Equinox Gold (NYSEAMERICAN:EQX) outlined what management called a “transformational” 2025 during its fourth-quarter and full-year results call, highlighting record annual production, portfolio streamlining, rapid deleveraging, and the start of shareholder capital returns. Executives also provided operational updates on the Greenstone and Valentine mines, along with commentary on technical reporting timelines and development priorities across the company’s pipeline.
Safety and 2025 operating performance
CEO Darren Hall opened the call by crediting the company’s workforce and partners for improved safety and environmental performance, including a year with no material environmental events and a 30% reduction in all-injury frequency rate.
Fourth-quarter financial highlights and balance sheet changes
On the financial side, Hall said the company sold more than 242,000 ounces in the fourth quarter at a realized gold price of $4,060 per ounce. He reported $579 million in adjusted EBITDA and $272 million in adjusted net income, or $0.35 per share, for the period.
Management emphasized a sharp improvement in leverage. Hall said net debt was approximately $1.4 billion in June 2025 and had been reduced to about $75 million by the end of January, while the company completed construction and commissioning at Valentine. He added Equinox exited 2025 with more than $400 million in cash, which he said provides financial flexibility entering 2026.
EVP of Capital Markets Ryan King noted that the company’s audit process is taking longer than usual due to the Calibre merger, asset sales, and the classification of Brazil as discontinuing operations, but said management does not expect changes from the unaudited results already released and expects to file final audited results in the coming days.
Capital return strategy: dividend and share buyback
With leverage reduced, Equinox announced two capital return initiatives:
- An inaugural quarterly cash dividend of $0.015 per share
- A notice of intent to initiate a share buyback of up to 5% of issued and outstanding shares
CFO Peter Hardie said the dividend has been a long-term goal and reflects management’s confidence in the company’s forward production profile and cash flow. He described the dividend as a fixed payout and said investors should expect it to remain at that level for the “coming future,” citing the need to firm up capital commitments tied to the development pipeline, including Valentine Phase II and then Castle Mountain heading into 2027. Hardie said the company intends to look to increase the dividend over time but characterized it as a “stay tuned” topic.
On the buyback, Hardie said the company wants the flexibility to repurchase shares when management believes the stock is not trading at an appropriate level, while remaining conservative given planned spending on organic growth.
Greenstone ramp-up and 2026 outlook
Hall said Greenstone produced more than 72,000 ounces in Q4, up 29% from Q3, and noted improvements in mining rates, mill throughput, and grade. He said the plant achieved nameplate capacity for 30 consecutive days in December and that Q4 production was 60% higher than Q1.
For 2026, Equinox guided Greenstone to 250,000–300,000 ounces at all-in sustaining costs of $1,750–$1,850 per ounce. Hall said the company is making targeted investments—including a trommel and other mobile equipment—to optimize mine and plant performance. He reiterated a longer-term goal of establishing life-of-mine production at roughly 300,000 ounces per year.
On operational metrics, Hall cited an increase in days exceeding nameplate throughput: 17% in the first half of 2025, 28% in Q3, 36% in Q4, and about 50% quarter-to-date in Q1. In response to analyst questions, Hall also attributed a Q4 recovery decline to the relationship between arsenic and higher grades, describing it as expected given the deposit’s metallurgy. He said some differences between “metallurgical” recoveries and reported production can reflect inventory changes, since the company reports production based on poured bullion.
Valentine commissioning progress, expansion work, and exploration
At Valentine, Hall said the mine poured more than 23,000 ounces in Q4—its first quarter of production—with the plant averaging 90% of nameplate capacity. He said first gold was achieved in September and commercial production was declared in November. The company expects “consistent nameplate throughput” during Q2 2026 and guided Valentine’s 2026 contribution at 150,000–200,000 ounces, which Hall said is expected to be second-half weighted as ramp-up continues.
Hall said winter conditions in Newfoundland impacted performance in January, when throughput averaged about 70% of nameplate, before improving to roughly 110% of nameplate in February. He said the team has been working through cold-weather learnings and expects quarter-over-quarter reliability improvements.
On growth, Hall said Equinox is working on a feasibility study for a Phase II Expansion at Valentine that could increase throughput to 4.5–5 million tonnes per year and support production of more than 200,000 ounces per year for more than a decade. He anticipated completing the feasibility study in the “next couple of months,” with a board decision targeted in Q2 and work potentially beginning in the second half of the year.
Hall also highlighted exploration updates, including 2025 drilling at the Frank Zone supporting the potential for a fourth open pit, with 25,000 meters planned in 2026. He said Equinox has also identified a new discovery—the Minotaur Zone—about 8 kilometers north of the mill, with a 20,000-meter drill program expected to begin in the spring. He said the discovery suggests mineralization extends beyond the main Valentine Lake Shear Zone and could broaden the district’s long-term potential.
Looking ahead, Hall said Equinox plans to file updated technical reports for Greenstone and Valentine around the end of the quarter in connection with annual filings, including reserves and resources as of December 31.
About Equinox Gold (NYSEAMERICAN:EQX)
Equinox Gold Corp is a Canadian gold mining company headquartered in Vancouver, British Columbia. The company focuses on the acquisition, development, and operation of gold properties, with an emphasis on open-pit heap leach mining. Since its inception, Equinox Gold has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio that balances production and growth, while maintaining rigorous safety and environmental standards.
Equinox Gold’s operating portfolio spans three countries.
