The co-hosts's unlikely collection of players, some born and raised in Spain with parents from the African country and others also foreign-born but naturalised, have already surpassed their wildest expectations by reaching the quarter-finals.
On Saturday they attempt to produce an even bigger shock by eliminating the powerful Ivory Coast who won all three of their group games without conceding a goal.
"I've never viewed us as underdogs," Equatorial Guinea's Brazilian coach Gilson Paulo told Reuters. "Perhaps people in the media see us as underdogs but we aim to go as far as possible."
In other matches co-hosts Gabon, spearheaded by French-based striker Pierre-Emerick Aubameyang and his distinctive Mohican hairstyle, face Seydou Keita's Mali and with home backing would appear to be favourites to go through.
With most teams prepared to take risks and play attacking football, expectations are high for this weekend's matches.
The Elephants seem to have been given a steely edge by coach Francois Zahoui who has repeatedly emphasised his mission is to take the trophy back to Abidjan, even if the country's media do not appreciate a more cautious and pragmatic approach.
"Football is not just about technique," he told reporters. "It's about physical condition, tactics and a strong mental attitude.
"It's wrong to think Equatorial Guinea are a weak team. We have to keep our heads cool and face our opponents with great humility."
