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Equinox Gold (EQX) investor relations material
Equinox Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record Q3 gold production of 236,382 oz and strong revenue, with significant contributions from Greenstone, Nicaragua, Brazil, and the ramp-up at Valentine; first full quarter including Calibre assets.
Operational improvements at Greenstone and first gold production at Valentine occurred ahead of schedule.
Balance sheet strengthened by retiring $139 million of debt and selling non-core Nevada assets for $115 million, including $88 million in cash post-quarter.
Development pipeline advanced with Castle Mountain receiving FAST-41 acceptance and Valentine Phase 2 studies underway.
Portfolio optimization and exploration continue in key jurisdictions.
Financial highlights
Sold 239,311 oz of gold at an average realized price of $3,397/oz, with all-in sustaining costs (AISC) of $1,833/oz and cash costs of $1,434/oz in Q3.
Adjusted net income was $147.4 million ($0.19/share); net income was $85.6 million ($0.11/share); adjusted EBITDA reached $420 million.
Mine-site free cash flow before changes in non-cash working capital was $304.3 million.
Ended Q3 with $348.5 million in cash and net debt of $1,278.2 million.
Year-to-date production of 634,000 oz, positioning for midpoint of 2025 guidance (785,000–915,000 oz).
Outlook and guidance
On track to deliver full-year consolidated production guidance, with Greenstone and Valentine ramp-ups expected to drive strong Q4 and 2026 momentum.
2025 production guidance is 785,000–915,000 oz at total cash costs of $1,400–$1,500/oz and AISC of $1,800–$1,900/oz.
Valentine ramp-up ahead of expectations; nameplate capacity targeted by Q2 2026, with 2026 production expected at 150,000–200,000 oz.
Portfolio optimization continues, including asset sales and ongoing exploration.
Guidance excludes production from Valentine, Los Filos, and Castle Mountain.
Reconcile 2025 guidance with Valentine production
Detail Q3 cost discipline measures
Beyond debt reduction, how will capital be allocated
Greenstone's sustained grade improvement drivers?
Valentine Phase 2 expansion production outlook?
Asset sales impact on deleveraging timeline?
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Next Equinox Gold earnings date
Very Independent Research Virtual Conference9 Dec, 2025
Next Equinox Gold earnings date
Very Independent Research Virtual Conference9 Dec, 2025
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Frequently asked questions
Equinox Gold Corp., together with its subsidiaries, engages in the acquisition, exploration, and development of mineral deposits. The company primarily explores for gold and silver deposits. Its properties include the Aurizona gold mine located in the state of Maranhao; the Fazenda gold mine located in Bahia; the RDM gold mine located in Minas Gerais; and the Santa Luz gold mine located in Bahia, Brazil. The company also holds interests in the Mesquite gold mine and Castle Mountain property situated in California; and Los Filos Gold Mine located in Guerrero State, Mexico. In addition, it holds a 60% interest in the Greenstone project located in Ontario, Canada. The company was formerly known as Trek Mining Inc. and changed its name to Equinox Gold Corp. in December 2017. Equinox Gold Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.
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