Aegis Value Fund / Aegis Financial Corporation on Equinox Gold Corp.

Aegis continues to hold Equinox Gold despite a sharp pullback in precious metals and concerns around its all-stock merger with Orla Mining. The combined company would create a larger North American producer with a pathway to materially higher annual gold production, and Equinox's underlying business has continued to perform well. The company has also repaid substantial debt, initiated a dividend and buyback, and resolved the long-running community dispute that had idled the Los Filos mine. Aegis believes completion of the merger and an eventual Los Filos restart should improve sentiment, which is why it paused selling after the stock fell back to more modest valuation levels.