Precious Metals Fund - Q4 2024 Letter

Dear Partners and Friends,

PERFORMANCE

Equinox Partners Precious Metals Fund, L.P. fell -12.9% in the fourth quarter, finishing the year down – 2.9%. The fund’s performance reflects the lackluster performance of the gold mining sector as well as the underperformance of the companies we own. While there were some clear themes, such as producing companies outperforming exploration companies, our 2024 results are most accurately captured through a description of our six best and six worst performing investments during the year. These twelve companies capture every investment that contributed at least 1%, positive or negative, to our 2024 fund performance.

A Challenging Year

In 2024, the gold price finished up +27.4%. The GDXJ ETF which tracks the index of junior gold mining producers was up +15.7%. Our portfolio of miners in this fund was down -2.9%.

The underperformance of the gold miners as compared to gold largely reflects government participation in the gold market. In 2024, governments bought gold, not gold miners. The poor performance of the gold miners also reflects the sector’s continued subpar returns on capital. The S&P TSX Global Gold universe, a group of large, mature gold miners, only generated an 11% ROE in 2024 and a 5.4% free cash flow yield according to RBC.

Despite their inadequate returns on capital, producing miners handily outperformed most exploration and development companies. There remains almost no market for most gold mining companies that are years away from first production. As value investors with contrarian instincts, we have found the increasingly irrational valuations of the pre-revenue companies of particular interest. Often as a project advances, the equity market value of the company declines. These share price declines in turn create a self-reinforcing dynamic in which the small, cash-starved companies underperform because they don’t have access to the capital necessary to move their projects forward. At this point, the downward spiral of pre-revenue gold miners is very extended and nearing a floor in our opinion. Not only are the valuations of these companies incredibly low, but these companies have become increasingly attractive acquisition targets.

Although exploration companies are the most severely discounted sector, 54% of our fund remains invested in producing companies. In general, our producing companies trade at a discount to the sector because they are executing on significant capex plans and lack free cash flow. During construction periods, the market can become excessively skeptical. This skepticism, in turn, can present an opportunity to buy high quality assets run by good management teams at attractive valuations. We believe that this is clearly the case at Eldorado Gold, K92 Mining, West African Resources and Adriatic Metals.

Overall, our miners are incredibly cheap. Assuming a flat gold price, we estimate our producers will generate a 23.5% IRR. Our companies that do not yet generate any cash flow are cheaper still. Ascot, Thesis, Troilus and Goldquest, for example, have an average IRR of over 30% at current metals prices.

Six Winners and Six Losers in 2024

Note: Below IRR is our Equinox internally calculated IRR based on 2024 year-end market prices and forecasted future FCF per share to equity.

Borealis Mining: 2024 Performance +29%, IRR 48%

Borealis was founded by Kelly Malcolm in 2023 to leverage a large heap leach facility in Nevada by acquiring nearby low-grade heap leach assets. We invested in a pre-IPO round at a $30M post-money valuation. At the time, Borealis had approx. $5M worth of crushed stockpiles, a fully permitted heap leach facility, ~60,000oz of reserves ready to be processed with limited capex and substantial exploration potential at depth.

In late 2024, Borealis began to acquire nearby deposits. Borealis purchased Bull Run for $6M in cash. This translates to $14 per ounce for ~500,000oz of already defined resources, and confirms managements intuition that there are small, stranded assets for sale in Nevada. We expect Borealis to continue this acquisition strategy and ramp to become a ~75,000 oz per year producer.

K92 Mining: 2024 Performance +22%, IRR 17%

K92 controls the world-class Kainantu mine in the highlands of Papua New Guinea. This mine is a high-grade, low-cost asset with a 3 million oz resource at 7g/t. K92 produced 120,000 oz last year, and we expect the company’s Phase 3 expansion will take annual production to over 150,000 oz (gold equivalent) in 2025. While K92 has often struggled to meet its ambitious growth targets, the company has strung together two consecutive quarters of meaningfully higher production with higher than reserve grades.

K92 recently expanded the milling capacity which had been a meaningful bottleneck for years. If the company can reach Phase 4, the Kainantu mine’s production will produce ~400,000 oz at a bottom quartile cash cost of <$1000/oz while maintaining a clean balance sheet with minimal leverage.

West African Resources: 2024 Performance +38%, IRR 31%

In 2024, West African Resources (WAF) remained on-time and on budget in the build of the company’s second mine in Burkina Faso, called Kiaka. Once Kiaka is commissioned in Q3 2025, WAF will be a ~450,000 oz annual producer for the next 10 years.

While the construction has proceeded as expected, WAF was adversely impacted by the local content language in Burkina Faso’s new mining code. Rather than pay the resulting mark up in their rental of local equipment, WAF elected to purchase their mining fleet outright. This decision added $150 million to the company’s capital budget and resulted in a July equity raise of the same amount. While we were disappointed with the need for more equity capital, ultimately the raise will accelerate WAF’s buy-back and dividend plans. If the company continues to trade at the current valuation, we expect the board will announce a sizable share repurchase as soon as the company’s debt is repaid.

