Equinox Gold Corp.
Equinox Gold is a fast-consolidating multi-asset gold producer that completed two major mergers within roughly a year: Calibre Mining (closed mid-2025, adding the Valentine Gold Mine in Newfoundland plus Nicaragua and Nevada operations) and Orla Mining (closed 2026-07-31, adding Camino Rojo, South Railroad, and the Musselwhite mine, Ontario). Flagship producing assets now include Greenstone (Ontario, ~320,000 oz/yr guided for the next decade), Valentine, Musselwhite and Camino Rojo; Los Filos (Mexico) is being restarted, and the Brazil operations, including Aurizona, were sold on 23 January 2026. A leadership handover is underway: CEO Darren Hall steps down 2026-10-31 with Jason Simpson (formerly Orla's CEO) taking over.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Mar 2019 · Source
- Oct 2021 · Source
- Oct 2021 · Source
- May 2024 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Not in place: tailings facility. Not yet determined: grid power.
Not in place: tailings facility.
Not in place: tailings facility, grid power.
Combined view across 14 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 22%Valentine Gold Mine, Newfoundland
- 26%Los Filos Mine, Mexico
- 18%Castle Mountain Mine, California (care & maintenance)
- 48%South Railroad Project, Elko County, Nevada
- 15 yrsGreenstone Mine, Ontario
- 12 yrsValentine Gold Mine, Newfoundland
- 14.5 yrsLos Filos Mine, Mexico
- 21 yrsCastle Mountain Mine, California (care & maintenance)
- 7 yrsMusselwhite Mine, Ontario
- 10 yrsSouth Railroad Project, Elko County, Nevada
Jurisdiction (40%)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. Equinox's flagship is the Greenstone mine in Ontario. It also operates in Mexico, Brazil and the United States, and in Nicaragua (materially higher risk) since the 2025 Calibre merger; this single flagship-based score does not capture them.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Greenstone Mine, Ontario.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Williams (Hemlo) (Hemlo Mining Corp.), 132 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.3/10
Nearest producing mine: Williams (Hemlo) (Hemlo Mining Corp.), 132 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Equinox Gold Corp. since 22 Jul 2025 (briefly President & COO immediately prior, following Calibre Mining's 17 Jun 2025 merger with Equinox Gold). Before that, President & CEO of Calibre Mining Corp. (Feb 2021-Jun 2025, SVP & COO from 2019); COO of Kirkland Lake Gold Ltd. (2016-2017, formed via the Newmarket Gold merger); COO of Newmarket Gold Inc. (2015-2016); and nearly 30 years at Newmont Mining Corporation, most recently Group Executive Operations and General Manager of Newmont Boddington Gold. BEng (Mining, Hons), Western Australia School of Mines.
Chief Financial Officer of Equinox Gold Corp. continuously since Aug 2016 -- his CFO role has continued across Equinox Gold's corporate predecessors (Luna Gold Corp., renamed Trek Mining Inc. in 2016, which combined into Equinox Gold Corp. in 2018), continuous internal history at his own current company rather than a separate outside employer. Before that, CFO of True Gold Mining Inc. (until its Apr 2016 acquisition by Endeavour Mining); 10 years at Nevsun Resources Ltd. in progressively senior finance roles including VP Finance and CFO; and earlier public-accounting experience at PricewaterhouseCoopers. Chartered Professional Accountant; undergraduate degree, University of British Columbia (1997).
Independent Director of Wheaton Precious Metals Corp. since 2016; also Chairman of Equinox Gold Corp. President and CEO of Goldcorp Inc. from 2009 to April 2016; earlier EVP Corporate Development at Goldcorp and EVP/General Counsel of Glamis Gold prior to its acquisition by Goldcorp. Also Non-Executive Chairman of Orla Mining Ltd. since 2017, ahead of its 2026 merger with Equinox Gold.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Equinox Gold operates Greenstone in Ontario, Valentine in Newfoundland (added with the 2025 Calibre merger), Los Filos in Mexico and Castle Mountain in California, and added Camino Rojo, South Railroad and Musselwhite through its merger with Orla Mining on 31 July 2026; it sold its Brazil operations, including Aurizona, in January 2026. Greenstone, the largest producer (about 320,000 oz a year guided for the next decade, 5.3 Moz of open-pit reserves), has no published economic analysis. Valentine's March 2026 study shows an after-tax NPV5% of US$3.1B at US$4,500/oz gold over a 2026-2037 life; older studies show US$640M (18% IRR) for the Castle Mountain Phase 2 expansion and US$625M (26% IRR) for the Los Filos expansion.