Video News/Precious Metals Summit 2025

Equinox Gold has completed its merger with Calibre Mining, creating a million-ounce gold producer anchored by the Greenstone and Valentine mines. Ryan King, EVP of Equinox Gold, discussed the deal with Kitco Mining at the 2025 Beaver Creek Precious Metals Summit. He noted that the heavy build phase is ending, cash flow is set to ramp up as the Canadian mines reach nameplate capacity, and non-core assets remain under review. King commented that the company now has “all of the assets in its portfolio not only to hit those numbers but also to generate organic growth within the portfolio. There's absolutely no looking at mergers or acquisitions. It's the mad approach now, mergers, acquisitions, and divestitures." On capital returns, King said the company aims to deleverage rapidly, target a net debt to EBITDA below 1x by 2026, and be in position for dividends or buybacks within 18 months. King broadly framed a one-million-ounce run rate at a $3,600 gold price as implying about $1.6 billion in operating cash flow, which he said could support self-funded growth at Castle Mountain after a record of decision targeted for 2026. Near-term catalysts include first gold at Valentine, the continued ramp-up at Greenstone, and exploration across a 23 Moz reserve base. "2026 should be a, a, a fruitful year for us because we've got, you know, approximately 450 to 500 from a combined Canadian asset base."