Hochschild Mining: 2024 Performance +96%, IRR 18%

Hochschild Mining (HOC) is a proven mine builder with the strategy of reinvesting free cash flow into new projects to grow production. In 2024, we visited their newly commissioned mine in Brazil, called Mara Rosa, which was successfully built on time and on budget. Mara Rosa will deliver a 20%+ project level IRR and highlights HOC's competence in executing medium-size projects in Latin America. We expect the company will be able to repeat this success with another mine in Brazil, the Monte Do Carmo project in the neighboring state of Tocantins.

Big picture, HOC is a family-owned business with a goal of producing 500,000 ounces of gold per year by 2030. While we would prefer a return on capital goal rather than a growth target, we appreciate the straight-forward way the company organizes its operations, and we believe the company will not undertake projects with less than a 20% cash on cash IRR. Moreover, unlike many growth miners, when the company reaches their targeted 500,000 ounces of annual production – anticipated for 2030 - we expect HOC to transition to return free cash flow to shareholders.

Galiano Gold: 2024 Performance +35%, IRR 29%

Galiano has been busily working on a new mine plan which will be released on January 28th. We expect the company’s production guidance will increase as Galiano elects to move forward with the redevelopment of their higher grade Nkran pit. We also expect increased exploration spending in 2025 as the company ramps up work on their newly consolidated land package.

We are expecting Galiano to guide to a production target of approx. 250,000 ounces per year by 2027. Even at this higher rate of production, we anticipate the company will be able to more than replace reserves given the prospectivity of the Asankrangwa gold belt in which they operate. While Galiano will have to reinvest the vast majority of its cash flow in growth in 2025 and 2026, the company should become a substantial free cash flow generator beginning in 2027.

Solidcore Resources: 2024 Performance +22%, IRR 21%

Solidcore, a spin-out from Polymetal, is a new position in our fund. Solidcore is run by CEO Vitaly Nesis, and controlled by Oman’s sovereign wealth fund. The company operates two long-lived mines in Kazakhstan and produces 480,000 ounces of gold annually at a competitive All-In Sustaining Cost (AISC) of $1,300/oz. With an EV/EBITDA multiple of 2.2x, Solidcore trades at an almost 50% discount to its peers. This undervaluation is largely due to the company’s sole listing on the Astana International Exchange in Kazakhstan.

We expect Solidcore to generate roughly $400 million in free cash flow per year at current gold prices. In 2025 and 2026, this free cash flow will be invested in a new pressure oxidation autoclave. Beginning in 2027, we anticipate that $100 million USD of the company’s free cash flow will be distributed to shareholders. This prospective dividend along with the company’s plan to re-list on the London Stock Exchange offers two catalysts that should drive a significant re-rating.

Orezone Gold: 2024 Performance -30%, IRR 27%

While Orezone completed its initial build on time and on budget, the company failed to generate the free cash flow necessary to internally finance the expansion of its operations in Burkina Faso. The company’s reliance on high-cost diesel generators and an unreliable power grid proved particularly problematic. Largely due to higher-than-expected power costs, the midpoint of their AISC guidance increased by $100/oz from last year’s projection of $1,338/oz.

Despite the elevated power costs, Orezone successfully closed their financing for the hard rock processing plant in December 2024. This financing will enable Orezone to increase annual production from approx. 120,000 oz in 2024 to ~180,000 oz in 2026. We expect 2025 to be a pivotal year for the company as they will begin to generate sufficient cash to pay down debt and continue building towards their 250,000 oz/year target. We are also encouraged by the company’s ongoing exploration program which has the potential to increase the Bombore’s mine life at higher grades.

C3 Metals: 2024 Performance -62%

C3 stock declined significantly in 2024 even as the company made significant progress advancing their projects in both Jamaica and Peru. With respect to their Jamaican asset, C3 Metals signed a joint venture agreement with the Stewart family, one of the wealthiest families on the island. C3 is now well-positioned to do a JV deal with a larger international mining company that can finance the costly deep holes necessary to test the porphyry copper deposit’s potential.

In Peru, C3 Metals received a permit to access one of its land packages located just 40 kilometers east of MMG’s Las Bambas mine. This permit, which took years to secure, opens the door for further exploration in a proven copper-rich region. With the permit in hand, C3 Metals should be able to bring in a larger partner to drill out the asset.

Troilus Gold: 2024 Performance -45%, IRR 35%

In May 2024, Troilus submitted its feasibility study to the Canadian government. This new study detailed their plan to develop a 22-year open pit mine that would produce approx. 300,000 oz of gold per year. With current gold prices north of $2,600 and copper hovering around $4, the project will likely move forward. The company has received financial support from a handful of export credit agencies interested in its 10% copper production. Troilus is also in the final stages of submitting the Environmental and Social Impact Assessment (“ESIA”), another key milestone as they advance towards construction.

