Equinox Gold tables updated 2025 production guidance
Equinox Gold Corp. [EQX-TSXV, EQX-NYSE] said it is updating its 2025 production and cost guidance to reflect the business combination with Calibre Mining Corp. [CXB-TSXV, CXBMF-OTC], which is expected to close around the end of June, 2025. Equinox is also updating its guidance to reflect the slower-than-planned ramp up of the company’s Greenstone Gold Mine in Ontario.
The company its expects pro forma full-year 2025 production of 785,000 to 915,000 ounces of gold, with total cash costs of US$1,400 to US$1,500 per ounce and all-in-sustaining costs of US$1,800 to US$1,900 per ounce.
When combined with Calibre, Equinox Gold is expected to rank as Canada’s second largest gold producer, and one of the top 15 gold producers globally.
On Thursday Equinox shares were unchanged at $9.47. The shares trade in a 52-week range of $10.35 and $6.18.
The combined company, which will continue under the name Equinox Gold Co. will emerge as an Americas-focused, diversified gold producer with a portfolio of operating mines in five countries, anchored in Canada by the Greenstone mine in Ontario and soon-to-be-producing Valentine Gold mine in Newfoundland.
Collectively, these two cornerstone assets (Greenstone and Valentine) are expected to produce an average of 590,000 ounces annually when operating at capacity. The combined company was expected to produce 950,000 ounces of gold in 2025, excluding production from Valentine or Los Filos mine in Mexico. New Equinox Gold has the capacity to produce over 1.2 million ounces annually with Greenstone and Valentine at capacity.
However, in its latest press release, Equinox said pro forma guidance excludes production and costs from the Valentine Gold Mine and the Los Filos Complex.
Since achieving commercial production at Greenstone in Q4, 2024, the ramp-up has been slower than planned,’’ said Equinox President and CEO Greg Smith. “Tne productivity and equipment availability, particularly with the primary loading fleet, have fallen short of plan, impacting mining rates and delaying access to higher grade ore zones,’’ he said. “Further, year-to-date mined grades have been below expectations, in part due to higher-than anticipated dilution.’’
On the processing side, Smith went on to say that while the company is seeing improvements in throughput and recovery, year-to-date performance is also below plan. While crews are addressing the shortfalls, Equinox is revising Greenstone’s full-year production guidance to 220,000 to 260,000 ounces of gold. Smith said consolidated pro forma guidance reflects the Greenstone production targets, as well as some refinements to other assets and the anticipated completion of the business combination with Calibre.
“For Q2, 2025, we expect consolidated production of 135,000 to 145,000 ounces of gold from Equinox Gold mines, including 45,000 to 50,000 ounces from Greenstone,’’ Hall said. “Calibre’s Q2, 2025 production is estimated at 70,000 to 72,500 ounces of gold,’’ he said.
Meanwhile, Calibre CEO Darren Hall said construction and commissioning at Valentine in Newfoundland are progressing well and the mine remains on schedule, with first gold pour anticipated by the end of Q3, 2025. Calibre is guiding investors to anticipate consolidated production of 230,000 to 280,000 ounces in 2025 at an all-in-sustaining cost of US$1,500 to US$1,600.