Ryan King, Equinox Gold EVP: Sovereign Debt Crisis, Gold to $17,000, and Building North America's Next Senior Gold Producer

Equinox Gold EVP Ryan King joins The David Lin Report to discuss sovereign debt risks driving gold toward $17,000/oz, the structural bull market in hard assets, and how the company's transformative mergers are building North America's next senior gold producer.

In a wide-ranging interview on The David Lin Report, Ryan King, Executive Vice President of Capital Markets at Equinox Gold (TSX: EQX, NYSE American: EQX), offered one of the clearest assessments of the current gold market cycle, the structural forces driving hard assets, and Equinox’s ambitious path to becoming a major North American gold producer through disciplined M&A and operational execution. King joined the show amid a sharp correction in gold prices from 2026 highs near $5,600/oz down toward the $4,000 level, with sentiment turning markedly bearish despite multi-year gains. His message: the structural bull market remains intact, underpinned by unprecedented sovereign debt, persistent monetary expansion, and devaluation of fiat currencies. Gold, he argues, is behaving exactly as a crisis asset should — surging on long-term fundamentals while experiencing normal cyclical pullbacks.

The Structural Bull Case for Gold and Hard Assets

King traced the recent gold rally to a confluence of factors that finally overwhelmed paper markets. Quantitative easing, record global debt levels, and central banks’ reluctance to raise rates aggressively in an inflationary environment have created a textbook setup for hard assets. He drew parallels to the 1970s: oil embargoes, geopolitical shocks, and inflation drove gold from around $180/oz to $850/oz after an interim correction. “We’re seeing the devaluation of fiat currencies against all major hard assets — silver, copper, real estate,” King noted. “This isn’t just gold; it’s a broad revaluation driven by the sins of past policy.”Prominent gold investor Pierre Lassonde’s forecast of $17,000+/oz gold based solely on M2 money supply growth underscores the scale of the opportunity King envisions over the next five years. While short-term corrections are healthy and expected — “nothing goes up in a straight line” — the long-term trajectory remains higher due to sovereign debt dynamics, not fleeting speculation. King highlighted that gold has hit record highs against nearly every currency, reflecting broad-based erosion of confidence in paper money. In the current environment, politicians prioritize re-election and short-term GDP optics over fiscal restraint, perpetuating the cycle of printing and debt accumulation.

Equinox Gold’s Transformation: Scale, Jurisdiction, and Growth

Equinox Gold has positioned itself as a consolidator in a consolidating sector. The company completed its transformative merger with Calibre Mining in 2025 and, more recently, announced an at-market combination with Orla Mining to create a new North American senior gold producer with pro-forma annual production of approximately 1.1 million ounces (midpoint guidance) and a clear path to over 1.9 million ounces through organic growth. The combined entity will be anchored by long-life Canadian mines (Greenstone, Valentine, and others), with operations and growth projects spanning Canada, the United States, and Mexico — tier-one jurisdictions that attract institutional capital. Roughly 70-75% of NAV will derive from safe, stable North American assets. Ryan King emphasized the strategic fit: “This isn’t one company solving another’s problems. Both Equinox and Orla came from positions of strength to unlock more value for shareholders.” The merger diversifies the portfolio without adding jurisdictional risk, enhances scale for generalist investors, and creates a more robust financial product capable of self-funding growth. 2026 Guidance Highlights (pre-Orla, post-Calibre): 700,000–800,000 ounces of gold, with significant Canadian production growth. The company maintains a disciplined approach to capital allocation, debt reduction (net debt significantly lowered), and portfolio optimization, having divested lower-quality assets to focus on high-potential mines.

M&A Strategy and Acquisition Criteria

King outlined Equinox’s clear M&A philosophy when evaluating targets:

1. Jurisdiction First — Prioritize safe, mining-friendly jurisdictions like Canada and the U.S.

2. Economics and Grade — Strong margins even at conservative gold prices ($2,200–$2,500/oz in feasibility work). High stripping ratios or marginal assets are avoided.

3. Growth Potential — Assets with exploration upside and pathways to expand mine life and production.

This disciplined criteria has allowed Equinox to build a portfolio capable of delivering consistent production growth while maintaining balance sheet strength.

Investor Sentiment, Corrections, and Long-Term Opportunity

King acknowledged the sharp decline in retail and speculative interest following gold’s parabolic move. Many late buyers exited during the correction, creating the classic “fool me twice” psychology. Yet for long-term investors, the setup remains compelling.“Gold is a crisis asset,” he reiterated. With sovereign debt trajectories pointing to crisis levels (U.S. debt-to-GDP projected over 120% by 2036 per CBO, similar pressures in Europe and Japan), hard assets provide the ultimate hedge. For mining equities specifically, King sees current discounts to NAV (Equinox trading significantly below peers at ~0.5x versus 0.7–0.8x) as an entry point, especially with the company’s North American focus, strong management team (including leadership from Darren Hall and Jason Simpson post-merger), and seasoned chair Chuck Jeannes (former Goldcorp CEO).

Why Equinox Stands Out

• Scale and Growth: Path to +1 million ounces annually with internal, funded expansion projects.

• Jurisdictional Strength: Heavy weighting to Canada and the U.S.

• Balance Sheet Discipline: Significant debt reduction achieved through portfolio optimization.

• Leadership: Backed by mining legends including Ross Beaty, Pierre Lassonde, and Prem Watsa (Fairfax).

• Diversification with Focus: Operations across North America reduce single-asset risk while maintaining regional synergies.

Ryan King’s message is clear: short-term sentiment swings create volatility, but the structural drivers — debt, devaluation, geopolitical uncertainty — favor gold and responsible gold producers for years to come. Equinox Gold, through strategic M&A and operational excellence, is building exactly the type of company that can thrive in this environment: a North American-focused, growth-oriented senior producer with the scale to attract broader capital and the discipline to deliver. Investors following The David Lin Report and tracking Ryan King’s insights at Equinox Gold have a front-row seat to one of the sector’s most compelling consolidation stories. This article is based on the David Lin Report interview with Ryan King and publicly available company information. It is for educational and informational purposes only and does not constitute investment advice. Gold mining involves significant risks including commodity price volatility, operational challenges, regulatory changes, and geopolitical factors. Readers should conduct their own due diligence, review SEDAR+ and EDGAR filings, and consult qualified financial advisors. Past performance is not indicative of future results. Equinox Gold trades as EQX on TSX and NYSE American.