Located 300 kilometers north of Chibougamau, Quebec, the Troilus project is a brownfield site in a favorable mining jurisdiction with the potential to become a Top 10 copper gold project in Canada. We are fans of CEO Justin Reid and believe in his ability to permit the project and advance it towards becoming a premier North American copper-gold producer. At a $4/oz equity market cap to gold equivalent ounces in ground ratio, we believe Troilus is one of Canada’s best leveraged investments to rising gold and copper prices.

Ascot Resources: 2024 Performance -23%, IRR 38%

Ascot Resources put its Premier gold project on care & maintenance in September of 2024. At the time, the company didn’t have enough ore coming from the underground mine to profitably operate the 2,500 tonnes per day mill. To rectify the lack of available ore, the company raised $43 million, extended the term of their debt, and decided to invest in an additional 2,500 meters of development before commissioning the mill. The board then made a change at CEO and brought in Jim Currie for his extensive underground mining experience and added our own Coille Van Alphen to the board.

Underground development is currently underway, and we expect the mill to restart in Q2 2025. One more injection of capital will likely be required to ensure the company has a sufficient working capital buffer as they restart the mill. When the mine reaches commercial production, it will be able to generate a sustainable ~$100m of FCF per year which should translate into a stock price of at least $1 CAD per share.

Great Pacific Gold: 2024 Performance -47%

Great Pacific owns two highly prospective gold exploration projects in Papua New Guinea (PNG). Over the course of 2024, the company refined its exploration targets and drilled 5000m at its Kesar project in the highlands of PNG. The Kesar project looks to be an extension of nearby K92’s mine, and as such may be sold to K92. Great Pacific will begin drilling exploration targets at its second PNG property in Q2 of 2025. This property is a brownfield site with past production at a grade of more than 10 g/t. Great Pacific has a third asset in Australia, which we believe could be sold to fund the company’s exploration activities in PNG.

Great Pacific is led by an excellent CEO in Greg McCunn. We got to know Greg through a previous investment in West Africa. As CEO, he brings the necessary vision, discipline, and accountability to an exploration company. We believe the company will deliver exploration success at their two PNG assets and ultimately enable Greg to create shareholder value in a variety of ways.

GoGold Resources: 2024 Performance -24%, IRR 30%

GoGold has been waiting two years for its permit in Mexico. The delay was caused by the previous Mexican President Andres Manual Lopez Obrador’s (AMLO) staunch opposition to new mining development. In the end, while neither of AMLO’s major proposed changes to the mining code passed, few mining permits of any kind were issued during his time in office.

GoGold’s large cash buffer and existing heap leach operation enabled the company to wait out AMLO without needing to raise additional equity capital. We think their patience will soon be rewarded as the new administration of President Claudia Sheinbaum plans to process permit applications on their technical merits. In GoGold’s case, the technical merits of their Los Ricos South project are exceptionally strong with over 100 million oz of silver at an average grade of 276 g/t.

Sincerely,

Equinox Partners Investment Management

end notes

^[1] Please note that estimated performance has yet to be audited and is subject to revision. Performance figures constitute confidential information and must not be disclosed to third parties. An investor’s performance may differ based on timing of contributions, withdrawals and participation in new issues.

Unless otherwise noted, all company-specific data derived from internal analysis, company presentations, Bloomberg, FactSet or independent sources. Values as of 9.30.24, unless otherwise noted.

This document is not an offer to sell or the solicitation of an offer to buy interests in any product and is being provided for informational purposes only and should not be relied upon as legal, tax or investment advice. An offering of interests will be made only by means of a confidential private offering memorandum and only to qualified investors in jurisdictions where permitted by law.

An investment is speculative and involves a high degree of risk. There is no secondary market for the investor’s interests and none is expected to develop and there may be restrictions on transferring interests. The Investment Advisor has total trading authority. Performance results are net of fees and expenses and reflect the reinvestment of dividends, interest and other earnings.

Prior performance is not necessarily indicative of future results. Any investment in a fund involves the risk of loss. Performance can be volatile and an investor could lose all or a substantial portion of his or her investment.

The information presented herein is current only as of the particular dates specified for such information, and is subject to change in future periods without notice.

