Equinox Gold Corp.

Thank you for standing by. This is the conference operator, and welcome to the Equinox Gold fourth quarter and four-year 2025 results and corporate update. As a reminder, all participants are in a listen-only mode, and the conference call 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 call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Mr. Ryan King, EVP of Capital Markets for Equinox Gold. Please go ahead.

Well, thank you, Operator. Well, good morning, everyone, and thank you for taking the time to join the call 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 our 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. Due to the caliber merger, asset sales, and classifying Brazil as discontinuing operations, the audit is taking a bit longer. We do not expect any changes compared to the unaudited results we have released, and we will issue a news release once the final audited results are filed in the coming days. Finally, I should mention that all figures in today's presentation are in U.S. dollars unless otherwise stated. With me on the call today are Darren Hall, Chief Executive Officer, Peter Hardy, Chief Financial Officer, and David Schumer, Chief Operating Officer. Today we will be discussing our fourth quarter and full year 2025 production and cost results, provide an update on ramp-up progress at our Greenstone and Valentine gold mines, Darren will also discuss the improvements in our balance sheet that allowed us to announce capital return initiatives, and then we'll take questions. The slide deck we're referencing is available for download on our website at equinoxgold.com. And with that, I'll turn the call over to Darren.

Turning to slide three, and thanks, Ryan. Good morning, and thank you for joining the call today. Firstly, I would like to thank the entire Equinox Gold team, including all of our business partners across the Americas, for their commitment to safety, operational excellence and disciplined execution. There is no better demonstration of their commitment than delivering a year with no material environmental events and a 30% reduction in our all injury frequency rate. Well done and thank you to the entire team. 2025 was a transformational year for Equinox Gold. one that not only reset the foundation of the business but marked the beginning of a new chapter. The team delivered record goal production, streamlined the portfolio and dramatically strengthened the balance sheet, positioning the company to deliver meaningful value as we look to the future. The entire organisation is aligned on creating shareholder value by consistently delivering on their commitments, which are focused on demonstrating operational excellence, maintaining strict cost discipline and advancing high return organic growth. We have made material progress on all fronts, including delivering 922,000 ounces in 2025 within cash and all-in cost guidance. This strong finish to the year reflects continued progress at Greenstone and Valentine, alongside reliable performance from the balance of the portfolio. Greenstone ramped steadily throughout the year, with Q4 gold production 60% higher than Q1. Valentine commissioning progress exceeded expectations, with first gold achieved in September and commercial production declared in November. The result of the team's focus and commitment to deliver is also measured in the significant transformation of our balance sheet. In June 2025, our net debt was approximately $1.4 billion, and at the end of January, we had reduced it to $75 million, all while completing construction and commissioning at Ballantyne. With a stronger balance sheet and consistent robust cash flow, we are well positioned to take the next step in returning capital to our shareholders. Given this strong position, I am pleased to announce the company's inaugural quarterly cash dividend of 1.5 cents per share. Additionally, we are filing our notice of intent to initiate a share buyback of up to 5% of the issued and outstanding shares. Together, These actions mark the start of a disciplined capital return strategy and reinforce our commitment to delivering long-term per share value. Turning to slide four, touching briefly on the financial results, and Pete can provide additional colour as required. Equinox had a strong finish to the year with 247,000 ounces produced in Q4. We sold over 242,000 ounces at a realised price of $4,060 per ounce, generating $579 million in adjusted EBITDA and $272 million in adjusted net income, or 35 cents per share. Importantly, we exited 2025 with over $400 million in cash and minimal net debt, giving us financial flexibility heading into 2026. Looking forward, we are encouraged by the strength of the gold price, however, the organised Organisation's focus is clear, cost control, disciplined capital allocation and delivering consistent performance across the portfolio. As our Cornerstone assets ramp up to nameplate, we see a clear path to expanding margins and strengthening free cash flow generation. Turning to slide five, Greenstone finished with a strong fourth quarter, producing over 72,000 ounces, a 29% increase over Q3. we saw meaningful improvements in mining rates, mill throughputs and grade, with the plant achieving nameplate capacity for 30 consecutive days during December. For 2026, we anticipate production of 250,000 to 300,000 ounces at all-in sustaining costs of between $17.50 and $18.50 per ounce. To support continued performance gains, we are making targeted investments in the operations, including the purchase of a trommel and other mobile equipment designed to optimize mine and process plant performance. Our long-term objective remains clear at Greenstone to establish life of mine production around 300,000 ounces annually. We've demonstrated that the mill can process 30,000 tons a day. With the team we now have in place, I'm confident that we'll continue to build on the demonstrating meaningful operational improvements. Consider the progress on the key metric of daily tons processed greater than nameplate over the last year. In H1 2025, we delivered 17% of the days greater than nameplate. In Q3, we increased to 28. In Q4, to 36. Looking at Q1 to date, through yesterday, we're at 50%. So we're demonstrating continued and demonstrated steady ramp up of the assets. which sets us up well for the future. At Valentine, we poured over 23,000 ounces of gold in Q4, its first quarter, with the plant averaging 90% of nameplate capacity. We expect to achieve constant or consistent nameplate throughput during Q2 2026, as we anticipate Valentine to contribute 150,000 to 200,000 ounces of gold this year. We are working on the feasibility study for the Phase 2 expansion that would increase throughput to 4.5 to 5 million tonnes per year and result in production of greater than 200,000 ounces a year for more than the next decade. I anticipate completing the feasibility study over the next couple of months, which would then go to the Board for investment approval in Q2, with work anticipated to commence in the second half of the year. Ballantyne continues to show strong exploration upsides. Our 2025 drill results confirm consistent high-grade mineralisation over broad widths at the Franks Zone, supporting the potential for a fourth open pit. In 2026, we have 25,000 metres of drilling planned to advance the Franks Zone. We also announced a new discovery, the Minotaur Zone, located eight kilometres north of the mill. With a 20,000 metre drill program set to begin this spring, the zone remains open for expansion. Importantly, the Minotaur discovery confirms that significant gold mineralisation exists well outside of the main Ballantyne Lake shear zone, opening the broader property and reinforcing the long-term growth potential of the Ballantyne District beyond the current mine plan. Turning to slide six, as we close, I want to underscore the momentum across the business. We have the key ingredients in place to deliver top quartile valuation. new, high-quality, long-life assets in Tier 1 jurisdictions, an organic growth pipeline, a team focused on delivering into expectations, which deliver strong pre-cash flow and return capital to shareholders. In 2026, our priorities are clear. Ramp up Greenstone and Valentine to nameplate capacity, allocate capital in a disciplined and balanced manner across the portfolio, sustaining investment and shareholder returns, while maintaining a strong balance sheet. Our inaugural dividend and application for a share buyback are key steps in this strategy. Consistent with our focus on discipline growth, we are investing in the long-term value creation. This year, we will advance phase two at Valentine, refresh Castle Mountain Studies, and progress Los Feliz, both technically and socially. At Los Feliz, I'm encouraged by the continued engagement with our host communities and support from the state and national governments, as we remain focused on realizing the asset's full potential and unlocking significant long-term value for all stakeholders. With a stronger portfolio, solid cash flow, and clear execution priorities, we are entering into 2026 from a position of strength. Our focus remains on discipline growth, operational delivery, and creating long-term value responsibly and consistently for our shareholders and all stakeholders. With that, we'll turn it over to the operator for any questions.