Equinox Gold Corp (TSE: EQX) (NYSEAMERICAN: EQX) (FRA: 1LRC) delivered record third-quarter production and advanced its two Canadian cornerstone assets as the company continues to strengthen its portfolio and balance sheet.
On Wednesday, the Vancouver-based miner reported consolidated gold production of 236,470 ounces in the third quarter of 2025, marking its highest quarterly output to date.
The performance reflects the addition of new assets following a merger completed in June. Despite selling its Nevada operations, Equinox said it remains on track to achieve its full-year production target of between 785,000 and 915,000 ounces.
Equinox CEO, Darren Hall said the strong quarter came about due to the company’s operational progress and disciplined capital management. He noted improved results at the Greenstone Gold Mine in Ontario and the successful launch of production at the Valentine Gold Mine in Newfoundland and Labrador.
At Greenstone, mining rates averaged 185,000 tonnes per day during the third quarter, a ten per cent increase over the previous quarter and a 21 per cent rise from the first quarter. Mill grades also improved by 13 per cent to 1.05 grams per tonne of gold, with September averaging above 1.3 grams per tonne. Hall said the improved grades and mining efficiency support a strong fourth quarter and continued momentum into 2026.
Greenstone’s full-year production is expected to reach the lower end of its guidance range of 220,000 to 260,000 ounces. However, Equinox said the steady increases in throughput and grades demonstrate that the mine is trending in the right direction.
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Drilling activity continued over multiple regions
Meanwhile, the company achieved a major milestone at Valentine. First gold was poured on September 14, several weeks ahead of schedule. Commissioning began in late August when the plant first introduced ore into the circuit.
Through the end of September, the mill operated at an average of 57 per cent of its nameplate capacity of 6,850 tonnes per day. More than 23 per cent of operating days exceeded nameplate performance.
Equinox expects Valentine to produce between 15,000 and 30,000 ounces in the fourth quarter as it ramps up operations. The company plans to achieve consistent nameplate capacity of 2.5 million tonnes per year by the second quarter of 2026.
During the third quarter, Equinox also improved its financial position. The company reduced debt by USD$139 million and ended September with cash and equivalents of USD$359 million. Subsequently, it finalized the sale of its non-core Nevada assets for USD$115 million, closing the deal on October 1. Hall said the divestment reflects a disciplined approach to capital allocation and a focus on higher-return projects.
Furthermore, Equinox reported positive exploration results across its portfolio. Resource-expansion drilling at the El Limón Mine Complex in Nicaragua yielded the highest-grade gold intercepts ever recorded at the property, including 36.77 grams per tonne of gold over 6.9 metres. Other strong results included 8.55 grams per tonne over 14.6 metres and 10.19 grams per tonne over 6.0 metres.
Equinox continues to advance permitting for the Castle Mountain Phase 2 project in California. The program was also accepted into the United States Federal Permitting Improvement Steering Council’s FAST-41 program. The company expects a federal record of decision for Castle Mountain by December 2026.
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Equinox poised to deliver on 2025 expectations
In the first nine months of 2025, Equinox produced 634,428 ounces of gold. This excludes output from Los Filos, Castle Mountain, and Valentine. Production included 182,089 ounces in the first quarter, 219,123 ounces in the second quarter, and 233,216 ounces in the third. Greenstone contributed 56,029 ounces in the latest quarter. Meanwhile, Nicaragua, Brazil, Mesquite, and Pan mines produced 71,119, 67,629, 27,642, and 10,797 ounces respectively.
Hall said the combination of improved operations, a stronger balance sheet, and two cornerstone Canadian mines positions Equinox for continued growth.
Management expects rising grades, stable production, and expanding cash flow to support further debt reduction and continued investment in exploration and growth opportunities across its portfolio.
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