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Precious Metals Fund - Q3 2025 Letter

By Kieran Brennan • October 31, 2025

Dear Partners and Friends, PERFORMANCE Equinox Partners Precious Metals Fund, L.P. rose +36.2% in the third quarter of 2025 and is up +90.2% for the year-to-date 2025. By comparison, the Junior Gold Mining Index GDXJ rose +46.6% in the quarter and is up +132.7% for the year-to-date. Exploration stage companies were the best performing segment of the portfolio, appreciating +55.0% in the quarter. The spot gold price rose +18% in the quarter and is up +47% for the year-to-date. The letter that follows provides our thoughts on the outlook for the gold price and implications for the portfolio holdings. gold The gold bull market, initially driven by central bank buying, has evolved into an investor-driven dollar debasement trade. This second phase of the gold bull market is more explosive than the first because it draws on the approximately $470 trillion of the world’s wealth as opposed to the roughly $35 trillion of central bank balance sheets. If President Trump fans the dollar debasement fire by forcing a politicized Fed to cut rates, gold could rapidly displace the dollar as the world’s reserve currency. However, if President Trump takes a more nuanced approach to the Fed, gold should still displace the dollar as the world’s reserve currency over time with the competition between gold and the dollar taking longer to play out. Gold investors warning about fiat currency debasement is nothing new. That, after all, is why gold investors own gold in the first place. There’s also nothing new about most American investors ignoring these warnings. The dollar’s relative stability has long made concerns about dollar debasement appear quixotic. Since the early 1980’s, American inflation has been largely tolerable, the dollar has outperformed almost all other fiat currencies, and U.S. government bonds have been the safest asset to own in an economic downturn. The dollar has sloughed off so much criticism for so long that Janet Yellen likely did not imagine the chain of events that freezing Russia’s foreign exchange reserves would set into motion. With confidence in the dollar’s inertia and a bit of hubris, in our opinion, Secretary Yellen engineered the freezing of $300 billion of Russia’s foreign exchange reserves and put the world’s central banks on notice that their use of dollar reserves depends upon the tacit approval of the U.S. Treasury. Foreign governments, shocked by this policy change, sought to reduce their dependence on the U.S. Treasury and doubled their gold purchases to roughly $60-80 billion per year (potentially $100 billion in 2025). This increase in central bank gold demand drove the gold price up over +50% from March 2022 to March 2025. This bull market, in turn, gave gold the additional scale necessary to function as a more viable alternative to the dollar and damaged the dollar’s air of invulnerability. This two-fold outcome is problematic because inertia and a lack of alternatives were fundamental to the dollar’s stability. On the back of gold’s appreciation, long-ignored arguments of gold investors began sounding more plausible. Financial professionals accustomed to deriding gold investors and referring to them as insects began to worry that gold’s price action is telling them something important. Jamie Dimon aptly summed up the change of heart: “This is one of those times where it is semi-rational to own gold.” His comment captures both his continued distaste for gold and his willingness to own it. Despite the broadening acceptance of gold as an investment, markets remain skeptical of the underlying dollar-devaluation narrative. Inflation, a broad measure of the dollar’s strength, is just 2.8%. The 10-year U.S. Treasury yields 4.0%, indicating the bond market’s indifference to the dollar debasement narrative. Furthermore, the decline in the trade weighted dollar has partially reversed since early July. At this moment, the dollar debasement trade appears to be waiting for additional macroeconomic and geopolitical events to play out. Of these, none looms larger than President Trump’s effort to bend the Federal Reserve to his will. In January, the Supreme Court will likely allow President Trump to remove Federal Reserve Board Governor Lisa Cook, making the selection of the next Fed Chair even more important. If Trump nominates a loyalist like Kevin Hassett who appears more committed to pleasing the President than price stability, we could see broadening concern about the dollar’s store of value and a growing asset allocation into gold. In this hyper-politicized Fed scenario, gold could quickly become a $100 trillion dollar asset and displace the dollar as the world’s reserve currency. However, if Trump nominates an institutionalist like Chris Waller, the dollar debasement trade will likely remain in limbo for a while as markets suss out how much control Trump really has over the Fed. Either way, the U.S. bond market will not be allowed to freely adjudicate the outcome at the Fed. We expect both Treasury and Fed to proactively manage the yield curve during the particularly politically sensitive period when the Fed is cutting rates while inflation is above their stated 2% target. Treasury will keep longer-dated bond issuance to a minimum while coercing banks to keep the Treasury market well bid. JP Morgan increased its holdings of Treasuries by $80 billion in the first half of this year, and we expect other banks to follow suit. The Fed, for its part, has announced an end to quantitative tightening and its intention to shift its balance sheet from mortgage-backed securities to Treasuries. Given the likely extent of the coordinated intervention of the Treasury and Fed, the bond market will not be a good indicator of the market’s confidence in Trump’s economic policies. Gold will be. To the extent that investors sense that the bond market is not providing a reliable price signal, they will begin paying more attention to gold. And, should the gold price becomes the accepted indicator of U.S. financial health, the Trump administration will take action to influence it. At the very least, this will entail the Trump administration encouraging other central banks to stop buying gold or even sell gold. But the anti-gold policy options are limitless. Needless to say, the U.S. government pushback on gold will not solve the dollar’s long-term structural problems. Nor will it mark the end of gold’s challenge to the dollar. It will simply mark the next phase of financial repression. Our Gold Mines The second phase of the bull market in gold has been broadly positive for our portfolio, as a portion of the investor money flowing into gold has bid up gold mining equities as well. Where central banks buy the physical gold bullion, private wealth investors allocating to gold will also buy gold mining stocks. The GDXJ Junior Mining Index is up +132.7% for the year-to-date through September 30. Even with this year’s rapid rise in the gold mining portfolio, valuations remain cheap at spot gold prices. Our in-production portfolio trades at a 24.0% IRR as compared to a 23.4% IRR on March 31. The most dramatic mis-valuation among our gold miners continues to be in the pre-production companies. While these equities have appreciated more rapidly than our producing companies for the year-to-date 2025, they began from such a low valuation that even at twice or three times their January price, they are still undervalued. Troilus Gold, a junior gold mining company with an 11.2 million ounces gold-equivalent resource in Quebec, Canada, is a case in point. Troilus Gold shares have more than tripled in 2025, rising from C$0.31 to C$1.35 per share. The company still trades at an IRR of 30%, 0.2x price-to-NAV (using a 10% discount rate), and a price per ounce of recoverable gold of $63. When Troilus goes into commercial production in 2029, we expect it will generate annual net income roughly equal to its current market cap. Troilus historically traded at an extremely low valuation because the market did not believe that the company could finance the project's upfront capital expenditure of $1.3 billion. Throughout 2025, Troilus began addressing these financing concerns by signing an offtake agreement with a European smelter and a related letter of intent for $700 million of debt financing on attractive terms. If Troilus Gold raises the necessary equity and signs a streaming arrangement to fully fund the mine’s construction, we believe the stock will trade much closer to its NAV (using a 10% discount rate and the spot gold price) of $2.5 billion.

