Third-party recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Initial publication (original): August 14, 2026, 5:30 a.m. Berlin/Zurich · Link to the original publication ·
Advertisement/Paid Promotion - This article is distributed on behalf of Equinox Gold Corp., with which SRC Swiss Resource Capital AG has paid investor relations consulting agreements. Prepared by: SRC Swiss Resource Capital AG · Author: Ingrid Heinritzi · Initial publication: August 14, 2026, 5:30 a.m. Zurich/Berlin ·
Following a multi-week consolidation phase, the gold market has recently regained momentum. In the short term, interest-rate, inflation and economic expectations can move the price significantly. For the longer-term perspective, however, structural factors are more important: gold’s role as a portfolio diversifier, demand from institutional investors and, above all, continued central-bank purchases.
According to the World Gold Council, global gold demand including over-the-counter transactions totaled 2,522 tonnes in the first half of 2026, approximately 2% above the prior-year level. In the second quarter alone, central banks purchased a net 289 tonnes of gold. The World Gold Council expects robust investment demand to continue in the second half of the year, alongside another strong year of central-bank buying.1
The longer-term trend also underscores the strategic importance of gold. Over the past four years, central banks have added an average of around 1,000 tonnes of gold per year – roughly twice the average of the preceding decade. In the 2026 central-bank survey, 89% of respondents expect global gold reserves to increase over the next twelve months, while 45% expect their own gold holdings to rise. Key motivations cited include resilience in times of crisis, portfolio diversification, inflation hedging and geopolitical risks.2
Gold therefore remains a strategic monetary asset regardless of individual economic data releases or any single monetary-policy decision. A higher gold-price environment is generally supportive for gold producers. However, operating performance, costs, balance-sheet quality and the successful execution of planned growth projects remain decisive for corporate development.
Equinox Gold: A new corporate phase begins after Orla
Equinox Gold - https://www.commodity-tv.com/ondemand/companies/profil/equinox-gold-corp/ - fundamentally reshaped its corporate structure in 2026. On July 31, the previously announced business combination with Orla Mining was completed. According to the company, the transaction created a new North American senior gold producer. More than 60% of combined production is expected to come from the three long-life Canadian mines Greenstone, Valentine and Musselwhite. The production portfolio is complemented by operations in the United States, Mexico and Nicaragua, as well as several development and expansion projects.3
Even before completion of the transaction, Equinox had significantly strengthened its balance sheet. In the first quarter of 2026, the company reduced debt by approximately US$990 million and on March 26 paid its first quarterly dividend of US$0.015 per share.4
For the second quarter, Equinox Gold reported production of 176,836 ounces of gold. In the first half of the year, “All Operations” produced a total of 374,464 ounces. This figure includes the continuing operations as well as the Brazilian operations sold in January 2026. Cash flow before changes in non-cash working capital amounted to US$272.0 million in the second quarter and US$613.0 million for the first half of the year.5
Additional liquidity was generated in July through the sale of 8,713,000 shares of Versamet Royalties Corporation. Equinox Gold realized gross proceeds of C$130 million. Immediately following the transaction, the company continued to hold approximately 2.7% of Versamet’s outstanding shares for investment purposes.6
Updated guidance – clearly distinguished from the pro forma view
Following completion of the Orla business combination, Equinox Gold increased its consolidated 2026 production guidance to 870,000 to 920,000 ounces of gold. This guidance includes twelve months of the legacy Equinox operations, but only five months – August through December – of Musselwhite and Camino Rojo, the producing mines added through the Orla combination.5
This must be distinguished from the company’s pro forma view: assuming, for illustrative purposes, that Equinox Gold and Orla Mining had been combined as of January 1, 2026, expected full-year production would be approximately 1.1 million ounces of gold. This figure is not a second official 2026 guidance range; rather, it provides a full-year comparison of the combined production base.5
The company also expanded its capital return program. On August 5, the Board approved a 50% increase in the quarterly dividend to US$0.0225 per share, which would equal US$0.09 per share on an annualized basis if maintained at that level. The dividend is payable on September 2, 2026 to shareholders of record on August 19, 2026. Future dividends remain subject to the Board’s determination at the relevant time.5
Valentine Phase 2 becomes the next major growth step
Alongside the integration of the Orla assets, Equinox Gold continues to advance its internal project pipeline. On August 5, the Board approved construction of the Phase 2 expansion of the Valentine mine in Newfoundland and Labrador. The initial capital budget is US$436 million, including US$54 million of contingency. The expansion is expected to increase processing capacity to approximately 13,700 tonnes per day, or 5.0 million tonnes per year, and, according to the company, increase Valentine’s average annual gold production to approximately 223,000 ounces. Completion is expected by the end of 2028.5
The combined company also has additional planned growth projects, including South Railroad and Castle Mountain in the United States, Los Filos in Mexico, and the underground potential at Camino Rojo. Subject to successful development of these projects and operation in accordance with the assumptions contained in the then-current technical reports, Equinox Gold sees a potential pathway to annual production of more than 1.9 million ounces. Importantly, at current gold prices Equinox Gold expects to internally fund this organic growth from its existing credit facility and cash flow from its operating mines.3,5
The Equinox Gold story has therefore evolved significantly: following the Orla business combination, the company has developed from a producer centered on two key Canadian growth engines into a substantially broader North American gold producer. The focus now turns to integrating the new mines, further improving operations at Greenstone and Valentine, and disciplined execution of the growth pipeline. Whether the long-term production targets are achieved will depend on successful execution of these steps and the underlying assumptions.
