COMP <GO>

EQX vs PAAS // DIVIDEND YIELD & FCF PAYOUT SAFETY

Equinox Gold Corp. (NYSE) VS. Pan American Silver Corp. (NYSE) • 15-METRIC TALLY: EQX 2 — PAAS 2

■ METRIC PARITY

LAST: $10.18 (-2.86%) • MKT CAP: $11.88B

dividend-safety

0.00%

LAST: $40.75 (-2.86%) • MKT CAP: $16.90B

dividend-safety

0.00%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (EQX VS. PAAS) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	EQX	PAAS	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	16.50%	13.20%	+3.30	EQX	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety ACTIVE	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	8/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	42.0	41.3	+0.70	EQX	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.88	0.95	-0.07	PAAS	/macro-sensitivity <GO>
Forward P/E Multiple	27.6x	27.6x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$11.88B	$16.90B	-$5.01B	PAAS	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	EQX REV	PAAS REV	EQX GROSS %	PAAS GROSS %	EQX FCF	PAAS FCF
INSPECT INDIVIDUAL XBRL MODELS AT EQX FA <GO> AND PAAS FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

EQX // BETA 0.88

PAAS // BETA 0.95