Equinox Partners, L.P. - Q3 2025 Letter

By Kieran Brennan • October 30, 2025

Dear Partners and Friends, PERFORMANCE Equinox Partners, L.P. rose +24.5% net of fees in the third quarter and is up +54.4% for the year-to-date 2025. By comparison, the S&P 500 index rose +8.1% in the third quarter and is now up +14.8% for the year-to-date 2025. Our quarterly performance has been almost exclusively driven by our gold and silver miners. In the third quarter, the spot gold price rose +18%, and the fund’s mining portfolio returned +40%. As of this writing, 78% of Equinox Partners’ capital is invested in the gold and silver sector. The letter that follows provides our thoughts on the gold price and our gold mining holdings. Gold The gold bull market, which was initiated by central bank buying, has evolved into an investor-driven dollar debasement trade. This second phase of the gold bull market is more explosive than the first because it draws on the approximately $470 trillion of the world’s wealth as opposed to the roughly $35 trillion of central bank balance sheets. If President Trump fans the dollar debasement fire by forcing a politicized Fed to cut rates, gold could rapidly displace the dollar as the world’s reserve currency. However, if President Trump takes a more nuanced approach to the Fed, gold should still displace the dollar as the world’s reserve currency over time with the competition between gold and the dollar taking longer to play out. Gold investors warning about fiat currency debasement is nothing new. That, after all, is why gold investors own gold in the first place. There’s also nothing new about most American investors ignoring these warnings. The dollar’s relative stability has long made concerns about dollar debasement appear quixotic. Since the early 1980’s, American inflation has been largely tolerable, the dollar has outperformed almost all other fiat currencies, and U.S. government bonds have been the safest asset to own in an economic downturn. The dollar has sloughed off so much criticism for so long that Janet Yellen likely did not imagine the chain of events that freezing Russia’s foreign exchange reserves would set into motion. With confidence in the dollar’s inertia and a bit of hubris in our opinion, Secretary Yellen engineered the freezing of $300 billion of Russia’s foreign exchange reserves and put the world’s central banks on notice that their use of dollar reserves depends upon the tacit approval of the U.S. Treasury. Foreign governments shocked by this policy change sought to reduce their dependence on the U.S. Treasury and doubled their gold purchases to roughly $60-80 billion per year (potentially $100 billion in 2025). This increase in central bank gold demand drove the gold price up over +50% from March 2022 to March 2025. This bull market in turn gave gold the additional scale necessary to function as a more viable alternative to the dollar and damaged the dollar’s air of invulnerability. This two-fold outcome is problematic because inertia and a lack of alternatives were fundamental to the dollar’s stability. On the back of gold’s appreciation, long-ignored arguments of gold investors began sounding more plausible. Financial professionals accustomed to deriding gold investors and referring to them as insects began to worry that gold’s price action is telling them something important. Jamie Dimon aptly summed up the change of heart: “This is one of those times where it is semi-rational to own gold.” His comment captures both his continued distaste for gold and his willingness to own it. Despite the broadening acceptance of gold as an investment, markets remain skeptical of the underlying dollar-devaluation narrative. Inflation, a broad measure of the dollar’s strength, is just 2.8%. The 10-year U.S. Treasury yields 4.0%, indicating the bond market’s indifference to the dollar debasement narrative. Furthermore, the decline in the trade weighted dollar has partially reversed since early July. At this moment, the dollar debasement trade appears to be waiting for additional macroeconomic and geopolitical events to play out. Of these, none looms larger than President Trump’s effort to bend the Federal Reserve to his will. In January, the Supreme Court will likely allow President Trump to remove Federal Reserve Board Governor Lisa Cook, making the selection of the next Fed Chair even more important. If Trump nominates a loyalist like Kevin Hassett who appears more committed to pleasing the President than price