Equinox Gold (EQX) Company Report

Analyst Coverage

Research analysts who have asked questions during Equinox Gold earnings calls.

Anita Soni

CIBC Capital Markets

6 questions for EQX

Also covers: AEM, BTG, BTO +9 more

Wayne Lam

TD Securities

3 questions for EQX

Also covers: AG, BTG, CDE +4 more

Francesco Costanzo

Scotiabank

2 questions for EQX

Also covers: BTG, PAAS

Jeremy Hoy

Canaccord Genuity Group Inc.

2 questions for EQX

Also covers: CG, CGAU, NGD

Jeremy Hui

Canaccord Genuity

2 questions for EQX

John Tomazos

John Tomazos Very Independent Research

2 questions for EQX

Mohammed Sadidi

National Bank

2 questions for EQX

John Tumazos

John Tumazos Very Independent Research

1 question for EQX

Also covers: AA, AEM, ASM +14 more

Latest news

Recent press releases and 8-K filings for EQX.

Equinox Gold Announces Normal Course Issuer Bid

EQX

Share Buyback

Dividends

Equinox Gold Corp. announced a Normal Course Issuer Bid (NCIB) to repurchase up to 39,414,095 common shares, representing approximately 5% of its issued and outstanding common shares as of February 18, 2026.
The NCIB will commence on March 2, 2026, and is scheduled to end by March 1, 2027, or when the maximum purchases are reached.
The company believes its current share price does not adequately reflect its underlying value and long-term potential, and expects to generate enough free cash flow in 2026 to support share repurchases in addition to its dividend.
This initiative follows a debt reduction of more than US$1.1 billion since Q2 2025 and the recent initiation of a quarterly cash dividend of US$0.015 per share.

1 day ago

6-K

Equinox Gold Announces Normal Course Issuer Bid

EQX

Share Buyback

Dividends

Equinox Gold has announced a Normal Course Issuer Bid (NCIB) to repurchase up to 39,414,095 common shares, representing approximately 5% of its outstanding shares.
The share repurchase program will commence on March 2, 2026, and conclude by March 1, 2027.
The company believes its current share price does not reflect its underlying value and long-term potential, and expects to fund the repurchases using proceeds from asset divestments and cash flow.
This initiative follows a debt reduction of over US$1.1 billion since Q2 2025 and the recent initiation of a quarterly cash dividend of US$0.015 per share.

2 days ago

Press Release

Canterra Minerals Announces 2025 Buchans Project Drill Results

EQX

New Projects/Investments

Canterra Minerals Corporation announced drill results from its 2025 program at the Buchans Project, extending the Lundberg Deposit at depth with an extension of hole H-25-3542 returning 86.0 metres grading 0.91% CuEq.
The drilling confirmed depth continuity of the Lundberg system, including high-grade sub-intervals of 6.0 m at 3.43% CuEq and 22.0 m at 1.21% CuEq.
The upper portion of hole H-25-3542 also intersected 4.45 m grading 7.73% CuEq, reinforcing mineralization within stacked horizons.
Canterra expanded its project by staking an additional 13.5 km², increasing the total project area to 106 km², and has commenced a fully funded 2026 winter drill program.

3 days ago

Press Release

Equinox Gold Provides Operational Updates and Outlines Growth Strategy at BMO Conference

EQX

New Projects/Investments

Dividends

Share Buyback

Equinox Gold significantly de-leveraged, reducing net debt from over $1.4 billion in June to less than $100 million by January, and expects significant free cash flow generation. The company announced an inaugural dividend and NCIB, with management leaning towards share buybacks for future capital allocation.
The Greenstone mine has shown quarter-on-quarter mill performance improvement, with 30 consecutive days above nameplate capacity in December and days exceeding 30,000+ tonnes a day. Capital investments of $130 million-$160 million are planned for this year, including a $20 million trommel in Q4 to further enhance throughput.
The Valentine asset achieved 89% of nameplate capacity in Q4 and 110% in February, despite a challenging January, with full nameplate capacity expected before Q2 2026. A phase two expansion is planned to increase throughput from 2.5 million tonnes to 4.5-5 million tonnes a year.
Equinox Gold anticipates funding the Castle Mountain project (investment decision H1 2027) and other organic growth initiatives like Valentine Phase Two and Los Filos from cash flow. The company highlights significant exploration potential at Los Filos (16 million ounces in resources) and Greenstone.

