Equinox Gold Corp.

• AV Aegis Value Fund Portfolio Manager’s Letter ↗ Aegis Value Fund kept a large energy allocation, arguing depleted inventories, constrained supply and underinvestment support oil producers, while retaining precious-metals miners despite a correction. It held Cenovus, reduced Equinox, sold Amerigo on valuation and feedstock risk, and bought Radian, hotel REITs, Jet2 and Harley-Davidson at discounted valuations. 1st Half Ended June 30, 2026 ARG $962MATHOF $4.2BCLDT $344M +13
• MC Massif Capital Fourth Quarter 2025 Letter to Investors ↗ Massif Capital exited G Mining Ventures as its upside became increasingly dependent on gold, while retaining Equinox Gold and adding Larvotto Resources for antimony exposure. The strategy favors cash-generative oil producers and copper assets constrained by scarce supply, while preparing to diversify beyond mining into real-asset businesses. fourth quarter of 2025 MDNGF $71MEQNR $102BEQX $13B +4
• JC Jemekk Capital Management Q2 2026 Commentary ↗ Jemekk Hedge Fund kept a high net-long stance and an overweight precious-metals allocation, expecting softer labour data and eventual rate cuts to revive its HALO trade. The fund reduced index hedges after their drag and added Extendicare, citing its diversified care platform, demographic demand and home-health expansion. Q2 2026 EXETF $1.8B

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