Equinox Gold (EQX) Q1 2025 earnings summary

Executive summary

• Achieved record first-quarter gold production of 145,290 ounces and sales of 147,920 ounces, with production expected to increase each quarter in 2025 as Greenstone ramps up.

• Revenue for Q1 2025 was $423.7 million, up 76% year-over-year, driven by higher production and realized gold price of $2,858/oz.

• Net loss widened to $75.5 million (basic EPS: $(0.17)), reflecting higher costs, non-recurring charges, and Los Filos suspension.

• Announced and received shareholder and court approval for a merger with Calibre Mining, expected to close in Q2 2025, creating a major new gold producer with a diversified Americas portfolio.

Financial highlights

• Third consecutive quarter with over $400 million in revenue; Q1 2025 revenue was $423.7 million, income from mine operations $33.7 million, adjusted EBITDA $137.9 million.

• Cash cost per ounce was $1,769 and AISC was $2,065; excluding Los Filos, cash cost was $1,637 and AISC was $1,979.

• Cash and equivalents of $172.9 million at March 31, 2025; $40–45 million drawn on revolving credit facility post-quarter.

• Net debt increased to $1,220.0 million; market cap at May 7, 2025: ~C$4.3B (US$3.1B).

• $65 million in non-recurring charges, including $28.6 million inventory write-downs, $25 million depreciation adjustment, and $10 million in suspension charges at Los Filos.

Outlook and guidance

• 2025 production guidance (excluding Los Filos): 635,000–750,000 ounces at cash costs of $1,075–$1,175/oz and AISC of $1,455–$1,550/oz.

• Combined company guidance for 2025: 865,000–1,030,000 ounces at AISC $1,465–$1,565/oz; path to over 1.2 million ounces annually with Greenstone and Valentine ramp-up.

• No production expected from Los Filos for the remainder of 2025 due to suspended operations.

• Sustaining and non-sustaining expenditure guidance for 2025 set at $412 million.

• Castle Mountain expected to cease processing in H1 2025 as part of a permitting transition.