Equinox Gold (EQX) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 gold production of 236,382 oz, with strong contributions from Greenstone, Nicaragua, Brazil, and the ramp-up at Valentine; first full quarter including Calibre assets.

• Revenue for Q3 2025 was $819.0 million, up from $428.4 million in Q3 2024.

• Net income for Q3 2025 was $85.6 million ($0.11/share), with adjusted net income of $147.4 million ($0.19/share) and adjusted EBITDA of $420.0 million.

• Balance sheet strengthened by retiring $139 million of debt in Q3 and adding $88 million in cash from the sale of Nevada assets post-quarter.

• Major acquisitions included Calibre Mining Corp. in June 2025 and the remaining 40% of Greenstone Mine in May 2024.

Financial highlights

• Sold 239,311 oz of gold at an average realized price of $3,397/oz in Q3 2025.

• Total cash costs were $1,434/oz and all-in sustaining costs (AISC) were $1,833/oz for the quarter.

• Cash and cash equivalents at September 30, 2025 were $348.5 million, not including $88 million from Nevada asset sale.

• Operating income for Q3 2025 was $205.2 million; gross margin was $280.1 million.

• Total assets increased to $10.3 billion, with shareholders’ equity at $5.6 billion.

Outlook and guidance

• On track to deliver the mid-point of 2025 consolidated production guidance of 785,000–915,000 oz at total cash costs of $1,400–$1,500/oz and AISC of $1,800–$1,900/oz.

• Greenstone and Valentine ramp-ups progressing well, with Valentine expected to reach nameplate capacity by Q2 2026 and 2026 production of 150,000–200,000 oz.

• Portfolio optimization continues, including the sale of non-core Nevada assets for $115 million.

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

• Proforma unaudited consolidated revenue for the nine months ended September 30, 2025 would have been $2,145.8 million if Calibre had been acquired at the start of the year.