Canadian gold producer Equinox Gold has declared its inaugural quarterly cash dividend and applied to implement a normal course issuer bid (NCIB), following what the company described as a transformational year marked by record production, portfolio optimisation and more than $1.1-billion in debt reduction.

The board has declared a quarterly cash dividend of $0.015 a common share, payable on March 26, to shareholders of record as at March 12. The company said it intends, subject to quarterly board approval and other relevant factors, to pay a regular quarterly dividend of $0.015 a share, or $0.06 a share, every year.

The board has also approved an application to the TSX to launch an NCIB under which the company may repurchase for cancellation up to about 5% of its issued and outstanding shares.

“With our strengthened balance sheet, Equinox Gold is pleased to announce the initiation of a quarterly cash dividend that reflects our confidence in the company’s financial position and long-term outlook,” commented CEO Darren Hall.

He said Equinox is entering this next phase of its strategy with a solid balance sheet, low net debt, and strong cash flow generation, supported by the current gold price environment.

“With this foundation, we are well positioned to advance 400 000 oz to 500 000 oz of compelling organic growth over the next five years, including the Phase 2 expansion at Valentine, the Castle Mountain expansion, and future optionality at Los Filos, while implementing capital return initiatives as part of our disciplined capital allocation framework.

“As we continue to generate free cash flow, we will review the opportunity to increase the dividend focused on delivering additional long-term value for our shareholders,” said Hall.

RECORD PRODUCTION, DEBT REDUCTION
Equinox reported full-year 2025 gold production of 922 827 oz, including 856 908 oz within guidance of 785 000 oz to 915 000 oz, as well as 65 918 oz from Valentine, Los Filos and Castle Mountain.

The company sold 778 561 oz of gold at an average realised price of $3 465/oz, generating revenue of $2.71-billion.

Adjusted net income was $420.5-million, or $0.67 a share.

Cash flow from operations before changes in non-cash working capital amounted to $915.1-million.

As at January 31, 2026, Equinox had reduced debt by $1.1-billion since the second quarter of 2025. Net debt stood at about $75-million at the end of January, with unrestricted cash and equivalents of $407.4-million at December 31, 2025.

Hall said 2025 was a year of significant change for Equinox. “The merger with Calibre created a Tier 1 North America-focused gold producer anchored by two new long-life Canadian mines. The year required a reset in expectations, particularly with ramp-up challenges at Greenstone. Many of those issues have been successfully addressed, alongside the delivery of first gold and commercial production at Valentine ahead of schedule, portfolio optimisation through asset divestments, and materially transforming the balance sheet with more than $1.1-billion in debt reduction since Q2 2025.

“As we enter 2026, our priorities are clear: operate safely and responsibly, generate free cash flow, reduce debt and continue unlocking the value of our portfolio. With gold prices strong and the expectation of producing 700 000 oz to 800 000 oz of gold in 2026, we expect cash flow to eliminate the remaining debt in 2026," said Hall.

He added that the strengthened balance sheet provided greater flexibility to self-fund 400 000 oz to 500 000 oz of potential yearly organic growth over the next five years from the Phase 2 expansion at Valentine, the Castle Mountain expansion, and optionality at Los Filos.