stability, we could see broadening concern about the dollar’s store of value and a growing asset allocation into gold. In this hyper-politicized Fed scenario, gold could quickly become a $100 trillion dollar asset and displace the dollar as the world’s reserve currency. However, if Trump nominates an institutionalist like Chris Waller, the dollar debasement trade will likely remain in limbo for a while as markets suss out how much control Trump really has over the Fed. Either way, the U.S. bond market will not be allowed to freely adjudicate the outcome at the Fed. We expect both Treasury and Fed to proactively manage the yield curve during the particularly politically sensitive period when the Fed is cutting rates while inflation is above their stated 2% target. Treasury will keep longer-dated bond issuance to a minimum while coercing banks to keep the Treasury market well bid. JP Morgan increased its holdings of Treasuries by $80 billion in the first half of this year, and we expect other banks to follow suit. The Fed, for its part, has announced an end to quantitative tightening and its intention to shift its balance sheet from mortgage-backed securities to Treasuries. Given the likely extent of the coordinated intervention of the Treasury and Fed, the bond market will not be a good indicator of the market’s confidence in Trump’s economic policies. Gold will be. To the extent that investors sense that the bond market is not providing a reliable price signal, they will begin paying more attention to gold. And, should the gold price becomes the accepted indicator of U.S. financial health, the Trump administration will take action to influence it. At the very least, this will entail the Trump administration encouraging other central banks to stop buying gold or even sell gold. But the anti-gold policy options are limitless. Needless to say, the U.S. government pushback on gold will not solve the dollar’s long-term structural problems. Nor will it mark the end of gold’s challenge to the dollar. It will simply mark the next phase of financial repression. Our Gold Mines The second phase of the bull market in gold has been broadly positive for our portfolio, as a portion of the investor money flowing into gold has bid up gold mining equities as well. Where central banks buy the physical gold bullion, private wealth investors allocating to gold will also buy gold mining stocks. The GDXJ Junior Mining Index is up +131% for the year-to-date through September 30. Even with this year’s rapid rise in the gold mining portfolio, valuations remain cheap at spot gold prices. Our in-production portfolio trades at a 24% IRR as compared to a 25% IRR on March 31. The most dramatic mis-valuation among our gold miners continues to be in the pre-production companies. While these equities have appreciated more rapidly than our producing companies for the year-to-date 2025, they began from such a low valuation that even at twice or three times their January price, they are still undervalued. Troilus Gold, a junior gold mining company with an 11.2 million ounces gold-equivalent resource in Quebec, Canada, is a case in point. Troilus Gold shares have more than tripled in 2025, rising from C$0.31 to C$1.35 per share. The company still trades at an IRR of 30%, 0.2X its NAV (using a 10% discount rate), and a price per ounce of recoverable gold of $63. When Troilus goes into commercial production in 2029, we expect it will generate annual net income roughly equal to its current market cap. Troilus historically traded at an extremely low valuation because the market did not believe that the company could finance the project's upfront capital expenditure of $1.3 billion. Throughout 2025, Troilus began addressing these financing concerns by signing an offtake agreement with a European smelter and a related letter of intent for $700 million of debt financing on attractive terms. If Troilus Gold raises the necessary equity and signs a streaming arrangement to fully fund the mine’s construction, we believe the stock will trade much closer to its NAV (using a 10% discount rate and the spot gold price) of $2.5 billion. New Board Seat at Gran Tierra Energy On September 30, portfolio company Gran Tierra Energy announced that Brad Virbitsky has joined the board on behalf of Equinox Partners. While it is a relatively modest-sized position in the fund, we believe there is significant value to unlock, and we can help realize that value through our participation in the boardroom.

