Equinox Gold Corp. reported a record 922,827 ounces of gold production in 2025, the highest output in the company’s history, and a record 247,024 ounces in the fourth quarter. The achievement surpassed the company’s 2025 guidance range of 750,000 to 915,000 ounces and underscored the successful ramp‑up at its Canadian cornerstone mines, Greenstone and Valentine.
Full‑year revenue reached $2.30 billion, up from $1.51 billion in 2024, reflecting strong performance across its Canadian, U.S. and Latin American operations. The revenue increase was driven by higher gold prices and an improved production mix, with Greenstone and Valentine delivering the largest contributions to the top line.
Cash on hand rose 24 % quarter‑over‑quarter to $430 million, supported by a $70 million one‑time payment from the settlement of legacy tax matters in Mexico and Nicaragua and a $75 million debt repayment. The stronger cash position gives the company flexibility to fund debt reduction and future capital projects while maintaining disciplined capital allocation.
Equinox confirmed that the sale of its Brazil operations will close in Q1 2026, a transaction that will eliminate a high‑cost asset and strengthen the balance sheet by reducing debt. Management highlighted that the proceeds will be used to repay the $500 million term loan and $300 million Sprott loan, further lowering interest expense.
The company reiterated its 2026 guidance, projecting consolidated production of 700,000 to 800,000 ounces. Management emphasized that the ramp‑up at Valentine and continued improvements at Greenstone will drive the outlook, while Phase 2 expansions at Valentine, Castle Mountain and Los Filos are under development. Operations at Los Filos remain suspended pending community agreements, representing a headwind to future production.
CEO Darren Hall said, “Equinox Gold delivered a record 922,827 ounces of gold production in 2025, reflecting the significance of the Company’s expanded portfolio and strength of our results focused team.” He added, “With the sale of our Brazil operations expected to close in Q1 2026, we anticipate a meaningful strengthening of our balance sheet in 2026 through significant debt repayment, which will materially reduce interest expense and enhance per‑share cash flow.”
Investors responded positively to the results, citing record production, a robust cash position, and a clear strategic focus on North America. The announcement reinforced confidence in Equinox’s ability to generate cash flow and execute high‑return growth projects.
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