Thank you for your patience. This is the conference operator. Welcome to the Equinox Gold Third Quarter 2025 Results and Corporate Update. The conference is being recorded. I would now like to turn the conference over to Ryan King, Executive Vice President of Capital Markets for Equinox Gold. Please proceed.

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 2. 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 SEDAR+, 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 Hardie, Chief Financial Officer; and David Schummer, 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 Darren.

Thanks, Ryan, and turning to Slide 3. Good morning, everyone, and I appreciate you taking the time to join us on the call today. Firstly, I would 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 realize the value of our expanded Americas-focused gold portfolio anchored by 2 new cornerstone gold mines in Greenstone and Valentine. As I've mentioned previously, the leadership team, supported by the entire organization is focused on creating shareholder returns by consistently delivering on its commitments, which are focused on demonstrated operational excellence, advancing high-return organic growth, rationalizing 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 or favorable 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 first gold at Valentine where the ramp-up is progressing extremely well, a game, which I'll provide color on shortly. Additionally, Castle Mountain was accepted into the U.S. Federal Permitting Improvement Steering Council's FAST-41 permitting program, which defines an anticipated record of decision in December of 2026. Rationalizing the portfolio. Post quarter end, we closed the sale of our Nevada assets for $115 million, including $88 million in cash. Disciplined 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 per ounce at 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 $0.19 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. Equinox has entered a pivotal phase with increasing Canadian production driven by asset optimization and the addition of Valentine, positioning us for stronger cash flow and earnings in the quarters ahead. Turning to Slide 5. Greenstone's performance improved 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 tonne. Improvements to pit floors, haul roads and dumps, along with implementation of double-side loading have led to lower cycle times and increased productivity. Our focus on equipment maintenance practices, more efficient shift changes and the use of hot seating during shifts is also contributing to improved equipment utilization, 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 material to the grinding circuit during periods of downtime 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 plant, 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 strategy 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 6. Valentine commissioning continues ahead of expectations with ore introduced into the circuit on August 27 and first gold was poured on September 14. 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 ores, which again, are consistent with feasibility level recoveries, albeit a lower grade. Performance at 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 II expansion studies and see a clear path to increasing throughput to between 4.5 million 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. Concurrently exploration drilling has accelerated across the property with 4 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 Valentine's exploration potential. Turning to Slide 7. Looking to 2026, I expect continued improvement in production and cash flow, supported by increasing contributions from both Greenstone and Valentine. We have seen a lift in our share price over the past few months, supported by a stronger gold 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 recognize 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'm confident that we will become a reliable top quartile value to diversify gold producer. With that, operator, we are ready to take questions.

The first question today comes from Francesco Costanzo with Scotiabank.

Congrats on a good quarter. Maybe I'll start with Valentine. With the first of gold poured that was completed in September. Can you discuss some of the key performance milestones that you're tracking during the mine and mill ramp up? And then maybe after that, could you give us an update on the Phase II expansion study to increase the throughput to 5 million tonnes per annum?

Yes. Francesco, thanks and appreciate yours and Scotia's continued support. When we think about the milestones of Valentine, I guess, is that there's a lot of moving parts as you birth a new asset like Valentine. But I guess as the headline number here is that if we think of the first 66 days of performance of the entire facility since introducing ore in August 27, we've exceeded 70% of nameplate. And if we think about October in isolation, it's over 90% of nameplate. So all of the things that the team are focused on are clearly delivering in a great product. And as we look forward, they're now thinking about what's happening next, which is a good segue into Phase 2. We've tried purposely not to distract the team with Phase 2. But in the background, we have been doing work and over the last quarter, we've continued on our, we'll call it, options study analysis. And we now have good clarity on what the preferred option is going forward. And it's really a much simpler view than what we'd ever seen before. It doesn't include the addition of flotation. It specifically includes the addition of a twin ball mill, which provides additional redundancy in the circuit, which we see will comfortably deliver close to 5 million tonnes. So in this month, we'll actually commence the feasibility study and as I foresee earlier, I would anticipate going to the board in early Q2 for full funds approval so I would anticipate providing a fairly fulsome update here in the latter part of Q1 or early Q2.

Yes, that's great. Maybe if I could just 1 more on deleveraging. So net debt currently sitting around $1.3 billion. Can you outline your strategy for deleveraging and how that might relate to portfolio rationalization work that's underway? And with the Pan sale now closed, can you maybe highlight when we might expect to see the next transactions?

