Equinox Gold produces 236,470 oz Au in Q3 2025

Executive Summary

• Equinox Gold reported a record consolidated Q3 2025 production of 236,470 ounces of gold, bringing year‑to‑date output to 634,428 ounces.
• Operational performance improved at both cornerstone assets: Greenstone’s mining rate rose 10% YoQ to 185,000 t/d and mill grades increased 13% to 1.05 g/t; Valentine poured its first gold on Sept. 14 and operated at an average 57% of nameplate capacity in September.
• The company strengthened its balance sheet by retiring $139 M of debt and completing the divestiture of Nevada assets for $115 M, positioning it to meet 2025 guidance and drive growth into 2026.

Key Details

• Production Highlights
• Q3 2025 consolidated gold production: 236,470 oz (record).
• Year‑to‑date (9 mo) production (excludes Los Filos, Castle Mountain, Valentine): 634,428 oz.

• Greenstone contribution Q3: 56,029 oz; Valentine expected Q4 output 15,000–30,000 oz.

• Greenstone Mine – Q3 Operational Metrics

• Open‑pit mining: 3.8 M t at 0.91 g/t average grade.
• Mill feed: 1.9 M t at 1.05 g/t (September > 1.3 g/t).
• Mining rate: 185,000 t/d, a 10% increase vs Q2 and 21% vs Q1.

• Process grades up 13% YoQ to 1.05 g/t.

• Valentine Mine – Commissioning

• First gold poured on Sept. 14, 2025, ahead of schedule.
• Throughput in September averaged 57% of nameplate (6,850 t/d); > 23% of days exceeded nameplate.

• Targeted full‑nameplate capacity (2.5 M t/yr) by Q2 2026.

• Financial & Balance Sheet Actions

• Debt retired: $139.2 M (U.S.) via conversion of September 2020 convertible notes.
• Nevada asset sale closed Oct. 1, 2025 for $115 M (U.S.).

• Cash and equivalents at Sept. 30, 2025: $359 M.

• Exploration Updates

• El Limon (Nicaragua) drill results: highest‑grade intercepts to date – 36.77 g/t Au over 6.9 m, 8.55 g/t Au over 14.6 m, 10.19 g/t Au over 6.0 m.

• Upcoming Investor Call

• Unaudited Q3 2025 results release: Nov. 5, 2025 (after market close).
• Conference call/webcast: Nov. 6, 2025, 7 a.m. PT / 10 a.m. ET; replay available until May 6, 2026.

Notable Quotes

• “Equinox Gold delivered a solid third quarter…record consolidated 236,470 ounces of gold…we remain on track to deliver in the mid‑range of our annual guidance.” – Darren Hall, CEO
• “Greenstone’s operational performance improved meaningfully…supports our confidence in delivering a strong Q4 and momentum into 2026.” – Darren Hall, CEO

Materiality Assessment: Material – Positive (significant production record, operational improvements, balance‑sheet strengthening, and forward‑looking guidance).