Another Gold Stock Soars On Strong Earnings - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX)
Equinox Gold makes the TSX top gainers list today following news of a record Q3. The stock is trading at 16.58 up1.64, gaining 11.00% on the TSX on volume of over 1.8 Million shares.
Equinox Gold announced its Q3 2025 financial and operating results. The Company's unaudited condensed consolidated interim financial statements ("Financial Statements") and related management's discussion and analysis ("MD&A") are available for download on the Company's profile on SEDAR+ at, on EDGAR at and on the Company's website at All financial figures are in US dollars, unless otherwise indicated.
Darren Hall, CEO of Equinox Gold, commented:
HIGHLIGHTS FOR Q3 2025 AND SUBSEQUENT EVENTSFirst gold poured at Valentine ahead of schedule on September 14, 2025, marking the launch of a second Canadian cornerstone asset (watch the gold pour video here )
Valentine process plant commissioning progress:
From first ore (August 27) to October 31: 4,992 tonnes per day, or 73% of nameplate capacity (6,850 tonnes per day)
October: 6,221 tonnes per day, or 91% of nameplate capacity with mill recoveries exceeding 93% from low-grade commissioning feed
Produced 236,382 ounces of gold, including 56,029 ounces from Greenstone, 71,119 ounces from Nicaragua, 67,629 ounces from Brazil, 27,642 ounces from Mesquite, 10,797 ounces from Pan, 2,557 ounces from Castle Mountain and 609 ounces from Valentine
Consolidated year-to-date gold production of 634,427 ounces(1), excluding production from Los Filos, Castle Mountain and Valentine, which were not included in the Company's 2025 production guidance
Sold 239,311 ounces of gold at an average realized gold price of $3,397 per oz
Total cash costs of $1,434 per oz and all-in sustaining costs ("AISC") of $1,833 per oz(2)
Cash flow from operations before changes in non-cash working capital of $322.1 million ($240.8 million after changes in non-cash working capital)
Mine-site free cash flow before changes in non-cash working capital of $304.3 million ($223.0 million after changes in non-cash working capital)(2)
Revenue of $819.0 million
Adjusted EBITDA of $420.0 million(2)
Income from mine operations of $280.1 million
Net income of $85.6 million or $0.11 per share (basic)
Adjusted net income of $147.4 million or $0.19 per share(2)
AISC contribution margin of $1,565 per oz, driven by higher realized gold prices and cost discipline, underpinning strong adjusted EBITDA and mine-site free cash flow(2)
Retired $139.3 million of debt with conversion of September 2020 convertible notes
Cash and equivalents (unrestricted) of $348.5 million at September 30, 2025, not including $88 million from the sale of our Nevada assets which closed after quarter end
Net debt of $1,278.2 million at September 30, 2025(2)
Greenstone operational improvements yielding positive results:
Expit mining increased 11% in Q3 vs Q2, averaging 185,000 tonnes per day
Process grades increased 13% in Q3 vs Q2, averaging 1.05 g/t gold
Castle Mountain Phase 2 federal record of decision targeted for December 2026, following acceptance of the project into the United States Federal Permitting Improvement Steering Council's FAST-41 program
Portfolio optimization underway with sale of non-core Nevada assets for $115 million (see news release dated August 7, 2025; the transaction closed on October 1, 2025)
Resource expansion and discovery drilling continues across the portfolio with significant activity in Newfoundland, Nicaragua, and Mesquite, and recently commenced exploration activity at Los Filos
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