Equinox Gold is a senior Americas-focused gold producer that sells physical bullion to bullion banks, traders, and refineries at prevailing spot prices. The July 31, 2026 Orla Mining merger transformed the company into Canada’s second-largest gold producer, added Musselwhite and Camino Rojo, and increased pro forma production to approximately 1.1 million ounces. **The strategic case is growth combined with deleveraging and a safer jurisdiction mix:** over 75% of NAV is in Canada and the United States, while net cash was $214 million and available liquidity $1.214 billion as of July 31. Q2 2026 revenue rose 60.8% year over year to $769.8 million and beat consensus by 6.15%, although adjusted EPS of $0.16 missed the $0.27 consensus because AISC reached $2,175 per ounce. Full-year guidance now calls for 870,000–920,000 ounces, $1,900–$2,000 AISC, and $600–$650 million of growth capital. The stock gained approximately 30% in seven sessions after results, but still traded below the $13.16 200-day moving average. Analysts remain constructive, with a Buy consensus and $17.19 median target. The principal catalysts are Greenstone and Valentine execution, Valentine Phase 2, South Railroad permitting, and cost improvement from Camino Rojo.