Equinox Gold reports record quarterly revenue as Greenstone ramps up and Valentine Phase 2 construction advances

Thunder Bay ON – Mining News – Equinox Gold Corp. reported record quarterly revenue of US$1.05 billion as the enlarged company added two months of production from its acquisition of Orla Mining and continued the ramp-up of the Greenstone Mine in Northern Ontario.

The company produced 237,019 ounces of gold and sold 248,484 ounces in the third quarter. It recorded net income of US$62.5 million, or six cents per share, and adjusted earnings of US$199.3 million, or 19 cents per share. Adjusted earnings and several cost measures are non-IFRS figures that may not be directly comparable with those used by other miners.

Equinox completed its business combination with Orla on July 31, so the quarter included two months of attributable output from the Musselwhite Mine in northwestern Ontario and the Camino Rojo Mine in Mexico.

Greenstone, near Geraldton, produced 60,596 ounces during the quarter. The mine averaged about 194,000 tonnes of material moved per day, but a scheduled replacement of high-pressure grinding rolls in August held average plant throughput to 23,682 tonnes per day.

Equinox said Greenstone remains in the final stages of ramp-up and is expected to deliver stronger production through the rest of 2026. A trommel, used to remove timber and metal from mill feed and improve mill availability, is now on site and is scheduled for commissioning in early 2027.

The Greenstone result matters across Northern Ontario because the mine is one of the region’s largest recent gold developments and because the combined company now also controls Musselwhite. Musselwhite produced 63,090 ounces in the full quarter, of which 45,616 ounces were attributable to Equinox after the July 31 closing.

Company-wide cash costs were US$1,654 per ounce sold and all-in sustaining costs were US$2,091. Equinox said it remained on track to reach the low end of updated annual production guidance of 870,000 to 920,000 ounces and the high end of its all-in sustaining cost guidance of US$1,900 to US$2,000 per ounce.

The results show that higher gold prices and a larger asset base are producing more revenue, but costs and execution at ramping mines remain central. Greenstone’s third-quarter all-in sustaining cost was US$2,424 per ounce, above the company-wide figure. Equinox has not declared the Greenstone ramp complete.

Elsewhere in Canada, the company advanced its Phase 2 expansion at the Valentine Gold Mine in Newfoundland and Labrador. The board approved construction in August with an initial capital budget of US$436 million, including US$54 million of contingency.

Equinox said it placed orders during the quarter for long-lead equipment, including another ball mill, a gyratory crusher and a tailings thickener. The expansion is intended to double annual processing capacity to about five million tonnes, with completion expected in late 2028. The company has also asked Newfoundland and Labrador Hydro to begin a full impact study for the additional power requirement.

Equinox ended the quarter with US$527.9 million in unrestricted cash and cash equivalents and reported US$1.2 billion of available liquidity. It also said it repaid US$1.3 billion of debt during the first nine months of the year.

The company will hold a results call at 10 a.m. ET Tuesday. Editors should monitor that call for any change to the Greenstone ramp-up, 2026 guidance or the Valentine construction schedule.

Source notes

• Equinox Gold Q3 2026 results – issuer release published Nov. 9, 2026, at 5:30 p.m. ET; verified by 5:48 a.m. ET Nov. 10

• Equinox Gold Q3 release PDF – issuer document posted Nov. 9, 2026; call details checked Nov. 10 before 5:48 a.m. ET