Equinox Gold Delivers Record 236,470 Ounces in Q3 2025, Driving Strong Finish to the Year and Continued Buoyant Growth Into 2026
Equinox Gold Delivers Record 236,470 Ounces
in Q3 2025, Driving Strong Finish to the Year
and Continued Buoyant Growth Into 2026
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2025) -
Equinox Gold Corp.
(TSX: EQX)
(NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce production results
for the three months ("Q3") and nine months ended September 30, 2025, along with an update on
operations at its two Canadian cornerstone assets: the Valentine Gold Mine ("Valentine") in
Newfoundland & Labrador and the Greenstone Gold Mine ("Greenstone") in Ontario.
Darren Hall, CEO of Equinox Gold, commented
: "Equinox Gold delivered a solid third quarter,
producing a record consolidated 236,470 ounces of gold, reflecting the strength of our expanded
portfolio following the merger completed in June. Even after the divestment of our Nevada assets, we
remain on track to deliver in the mid-range of our consolidated annual gold production guidance of
785,000 to 915,000 ounces.
"At Greenstone, operational performance improved meaningfully during the quarter. In Q3 mining rates
exceeded 185,000 tonnes per day, a 10% increase over Q2 and a 21% increase over Q1. Importantly,
mill grades improved 13% in Q3 to 1.05 grams per tonne ("g/t") gold, with September averaging above
1.3 g/t gold. While we anticipate Greenstone's full-year production to be at the lower end of guidance of
220,000 to 260,000 ounces, the progress being made in both mining and milling, together with
increasing grades, supports our confidence in Greenstone delivering a strong Q4 and continuing that
momentum into 2026.
"Valentine delivered first gold ahead of schedule on September 14, with commissioning progressing
well since introducing ore into the circuit on August 27. Through September 30, the plant averaged 57%
of nameplate capacity, with more than 23% of days exceeding nameplate. As Valentine continues to
ramp-up operations, we anticipate producing 15,000 to 30,000 ounces of gold in Q4 and delivering
consistent nameplate capacity of 2.5 million tonnes per year by Q2 2026.
"During Q3 we also strengthened our balance sheet, reducing debt by US$139 million.
Subsequent to
quarter-end, we completed the divestment of Nevada assets for US$115 million. These actions
demonstrate our disciplined approach to capital allocation, deleveraging, and focus on unlocking value
across our portfolio.
"With Greenstone ramping up, Valentine now producing gold, and our balance sheet stronger, Equinox
Gold is well positioned to deliver on 2025 expectations and create additional value for all stakeholders in
2026."
Highlights
First gold poured at Valentine
ahead of schedule on September 14, 2025, marking the launch
of a second Canadian cornerstone asset (
watch the gold pour video here
)
Consolidated year-to-date gold production of 634,428 ounces
, excluding Los Filos, Castle
Mountain and Valentine
Q1: 182,089 ounces, including 44,449 ounces from Greenstone and 71,539 ounces from the
Calibre assets
Q2: 219,123 ounces, including 51,274 ounces from Greenstone and 72,823 ounces from the
Calibre assets
Q3: 233,216 ounces, including 56,029 ounces from Greenstone, 71,119 ounces from
Nicaragua, 67,629 ounces from Brazil, 27,642 from Mesquite and 10,797 ounces from Pan
Cash and equivalents of $359 million
at September 30, 2025
Valentine commissioning progressing well
, with throughput averaging 57% of nameplate
through September and more than 23% of days operating above nameplate of 6,850 tonnes per
day
Greenstone operational improvements yielding positive results:
Ex-pit mining increased 10% in Q3 vs Q2, averaging 185,000 tonnes per day
Process grades increased 13% in Q3 vs Q2, averaging 1.05 g/t with September above 1.3
g/t gold
Castle Mountain Phase 2
federal record of decision targeted for December 2026, following
acceptance of the project into the United States Federal Permitting Improvement Steering
Council's FAST-41 program
Portfolio optimization underway with sale of non-core Nevada assets for US$115 million
(
see news release dated August 7, 2025
— the transaction closed on October 1, 2025)
US$139.2 million of debt retired
, with conversion of September 2020 convertible notes
Resource expansion and discovery drilling continues across the portfolio with significant activity in
Newfoundland, Nicaragua, and Mesquite, and recently commenced exploration activity at Los Filos
Positive exploration
results during Q3 included:
Resource-expansion drilling at El Limon Mine Complex yielding the highest-grade gold
mineralization discovered to date on the property (36.77 g/t gold over 6.9 metres, 8.55 g/t
gold over 14.6 metres and 10.19 g/t gold over 6.0 metres) (
see news release dated July 28,
2025
)
Q3 Greenstone Operational Details
During the quarter, open pit mining totaled 3.8 million ore tonnes at an average grade of 0.91 g/t gold
and the mill processed 1.9 million tonnes of ore at an average grade of 1.05 g/t gold. The difference
between mined grades and mill feed grades is primarily attributable to timing of stockpile movements.
