Equinox Gold (EQX) Q2 2025 earnings summary

Executive summary

• Q2 2025 gold production reached 219,122 oz, reflecting successful integration of Calibre Mining and strong performance at Greenstone and Valentine mines.

• The merger with Calibre Mining closed June 17, 2025, creating a significant Americas-focused gold producer with enhanced scale and market credibility.

• Revenue for Q2 2025 was $478.6M, up from $269.4M in Q2 2024; six-month revenue reached $902.4M.

• Net income for Q2 2025 was $23.8M, with adjusted net income at $56.7M; six-month net loss was $51.6M.

• Greenstone and Valentine mines are key drivers for the next growth phase, with commissioning and ramp-up milestones underway.

Financial highlights

• Q2 2025 gold production: 219,122 oz; gold sold: 148,938 oz at an average realized price of $3,207/oz.

• Q2 total cash costs: $1,373/oz; AISC: $1,746/oz; attributable Q2 cash costs: $1,478/oz; AISC: $1,959/oz.

• Adjusted EBITDA for Q2 2025 was $200.5M; mine-site free cash flow before working capital changes was $154.5M.

• Cash and cash equivalents at June 30, 2025, were $406.7M; net debt was $1,373.7M.

• Total assets increased to $10.0B, and shareholders’ equity rose to $5.29B at June 30, 2025.

Outlook and guidance

• Full-year 2025 production guidance is 785,000–915,000 oz at $1,400–$1,500/oz cash costs and $1,800–$1,900/oz AISC.

• Greenstone ramp-up and Valentine Gold Mine startup are key drivers for H2 2025 and 2026 growth.

• Guidance excludes production from Valentine, Los Filos, and Castle Mountain.

• Company expects lower unit costs as larger, lower-cost producers ramp up, with potential for $100–$150/oz reduction in cash costs.

• Focus on deleveraging and returning capital to shareholders within 18–24 months.