In this conversation with Ross Beaty, Chairman of Equinox Gold [TSX: EQX | NYSE: EQX], we dig into the macro forces behind gold’s breakout and what the new price environment means for producers. Ross explains why the equity market finally caught up to the metal, why the last six months have been a turning point for Equinox, and how scale, leverage, and timing shaped the company he set out to build in 2017.
We get into the Equinox–Calibre merger and why it unlocked the rerating Ross had been waiting for. He breaks down how he evaluates M&A, what makes a combination actually work for shareholders, and why some deals in the sector destroy value while others become catalysts. Ross also outlines the path to higher quality assets, shedding high cost operations, and focusing the portfolio for long term durability.
On growth, Ross lays out the near term focus: ramping Greenstone and Valentine, resolving community issues in Mexico, advancing Castle Mountain through the US fast track permitting system, and paying down debt to position the company for a future dividend. He also gives a candid look at when buybacks or capital returns become realistic and why 2026 is shaping up to be a key transition year.
We wrap with a more personal question: why, after building 16 companies, Ross still shows up every morning. His reflections on creating value, discovery, philanthropy, and legacy offer a rare look at what drives one of the industry’s most successful builders.
