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Equinox Gold

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Equinox Gold is a senior gold producer in North America, formed through the merger with Orla Mining.

Investor website: https://www.equinoxgold.com/

About

Equinox Gold is a senior gold producer in North America, formed through the merger with Orla Mining. The company operates three long-life mines in Canada and has a portfolio of high-quality operations, a compelling pipeline of growth projects, and the financial strength to create long-term value for shareholders.

Verified company data

Cash position
$192.0 million
Shares outstanding
1167.5 M
Fully diluted shares
1247.5 M
Mineral resource
Reserves: 5,334 Koz @ 0.93 g/t gold; M&I Resources: 2,966 Koz @ 1.71 g/t gold for Greenstone Gold Mine. Reserves: 4,105 Koz @ 0.52 g/t gold; M&I Resources: 1,470 Koz @ 0.62 g/t gold for Castle Mountain Phase 2. Reserves: 5,354 Koz @ 0.86 g/t gold; M&I Resources: 7,897 Koz @ 0.75 g/t gold for Los Filos Expansion. Reserves: 5.4 million ounces; M&I Resources: 7.9 million ounces for Valentine Expansion.
Projects
["Greenstone Gold Mine\n\nProducing gold in Ontario, Canada\n\nGreenstone is an open-pit gold mine with underground potential.\n\nSnapshot\n\nOwnership: 100%\nLocation: Ontario, Canada\n2026 Production: 250,000 – 275,000 oz gold\n2026 Costs: $1,900 – $2,000 per oz AISC\nReserves: 5,334 Koz @ 0.93 g/t gold\nM&I Resources: 2,966 Koz @ 1.71 g/t gold\nMining and processing: Open-pit / CIL plant\n\nOverview\n\nGreenstone is a multi-million-ounce gold project located in the top-tier mining jurisdiction of Ontario, Canada, approximately 275 km northeast of Thunder Bay in Geraldton, Ontario. With the expectation of producing 320,000 ounces of gold annually for the next ten years, Greenstone is a cornerstone asset in Equinox Gold’s portfolio and the Company’s largest mine.\n\nOn October 27, 2021, Equinox Gold announced groundbreaking for full-scale construction of the Greenstone Mine, with first gold pour targeted for the first half of 2024. Construction was advanced in a 60/40 joint venture between Equinox Gold (60%) and Orion Mine Finance (40%), and was effectively complete at the end of 2023. Commissioning began in January 2024. On May 13, 2024, Equinox Gold acquired Orion’s 40% interest to consolidate 100% ownership of the mine, on May 22, 2024 the Greenstone Mine poured first gold, and on November 6, 2024 the Greenstone Mine announced commercial production.\n\nThe Greenstone team has constructed a 27,000 tonnes-per-day (“tpd”) leach/carbon-in-pulp processing facility with recoveries expected to average ~87%. The March 2026 technical report for Greenstone summarizes the technical and production parameters for an open-pit mine with an initial 15-year mine life.\n\nOpportunities\n\nThere are a number of opportunities at Greenstone to both extend the mine life and potentially increase annual production:\n- Potential mill throughput increase toward 30,000 tpd\n- Conversion of underground and satellite Mineral Resources to Mineral Reserves\n- Mine life extension and/or annual production increase from higher-grade underground Mineral Resources not included in current mine plan\n- Mine life extension from existing deposits potentially within trucking distance of the mine (Kailey, Key Lake and Brookbank)\n- Exploration potential from three past-producing mines on the property with historical production of more than 1 Moz at grades greater than 10 g/t gold that have had no modern exploration.","Castle Mountain Phase 2\n\nLong-life low-cost gold mine in California\n\nAccepted into the FAST-41 program in June 2025, advancing federal permitting with approvals expected by December 2026.\n\nSnapshot\n\nOwnership: 100%\nLocation: California, USA\nProduction estimate: ~200,000 oz/year\nCost estimate: –\nReserves: 4,105 Koz @ 0.52 g/t gold\nM&I Resources: 1,470 Koz @ 0.62 g/t gold\nMining and processing: Open-pit / small mill / heap leach\nPhase 2 mine life: 14 years plus residual leaching.\n\nOverview\n\nIn March 2021, Equinox Gold released the results of a feasibility study for Castle Mountain Phase 2, which is expected to increase production to an average of 218,000 ounces per year for 14 years followed by leach pad residual leaching to recover additional gold. On a standalone basis, Phase 2 is expected to produce 3.2 million ounces of gold with AISC in the lower third of global gold mining costs.\n\nThe project was developed in a phased ramp-up scenario, starting with heap leaching of stockpile material (Phase 1) using existing operating permits. Phase 1 operated from November 2020 through to August 2024, when operations were suspended for the duration of Phase 2 permitting. Front-end engineering and other optimization work is underway for Phase 2 so that the Company is well prepared to commence construction when permits are issued.","Los Filos Expansion\n\nRestart activities underway\n\nEquinox Gold has initiated planning for the restart of heap leach operations, while continuing to pursue technical and engineering studies to assess longer-term expansion opportunities.