Q3 2025 Conference Call Details
Equinox Gold will release its unaudited financial and operating results for the three and nine months
ended September 30, 2025, on Wednesday, November 5, 2025, after market close. The Company will
host a conference call and webcast to discuss the results the following morning on Thursday, November
6, 2025, commencing at 7:00am PT (10:00am ET). The webcast will be available for replay on Equinox
Gold's website until May 6, 2026.
Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813
Webcast login
Equinox Gold | Financials
Qualified Person
The scientific and technical information contained in this news release was approved by David
Schonfeldt, P. Geo., VP Mine Geology for Equinox Gold and a "Qualified Person" under National
Instrument 43-101.
About Equinox Gold
Equinox Gold (TSX: EQX) (NYSE American: EQX) is a Canadian mining company positioned for growth
with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas,
and a pipeline of development and expansion projects. Founded and chaired by renowned mining
entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the
Company is focused on disciplined execution, operational excellence and long-term value creation.
Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to
growth. Learn more at
www.equinoxgold.com
or contact
.
Equinox Gold Contact
Ryan King
Executive Vice President, Capital Markets
T: 778.998.3700
E:
E:
Cautionary Notes & Forward-looking Information
This news release includes forward-looking information and forward-looking statements within the
meaning of applicable securities laws and may include future-oriented financial information or
financial outlook information (collectively "Forward-looking Information"). Actual results of operations
and the ensuing financial results may vary materially from the amounts set out in any Forward-looking
Information. Forward-looking Information in this news release includes: the Company's strategic vision
and expectations for exploration potential, production capabilities, growth potential, expansion
projects and future financial or operating performance, including shareholder returns; expectations for
Greenstone and Valentine operations, including achieving design capacity, anticipated production;
production and cost guidance, potential future mining opportunities around Valentine and anticipated
timing and development of Castle Mountain Phase 2, receipt of required approvals and permits, and
effectiveness of the Fast-41 Program. Forward-looking Information is typically identified by use of
words such as "will", "growth", "increase", "expect", "achieve", "anticipate", "deliver" and "target" and
similar expressions and phrases or statements that certain actions, events or results "may", "could",
or "should", or the negative connotation of such terms, are intended to identify Forward-looking
Information. While the Company believes these expectations are reasonable, they are not guarantees
and undue reliance should not be placed on them. Forward-looking Information is based on the
Company's current expectations and assumptions, including: achievement of exploration, production,
cost and development goals; completion and
ramp up at Valentine; achieving design capacity at
Greenstone; timely execution of the Aurizona expansion and Castle Mountain permitting; stable gold
prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource
estimates; successful long-term agreements with Los Filos communities and management of
suspended operations; adherence to mine plans and schedules, expected ore grades and recoveries;
absence of labour disruptions or unplanned delays; productive relationships with works, union and
communities; maintenance of and timely receipt of permits and regulatory approvals; compliance with
environmental and safety regulations; and constructive engagement with Indigenous and community
partners.
While the Company considers these assumptions reasonable, they may prove incorrect.
Forward-looking Information involves numerous risks, uncertainties and other factors that may cause
actual results and developments to differ materially from those expressed or implied by such Forward-
looking Information. Such factors include those described in the section "Risk Factors in in the
Company's MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section
titled "Risks Related to the Business" in Equinox Gold's most recently filed Annual Information Form
which is available on SEDAR+ at
www.sedarplus.ca
and on EDGAR at
www.sec.gov/edgar
and in the
section "Risk Factors" in Calibre Mining's MD&A dated February 19, 2025 for the year ended
December 31, 2024 and the section titled "Risk Factors" in Calibre Mining's most recently filed
Annual Information Form which is available on SEDAR+ at
www.sedarplus.ca
. Forward-looking
Information reflects management's current expectations for future events and is subject to change.
Except as required by applicable law, the Company assumes no obligation to update or to publicly
announce the results of any change to any Forward-looking Information contained or incorporated by
reference to reflect actual results, future events or developments, changes in assumptions or other
factors affecting Forward-looking Information. If the Company updates any Forward-looking
Information, no inference should be drawn that the Company will make additional updates with respect
to those or other Forward-looking Information. All Forward-looking Information contained in this news
release is expressly qualified by this cautionary statement.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/269389