Equinox Gold (EQX) Q1 2026 earnings summary

Executive summary

• Produced 197,628 oz of gold in Q1 2026, with strong ramp-up at Canadian operations and continued progress on growth projects, including Greenstone and Valentine mines.

• Revenue from continuing operations reached $861.6 million, with net income of $310.1 million ($0.39/share) and adjusted EBITDA of $527.2 million.

• Completed the sale of Brazilian assets for up to $1.015 billion, repaid $988.6 million in debt, initiated a share buyback, and paid inaugural dividend.

• Announced and paid a quarterly dividend of $0.015/share, with a second dividend approved for Q2 2026.

• Advanced growth pipeline, including Valentine Phase 2 expansion, Castle Mountain studies, and new high-grade Minotaur discovery at Valentine.

Financial highlights

• Revenue from continuing operations was $861.6 million, up from $681.4 million in Q1 2025.

• Net income from all operations was $310.1 million, with adjusted net income of $234.0 million ($0.30/share).

• Adjusted EBITDA from all operations was $527.2 million; mine-site free cash flow before working capital changes was $408.9 million.

• Cash costs per oz sold were $1,633 and AISC per oz sold was $1,950 for all operations.

• Cash and equivalents at March 31, 2026: $363.0 million; net debt (excluding convertibles): $77 million; available liquidity at April 30, 2026: $923 million.

Outlook and guidance

• Full-year consolidated production and cost guidance reaffirmed at 700,000–800,000 oz, with Canadian production expected to average 543,000 oz/year from 2026–2036.

• Greenstone expected to average 320,000 oz/year and Valentine 223,000 oz/year post-expansion, with Valentine Phase 2 to double throughput to 5 Mtpa and $414 million initial capital.

• Growth projects could add up to 500,000 oz of annual production; exploration budget for 2026 is $70–$80 million.

• Consolidated cash costs forecasted at $1,425–$1,525/oz, AISC at $1,775–$1,875/oz.

• Contingent consideration from the Brazil sale could provide up to $115 million in additional cash in 2027, depending on gold sales.