Massif Capital Portfolio Holding: Equinox Gold Corp.
EQX (holding update): Up 179% in 2025, portfolio's top contributor at 11.8% of returns. Trading below $20-22 price target at $3,675/oz gold. Strong ops momentum, balance sheet deleveraging via Brazilian asset sales. At $4k/oz gold (12% below spot), estimates $1.5B FCF = 13.1% yield on debt-free basis. Capital returns likely.
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