Equinox Gold (EQX) nets $900M from Brazil sale and slashes net debt to $150M

Rhea-AI Filing Summary

Equinox Gold Corp. has completed the sale of its Brazil Operations, including the Aurizona Mine and Bahia Complex, to a CMOC Group subsidiary for total consideration of up to $1.015 billion.

The company received $900 million in cash, before closing adjustments, and expects a production-linked contingent payment of up to $115 million on January 23, 2027. Equinox Gold will use the proceeds to fully repay its $500 million Term Loan, pay $300 million to extinguish the Sprott Loan and related obligations, and make a payment on its revolving credit facility, reducing senior debt to about $580 million and net debt to roughly $150 million, which is expected to significantly lower interest expense.

Management says monetizing the Brazil Operations has streamlined the portfolio and strengthened the balance sheet, positioning Equinox Gold as a North America focused gold producer. The company highlights a development pipeline that could add 450,000 to 550,000 ounces of incremental annual gold production and 2026 consolidated gold production guidance of 700,000 to 800,000 ounces, supporting its goal of stronger per‑share value.

Positive

• Deleveraging and balance sheet transformation: Sale of Brazil Operations for up to $1.015 billion allows Equinox Gold to repay $500 million of Term Loan debt, $300 million of Sprott obligations and reduce its revolving credit facility, cutting senior debt to about $580 million and net debt to roughly $150 million, which management states will significantly lower interest expense and enhance financial flexibility.

Negative

• None.

Insights

Mining equity analyst

Large Brazil asset sale sharply cuts Equinox Gold’s leverage and refocuses its portfolio.

Equinox Gold has closed the sale of its Brazil Operations for total consideration of up to $1.015 billion, receiving immediate cash proceeds of $900 million and retaining exposure to up to $115 million in contingent production-linked payments on January 23, 2027. This is a major portfolio move, exiting Brazilian assets while emphasizing a North America focused production base.

The company plans to use the cash to fully repay a $500 million Term Loan, pay $300 million to extinguish the Sprott Loan and related obligations, and reduce its revolving credit facility, bringing senior debt down to about $580 million and net debt to around $150 million, based on cash of $430 million as of December 31, 2025. Management states this will significantly lower interest expense and improve financial flexibility.

Strategically, the company links this stronger balance sheet to self-funding “high return, near term organic growth opportunities” and mentions a development pipeline that could add 450,000 to 550,000 ounces of incremental annual gold production, alongside 2026 consolidated production guidance of 700,000 to 800,000 ounces. Actual outcomes will depend on project execution, gold prices, permitting and other risks outlined in its risk factor disclosures.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2026

Commission File Number: 001-39038

EQUINOX GOLD CORP.
(Translation of registrant's name into English)

700 West Pender Street, Suite 1501, Vancouver, British Columbia, V6C 1G8
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		EQUINOX GOLD CORP.
		(Registrant)
Date: January 23, 2026		/s/ Rhylin Bailie
		Rhylin Bailie
		VP Investor Relations

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release dated January 23, 2026

EXHIBIT 99.1

Equinox Gold Completes Sale of Brazil Operations for Total Cash Consideration of US$1.015 Billion; Pays Down More than US$800 Million of Debt With Net Debt Reduced to US$150 Million

(All financial figures are in US dollars)

VANCOUVER, British Columbia, Jan. 23, 2026 (GLOBE NEWSWIRE) -- Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) completed the previously announced sale of its Aurizona Mine, RDM Mine and Bahia Complex located in Brazil (the “Brazil Operations”) to a subsidiary of the CMOC Group for total consideration of up to $1.015 billion (the “Transaction”). Equinox Gold received cash proceeds of $900 million, before closing adjustments, and will receive a production linked contingent cash payment of up to $115 million on January 23, 2027.

The Company will immediately fully repay its $500 million Term Loan, pay $300 million to extinguish the Sprott Loan and related obligations, and make a payment on its revolving credit facility. This will reduce the Company’s senior debt to approximately $580 million (net debt¹ to approximately $150 million) and significantly lower its interest expense. 

Darren Hall, Chief Executive Officer of Equinox Gold, stated: “Monetizing the Brazil Operations has streamlined our portfolio and transformed our balance sheet. Equinox Gold is now well established as a leading North America focused gold producer, with greater financial flexibility to self-fund high return, near term organic growth opportunities and consider capital return initiatives. Our development pipeline has the potential to add 450,000 to 550,000 ounces of incremental annual gold production in the coming years. With a strengthened balance sheet and 2026 consolidated gold production guidance of 700,000 to 800,000 ounces providing robust cash flow generation, we are well positioned to deliver stronger per-share value for our shareholders.”

The Transaction was completed through the sale of the issued and outstanding shares of certain non-Brazilian wholly owned subsidiaries of the Company that indirectly owned the Brazil Operations.

ABOUT EQUINOX GOLD
Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth 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. Founded and chaired by renowned mining entrepreneur Ross Beaty and 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 meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

EQUINOX GOLD CONTACT
Ryan King
EVP Capital Markets T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Note:
_{¹ Cash as at December 31, 2025 of $430 million; excludes in-the-money convertible notes.}

^{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 strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; realization of the contingent cash consideration; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine; receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; and the Company’s ability to improve cash flow and continue to reduce debt. Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “deliver”, “execute” 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 them. Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations; timely receipt of Castle Mountain permits and completion of Castle Mountain Phase 2; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. 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 changes in laws, regulations and government practices; and other risks and uncertainties described in the section “Risk Factors” in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. 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

What major transaction did Equinox Gold (EQX) complete in Brazil?

Equinox Gold completed the sale of its Aurizona Mine and Bahia Complex, referred to as the Brazil Operations, to a subsidiary of the CMOC Group for total consideration of up to $1.015 billion. The transaction was structured as a sale of shares of certain non-Brazilian subsidiaries that indirectly owned these operations.

How much cash did Equinox Gold (EQX) receive from the Brazil Operations sale?

The company received cash proceeds of $900 million, before closing adjustments, and also retained the right to a production-linked contingent cash payment of up to $115 million payable on January 23, 2027.

How will Equinox Gold use the proceeds from the Brazil Operations transaction?

Equinox Gold will fully repay its $500 million Term Loan, pay $300 million to extinguish the Sprott Loan and related obligations, and make a payment on its revolving credit facility. This is expected to reduce senior debt to about $580 million and net debt to roughly $150 million.

How does the Brazil Operations sale affect Equinox Gold’s strategy and focus?

Management states that monetizing the Brazil Operations has streamlined the company’s portfolio and transformed its balance sheet. Equinox Gold is now described as a leading North America focused gold producer with greater financial flexibility to self-fund high return, near term organic growth opportunities and consider potential capital return initiatives.

What production outlook did Equinox Gold (EQX) highlight alongside this transaction?

The company referenced 2026 consolidated gold production guidance of 700,000 to 800,000 ounces and noted a development pipeline that it believes could add 450,000 to 550,000 ounces of incremental annual gold production in future years.

What risks and forward-looking factors did Equinox Gold emphasize?

The company noted that expectations about growth, production, cost performance, project development, contingent consideration and debt reduction are forward-looking and subject to risks such as permitting, operational performance, community relations, funding availability, gold prices, and regulatory changes, as described in its MD&A and Annual Information Form risk factor sections.