Ryan King

on a combined basis with Castle Mountain and with um Self Railroad, you're adding about 300 to 350,000 ounces of of annual gold production coming out of uh United States and Canada with the inclusion of our increased production coming out of Valentine.

would expect uh some construction to start in the second half of this year there as well. That is approximately a 12 to 16month build. So if we were to start in the middle of the year you'd expect it to be completed by the end of 2027. So sequentially that comes off uh and adds about 130,000 ounces a year of annual production starting around 2028.

Equinox is advancing the Valentine phase 2 expansion, which again, based uh recently reported technical reports, we would anticipate that annual gold production is going to be running somewhere around 200 to 225,000 ounces of gold a year.

we have the Los project and the Camino Rojo project which could lead to again additional in the order of magnitude 3 to 400,000 ounces of of annual gold production.

So combined this year, I think they're they're midpoint is around 350,000 ounces of annual gold production

The company has published that this will result in annual production of about 1.1 million ounces this year with a large profile for growth.

that asset is over four million ounces in reserves

Loss is a plus 15 million ounce in in all categories uh deposit. So gold deposit

It's been as a it's been producing as a heap leech asset for many many years now

Greenstone um a large open pit uh northern Ontario asset.

Valentine is a is a 2.5 million ton per anom plant.

They've got multi-year in front of them. They've got tremendous exploration upside. We're actually already looking at a phase 2 expansion at uh at one of the new open pits in Newfoundland

installing a CIL, you know, a modern plant in place at that asset that could process what we call the sulfide materials and operate the heat bleach mine

Between the two, we're 400 to 500,000 ounces of annual gold production

the expansion opportunity there which would bring that asset up to a 200 to 225,000 ounce a year gold producer

you're looking at an additional call it 250 plus maybe 300,000 ounce a year uh opportunity there

this asset is probably about a 275 to 325,000 ounce a year production profile. Mine life is 15 years.

we reset expectations for Greenstone particularly and said that we would produce between 220 and 260,000 ounces.

2026 should be a solid year for for Equinox. you know, call it 900 to 1.1 million ounces of production.

if we look at that run rate, we're probably about 150 to 175,000 ounces of of production out of the out of the Valentine asset in 2026.

And all the while at these metal prices we have a path to internally fund that and generate very strong free cash flow.

I think this year we're spending somewhere between 75 and hundred million in exploration

it'll take some time to build it and we're talking about capex that'll range from 500 to a million to a billion dollars to build these things

the company at the end of 2025 I think uh pre the the deal with Brazil had about 1.5 billion dollars of debt

divested just recently announced a divestiture of uh some Brazil production for a little over a billion dollars

I would anticipate Castle Mountain's going to be about a 2-year approximate build. So, you'd be hitting your production rate probably by the end of 2029, early 2030.

we're expecting a record of decision there by December of this year. And then the team will be working through county and state final permits and finishing up detailed engineering so that that project could be in a position for a a construction decision by say Q2, end of Q2, Q3 of 2027.

So sequentially that comes off uh and adds about 130,000 ounces a year of annual production starting around 2028.

So if we were to start in the middle of the year you'd expect it to be completed by the end of 2027.

we would expect to start that phase 2 construction in the second half of this year, which would last about 18 months through construction, maybe a little longer.

we have a a large asset in Northern Ontario called Greenstone which produced actually about 29% more ounces in Q4 than uh than Q3

Q4 we produced 247,000 ounces. So, that's a record quarter

we would anticipate that and we've foreshadowed this in the market that by the end of Q1 of 26 that should be at name plate capacity

The deal only closed between Caliber and Equinox on June 17th.

We're right at the finish line with Valentine. We've now started to have first ore going through the plant.

we announced commercial production LA at the end of last year.

produced uh on a consolidated all asset basis a little over 920,000 ounces of gold in 2025

We're on track to get a record of decision by probably call it Q4 of this year

we announced that we're going to produce somewhere between 700 and 800,000 ounces of gold production in uh in 2026

we've we've got uh multi-deade agreements in place with two communities of the three that over that sit over top of the of the asset

in Canada here, we've got two key assets, development stage asset in California, asset in Mexico called Los Felos

Castle Mountain is uh it's a it's a gold asset.

Darren Hall, the CEO, was 30 plus years at Numont

Darren Hall, who was CEO of Caliber, is now CEO of Equinox Gold. And Darren brings a tremendous amount of delivery experience, meaning operational experience, expertise, uh, over 30 years with Pneumon.

the name plate capacity is about 195 to 200,000 tons a day of material movement.

the mill, the name plate there is 27,000 tons a day.

That's a 30,000 ounce year, 30 35,000 ounce a year asset.

insiders and strategic owners like Pierre will be uh will own a roughly a little over 10% of the combined proform of business.

we're expecting a record of decision there by December of this year.

So there's anticipating uh a record of decision in July or August of this year which would as this as the team has advanced through detailed engineering a shovel ready project there in Nevada.