Equinox Gold is a Canadian gold mining company that mines and sells gold from a portfolio of open-pit and underground mines across Canada, the U.S., Nicaragua, and Mexico. The company mines ore, processes it into gold doré, and sells refined gold at spot prices to bullion banks and refiners — making Equinox Gold a pure price-taker in a liquid global commodity market. The two cornerstone assets are Greenstone (Ontario) and Valentine (Newfoundland), both large open-pit mines that recently achieved commercial production and are ramping up toward nameplate capacity. Greenstone is the larger of the two, targeting ~300,000 oz/year at full run-rate, while Valentine is expected to contribute 150,000–200,000 oz in 2026, with a Phase 2 expansion under study to roughly double throughput. Profitability is driven by the gold price, production volume, ore grade, metallurgical recovery, and unit cost reduction as the two flagship mines ramp up and fixed costs are spread over more ounces. Equinox Gold guides 2026 AISC at $1,775–$1,875/oz. The company recently sold its Brazilian operations for $900M and its Pan Mine for $115M, using proceeds to repay debt and reduce net debt to ~$75M. Equinox Gold also holds Los Filos (Mexico), a large suspended mine with ~5.4 Moz in reserves, and Castle Mountain (California), a development-stage asset awaiting federal permitting. Near-term capital allocation prioritizes self-funding Valentine Phase 2 and Castle Mountain Phase 2 from operating cash flow, alongside an inaugural dividend and a share buyback program.