Equinox Gold (EQX) Q2 2026 earnings summary

Executive summary

• Completed merger with Orla Mining, creating a leading North American gold producer with enhanced production, cash flow, and growth pipeline.

• Q2 2026 saw improved performance at Canadian operations, notably Greenstone and Valentine, with higher production and operational gains.

• Board approved a 50% increase in quarterly dividend to $0.09 per share, reflecting strong balance sheet, free cash flow, and confidence in cash generation.

• Announced construction of Valentine Phase 2 expansion, targeting increased processing capacity and long-term value.

• Leadership transition announced: Jason Simpson to assume CEO role after Darren Hall's retirement in October 2026, with a focus on continuity and execution.

Financial highlights

• Produced 176,836 ounces of gold in Q2 2026; sold 177,959 ounces at an average realized price of $4,256/oz.

• Revenue reached $769.8 million; adjusted EBITDA was $358.3 million; net income was $230.6 million ($0.29/share); adjusted net income was $123.3 million ($0.16/share).

• Cash costs were $1,816/oz and all-in sustaining costs (AISC) were $2,175/oz for Q2 2026.

• Net cash position of $214 million as of July 31, 2026, with $1.2 billion in available liquidity.

• Paid $11.8 million in dividends during Q2 2026.

Outlook and guidance

• Updated 2026 consolidated production guidance: 870,000–920,000 ounces, with pro forma annual production of ~1.1 million ounces.

• Consolidated cash cost guidance for 2026: $1,600–$1,700/oz; AISC: $1,900–$2,000/oz.

• Growth capital guidance for 2026: $600–$650 million, including Valentine Phase 2 ($50–$60 million), South Railroad, and Los Filos projects.

• Anticipates stronger H2 2026 production from Canadian assets, driving improved AISC and cash flow.

• Exploration budget for 2026 set at $110–$120 million.