Equinox Gold Announces Redemption of its Outstanding 4.75% Convertible Senior Notes Due October 2028

Equinox Gold will redeem $172.5 million of 4.75% convertible notes in October 2026, with holders able to convert into shares before the deadline.

Rhea-AI Summary

Equinox Gold (EQX) will redeem all of its outstanding $172.5 million 4.75% Convertible Senior Notes due October 15, 2028 on October 20, 2026. The redemption will cover all Notes not converted before 5:00 p.m. New York City time on October 19, 2026. Holders will receive 100% of principal plus accrued and unpaid interest, or approximately $1,000.66 per $1,000 principal amount. Interest will cease to accrue on the Redemption Date. Holders may convert their Notes in $1,000 increments up to the deadline at an adjusted rate of 165.0732 common shares per $1,000, implying a conversion price of about $6.0579. If all Notes are converted, up to 28,475,124 common shares (about 2.44% of shares outstanding) would be issued.

Positive

• $172.5 million of 4.75% Convertible Senior Notes to be fully redeemed
• Redemption at 100% of principal plus accrued interest (~$1,000.66 per $1,000)
• Noteholders can convert at an adjusted rate of 165.0732 shares per $1,000

Negative

• Full conversion could issue up to 28,475,124 shares, about 2.44% dilution of common shares outstanding

News Explained

Equinox Gold has elected to redeem the remaining Notes on October 20, 2026, but says this release is not the formal redemption or conversion notice; holders may still convert before October 19, 2026, while unconverted Notes are scheduled for cash redemption.

Market Context

On August 5, Equinox Gold reported net debt of $265.2 million; the current redemption notice concern...

Analysis

On August 5, Equinox Gold reported net debt of $265.2 million; the current redemption notice concerned outstanding convertible notes, linking the announcement to the company’s previously disclosed debt position.

Key Figures

Notes principal: $172.5 million Redemption date: October 20, 2026 Conversion deadline: October 19, 2026 +5 more

Notes principal

$172.5 million

Outstanding 4.75% convertible senior notes

Redemption date

October 20, 2026

All unconverted Notes are scheduled for redemption

Conversion deadline

October 19, 2026

5:00 p.m. New York City time

Redemption price

100% of outstanding principal

Plus accrued and unpaid interest to the Redemption Date

Payment per $1,000 principal

$1,000.66

Redemption Price per $1,000 principal amount of Notes

Adjusted conversion rate

165.0732 common shares

Per $1,000 principal amount after dividend and make-whole adjustments

Conversion price

$6.0579

Applicable after the conversion-rate adjustment

Potential shares issued

28,475,124 Common Shares

If all Notes are converted; representing 2.44% of Common Shares outstanding

Historical Context

1 past event · Latest: Aug 05

1 event

1. Aug 05

   Q2 earnings report

   24h Move

   +4.1%

   Results disclosed net debt alongside strong quarterly operating performance

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible senior notes, indenture, conversion rate, make-whole increase

4 terms

convertible senior notes financial

"outstanding $172.5 million aggregate principal amount of 4.75% Convertible Senior Notes"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

indenture financial

"The Notes were issued pursuant to an indenture dated as of September 21, 2023"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

conversion rate financial

"the conversion rate under the Indenture is 158.7302 common shares"

Conversion rate is the proportion of items, people or contracts that take a desired action out of the total possible — for example the share of website visitors who make a purchase, or the number of convertible bonds that are exchanged for shares. Investors care because it measures how effectively a business or financial instrument turns opportunity into real outcomes, like sales or share issuance, which directly affects revenue, cash flow and ownership dilution.

make-whole increase financial

"after giving effect to the applicable dividend adjustment and make-whole increase"

A make-whole increase is an adjustment that raises the amount a holder of a convertible security, warrant, or preferred share can receive — usually by increasing the number of common shares issuable or the cash payout — to compensate for corporate actions that would otherwise reduce the holder’s economic value. Think of it like topping up someone’s meal when part of it was taken away: it preserves the original financial benefit after events such as dividends, spin-offs, asset sales, or early redemptions. This matters to investors because it changes potential dilution, share counts, or cash obligations tied to those securities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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VANCOUVER, British Columbia, Sept. 21, 2026 (GLOBE NEWSWIRE) -- Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) announces that it has elected to exercise its right to redeem all of its outstanding $172.5 million aggregate principal amount of 4.75% Convertible Senior Notes due October 15, 2028 (the “Notes”) (CUSIP No. 29446YAC0). All dollar amounts are in United States dollars.

The Notes were issued pursuant to an indenture dated as of September 21, 2023 (the “Indenture”) between the Company and Computershare Trust Company, N.A., as trustee. In accordance with the terms of the Indenture, on October 20, 2026 (the “Redemption Date”), the Company will redeem all Notes that have not been converted prior to 5:00 p.m., New York City time on October 19, 2026 (the “Conversion Deadline”).

