Equinox Gold estimates annual Canadian gold production

Executive Summary

• Equinox Gold Corp. released updated technical reports for its Greenstone and Valentine gold mines in Canada, outlining a combined average annual gold production of approximately 543,000 ounces over the next 10 years (2026–2036).
• The company reported total mineral reserves of 19 million ounces of gold, with 8.1 million ounces classified as proven and probable reserves across its Canadian assets.
• Valentine mine is undergoing a Phase 2 expansion targeting a throughput increase to 5.0 million tonnes per annum (tpa) and average annual production of 223,000 ounces, with a $414-million capital cost expected to begin construction in Q3 2026.

Key Details

• Canadian Operations Overview (2026–2036):
  • Average annual gold production: 543,000 ounces.
  • Total Proven and Probable Reserves: 8.1 million ounces.
  • Total Measured and Indicated (M&I) Resources (exclusive of reserves): 4.1 million ounces.
  • Total Inferred Resources: 2.8 million ounces.
• Greenstone Gold Mine:
  • Average annual production: 320,000 ounces over the next 10 years.
  • Average mill throughput: 9.82 million tonnes per annum (tpa).
  • Average mill feed grade: 1.16 g/t gold.
  • Average recovery: 87.5%.
  • Open-pit Proven and Probable Reserves: 5.3 million ounces.
  • Open-pit M&I Resources: 1.3 million ounces; Inferred: 418,000 ounces.
  • Underground M&I Resources: 1.6 million ounces; Inferred: 1.2 million ounces.
  • Other land package resources: 1.1 million ounces indicated and 409,000 ounces inferred.
  • Strategic focus: Achieving sustained nameplate milling capacity of 27,000 tonnes per day, with potential to increase toward 30,000 tonnes per day.
• Valentine Gold Mine:
  • Phase 2 Expansion:
    • Throughput increase from 2.5 million tpa to 5.0 million tpa.
    • Capital cost: $414 million (including 20% contingency).
    • Construction start: Q3 2026 (subject to board approval).
    • Financing: Cash flow from operating mines and available credit facility.
  • Combined Phase 1 and 2 Economic Metrics (at $4,500/oz gold):
    • After-tax Net Present Value (NPV5%): $3.1 billion.
    • Life-of-Mine (LOM) Cumulative Net Cash Flow (2026–2037): $4.3 billion.
    • Average annual production: 223,000 ounces.
    • Average mill throughput: 4.31 million tpa.
    • Average mill feed grade: 1.69 g/t gold.
    • Average LOM Total Cash Costs: $1,580/oz.
    • Average LOM All-In Sustaining Costs (AISC): $1,665/oz.
  • Reserves and Resources:
    • Proven and Probable Reserves: 2.7 million ounces.
    • M&I Resources: 1.2 million ounces.
    • Inferred Resources: 1.1 million ounces.
• Exploration and Opportunities:
  • 2026 Exploration Budget: $70–$80 million.
  • Greenstone: Potential to convert underground/satellite resources to reserves; exploration at three past-producing mines with historical production >1 million ounces at >10 g/t gold.
  • Valentine: Frank zone exploration targeting over 25,000 meters of drilling to define a potential fourth open pit; initial resource estimate expected Q4 2026. Less than 15% of the 320-square-kilometer property explored to date.

Notable Quotes

• Darren Hall, CEO: "Our immediate focus at Greenstone is executing the ramp-up and achieving sustained nameplate milling capacity of 27,000 tonnes per day. Delivering consistent performance at this level will establish Greenstone as a cornerstone asset within our portfolio."
• Darren Hall, CEO: "At Valentine, the updated technical report highlights significant benefits from the planned phase 2 expansion... annual gold production is expected to average approximately 223,000 ounces per year for the subsequent 10 years."
• Darren Hall, CEO: "We remain focused on unlocking further value through the growth and enhancement of our overall mineral reserves and mineral resources, supported by a robust $70- to $80-million exploration budget for 2026."