- Fourth Quarter 2025 Letter to Investors Massif Capital retained Equinox Gold after selling G Mining Ventures, arguing that Equinox offers operational momentum, deleveraging and prospective capital returns. The strategy favors cash-generative European producers amid oil volatility and maintains a large copper allocation on constrained mine supply, thin inventories and policy-driven stockpiling. Fourth Quarter 2025 +9.6% EQNR $103BEQX $16BGMIN $10BLAR $1.1B
One letter so far. We collect each new one as Massif Capital publishes it.
