What Equinox Gold (EQX) Said on Its Q3 Earnings Call Equinox Gold logo MarketBeat Wed, November 11, 2026 at 12:14 AM EST 6 min read EQX 0.00% GC=F +0.95% EQX 0.00% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Equinox Gold expects 2026 production to reach the low end of its 870,000–920,000-ounce guidance, after producing 237,000 ounces in Q3. Ramp-up challenges at Greenstone and Valentine, plus pit instability at Mesquite, are weighing on output.
Q3 all-in sustaining costs fell 4% from the prior quarter to $2,091 per ounce, but remained elevated amid fuel, maintenance and equipment expenses. The company is pursuing operational improvements, including a Greenstone mill upgrade and higher-grade feed at Valentine.
Equinox repaid $190 million of debt in Q3 and approved a quarterly dividend of $0.0225 per share. Its growth pipeline includes a Valentine expansion intended to double capacity, with completion expected in late 2028.
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Equinox Gold (NYSEAMERICAN:EQX) expects to produce gold at the low end of its 2026 guidance range after reporting third-quarter output of 237,000 ounces, as ramp-up challenges at two Canadian mines and a pit instability at Mesquite weigh on the outlook.
The quarter included two months of production from Musselwhite and Camino Rojo following the completion of the company's combination with Orla Mining partway through the period. President and CEO Jason Simpson said the combined company has more than 1 million ounces of annual production on a pro forma basis and a pipeline of projects that could eventually lift output toward 2 million ounces.
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Year-to-date production totaled just over 611,000 ounces, putting Equinox on track for the low end of its updated 2026 guidance of 870,000 to 920,000 ounces, Simpson said. Including Orla's full-year contribution, production would be about 1.1 million ounces.
Third-quarter cash costs fell 9% from the second quarter to $1,654 per ounce, while all-in sustaining costs declined 4% to $2,091 per ounce. Simpson said the latter remained higher than the company wanted, partly because of fuel, maintenance and equipment costs at Greenstone and the completion of a leach pad expansion at Camino Rojo.
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Greenstone produced 60,600 ounces in the quarter, although replacement of high-pressure grinding rolls in August reduced throughput. Simpson said the company expects to install a trommel in the fourth quarter and commission it in early 2027 to remove timber and steel from mill feed and improve availability.
Responding to an analyst's question, Simpson said the installation would not require processing-plant downtime. He also said the company would continue to contend with unplanned downtime related to unwanted material in the feed through the fourth quarter.
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On Greenstone's recovery rate, Simpson said he expected it to be better than 80% in 2027. The company is using sampling and metallurgical testing to improve its model of the ore body and identify material containing arsenopyrite so it can be stockpiled and blended over time.
At Valentine, third-quarter production exceeded 34,700 ounces, with mill feed averaging 1.82 grams per ton. Simpson said the company intends to keep building stockpiles so it can preferentially feed higher-grade material to the plant, although that strategy increases costs and inventory.
Simpson said Equinox aspires to feed grades of at least 2 grams per ton during 2027 and hopes to improve on the third-quarter level in the fourth quarter. He also expects the mine to continue operating above its nameplate throughput capacity, while noting that higher grades are key to improving production and unit costs.
At Mesquite, instability in the Brownie pit restricted access to ore in the third quarter. Simpson said the resulting shortfall in material placed on the leach pad would affect fourth-quarter output.
Equinox is pursuing its growth projects sequentially, with investment decisions weighed against cash flow, liquidity and market conditions, Simpson said.
The board approved Valentine's phase II expansion in August, with an initial capital budget of $436 million. The project is designed to double processing capacity to 5 million tons per year and is expected to be completed in late 2028.
At South Railroad in Nevada, early work is underway after the project received its federal Record of Decision in August. Detailed engineering was 71% complete at quarter-end, and approximately $180 million of the $395 million initial capital estimate had been committed. First gold remains targeted for the first half of 2028.
In Mexico, the company is studying sulfide resources beneath Camino Rojo and Los Filos. Simpson said Equinox expects to have visibility by the end of 2027 on the cost of a potential Los Filos processing plant, likely with capacity of about 20,000 tons per day.
Meanwhile, maintenance for the Los Filos restart continues. Simpson said the site is expected to resume heap-leach production at about half its historical rate during 2027, with guidance to be provided in January. Any larger investment would be considered alongside the company's other projects.
Equinox repaid $190 million of debt during the quarter, bringing repayments for the year to approximately $1.3 billion. It ended September with $528 million in cash, $1.2 billion in available liquidity and $164 million in net cash, excluding 2023 convertible notes that were converted in October.
The board approved a quarterly dividend of $0.0225 per share, payable Dec. 10 to shareholders of record on Nov. 25. The company also repurchased approximately 760,000 shares during the third quarter and plans to assess further buybacks opportunistically.
Simpson said fuel costs had risen beyond the company's second-quarter estimates, while employment, contractor and service costs were also under pressure. Equinox is pursuing cost containment across its portfolio and plans to incorporate inflation into its 2027 guidance.
Equinox Gold is a Canadian gold mining company focused on the acquisition, exploration, development and operation of gold properties. Its business includes producing and selling gold as well as advancing projects intended to support future production. The company's activities span the Americas, where it operates mines and develops mineral projects. Equinox Gold was formed in 2017 and expanded through acquisitions, including its 2020 merger with Leagold Mining. Based in Vancouver, British Columbia, Equinox Gold focuses primarily on gold and related exploration and development work.
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