Northwire Canada EditionThursday, August 13, 2026
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Earnings

Equinox Gold Delivers Record Q3 Production and Revenue

By The Northwire Desk — AI Analysis Nov 05, 2025 · 18:18 EQX · 14.94 Equinox Gold Corp.
EQX · Price

Executive Summary

  • Equinox Gold reported record Q3 2025 production of 236,382 oz gold with AISC of $1,833/oz and net income of $85.6 M ($0.11/share).
  • Debt was reduced by $139 M during the quarter and an additional $88 M cash was generated from the sale of Nevada assets after quarter‑end.
  • Greenstone mining rates rose 10% YoQ, mill grades improved 13%, and Valentine plant commissioning achieved 73% of nameplate capacity (91% in October) with recoveries >93%.

Key Details

  • Production: 236,382 oz gold total – Greenstone 56,029 oz; Nicaragua 71,119 oz; Brazil 67,629 oz; Mesquite 27,642 oz; Pan 10,797 oz; Castle Mountain 2,557 oz; Valentine 609 oz.
  • Gold Sales: 239,311 oz at an average realized price of $3,397/oz.
  • Costs: Cash costs $1,434/oz; All‑in Sustaining Costs (AISC) $1,833/oz.
  • Financials: Revenue $819.0 M; Adjusted EBITDA $420.0 M; Adjusted net income $147.4 M ($0.19/share).
  • Cash Flow: Operating cash flow before non‑cash WC $322.1 M; Mine‑site free cash flow $304.3 M.
  • Balance Sheet: Cash & equivalents $348.5 M (excluding post‑quarter $88 M from Nevada asset sale); Net debt $1,278.2 M.
  • Debt Reduction: Retired $139.3 M of convertible notes; added $88 M cash from Nevada asset sale (closed Oct 1 2025).
  • Greenstone Operations: Mining rates 185,000 t/d in Q3 (up 10% YoQ); mill grade 1.05 g/t (up 13%). October mining >205,000 t/d; grade 1.34 g/t.
  • Valentine Commissioning: First ore Aug 27 2025; avg 4,992 t/d (73% nameplate) to Oct 31; Oct avg 6,221 t/d (91% nameplate); recoveries >93%; target 15‑30 k oz production Q4.
  • Portfolio Optimization: Sale of non‑core Nevada assets for $115 M (announced Aug 7 2025, closed Oct 1 2025).
  • Guidance Outlook: On track to meet mid‑point of 2025 consolidated production guidance; expects strong Q4 and momentum into 2026.

Notable Quotes

“Equinox Gold delivered another solid quarter with record production of 236,382 ounces and all‑in sustaining costs of $1,833 per oz… We expect a strong finish to the year.” – Darren Hall, CEO

Materiality: Material – Positive (significant quarterly financial and operational results).

Read the original news release →

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