Equinox Gold (EQX) Q1 2025 earnings summary

Executive summary

• Achieved record first-quarter gold production of 145,290 ounces and sales of 148,000 ounces, with production expected to increase each quarter in 2025.

• Announced and received shareholder and court approval for a merger with Calibre Mining, expected to close in Q2 2025, creating a leading Canadian-focused gold producer with a diversified Americas portfolio.

• Safety performance improved, with a 12-month rolling total recordable injury frequency rate of 1.95 and no significant environmental incidents.

• Suspended operations at Los Filos due to inability to secure a new long-term agreement with one community; no production expected from Los Filos for the remainder of the year.

• Greenstone mine ramp-up progressing well, contributing significantly to operational results.

Financial highlights

• Q1 2025 revenue was $423.7 million, up 76% year-over-year, driven by a 38% increase in realized gold price and 27% higher gold ounces sold.

• Net loss of $75.5 million (basic EPS: $(0.17)), driven by non-recurring costs, Los Filos suspension, and transition of Greenstone interest costs from capitalized to expensed.

• Adjusted net loss of $36.6 million (adjusted EPS: $(0.08)); adjusted EBITDA of $137.9 million, up from $52.2 million in Q1 2024.

• Cash flow from operations before changes in non-cash working capital was $73.3 million; mine-site free cash flow before changes was $57.7 million.

• Cash and equivalents of $172.9 million at March 31, 2025; net debt of $1,220.0 million.

Outlook and guidance

• 2025 production guidance (excluding Los Filos): 635,000–750,000 ounces at cash costs of $1,075–$1,175/oz and AISC of $1,455–$1,550/oz.

• Combined company (post-merger) 2025 guidance: 865,000–1,030,000 ounces at AISC $1,465–$1,565/oz, with a path to over 1.2 million ounces annually once Greenstone and Valentine are fully ramped.

• Greenstone expected to reach design capacity (27,000 tpd) in the second half of the year, with costs declining as production increases.

• No further production expected from Los Filos in 2025; care and maintenance costs projected at $2.5–$3 million per month in H2.

• Sustaining and non-sustaining expenditure guidance for 2025 set at $412 million.