Sure. There are two main aspects we can focus on regarding portfolio optimization. First, considering our $1.3 billion net debt, we anticipate that over the next 12 months, our production portfolio will yield about 1 million ounces due to the favorable gold prices. This positions us to allocate over $1 billion towards reducing our debt. By the end of next year, we expect to be in a strong liquidity position with a significant portion, if not most, of our debt paid off. With Valentine coming online, I believe we will be fully funded for that project before making a commitment. Additionally, we see growth potential from Castle Mountain, which enhances our position further. On the subject of our assets, while I care for each as if they were children, I would consider parting with any of them for the right price. We have received interest in some of our assets, and we welcome discussions from interested parties. If a proposal offers better value for our shareholders in someone else's hands, we're open to exploring it. However, we are not in a rush to sell. If the right opportunity arises and it benefits our shareholders, we'll consider it. This presents a chance to unlock additional value and fund our organic growth through any sales. It’s important to clarify that we’re looking at selling assets, not making acquisitions.

The next question comes from Anita Soni with CIBC World Markets.

Darren, I just wanted to ask about your calculation of mine site free cash flow. I think there are some items in there that relate to basically nonoperating mines, so Los Filos, Castle Mountain and Valentine. Can you give a breakout of percentages or even millions of dollars like which ones I would allocate it to?

Yes, Anita. Again, I don't have that information in front of me, but I'll ask Peter. Pete, you're in a position to...

Unfortunately, no, not at this moment, Anita. I'll make sure we have that information for you after the call.

Okay, I'll pose a follow-up question regarding Valentine. The grades you are currently introducing seem to be around 0.77 grams per tonne. I'm not suggesting this is a concern, but I am curious if this is a strategic choice until recovery rates improve, or if it's related to starting with lower grades in the mining sequence. How do you see this changing over the next couple of quarters?

No. Thanks, Anita. And I appreciate the question, and it's a really, really good question. No, we're seeing very solid and actually positive reconciliation from our ore control to our resource and reserve models at Valentine. So very comfortable with what we see there, as we've talked about previously. As we talk about being in the first 2 months, we've specifically commissioned the plant on lower-grade materials. And the reason being is this that we want to practice on material is less important. But in hindsight, Jason and the team have done such a fantastic job that we probably should have just commissioned on the highest grade material because we're seeing recoveries in excess of feasibility out of the gate. So no, the team has done a great. But no, it's been a purposeful decision to process lower-grade materials and ramp up as we get comfortable with getting to the point where we can declare commercial production, which we would anticipate probably in the next month or so, right, definitely in the quarter.

I have one more question since the first one wasn't addressed. It's similar to the grades going into Greenstone. In October, the material was at 1.34 grams per tonne. I’m not clear if that was what was being fed to the mill or what was being mined. If it's 1.34, are you starting to see higher grades coming out of the pit, especially in the underground areas where you were unsure about the remnants around the old workings? Is there any update on the profile of the skin?

Yes. No, absolutely. And thanks again for the great question. Is that if we think about quarter-on-quarter, we saw a significant improvement at grades milled at Greenstone. It did go to 1.05 and they are milled grades, not mine grades. We have seen an improvement in mine grades as well in the quarter. I mean average mine grade in Q3 was 0.91 grams per tonne compared to $0.78 in Q2 and as you're aware, we're mining more material than what we're processing. We're purposefully processing the higher grade material. And from the material we are seeing, we are seeing a higher grade because of where we position ourselves geographically. But secondly, I think that the concerted focus we've had on getting reliable tonnes mined, which is allowing the team to focus on quality which is minimizing dilution and then also being very purposeful in and around how we treat material in and around the voids is definitely having a very positive impact on grade. And I think I mentioned on the earlier part of this call that there's been a focus for quite some time. But I'll suffice to say, in July, things got pretty serious with respect to grade, and we saw a step change in September with the average grade in September processed to 1.38 and we've been able to maintain a 1.34 in October. So I think what we're seeing is a combination of the performance in the mine, allowing for focus on quality, which is allowing for a consistency in grade fed, which was always the model, but I think that we've got the right people focused on the right things, and we're starting to see the benefit from. So that, coupled with the continued improvements we see in mill throughput on a tonnes per hour or tonnes per day basis will definitely lead to a much stronger Q4 with growth momentum into 2026.

The next question comes from Mohamed Sidibe with National Bank Capital Markets.

Maybe I could start with Greenstone. Just wondering if you could maybe give us a little bit of color on your current stockpile in terms of tonnage and grade at Greenstone currently, if possible?

Yes. No, sure. At the end of month October, again, this is from memory, but I guess is that the important part of the stockpile is the highest grade material and we have the better part of a month of high-grade material in front of us and the grades in excess of 1.5 grams. Then there's the other material, which is a little lower grade material, but we're talking 2 million or 3 million tonnes at around 0.7 grams per tonne, and then we've got the lower grade material as well. But in total, we've got in excess of 8 million tonnes of stockpile in front of the plant as it stands today.

That's great. And maybe if I could just move in terms of capital allocation priorities. I think back in Q2, you talked about, of course, deleveraging your balance sheet, paying down debt and reinvesting within your growth projects. But in terms of capital return, you had talked about potentially mid-2026. Since then, I think gold has moved over $500 per ounce. Have your thoughts changed around your capital return program at all? Or should we still target mid 2026 for a potential update on that front?

