Equinox Gold Corp. (EQX) Stock Analysis

Equinox Gold’s principal competitive advantage is its portfolio of large, long-life gold mines in stable North American jurisdictions. Following the 2025 merger with Calibre Mining, over 70% of production and 80% of net asset value are now in Canada and the United States—regions that command premium valuations due to lower geopolitical risk. This shift distinguishes EQX from peers such as B2Gold and Kinross, which have greater exposure to higher-risk geographies.

The company’s two Canadian cornerstone assets, Greenstone and Valentine, are both at the start of their mine lives, with combined annual production expected to exceed 500,000 ounces and average mine lives of 13–15 years. This underpins predictable, low-cost output and positions EQX for significant free cash flow growth. By contrast, rivals like Alamos Gold and Agnico Eagle have similar jurisdictional advantages but trade at higher price-to-NAV multiples (Agnico: 1.7x; EQX: 1.0x), suggesting potential for EQX’s valuation to rerate as execution improves.

EQX’s scale and diversification—four operating mines and a pipeline of expansion projects—reduce single-asset risk. The company’s recent divestiture of Brazilian assets further concentrates its portfolio in top-tier regions and has enabled rapid deleveraging, with net debt reduced to $150 million as of January 2026.

Management’s operational discipline, focus on cost control, and a culture of responsible mining support these structural advantages. However, EQX’s historical record of production misses and ongoing community relations challenges (notably at Los Filos) remain key risks relative to best-in-class operators.