Ross Beaty cuts Equinox Gold (NYSE: EQX) stake to 3.5% ownership

Rhea-AI Filing Summary

Equinox Gold Corp. shareholder Ross Beaty filed Amendment No. 4 to his Schedule 13D, reporting beneficial ownership of 27,156,292 common shares, or 3.5% of the class. This total includes 23,988,890 common shares held directly, 102,402 common shares issuable upon conversion of restricted stock units, and 3,065,000 common shares held through Kestrel Holdings Ltd., a British Columbia company wholly owned and controlled by him.

The filing explains that, as of January 15, 2026, Beaty’s ownership fell below 5% of Equinox Gold’s outstanding common shares due to dilution from additional shares issued by the company. Because his stake is now under the 5% reporting threshold, this amendment is designated as a final, “exit” filing for both Ross Beaty and Kestrel Holdings Ltd.

Insights

Securities regulation analyst

Ross Beaty’s Equinox Gold stake drops below the 5% reporting line.

The amendment shows Ross Beaty now beneficially owns 27,156,292 Equinox Gold common shares, representing 3.5% of the class. This is calculated against 784,878,779 common shares outstanding, which includes 102,402 shares issuable from his restricted stock units.

The filing states that, as of January 15, 2026, Beaty ceased to be a beneficial owner of more than 5% because of dilution from additional issuer shares. No specific share sale or purchase is described; the change stems from the larger share count. As a result, this amendment is marked as a final “exit filing” for Beaty and his wholly owned entity, Kestrel Holdings Ltd., which itself holds 3,065,000 shares, or 0.4% of the outstanding common shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Equinox Gold Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

29446Y502

(CUSIP Number)

Ross Beaty
1130 - 400 Burrard Street,
Vancouver, A1, V6C 3A6
604-806-3173

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/15/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 29446Y502

1

Name of reporting person

BEATY, ROSS J.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 27,156,292.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 27,156,292.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

27,156,292.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Represents 27,156,292 shares, comprised of (i) 23,988,890 Common Shares held by Ross Beaty, (ii) 102,402 Common Shares issuable on the conversion of restricted stock units ("RSUs") held by Ross Beaty and (iii) 3,065,000 Common Shares held by Kestrel Holdings Ltd. a limited company organized under the laws of the Province of British Columbia, wholly-owned and controlled by Ross Beaty. Ownership of 3.5% is based on 784,878,779 Common Shares outstanding, calculated as follows: (i) 784,776,377 Common Shares outstanding as of November 5, 2025 plus (ii) 102,402 Common Shares issuable on the conversion of RSUs held by Ross Beaty.

SCHEDULE 13D

CUSIP No. 29446Y502

1

Name of reporting person

Kestrel Holdings Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,065,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,065,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,065,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: Equinox Gold Corp.
(c)	Address of Issuer's Principal Executive Offices: 700 West Pender St, Suite 1501, Vancouver, BRITISH COLUMBIA, CANADA , V6C 1G8.
Item 1 Comment: This Amendment No. 4 to Schedule 13D (the "Statement") is being filed to amend the Statement as originally filed with the Securities and Exchange Commission on March 17, 2020, as amended by Amendment No. 1 dated April 7, 2021, Amendment No. 2 dated April 26, 2024 and Amendment No. 3 dated January 14, 2025 with respect to the Common Shares, no par value (the "Common Shares") of Equinox Gold Corp., a company incorporated in British Columbia, Canada (the "Company"), whose principal executive offices are located at 700 West Pender St, Suite 1501, Vancouver, A1 V6C 1G8. Except as otherwise provided herein, each Item of the Statement remains unchanged.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follows: The percentages used herein for Ross Beaty are calculated based on 784,878,779 Common Shares outstanding, calculated as follows: 784,776,377 Common Shares reported by the Issuer as outstanding as of November 5, 2025 plus (ii) 102,402 Common Shares issuable on the conversion of RSUs held by Ross Beaty. The percentages used herein for Kestrel Holdings Ltd. are calculated based on 784,776,377 Common Shares reported by the Issuer as outstanding as of November 5, 2025.
(b)	Item 5(b) is hereby amended and restated as follows: 27,156,292 shares, comprised of (i) 23,988,890 Common Shares held by Ross Beaty, (ii) 102,402 Common Shares issuable on the conversion of restricted stock units ("RSUs") held by Ross Beaty and (iii) 3,065,000 Common Shares held by Kestrel Holdings Ltd. a limited company organized under the laws of the Province of British Columbia, wholly-owned and controlled by Ross Beaty.
(e)	Item 5(e) is hereby amended and restated as follows: As of January 15, 2026, as the result of the dilution of the Issuer's shares, Ross Beaty ceased to be the beneficial owner of more than five percent of the class of securities. This Statement represents the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BEATY, ROSS J.

Signature:	/s/ Ross Beaty
Name/Title:	Ross Beaty
Date:	01/15/2026

Kestrel Holdings Ltd.

Signature:	/s/ Ross Beaty
Name/Title:	Ross Beaty, President
Date:	01/15/2026

FAQ

What percentage of Equinox Gold (EQX) does Ross Beaty currently beneficially own?

Ross Beaty reports beneficial ownership of 3.5% of Equinox Gold’s common shares, based on 27,156,292 shares out of 784,878,779 common shares outstanding.

How many Equinox Gold (EQX) shares does Ross Beaty hold directly and through related interests?

Ross Beaty’s 27,156,292 beneficially owned shares consist of 23,988,890 common shares held directly, 102,402 common shares issuable upon RSU conversion, and 3,065,000 common shares held by his wholly owned company, Kestrel Holdings Ltd..

Why did Ross Beaty file Amendment No. 4 to his Schedule 13D for Equinox Gold (EQX)?

Amendment No. 4 updates Ross Beaty’s ownership to 3.5% of Equinox Gold’s common shares and states that, as of January 15, 2026, he ceased to be a beneficial owner of more than 5% due to dilution from additional issuer shares.

What is Kestrel Holdings Ltd.’s stake in Equinox Gold (EQX)?

Kestrel Holdings Ltd., a British Columbia company wholly owned and controlled by Ross Beaty, beneficially owns 3,065,000 Equinox Gold common shares, representing 0.4% of the outstanding common shares.

What does it mean that this Equinox Gold (EQX) Schedule 13D amendment is an exit filing?

The filing states that, because Ross Beaty’s ownership fell below the 5% threshold as of January 15, 2026, this amendment is the final amendment and constitutes an exit filing for Ross Beaty and Kestrel Holdings Ltd. under Schedule 13D reporting rules.

How was the 3.5% ownership figure for Ross Beaty in Equinox Gold (EQX) calculated?

The 3.5% figure is based on 784,878,779 Equinox Gold common shares outstanding, consisting of 784,776,377 shares reported outstanding as of November 5, 2025 plus 102,402 common shares issuable on conversion of Ross Beaty’s RSUs.