Kuroto Fund Wins 2025 HFM US Global Equity Award

By Kieran Brennan • October 30, 2025

Kuroto Fund Wins HFM 2025 US Performance Award

Kuroto Fund, L.P. - Q3 2025 Letter

By Kieran Brennan • October 30, 2025

Dear Partners and Friends, PERFORMANCE Kuroto Fund, L.P. appreciated +16.6% in the third quarter and is up +51.6% year-to-date 2025. By comparison, the broad MSCI Emerging Markets Index rose +11.0% in the third quarter and is up +28.2% for the year-to-date. Performance in the quarter was driven primarily by our investments in Nigeria, with additional strong contribution from our largest position, MTN Ghana. A breakdown of Kuroto Fund exposures can be found here . Portfolio Changes During the third quarter, we initiated a position in Solidcore Resources, a company described in our February webinar . Solidcore is similar to the oil companies we profiled in our Q2 2025 letter in that it is a competitively advantaged commodity producer. The company’s main asset is a long-lived and low-cost mine, the management team is among the best in the region, and the infrastructure they are building will make them a natural consolidator of regional assets. Given the subsequent increase in commodity prices, we ended up purchasing the bulk of our position at a 40%+ free cash flow yield. Solidcore is now a top 5 position in the fund. We funded our purchase of Solidcore by reducing our Georgia Capital position weighting from 17% to 11% and by selling our stake in a Greek consumer-focused business. In the case of Georgia Capital, while the discount to the sum of the parts value decreased from 50% to a more reasonable 30%, we still see it as a compelling investment opportunity. Georgia Capital’s portfolio of oligopolistic businesses is growing earnings double digits, buying back stock, and trading at a single digit, look-through price-to-earnings multiple. The sale of our Greek investment was driven by stock appreciation combined with a management change that led us to re-underwrite our investment. GHANAIAN AND NIGERIAN MACRO Over the past decade, Nigeria and Ghana have endured a seemingly unending series of self-inflicted macro problems. Inflation increased to over 30% in both countries, and the currencies depreciated 64% and 79%, respectively. Ghana defaulted on its domestic and foreign debt in 2023, and Nigeria imposed onerous capital controls for multiple years. However, 2025 has been a turning point for both countries. For the first time in over a decade, investors in these markets are experiencing macroeconomic tailwinds. In Ghana, since the beginning of the year, the currency has appreciated 43% vs. the U.S. dollar, GDP growth averaged over 6%, the budget has been in primary surplus, inflation declined from 24% to 9%, and debt to GDP declined from 62% to 43%. Ghana’s macro environment has improved due to three factors: One, Ghana’s debt restructuring is mostly finished, and the country now has a much smaller interest expense burden, which should decline further as the central bank lowers rates to be more in line with the decline in inflation. Two, the new government which assumed power in January has cut spending 14% in real terms. Three, the country has been helped by the large increase in the gold price, which is both the country’s largest export and a significant component of Ghanaian central bank reserves. Ghana now has 4.8 months of import cover, half of which is held in gold bullion. Whether Ghana can maintain this strong start to the year is an open question, but the fundamentals are certainly in a better place than they have been in the past decade. In Nigeria, President Tinubu’s bold reforms upon taking office are finally starting to have some effect. In 2023, Tinubu eliminated the local fuel subsidy which consumed about 40% of the government’s annual revenues, floated the currency which resulted in a 68% depreciation, forced a recapitalization of the banking sector, and removed the board of the notoriously corrupt national oil company and replaced them with technocrats who formerly worked at companies like Exxon and Shell. While not perfect, the scale of the reforms is impressive by any standard. A year later, inflation has fallen from over 30% to the high teens and is expected to fall to single digits next year. Economic growth has increased from less than 3% to over 4%. Oil production is up more than 10% and oil theft is down 90%. Importantly, the exchange rate has been stable for a year and anecdotally, we are hearing that conditions on the ground are night and day different, businesses are looking to invest, and banks are willing to lend. We initially invested in Ghana and Nigeria in 2018 with the expectation that both countries would eventually adopt a sane set of macroeconomic policies. While it took longer than we expected, sane policy is gaining traction in both countries, and our superior companies are getting re-rated to more sensible, albeit still very cheap, valuations. In Ghana, our main investment has been in MTN Ghana, which has compounded at approximately 25% in U.S. dollar terms since 2018 despite all the on-the-ground challenges. The stock’s historical return understates our investment performance because we increased our weighting at opportune times. The total contribution to our P&L has been +$17.7 million over that time frame, resulting in a +24.9% cumulative contribution to fund returns. Our Nigerian investment results have also been strong. While our initial entry was poorly timed, we added counter-cyclically, and as a result have generated +$9 million of P&L, contributing a cumulative +15.0% to the fund’s return. Our experience in both markets underscores the importance of our investment strategy of looking at out-of-favor markets to find competitively advantaged, well-run businesses at unusually cheap valuations. NEW BOARD SEAT AT GRAN TIERRA ENERGY On September 30th, portfolio company Gran Tierra Energy announced that Brad Virbitsky has joined its board on our behalf. While it’s a relatively modest position size in the fund, we believe there is significant value to unlock and we can contribute to that process through our participation in the boardroom. Sincerely, Sean Fieler & Brad Virbitsky