Current company information and news releases from Equinox Gold (- https://www.resource-capital.ch/de/unternehmen/equinox-gold-corp/ -).
Further information is also available in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.
Kind regards
Yours sincerely
Marc Ollinger
Swiss Resource Capital AG
Sources
https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-20261 World Gold Council, Gold Demand Trends: Q2 2026, July 30, 2026 – www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2026
https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-20262 World Gold Council, Central Bank Gold Reserves Survey 2026, June 16, 2026 – www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2026
https://www.equinoxgold.com/news/equinox-gold-and-orla-mining-complete-business-combination-creating-north-americas-new-senior-gold-producer/3 Equinox Gold Corp., “Equinox Gold and Orla Mining Complete Business Combination”, July 31, 2026 – www.equinoxgold.com/news/equinox-gold-and-orla-mining-complete-business-combination-creating-north-americas-new-senior-gold-producer/
https://www.equinoxgold.com/news/equinox-gold-delivers-strong-first-quarter-with-197628-ounces-of-gold-production-990-million-of-debt-reduction-and-inaugural-dividend-payment/4 Equinox Gold Corp., “Equinox Gold Delivers Strong First Quarter…”, April 9, 2026 – www.equinoxgold.com/news/equinox-gold-delivers-strong-first-quarter-with-197628-ounces-of-gold-production-990-million-of-debt-reduction-and-inaugural-dividend-payment/
https://www.equinoxgold.com/news/equinox-gold-delivers-strong-second-quarter-results-increases-2026-production-guidance-following-successful-completion-of-the-orla-mining-merger-quarterly-dividend-increased-by-50/5 Equinox Gold Corp., Q2 2026 Results / Updated 2026 Guidance / Valentine Phase 2 / Dividend, August 5, 2026 – www.equinoxgold.com/news/equinox-gold-delivers-strong-second-quarter-results-increases-2026-production-guidance-following-successful-completion-of-the-orla-mining-merger-quarterly-dividend-increased-by-50/
https://www.equinoxgold.com/news/equinox-gold-announces-sale-of-shares-of-versamet-royalties/6 Equinox Gold Corp., “Equinox Gold Announces Sale of Shares of Versamet Royalties”, July 6, 2026 – www.equinoxgold.com/news/equinox-gold-announces-sale-of-shares-of-versamet-royalties/
Regulatory Disclosures, Conflicts of Interest and Disclaimer
Paid Investor Relations Communication / Conflicts of Interest
This article is distributed on behalf of Equinox Gold Corp. SRC Swiss Resource Capital AG (“SRC”) receives compensation from Equinox Gold Corp. for investor relations and communications services. This paid relationship may give rise to a potential conflict of interest. Accordingly, this disclosure is made clearly and prominently at the beginning of the article.
At the time of initial publication, according to the information available, author Ingrid Heinritzi does not hold any shares of Equinox Gold Corp. Equinox Gold Corp. does not hold any interest in SRC. Based on the information available for this publication, SRC’s net position in financial instruments of Equinox Gold Corp. is below 0.5% of the company’s issued share capital.
The preparation and distribution of this article take into account the applicable requirements governing investment recommendations and other information recommending or suggesting an investment strategy, in particular Article 20 of the Market Abuse Regulation (EU) No 596/2014, Commission Delegated Regulation (EU) 2016/958 and Sections 85 and 86 of the German Securities Trading Act (WpHG), to the extent applicable to this specific publication. With respect to investor relations communications in British Columbia, particular regard is given to the requirements for clear and prominent disclosure under Section 52(2) of the Securities Act (British Columbia).
Forward-Looking Statements
This article contains forward-looking statements and information (“Forward-Looking Information”), particularly with respect to production forecasts, pro forma production, production and cost performance, project development, expansion plans, capital budgets, schedules, dividends and long-term production targets. Such statements are identified by words such as “expects”, “plans”, “is expected to”, “could”, “would”, “possible”, “forecast”, “guidance” or comparable expressions and are based on the company’s assumptions and expectations as of the relevant publication date.
The material assumptions include, among other things, the successful integration of the operations acquired through the Orla Mining transaction, the planned development and commissioning of projects, the availability of financing, labour, equipment and materials, achievement of assumed ore grades and metallurgical recovery rates, the granting and maintenance of required permits, developments in gold prices, exchange rates and input costs, and the absence of extraordinary operational, regulatory, geopolitical or supply-chain disruptions.
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