Equinox Gold Corp.

This is the conference operator. Welcome to the Equinox Gold third quarter 2025 results and corporate update. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference calls, You may signal an operator by pressing star then zero. I would now like to turn the conference over to Ryan King, EVP Capital Markets for Equal Loss Gold. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for taking the time to join the call with us this morning. Before we commence, I'd like to direct everyone to our forward-looking statements on slide two. Our remarks and answers to your questions today may contain forward looking information about the company's future performance. Although management believes that forward looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward looking statements. For a complete discussion of the risks, uncertainties and factors that may lead to actual operating and financial results being different from the estimates contained in our forward looking statements, please refer to the risks identified in the section titled Risks Related to the Business in Equinox Gold's most recently filed annual information form, which is available on CDAR+, on EDGAR, and on our website. And finally, I should mention that all figures are in U.S. dollars unless otherwise stated. With me on the call today are Darren Hall, Chief Executive Officer, Pete Hardy, Chief Financial Officer, and David Schumer, Chief Operating Officer. We will be discussing our third quarter 2025 production and cost results and providing an update on ramp-up progress at our Greenstone and Valentine mines, after which we will take questions. The slide deck we are referencing is available for download on our website at equinoxgold.com under the Shareholder Events section. You can also click on the webcast link to join the live presentation. And with that, I will turn the call over to Derek.

Thanks, Ryan, and turning to slide three. Good morning, everyone. I appreciate you taking the time to join us on the call today. Firstly, I'd like to acknowledge the efforts of all of Equinox's employees and business partners for their continued focus to responsibly deliver over 236,000 ounces during our first full quarter, including calibre assets. Well done to the entire team. It is truly an exciting time for Equinox as we begin to realise the value of our expanded Americas-focused gold portfolio anchored by two new cornerstone gold mines in Greenstone and Ballantyne. As I've mentioned previously, the leadership team, supported by the entire organisation, is focused on creating shareholder returns by consistently delivering on its commitments, which are focused on demonstrated operational excellence, advancing high return organic growth rationalising the portfolio and disciplined capital allocation. These are more than just words. Over the last quarter we have made material progress on each of these commitments. Just a few examples. Operational excellence. Production and costs were in line of favourable compared to consensus expectations and we remain on track to deliver into our full year consolidated production guidance. Importantly, we have made meaningful progress at Greenstone, which I'll talk to shortly. Advancing high return, organic growth. We poured fourth gold at Ballantyne, where the ramp-up is progressing extremely well, a game which I'll provide colour on shortly. Additionally, Castle Mountain was accepted into the US Federal Permitting Improvement Steering Council's FAST41 permitting program, which defines and anticipates a recorded decision in December of 2026. Rationalising the portfolio. Post quarter end, we closed the sale of our Nevada assets for $115 million including $88 million in cash. Discipline capital allocation. We retired $139 million of debt during Q3 and have commenced Q4 with an additional $25 million in October. Turning to slide 4, during Q3 we sold 239,000 ounces at an average cost of $1,434. and an all-in sustaining cost of just over $1,800 per ounce, which underscores the enhanced scale and earnings power of the new company. Our adjusted net income was $147 million, or 19 cents per share, with adjusted EBITDA of $420 million. We ended the quarter with $348 million in cash, not including the $88 million from the sale of our Nevada assets, which closed post-quarter end. With year-to-date production of 634,000 ounces, we are well positioned to deliver the midpoint of our 2025 production guidance of 785,000 to 915,000 ounces after divesting Nevada and prior to considering any production from Valentine. Airprox has entered a pivotal phase with increasing Canadian production driven by asset optimisation and the addition of Valentine, positioning us for stronger cash flow and earnings in the quarters ahead. Turning to slide five, Greenstone's performance improves meaningfully in Q3, and we remain on track to deliver into the low end of our production guidance at Greenstone. Importantly, Q3 mining rates exceeded 185,000 tonnes per day, which was a 10% increase over Q2 and a 21% increase over Q1. Importantly, process grades improved 13% in Q3 to 1.05 grams per tonnes. Improvements to pit floors, haul roads and dumps, along with implementation of double side loading, have led to lower cycle times and increased productivity. A focus on equipment maintenance practices, more efficient shift changes and the use of hot seating during shifts is also contributing to improved equipment utilisation, which is resulting in increased daily mining performance. Since July, we have implemented additional dilution management measures, including enhanced grade control protocols, and improved tracking systems, which is positively contributing to increased grades quarter over quarter. In the mill, despite 10 days of downtime due to planned maintenance events, including a 7-day shut to replace HPGR grinding rolls, total tonnes processed in Q3 were consistent with Q2 as we saw a 6% improvement in tonnes per hour processed. Further process improvements are underway, including commissioning of additional final refeed and core source stockpile conveyors that will enable consistent delivery of material to the grinding circuit during periods of downs by providing additional redundancy. The positive momentum has continued into Q4, with October mining rates exceeding 205,000 tonnes per day, a 10% increase over Q3. In the process plan, we have seen mill grades improve to 1.34 grams per tonne, a 27% increase over Q3, and a 15% improvement in tonnes milled per day versus the Q3 average. The strides being made across the board, coupled with increasing grades, underscores our confidence that Greenstone will deliver a strong Q4 and continue that momentum into 2026. Turning to slide six. Ballantyne commissioning continues ahead of expectations with ore introduced into the circuit on August 27th and first gold was poured on September 14th. The plant averaged nearly 5,000 tonnes per day or 73% of nameplate for the first 66 days of operation. Performance in October continues to demonstrate strong progress with throughput averaging over 6,200 tonnes per day or 91% of nameplate. Importantly, 18 days or 58% of the days during October were greater than nameplate. Recoveries exceeded 93% for the month from lower grade commissioning orders, which again are consistent with feasibility level recoveries, albeit a lower grade. Performance of this level is truly a testament to the robustness of the design and disciplined execution by our construction, commissioning and operations teams over the last 18 months. While we're still early in the journey, based on what I have seen, I fully expect Valentine to deliver into the upper end of the Q4 production range of 15,000 to 30,000 ounces. With the ramp-up progressing extremely well, I anticipate Valentine will reach nameplate capacity by Q2 2026. On this basis, 2026 should be a strong year with production anticipated to be between 150,000 to 200,000 ounces. In parallel, we're advancing our Phase 2 expansion studies and see a clear path to increasing to between 4.5 to 5 million tonnes per year. I will provide a fulsome update when we announce full funds approval which I anticipate in early Q2 2026. Currently exploration drilling is accelerated across the property with four drills in operation. The team is following up on several new discoveries including the previously released frank zone. Assays are pending for a number of significant intercepts which could meaningfully add to the resource base in the coming years. Needless to say, we are very optimistic on Ballantyne's exploration potential. Turning to slide seven, looking at 2026, I expect continued improvement in production and cash flow, supported by increasing contributions from both Greenstone and Ballantyne. We have seen a lift in our share price over the past few months, supported by a stronger growth price and steady operational delivery. That being said, I believe there is still a disconnect between our intrinsic value and how we are currently trading. Since 2022, our peers have seen significantly higher equity performance and while I recognise we've got work to do as we continue to build confidence by delivering our commitments, I believe there's a meaningful upside potential in our share price. The opportunity ahead is significant and our strategy is solid. By demonstrating operational excellence, advancing our high return organic growth assets. Rationalizing the portfolio with a disciplined capital allocation strategy, I am confident that we will become a reliable top quartile value to diversify gold producers. With that, operator, we are ready to take questions.