Precious Metals Fund - Q2 2025 Letter

By Kieran Brennan • August 1, 2025

Dear Partners and Friends, PERFORMANCE Equinox Partners Precious Metals Fund, L.P. rose +13.2% in the second quarter of 2025 and is up +39.7% for the first half of 2025. By comparison, the Junior Gold Mining Index GDXJ rose +18.7% in the quarter and is up +58.7% for the first half of the year. Our meaningful year-to-date underperformance relative to the GDXJ reflects the continued discount at which our companies trade compared to peers. Specifically, our portfolio of producing companies trades at an average internal rate of return (IRR) of 24%, roughly double the 11.5% IRR of the broad universe of gold miners that BMO covers. the gold mining bull market is young The skepticism that characterizes the gold mining sector stands in sharp contrast to the enthusiasm in the broader stock market. The animal spirits that have propelled popular stocks like Wingstop and Robinhood to an average of nearly 80 times 2025 earnings remain totally absent among gold mining investors. One indication of the sober mood that dominates the gold mining sector is the use of gold price assumptions below spot in net asset value (NAV) calculations. Looking at four important sell-side houses for the sector, their models include an average long-term price assumption of $2,400 per ounce, representing a 28% discount to the quarter-end spot price.

Equinox Partners, L.P. - Q2 2025 Letter

By Kieran Brennan • July 24, 2025

Dear Partners and Friends, PERFORMANCE Equinox Partners, L.P. rose Equinox Partners, L.P. rose +11.6% net of fees in the second quarter and is up +24.1% for the year-to-date 2025. By comparison, the S&P 500 index rebounded +10.9% in the second quarter and is now up +6.2% for the year-to-date 2025. Our portfolio has performed well across the board this year, with our gold miners, oil and gas producers, and emerging market businesses all appreciating. We were particularly gratified by the long-overdue outperformance of several of our earlier stage gold companies in the first half of this year. With markets and complacency on the rise, we think it prudent to address the non-negligible risk of an economic downturn. Beware the Next Recession

Kuroto Fund, L.P. - Q2 2025 Letter

By Kieran Brennan • July 23, 2025

Dear Partners and Friends, PERFORMANCE Kuroto Fund, L.P. appreciated +21.3% in the second quarter and is up +30.1% for the first half of 2025. By comparison, the broad MSCI Emerging Markets Index rose +12% in the second quarter and is up +15.3% for the first half of 2025. Key performance drivers for the fund have been our large position in MTN Ghana, as well as the strong returns from our holdings in Nigeria and the Republic of Georgia. A breakdown of Kuroto Fund exposures can be found here . Despite Kuroto Fund’s outperformance in the first half of the year, our portfolio remains very attractively valued. Given the diversity of business models we own, it is difficult to find metrics that provide an accurate picture of the value and quality of our portfolio in the aggregate. In the absence of an alternative, our portfolio’s weighted average price-to-earnings multiple of 7.3x 2025 earnings, dividend yield of 5.2% and ROE of 24.7% will have to do.

Precious Metals Fund - Q1 2025 Letter

By Dan Donohue • May 1, 2025

Dear Partners and Friends, PERFORMANCE Equinox Partners Precious Metals Fund, L.P. rose +23.4% in the first quarter of 2025. Over the same period the price of gold rose +18.9%. The fund’s performance was driven by strong returns from both the producing and exploration stage companies as gold crossed $3,000 per ounce. Trump's New Economic Policy Trump’s New Economic Policy has roiled markets and bolstered investor gold buying globally. While the violent market gyrations remain a focus for our team, we have also been thinking through the long-term effects of Trump’s policies. In this latter endeavor, Nixon’s 1971 New Economic Policy has proven an invaluable guide. The policy similarities between Nixon’s first term and Trump’s second are striking. Both presidents declared emergencies, raised tariffs, cut spending, reduced foreign aid, blamed foreigners, devalued the dollar , proposed tax cuts, attacked the Federal Reserve chair, and directly managed consumer prices. There are, of course, also meaningful differences. Most notably, Trump has raised tariffs more, devalued the dollar less, and has not imposed formal wage and price controls. Nevertheless, the policy resonance is striking.

Kuroto Fund, L.P. - Q1 2025 Letter

By Kieran Brennan • April 30, 2025

Dear Partners and Friends, PERFORMANCE Kuroto Fund, L.P. appreciated +7.3% in the first quarter of 2025, while the broad MSCI Emerging Markets index rose +3.0%. Kuroto performance for the quarter was driven primarily by the strong performance of our operating companies in Georgia and Ghana. A breakdown of Kuroto Fund exposures can be found here . Returning to Brazil Though the Kuroto Fund didn’t invest outside of Asia until 2014, as a firm we began investing in Brazil in the late 1990s and made our first sizable investment there in 2004. We have followed the market ever since. Given our love for the country of Brazil and admiration for many of the companies there, it has been challenging for us to remain mostly absent from Brazilian capital markets for the past decade. We stayed away for a variety of reasons, but primarily because we didn’t like the valuations on offer. So it is with more than a bit of enthusiasm that we were able to make two substantial investments in Brazil this January, taking our portfolio weighting in the country from 0% to 10%. Brazil remains a macroeconomic and political adventure, but today’s valuations are incredibly attractive. The Brazilian stock market is down over 40% in US dollars over the past 14 years.