2026 Viola R. MacMillan Award

For the acquisition, financing, and development of the Greenstone Mine in Geraldton, Ont., Canada.

Equinox Gold is recognized for its strategic vision and financial execution in acquiring, financing, and developing the Greenstone Mine in Geraldton, Ontario, now one of Canada’s largest open-pit gold mines. Headquartered in Vancouver, B.C., the company initially acquired a 50% interest in the Greenstone project through its April 2021 purchase of Premier Gold Mines Ltd., with Orion Mine Finance acquiring the other 50% interest. Equinox Gold bought an additional 10% interest from Orion and the two companies announced groundbreaking for the new mine in October 2021 as 60/40 partners. In April 2024, Equinox Gold purchased the remaining 40% from Orion for US$995 million, a transformative transaction that established Greenstone as Equinox Gold’s flagship asset and cornerstone operation.

The development of Greenstone required more than US$1.2 billion in upfront capital, a significant commitment relative to Equinox Gold’s size at the time. The company demonstrated exceptional flexibility in funding its share of construction through a challenging post-Covid period, with rapid inflation and shipping constraints, by leveraging multiple instruments including internal cash flow from its operating mines, a US$700 million revolving credit facility, gold prepay agreements and monetization of non-core equity holdings. Equinox Gold consolidated 100% ownership of the mine through a combination of debt and equity, issuing shares valued at US$250 million and arranging a US$500 million term loan coupled with a US$299 million equity financing, one of the largest precious metals financings in North America since 2016. This layered approach allowed Equinox Gold to advance Greenstone without jeopardizing its balance sheet, underscoring a disciplined and innovative financial strategy.

The acquisition and development of the Greenstone Mine transformed Equinox Gold’s production profile. Greenstone is expected to produce an average of 330,000 ounces of gold annually for an initial 15-year mine life. These volumes make Greenstone one of Canada’s largest gold mines, positioned in the lower half of global cash costs, with high margins and robust cash flow generation. First gold was poured on schedule in May 2024; commercial production was announced in November 2024 and the mine is ramping up to design capacity.

Beyond financing and production, Equinox Gold has demonstrated a strong commitment to stakeholder engagement and responsible development.

The Greenstone Mine is located on the traditional territories of Animbiigoo Zaagi’igan Anishinaabek, Aroland First Nation, Ginoogaming First Nation, Long Lake #58 First Nation, and within the homeland of the Métis Nation of Ontario. Equinox Gold, through Greenstone Gold Mines, has signed long-term relationship agreements with these Indigenous communities, reflecting years of dialogue and partnership. These agreements recognize that Indigenous rights, environmental stewardship, and prioritizing local employment and procurement are integral to the project’s success. In addition, to celebrate the opening of Greenstone Mine, Equinox Gold organized a cross-Canada cycling fundraiser that raised more than C$1.34 million for the Geraldton District Hospital, which provides healthcare for Greenstone’s Indigenous partners, the local community, and a 2,767-km² region in Northern Ontario.

Equinox Gold’s success at Greenstone exemplifies the entrepreneurial spirit, technical excellence and commitment to responsible mining celebrated by the Viola R. MacMillan Award. By combining bold acquisition strategy, innovative financing, disciplined execution, and meaningful community partnerships, Equinox Gold has delivered one of Canada’s most important new gold mines. This achievement demonstrates how a mid-tier company can responsibly advance a world-class project while creating economic and social value for shareholders, local communities, and Canada’s mining industry.