Equinox Gold (EQX) Q3 2026 earnings summary

Executive summary

• Q3 production was 237,019 oz and sales were 248,484 oz; record revenue of $1.047B included two months of attributable Musselwhite and Camino Rojo production after the July 31 Orla combination.

• Adjusted EBITDA reached a quarterly record $533.0M, up 49% QoQ; net income was $62.5M and adjusted net income was $199.3M.

• The Orla combination lifted pro forma annual production potential above 1 Moz; priorities include delivering commitments, exploration and sequencing growth projects to cash flow, liquidity and market conditions.

Financial highlights

• Q3 revenue was $1,047.0M vs. $584.3M in Q3 2025; nine-month revenue was $2,678.4M vs. $1,135.8M.

• Q3 income from mine operations was $370.2M vs. $181.9M; adjusted EBITDA was $533.0M vs. $419.9M, with nine-month adjusted EBITDA of $1,418.5M vs. $760.5M.

• Q3 net income was $62.5M, or $0.06/share; adjusted net income was $199.3M, or $0.19/share.

• Operating cash flow before non-cash working capital was $291.7M; mine-site free cash flow before working capital was $398.3M.

• YTD production was 611,484 oz, including 13,473 oz from discontinued Brazil operations and 5,322 oz of residual leaching at Castle Mountain.

Outlook and guidance

• FY 2026 production guidance is 870,000–920,000 oz, with results tracking to the low end; AISC guidance is $1,900–$2,000/oz sold, with expectations at the high end. Full-year production from all assets is projected at 1.1 Moz.

• FY 2026 growth capital guidance is $600–$650M and growth exploration is $110–$120M; major allocations include South Railroad, Valentine Phase 2 and the Los Filos restart.

• Valentine Phase 2 is approved to double throughput to 5.0 Mtpa; initial capital is $436M, including $54M contingency, with completion expected in late 2028.

• South Railroad targets first gold in H1 2028; initial capital is estimated at $395M, with first-five-year average production planned at 130,000 oz/year.

• Greenstone trommel commissioning is planned for early 2027; Valentine is targeting continued higher-grade feed, while Los Filos heap-leach restart is expected to contribute at about half its historical rate through 2027.