Equinox Gold Company (EQX-TSXV, EQX-NYSE) announced the results of updated technical reports for the Greenstone gold mine in Ontario and the Valentine gold mine in Newfoundland and Labrador.
The Greenstone update identified a production profile averaging 320,000 ounces per year for the next 10 years with an initial grade of 1.16 g/t, and a recovery of 87.5%. The Valentine update identified 223,000 ounces of annual production for the next 10 years with an average total cash cost for the life of the mine of US$1,580 per ounce plus all-in sustaining costs of US$1,665 per ounce from the second phase of expansion to 5.0 million tonnes per annum. The second phase of the expansion is expected to cost $414 million, including the capital cost of expanding the mills, fleet and on-site infrastructure, and is scheduled to begin in the third quarter of 2026 and last for 24 months.
The Valentine Gold Mine poured its first gold ahead of schedule in September 2025 and achieved commercial production in November 2025.
Additionally, the projects’ mineral reserve estimates were updated, with Greenstone ounces declining by 366,000 ounces to 5.3 million ounces grading 0.93 g/t versus 1.23 g/t previously. Valentine’s ounce reserves rose by 48,000 ounces to 2.74 million ounces grading 1.66 g/t, versus 1.62 g/t previously.
Equinox Gold has emerged as a gold producer focused on the Americas with a portfolio of mines operating in five countries, anchored in Canada by the Greenstone and Valentine gold mines.
“Our immediate focus at Greenstone is to deliver ramp-up and achieve a sustainable grinding capacity of 27,000 tons per day,” said Equinox CEO Darren Hall. “Delivering consistent performance at this level will establish Greenstone as a core asset within our portfolio.” “Once we achieve stable nameplate performance, we see additional opportunities for further process improvement and value creation.” These include increasing mill throughput by approximately 30,000 tonnes per day, incorporating high-quality underground resources into future mine plans, and enhancing near-mine and regional exploration targets across the 400 square kilometer land package.
Together, Greenstone and Valentine are expected to produce an average of 543,000 ounces annually over the next 10 years based on proven and probable mineral reserves alone. The combined company achieved full year production of 922,827 ounces of gold in 2025. Equinox Gold has the capacity to produce more than 1.2 million ounces annually with its Greenstone and Valentine capacities.
Shares of Equinox Gold rose Monday, rising 3.38%, or 59 cents, to $18.02. Shares are trading in a 52-week range of $25.87 to $7.71.
Back in January, Equinox Gold provided 2026 production and cost guidance of 700,000 to 800,000 ounces of gold with cash costs of $1,425 to $1,525 per ounce and sustaining costs of $1,775 to $1,875 per ounce. The guidance does not include production from its Brazilian operations, which were sold in January 2026.
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