Equinox Gold Delivers Strong First Quarter with 197,628 Ounces of Gold Production, $990 Million of Debt Reduction and Inaugural Dividend Payment

• Q1 2026 production: 197,628 oz Au (Canadian assets 87,402 oz).
• Debt reduction: Repayment of US$990 M during the quarter, bringing net debt to roughly US$75 M.
• Shareholder return: Inaugural quarterly cash dividend of US$0.015 per share paid 26 Mar 2026; NCIB approved for up‑to 5% of shares.
• Operations update: Valentine Phase 2 expansion budget $414 M, 24‑month build funded by cash flow/credit line; Greenstone operating above nameplate on many days.
• Exploration: High‑grade “Minotaur” discovery at Valentine (8 km north of mill) and continued mineralization in the Frank Zone.
• Guidance outlook: Canadian production expected to average 543,000 oz/yr for 2026‑2036 based on updated technical reports.

Aspect	Prior expectation	New information	Impact
Production	Q1 2025‑26 guidance ~700–800 k oz annual, with ramp‑up of Valentine	Delivered 197.6 k oz in Q1 2026, Canadian output strong and above nameplate on many days	Positive – confirms operational execution and supports higher‑end guidance
Debt profile	Net debt ≈ US$1.5 bn (drawn)	Repayment of US$990 M; net debt now ~US$75 M	Materially positive – dramatically improves balance sheet, lowers interest expense, frees cash for growth and returns
Dividend & NCIB	No dividend history; share‑repurchase pending	First quarterly dividend declared; NCIB approved up to 5% of shares	Positive – signals confidence in free cash flow and commitment to shareholder return
Exploration	Ongoing drilling at Valentine	New high‑grade Minotaur zone discovery (8 km from mill)	Positive – adds upside potential for future production, especially Phase 2 expansion
Overall market perception	“Outperform” rating; price range $7–9 in early 2025	Stock now trading >$21 after debt reduction and dividend news	Game‑changer element but the primary driver is the material improvement to balance sheet and cash flow, thus classified as Material – Positive rather than a full game‑changer.

The news aligns with the strategic narrative presented in the investor presentation (focus on deleveraging, cash returns, and Canadian growth) and materially improves the company’s financial flexibility.

Equinox Gold is a mid‑tier gold producer focused on high‑margin, low‑cost assets in Tier 1 jurisdictions (Canada, USA, Mexico). Flagship projects are Greenstone (Ontario) – an open‑pit mine delivering >300 kt/yr at ~US$1.7k oz cash cost, and Valentine (Newfoundland) – a newly commissioned underground operation targeting 150–200 kt/yr with Phase 2 expansion to double throughput.