Equinox Gold (EQX) Q2 2026 earnings summary

Executive summary

• Completed merger with Orla Mining, creating a leading North American gold producer with enhanced production, cash flow, and growth pipeline.

• Q2 2026 saw improved performance at Canadian operations, notably Greenstone and Valentine, with higher production and operational gains.

• Board approved a 50% increase in quarterly dividend to $0.09 per share, reflecting strong balance sheet, free cash flow, and commitment to shareholder returns.

• Announced construction of Valentine Phase 2 expansion, targeting increased processing capacity and long-term value.

• Leadership transition announced: Jason Simpson to assume CEO role after Darren Hall's retirement in October 2026.

Financial highlights

• Produced 176,836 oz gold in Q2 2026; sold 177,959 oz at an average realized price of $4,256/oz.

• Revenue reached $769.8 million; adjusted EBITDA was $358.3 million; net income was $230.6 million ($0.29/share); adjusted net income was $123.3 million ($0.16/share).

• Q2 consolidated total cash costs were $1,816/oz, with AISC at $2,175/oz.

• Net cash position of $214 million as of July 31, 2026; available liquidity of $1.2 billion.

• Paid $11.8 million in dividends during Q2 2026.

Outlook and guidance

• Updated 2026 production guidance: 870,000–920,000 oz gold, with pro forma annual production of ~1.1 million oz.

• Consolidated cash cost guidance for 2026: $1,600–$1,700/oz; AISC: $1,900–$2,000/oz.

• Growth capital guidance for 2026: $600–$650 million, including Valentine Phase 2, South Railroad, and Los Filos projects.

• Anticipates stronger H2 2026 production from Canadian assets, driving improved AISC and cash flow.

• Guidance assumes average gold price near current levels and higher fuel prices impacting costs.