Equinox Gold tables production updates for two Canadian mines
Equinox Gold Corp. [EQX-TSXV, EQX-NYSE] has reported the results of updated technical reports for its Greenstone gold mine in Ontario and Valentine gold mine in Newfoundland and Labrador.
The Greenstone update outlined a production profile averaging 320,000 ounces annually for the next 10 years with a head grade of 1.16 g/t, and recoveries of 87.5%. The Valentine update outlined 223,000 ounces of annual production for the next 10 years with life of mine average total cash cost of US$1,580 per ounce plus all-in-sustaining costs of US$1,665 an ounce from a phase two expansion to 5.0 million tonnes per annum. The phase two expansion is expected to cost $414 million, including a capital cost for mill, fleet and on-site infrastructure expansion and is planned to begin in the third quarter of 2026, lasting 24 months.
The Valentine Gold Mine poured its first gold ahead of schedule in September, 2025 and achieved commercial production in November 2025.
Additionally, the projects’ mineral reserve estimates have been updated, with Greenstone’s contained ounces down 366,000 ounces to 5.3 million ounces at a grade of 0.93 g/t versus 1.23 g/t previously. Valentine’s contained ounces in reserves are up 48,000 ounces to 2.74 million ounces at a grade of 1.66 g/t, versus 1.62 g/t previously.
Equinox Gold has emerged as an Americas-focused, diversified gold producer with a portfolio of operating mines in five countries, anchored in Canada by the Greenstone and Valentine gold mines.
“Our immediate focus at Greenstone is executing the ramp-up and achieving sustained nameplate milling capacity of 27,000 tonnes per day,’’ said Equinox CEO Darren Hall. “Delivering consistent performance at this level will establish Greenstone as a cornerstone asset within our portfolio,’’ he said. “Once we achieve stable nameplate performance, we see additional opportunities to further optimize the operation and create value.’’ These include increasing mill throughput towards 30,000 tonnes per day, incorporating higher-grade underground resources into future mine plans, and advancing near-mine and regional exploration targets across the 400 square kilometre land package.
Collectively, Greenstone and Valentine are expected to produce an average of 543,000 ounces annually over the next 10 years based on proven and probable mineral reserves only. The combined company achieved full year production of 922,827 ounces of gold in 2025. Equinox Gold has the capacity to produce over 1.2 million ounces annually with Greenstone and Valentine at capacity.
Equinox Gold shares edged higher Monday, rising 3.38% or 59 cents to $18.02. The shares trade in a 52-week range of $25.87 and $7.71.
Back in January, Equinox Gold provided 2026 production and cost guidance of 700,000 to 800,000 ounces of gold at cash costs of US$1,425 to US$1,525 per ounce and all-in-sustaining costs of US$1,775 to US$1,875 per ounce. Guidance does not include production from the Brazil operations, which were sold in January, 2026.