\n\nSnapshot\n\nOwnership: 100%\nLocation: Guerrero, Mexico\nProduction estimate: ~300,000 oz/year\nCost estimate: –\nReserves: 5,354 Koz @ 0.86 g/t gold\nM&I Resources: 7,897 Koz @ 0.75 g/t gold\nMining and processing: Open-pit / underground / heap leach / CIL\nEstimated mine life: 14.5 years.\n\nOverview\n\nIn October 2022, Equinox Gold released an updated feasibility study for an expansion at Los Filos. Based on the feasibility study, with continued development of the Bermejal underground deposit and construction of a 10,000 tonne-per-day carbon-in-leach (CIL) processing plant, the Los Filos mine life would be extended to 14.5 years with life-of-mine (LOM) average annual production increasing to 280,000 ounces of gold at all-in sustaining costs of $1,081 per ounce (using 2022 input prices). Total LOM production is estimated at 3.97 million ounces of gold. Peak production is estimated to average 360,000 ounces of gold per year.\n\nDevelopment plans were halted for the majority of 2025 and the first half of 2026 following the expiry of the land access agreement with the community of Carrizalillo on March 31, 2025, one of the three communities that hose the mine. Equinox Gold continued collaborative discussions with all three communities, and on June 25, 2026, announced that new long-term land access agreements had been signed with all three communities. These new 20-year agreements reflect a shared commitment to responsible operations and sustainable benefits over time and provide an important foundation for strengthening the Company’s long-term relationship with the communities and fostering an environment that supports future investment and long-term value creation. In addition to the new surface land access agreements, the parties agreed to an overall policy on labour and supply services.\n\nWith new agreements in hand, Equinox Gold has commenced planning for the restart of heap leach operations. Restart activities include environmental remediation, permitting, workforce rehiring and retraining, and supplier contract negotiations.\n\nIn addition, the Company continues to pursue exploration programs and technical and engineering studies to assess longer-term development options, including construction of the CIL processing facility. The technical work will include an assessment of opportunities to optimize and grow the operation, including evaluating increases to the envisioned CIL mill throughput relative to previous studies, as well as updating project economics and development plans.","Valentine Expansion\n\nLonger mine life, increased production\n\nIncreased throughput and exploration success could increase production and extend the Valentine mine life.\n\nOverview\n\nOn August 5, 2026, Equinox Gold’s Board of Directors approved the start of construction for a Phase 2 expansion at Valentine that is expected to increase processing throughput from the current 2.5 million tonnes per year to 5 million tonnes per year and increase production by approximately 25%. From 2026-2036, including throughput at current levels until the Phase 2 expansion is complete, Valentine is expected to produce on average 223,000 ounces of gold per year. Life of mine (2026-2037), cash costs are estimated at $1,580/oz with all-in sustaining costs of $1,665/oz.\n\nInitial capital for the Phase 2 expansion is estimated at $436 million, including a 20% contingency, for a mill expansion, fleet expansion and on-site infrastructure expansion. The expansion will upgrade the plant with a twin crushing line, an additional ball mill and a pebble crusher circuit to process material from the SAG mill more efficiently. The mine’s fleet would also be expanded with additional haul trucks to support higher production. Construction is expected to take 24 months."]
Leadership
François Bellemare (Board Member, Senior Vice President at Mubadala Investment Company with extensive experience in mining sector deal origination, project development, and financing.), Dr. Sally Eyre (Board Member, Mining finance professional with extensive experience in global resource capital markets and mining operations, previously held executive positions at Endeavour Mining and Etruscan Resources.), Christian Milau (CEO, Experienced leader in the mining industry with a strong background in operations and corporate strategy.), Ross Beaty (Chairman, Renowned entrepreneur and investor in the mining sector with a history of successful ventures.)

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