Redemption Process

The redemption price for each Note will equal 100% of its outstanding principal amount, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (the “Redemption Price”). For each $1,000 principal amount of Notes, the Redemption Price will be equal to approximately $1,000.66. On the Redemption Date, the Redemption Price will become due and payable, and interest on the Notes will cease to accrue.

For all Notes in book-entry form, payment of the Redemption Price will be made through the facilities of the Depository Trust Company (“DTC”), and all such redeemed Notes will be surrendered for payment of the Redemption Price in accordance with the applicable rules and procedures of the DTC. The paying agent is Computershare Trust Company, N.A., and the address of the paying agent for delivery of any Notes in certificated form is Computershare Trust Company, N.A., 1505 Energy Park Drive, St. Paul, MN, USA 55108, Attention: Corporate Trust Operations.

Right to Convert the Notes

Holders of the Notes may convert all or any portion of their Notes (in a principal amount that is an integral multiple of $1,000) at any time prior to 5:00 p.m., New York City time on October 19, 2026 or, if the Company fails to pay the Redemption Price on the Redemption Date, until the date on which the Redemption Price is paid. To convert any Note, the holder must comply with the applicable rules and procedures of the DTC. As of September 18, 2026, the conversion rate under the Indenture is 158.7302 common shares of the Company (the “Common Shares”) per $1,000 principal amount of Notes. Such conversion rate will be adjusted to 165.0732 for any converting holder, representing a conversion price of approximately $6.0579, after giving effect to the applicable dividend adjustment and make-whole increase under the Indenture.

Based on this conversion rate, an aggregate of up to 28,475,124 Common Shares will be issued (representing approximately 2.44% of Common Shares outstanding) if all the Notes are converted.

This press release shall not constitute a notice of redemption or a notice of the right to convert the Notes. This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. No representation is made as to the correctness or accuracy of the CUSIP number either as printed on the Notes or as contained in this press release.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned as the new North American senior gold producer with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors exposure to a diversified portfolio of gold operations, and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contacts

Etienne Morin, Chief Capital Markets Officer

Ingrid Rico, SVP Capital Markets

E: ir@equinoxgold.com
T: +1 604.260.0516

Cautionary Notes & Forward-Looking Statements

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release includes: the Company’s redemption of the Notes, including the timing of, and payment of the redemption price on, the redemption date; the period during which holders of the Notes may elect to convert their Notes; and the conversion rate and conversion price applicable to the Notes, including as adjusted in connection with the redemption notice, and the resulting number of Common Shares issuable upon conversion of the Notes. Forward-looking Information is typically identified by words such as “believe”, “will”, “grow”, “plan”, “expect”, “estimate”, “advance”, “commence”, “continue” and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on this Forward-Looking information. Forward-looking Information is based on the Company’s current expectations and assumptions. While the Company considers these assumptions reasonable, they may prove incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include certain risks and uncertainties described in the section “Risk Factors” in Equinox Gold’s Management Information Circular dated June 19, 2026, and in the section “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, each of which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When are the key deadlines for conversion and redemption of the Notes?

Holders may convert their Notes at any time up to 5:00 p.m., New York City time on October 19, 2026, unless Equinox Gold fails to pay the Redemption Price on October 20, 2026. On October 20, 2026, all Notes not converted by the deadline will be redeemed at the Redemption Price, and interest will stop accruing.

What is the exact redemption price for the Equinox Gold Notes?

The redemption price equals 100% of the outstanding principal amount of each Note plus accrued and unpaid interest to, but excluding, October 20, 2026. For each $1,000 principal amount of Notes, this is approximately $1,000.66.

What is the current conversion rate and implied conversion price?

As of September 18, 2026, the conversion rate is 158.7302 common shares per $1,000 principal amount. For converting holders, this will be adjusted to 165.0732 common shares per $1,000, representing an implied conversion price of approximately $6.0579 per share after dividend and make-whole adjustments under the indenture.

How many Equinox Gold shares could be issued if all Notes are converted?

Based on the adjusted conversion rate of 165.0732 common shares per $1,000 principal amount, up to 28,475,124 common shares could be issued if all $172.5 million of Notes are converted, which represents approximately 2.44% of the company’s common shares outstanding.

How do holders in book-entry and certificated form receive the Redemption Price or convert?

For Notes in book-entry form, payment of the Redemption Price will be made through the facilities of the Depository Trust Company and Notes will be surrendered in line with DTC rules and procedures. To convert, holders must also follow DTC’s applicable rules and procedures. For certificated Notes, the paying agent is Computershare Trust Company, N.A., with delivery to 1505 Energy Park Drive, St. Paul, MN, USA 55108, Attention: Corporate Trust Operations.