTING OVERVIEW

Equinox Gold completed a number of transactions during 2025 that affect the way operating and financial results have been reported in the Financial Statements and related MD&A.

The merger with Calibre Mining was completed on June 17, 2025. While production and associated costs from these assets (the “Calibre Assets”) is attributable to Equinox Gold only from June 17, 2025, Equinox Gold’s production and cost guidance for 2025 includes production and costs from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded portfolio.

On October 1, 2025, Equinox Gold completed the sale of the Pan Mine and other Nevada assets for total consideration of $136.5 million, comprising $98.4 million in cash, of which $10.3 million was included in trade and other receivables at December 31, 2025, an $8.6 million promissory note that was fully repaid in January 2026, and equity consideration with a fair value of $29.5 million in the form of Minera Alamos common shares (TSX-V: MAI). Equinox Gold sold its Minera Alamos common shares in February 2026 for gross proceeds of $41.1 million.

On December 14, 2025, Equinox Gold announced an agreement to sell its operating mines in Brazil (“Brazil Operations”), for $900 million in cash on closing of the transaction and up to $115 million in a production-linked contingent payment one year from closing (“Brazil Sale Transaction”). As such, in the Financial Statements and MD&A and in the Consolidated Operational and Financial Highlights table below, Brazil Operations were reported as assets held for sale, their associated liabilities as liabilities held for sale, and the results from their operations as “Discontinued Operations”, separately from “Continuing Operations” which comprise Greenstone, Valentine, Mesquite, Castle Mountain, Los Filos and Nicaragua Operations. The Brazil Sale Transaction closed on January 23, 2026. On closing of the Brazil Sale Transaction, the Company received cash consideration of $891.1 million, which is subject to customary post-closing working capital adjustments.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS – Operating Data

1. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Consolidated cash costs per oz sold and AISC per oz sold excludes Castle Mountain results after August 2024 when residual leaching commenced (see Development Projects) and Los Filos results after March 2025 when operations were indefinitely suspended on April 1, 2025 (see Development Projects).  Consolidated cash costs per oz sold and AISC per oz sold includes Greenstone from November 2024 and Valentine from December 2025 when the mines reached commercial production, respectively. Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. Consolidated cash costs per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which were excluded from the 2025 Guidance.
4. Gold produced for the three months ended December 31, 2025 includes 1,336 and 23,207 ounces produced at Castle Mountain and Valentine, respectively; gold sold for the three months ended December 31, 2025 includes 335 ounces at Los Filos, 1,349 ounces at Castle Mountain, and 19,155 ounces at Valentine. Gold produced for the year ended December 31, 2025 includes 33,013, 9,089 and 23,816 ounces produced at Los Filos, Castle Mountain and Valentine, respectively; gold sold for the year ended December 31, 2025 includes 37,172, 9,106 and 19,155 ounces sold at Los Filos, Castle Mountain and Valentine, respectively.
5. Operations for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.
6. Numbers in tables throughout this news release may not sum due to rounding.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS – Financial Data

1. Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Operating and financial data for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.
3. Numbers in tables throughout this news release may not sum due to founding.

Additional information about the Company’s Q4 and Full Year 2025 operating and financial results can be found in the PDF of the February 18, 2026 news release.

Cautionary Notes & Forward-looking Statements  

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; anticipated 2026 production and cost guidance; expectations for Greenstone and Valentine operations, including achieving design capacity; potential future mining opportunities around Valentine;  receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; realization of the contingent cash consideration from the Brazil operations sale; the Company’s ability to restart operations at Los Filos and the construction of a CIL plant; and the Company’s ability to improve cash flow and self-fund projects.

Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “deliver”, “expect”, “estimate”, “anticipate”, “target”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them.

Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; achieving design capacity at Greenstone and Valentine operations; timely execution of the Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; statements relating to the distribution of dividends to shareholders of the Company; the periodic review of, and changes to, the Company’s dividend policy; the declaration and payment of future dividends; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of new permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove incorrect. 

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors” in the Company’s MD&A for the most recent fiscal year end, and in the section titled “Risks Related to the Business” in the Company’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

NON-IFRS MEASURES

This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

TECHNICAL INFORMATION

David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved the technical content of this document.