Northwire Canada EditionSunday, July 26, 2026
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B 0.150 +0.0% IFOS 2.28 −2.6% IMM 0.060 +0.0% ROCK 3.38 −1.7% NVX 0.250 −7.4% HAR 0.050 +0.0% YGT 0.175 +0.0% GEN 0.070 −nan% CRB 0.040 +14.3% MSA 7.07 +2.2% AEM 204.81 +0.7% OPW 0.105 +5.0% GRL 0.275 −1.8% AIS 0.150 +0.0% CUU 0.580 −1.7% SOMA 0.720 +5.9% B 0.150 +0.0% IFOS 2.28 −2.6% IMM 0.060 +0.0% ROCK 3.38 −1.7% NVX 0.250 −7.4% HAR 0.050 +0.0% YGT 0.175 +0.0% GEN 0.070 −nan% CRB 0.040 +14.3% MSA 7.07 +2.2% AEM 204.81 +0.7% OPW 0.105 +5.0% GRL 0.275 −1.8% AIS 0.150 +0.0% CUU 0.580 −1.7% SOMA 0.720 +5.9%
Production / Operations

Equinox Gold produces 922,827 ounces Au in 2025

By The Northwire Desk — AI Analysis Jan 14, 2026 · 16:51 EQX · 20.37 Equinox Gold Corp.
EQX · Price

Executive Summary

  • Equinox Gold Corp. reported record gold production for Q4 and full-year 2025, with full-year output reaching 922,827 ounces, significantly exceeding the previous year's guidance.
  • The company provided 2026 guidance indicating an 80% increase in annual Canadian gold production, driven by the full-year ramp-up of the Valentine mine and continued improvements at Greenstone.
  • Strategic updates include the completion of the merger with Calibre Mining, the sale of non-core assets (Nevada and Brazil) to strengthen the balance sheet, and a robust development pipeline targeting 450,000–550,000 ounces of incremental annual production.

Key Details

  • 2025 Production Performance:
    • Full-year 2025 production: 922,827 ounces (Record).
    • Q4 2025 production: 247,024 ounces (Record).
    • Q4 Breakdown: Greenstone (72,091 oz), Brazil (73,745 oz), Nicaragua (61,885 oz), Mesquite (14,761 oz), Valentine (23,207 oz), Castle Mountain (1,336 oz).
    • Full-year 2025 included 856,909 ounces within the 750,000–915,000 ounce guidance range, plus 65,918 ounces from Valentine, Los Filos, and Castle Mountain.
  • 2026 Guidance & Outlook:
    • Expected 2026 Canadian gold production to increase by 80% year-over-year.
    • Valentine ramp-up expected to reach nameplate throughput by Q2 2026.
    • Greenstone production planned to increase in 2026 due to mining and milling improvements.
  • Financial Position & Cash Flow:
    • Cash and equivalents: $430 million at Dec 31, 2025 (up 24% QoQ).
    • Debt repayment: $75 million in debt repaid in Q4; $214 million repaid/retired since late Q3 2025.
    • 2025 All-In Sustaining Costs (AISC): Expected to be in the upper end of guidance ($1,800–$1,900/oz).
    • 2026 Expenditures: $50–$60 million for debt servicing, $60–$70 million for care and maintenance, $70–$80 million for mine-site equipment leases.
    • Exploration Budget: ~$75 million for ~300,000 meters of drilling.
  • Asset-Specific Updates:
    • Greenstone: Q4 extraction-pit mining averaged >198,000 tonnes/day (+9% QoQ); mill throughput averaged 23,859 tonnes/day (+15% QoQ); processed grade averaged 1.29 g/t Au (+23% QoQ).
    • Valentine: Commercial production started Nov 18, 2025. Q4 throughput averaged 90% of nameplate. Phase 2 feasibility study targeted for end of Q1 2026, aiming to increase throughput to >4.5 million tonnes/year and production by ~25% (225,000–250,000 oz/year).
    • Castle Mountain: Phase 2 permitting record of decision expected Dec 2026 under FAST-41 program.
    • Los Filos: Operations indefinitely suspended due to lack of agreement with one local community; expansion to >250,000 oz/year via carbon-in-leach plant planned.
    • Brazil: Sale announced Dec 14, 2025, for up to $1,015 million; expected to close Q1 2026. Estimated 2025 production 15,000–25,000 oz with AISC $2,500–$2,600/oz.
    • Nevada: Sale completed in Q4 for $115 million.
  • Merger & Portfolio:
    • Completed transformational merger with Calibre Mining.
    • Development pipeline potential: 450,000–550,000 ounces of incremental annual gold production.
  • Safety & Environment:
    • Total recordable injury frequency rate: 1.79 per million hours worked (25% reduction vs 2024).
    • No significant environmental incidents in 2025.

Notable Quotes

  • Darren Hall, CEO: "Equinox Gold delivered a record 922,827 ounces of gold production in 2025, reflecting the significance of the company's expanded portfolio and strength of our results-focused team."
  • Darren Hall, CEO: "Cash increased by 24 per cent quarter over quarter to $430-million... reflecting a clear trend of growing strength in the company's underlying cash flow generation."
  • Darren Hall, CEO: "With the sale of our Brazil operations expected to close in Q1 2026, we anticipate a meaningful strengthening of our balance sheet in 2026 through significant debt repayment, which will materially reduce interest expense, enhance per-share cash flow and increase our flexibility to self-fund organic growth..."
  • Darren Hall, CEO: "The combination with Calibre has brought together high-quality assets and a strong operating team, positioning us to generate cash, strengthen the balance sheet, grow organically and deliver sustained share price appreciation for our investors."
Read the original news release →

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