Well, I guess, is kind of foreshadowed earlier, if we kind of ignore any potential cash that can come in from an asset divestment, I think we're going to find ourselves significantly delevered by the end of 2026 and at that point, we'll be having some pretty material conversations about vehicles to be able to return additional capital to shareholders. I mean, Pete, what would you layer on this one.

Yes. Mohamed, if you're looking at 2026, that will be a discussion for that year. So for your modeling purposes, just assume there will be no capital returns next year. We are very focused on deleveraging, as Darren has mentioned several times.

Yes. And if we think about capital allocation holistically. Aside from exploration, the most accretive investment we can make is to ensure that we deliver into our production commitments at a responsible price. From that, with cash it's delevering the balance sheet, but it's positioning ourselves for our significant organic growth as we see through Valentine Phase 2, Castle Mountain. And then the additional benefit we'll see from Los Filos in the next couple of years as well. So I think our strategy on capital allocation is very clear. And if we find ourselves with a cash inflow vis-a-vis an asset disposal that could then provide additional talk to return capital to shareholders through a dividend or a share buyback or some other form. But the organic growth opportunity within the portfolio, exploration and the assets are mentioned Valentine, Castle, Los Filos will provide significant returns to our shareholders.

The next question comes from John Tumazos with Very Independent Research.

Could you elaborate on the Phase 2 expansion to 5 million tonnes potentially for Valentine. Would the 15,000 tonnes a day, be it the same grade to suggest the 2029 output as much as 400,000 ounces?

Yes, John, thank you for your question and support. Regarding the feasibility study released at the end of 2022 for Valentine, it initially proposed a base plant of 2.5 million tonnes, which could expand to 4 million tonnes. This study projected an output of 175,000 to 200,000 ounces annually over a 14-year reserve life. Currently, we are evaluating the optimal increment that could be added to the base facility, aiming for an increase to around 5 million tonnes, which represents a 20% increase in throughput compared to the feasibility study. If we assume the grade remains consistent with the average, this could lead to a 25% improvement in production. Looking at the exploration successes we've experienced from Frank and other promising areas on the property, we foresee that these factors will converge in the coming year. As a result, we believe we will identify an optimal incremental throughput, greatly influenced by our exploration achievements, while we continue to fine-tune the plants. Our current assessments have been based on a conservative mine plan, resource base, and pit designs from the 2022 feasibility study. We hold a positive outlook on the increment at Valentine, and this perspective should improve as we optimize the 4 or 5 million tonne plant and begin to reap the benefits from anticipated reconciliation. While it’s early in the process, due to the nature of the deposit, I expect we could see positive reconciliation results above a cutoff. Although it’s premature to state exact numbers, if I were in your position filling out a model, I would likely adjust the $4 million to $5 million and align proportional throughput accordingly.

If I can ask another, what is the best way to manage the benches at Greenstone when you have waste benches, 0.7 gram stockpile benches. And then highs as nice as 1.5 grams. Do you have all the same size shovels and trucks? Or do you have a few half size to quarter size shovels and trucks to go in and get those sweet spots without waste.

It's a good question. It relates to the issue of selectivity, and I think our level of control allows us to be more selective. However, when considering a situation where we have smaller benches, like 10 or 12 meters, I wonder if we'll see a significant improvement in our ability to deliver higher grades due to selectivity. While it's still early, I don't see a major opportunity for that. There may be certain areas where selectivity is more important than others, but overall, I view Greenstone as a bulk mining operation where maintaining a level of quality is key. The equipment we have is appropriate for our operations, and our focus will be on lowering our unit production costs while mining and processing efficiently, which will positively affect our all-in sustaining costs and help preserve our margins regardless of gold prices. Tom, do you have any insights from a selectivity standpoint related to our resource reserve situation?

No, Darren, I think you covered it. John, some of the points made during the conference call regarding ore control practices and the automated systems we are implementing, along with careful monitoring of geology as we progress, are helping us manage dilution. We are certainly exploring selectivity studies in the background. However, overall, there doesn't seem to be a significant benefit. There may be specific areas where we can selectively extract the best material, but generally, this will not result in several enhanced benches as we proceed downward.

Again, if we think about the contrary here at Valentine, we see good opportunity, and we have 2 specific mining fleets, a larger fleet, the smaller fleet and specifically to use a smaller fleet where there's a good opportunity to be more selective, and therefore, preferentially mine at a lower grade, not only just use the stockpiles. So yes. No, I think we have a good plan at Greenstone and we'll continue to look for those opportunities to positively impact grade.

This concludes our question-and-answer session. I would like to turn the conference back over to Darren Hall for any closing remarks.

Yes. Thank you, operator. I'd just like to close by thanking all of our stakeholders for their continued support and everyone's participation and questions on the call this morning. It is appreciated and valued. And as always, Ryan, I and the entire leadership team are always available if you have any further questions. So with that, take care. Be well and back to the operator.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.