[SCHEDULE 13G/A] Equinox Gold Corp. SEC Filing

Rhea-AI Filing Summary

Orion Resource Partners (USA) LP filed a Schedule 13G/A reporting beneficial ownership of 12,229,378 common shares of Equinox Gold Corp., representing approximately 2.7% of the outstanding common shares as of June 30, 2025. The shares are held directly by investment vehicles managed by the Reporting Person (the "Orion Funds"). The filing states the Reporting Person has sole voting and sole dispositive power over all 12,229,378 shares, and that the holdings were acquired and are held in the ordinary course of business, not to influence control of the issuer.

The 2.7% figure is calculated using a reported share base of 456,106,419 common shares outstanding as disclosed by the issuer.

Insights

Financial Analyst

TL;DR: A non-controlling 2.7% stake held by an investment adviser signals a passive, monitored holding without control intent.

The Reporting Person, acting as investment adviser to the Orion Funds, discloses direct beneficial ownership of 12,229,378 shares (2.7%). The filing explicitly states sole voting and dispositive power, which means the adviser can direct voting and sales for these shares but the stake size remains below thresholds that typically trigger control concerns or substantive market-moving influence. The reporting clarifies holdings are in the ordinary course of business and not intended to change issuer control, aligning this disclosure with routine institutional ownership reporting.

Corporate Governance Expert

TL;DR: Governance impact is limited; ownership is material enough to monitor but not to exert control.

With 2.7% of shares outstanding, the Reporting Person is a measurable shareholder but not a controlling one. The filing's statement that the position was not acquired to influence control is important for governance interpretation and regulatory clarity. Sole voting and dispositive power should be tracked for proxy and voting-season implications, but based on the disclosed percentage and the reporter's adviser role, this disclosure represents standard institutional ownership rather than a governance challenge to management.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Equinox Gold Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

29446Y502

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29446Y502

1

Names of Reporting Persons

ORION RESOURCE PARTNERS (USA) LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,229,378.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 12,229,378.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,229,378.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Equinox Gold Corp.
(b)	Address of issuer's principal executive offices: 700 West Pender Street, Suite 1501, Vancouver, British Columbia, Canada, V6C 1G8
Item 2.
(a)	Name of person filing: This Statement is filed on behalf of Orion Resource Partners (USA) LP (the "Reporting Person"). The Reporting Person serves as investment advisor to various investment vehicles that directly hold the Common Shares reported herein (collectively, the "Orion Funds"). In such capacity, the Reporting Person may be deemed to have voting and investment control over the Common Shares reported herein.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of the Reporting Person is 1045 Avenue of the Americas, New York, NY 10018.
(c)	Citizenship: The Reporting Person is a Delaware limited partnership.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 29446Y502
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of June 30, 2025, the Reporting Person may be deemed the beneficial owner of 12,229,378 Common Shares held directly by the Orion Funds.
(b)	Percent of class: As of June 30, 2025, the Reporting Person may be deemed the beneficial owner of approximately 2.7% of the Common Shares outstanding. This percentage is based on 456,106,419 Common Shares outstanding as of May 7, 2025, as reported in Exhibit 99.2 to the Issuer's current report on Form 6-K filed with the Securities and Exchange Commission on May 8, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12,229,378
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 12,229,378
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The responses to Items 2 and 4 are incorporated by reference herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

ORION RESOURCE PARTNERS (USA) LP

Signature:	/s/ Rick Gashler
Name/Title:	Rick Gashler, Chief Compliance Officer
Date:	08/14/2025

FAQ

How many Equinox Gold (EQX) shares does Orion Resource Partners (USA) LP beneficially own?

The filing reports 12,229,378 common shares beneficially owned by the Reporting Person.

What percentage of Equinox Gold does Orion Resource Partners (USA) LP own?

The reported ownership is approximately 2.7% of the outstanding common shares, based on 456,106,419 shares outstanding.

Does Orion Resource Partners (USA) LP have voting control over the shares?

Yes. The filing states the Reporting Person has sole voting power and sole dispositive power over all 12,229,378 shares.

Were the shares acquired to influence control of Equinox Gold?

The Reporting Person certifies the shares were acquired and are held in the ordinary course of business and were not acquired to change or influence control.

On what share count is the 2.7% ownership based?

The percentage is based on 456,106,419 common shares outstanding as reported by the issuer in its referenced filing.