4 days ago

Transcript

Equinox Gold Reports Significant Debt Reduction, Inaugural Dividend, and Operational Improvements

EQX

Dividends

Share Buyback

New Projects/Investments

Equinox Gold has achieved significant de-leveraging, reducing its net debt from $1.4 billion at the end of June to less than $100 million by the end of January.
The company has announced an inaugural dividend and a Normal Course Issuer Bid (NCIB), with a preference for share buybacks over dividend increases to address past shareholder dilution.
The Greenstone mine has shown quarter-on-quarter improvement in mill performance in Q1 and Q2 of 2025 and demonstrated the ability to exceed its 27,000 tons per day nameplate capacity, including 30 consecutive days above nameplate in December.
The Valentine mine achieved 89% of nameplate capacity in Q4 after its first ore in August, and despite winter challenges in January, returned to 110% in February, with confidence to reach nameplate ahead of Q2 2026.
Equinox Gold plans to fund future organic growth projects, including the Valentine Phase Two expansion, Castle Mountain, and Los Filos, from cash flow, with an updated technical report for Valentine and Greenstone expected at the end of the current quarter.

4 days ago

Transcript

Equinox Gold Reports Strong Operational Performance, Significant Debt Reduction, and Future Growth Plans

EQX

New Projects/Investments

Dividends

Share Buyback

Equinox Gold achieved significant de-leveraging, reducing net debt from over $1.4 billion at the end of June to less than $100 million by the end of January, and anticipates generating substantial free cash flow.
The Greenstone mine demonstrated 30 consecutive days above its 27,000 tons/day nameplate capacity in December and is seeing quarter-on-quarter mill performance improvements. The Valentine mine ramp-up is progressing well, reaching 89% of nameplate capacity in Q4, and is expected to hit full nameplate in advance of Q2 2026.
The company plans a Phase Two expansion at Valentine to increase capacity from 2.5 million tons to 4.5-5 million tons per year, with an updated technical report due by the end of the current quarter.
Equinox Gold announced an inaugural dividend and an NCIB, with management indicating a preference for share buybacks to address past shareholder dilution.
The Castle Mountain project is anticipated to have a full funds investment decision in H1 2027, expected to be fully funded from cash flow. The Los Filos mine is considered a "sleeping giant" with 16 million ounces in resource categories and significant organic growth potential.

4 days ago

Transcript

Equinox Gold Corp. Announces Q4 and Full Year 2025 Results and 2026 Guidance

EQX

Earnings

M&A

Guidance Update

Equinox Gold Corp. reported a net income of $221.5 million or $0.35 per share from All Operations for the year ended December 31, 2025, with revenue from continuing operations reaching $1,817.2 million.
For the full year 2025, the company produced 856,908 ounces of gold and sold 778,561 ounces from All Operations at an average realized gold price of $3,465 per oz, with All-in Sustaining Costs (AISC) of $1,925 per oz.
Significant corporate activities included the acquisition of Calibre Mining Corp. on June 17, 2025, which added Valentine, Nicaragua Operations, and Pan, and the subsequent sale of its Brazil Operations on January 23, 2026, for $891.1 million in upfront cash consideration. The Valentine project also poured first gold in September 2025 and declared commercial production in November 2025.
The company provided 2026 guidance forecasting gold production between 700,000 to 800,000 ounces, with estimated cash costs of $1,425 to $1,525 per ounce and AISC of $1,775 to $1,875 per ounce.

7 days ago

6-K

Equinox Gold reports strong Q4 and full year 2025 results, initiates dividend and share buyback

EQX

Earnings

Dividends

Share Buyback

Equinox Gold delivered record gold production of 922,000 ounces for the full year 2025, with 247,000 ounces produced in Q4 2025, and achieved cash and all-in costs within guidance.
The company significantly strengthened its balance sheet, reducing net debt from approximately $1.4 billion in June 2025 to $75 million by the end of January, largely due to the sale of Brazilian assets.
In recognition of its strong financial position, Equinox Gold announced an inaugural quarterly cash dividend of $0.015 per share and plans to initiate a share buyback of up to 5% of issued and outstanding shares.
Both Greenstone and Valentine mines showed strong ramp-up progress, with Greenstone producing over 72,000 ounces in Q4 2025 and Valentine pouring over 23,000 ounces in its first quarter. The company provided 2026 production guidance of 250,000-300,000 ounces for Greenstone and 150,000-200,000 ounces for Valentine.

Feb 19, 2026, 3:00 PM

Transcript

Equinox Gold Reports Strong Q4 and Full Year 2025 Results, Initiates Capital Return Program

EQX

Earnings

Dividends

Share Buyback

Equinox Gold reported full-year 2025 gold production of 922,000 ounces and Q4 2025 production of 247,000 ounces, generating $579 million in adjusted EBITDA and $272 million in adjusted net income ($0.35 per share) in Q4.
The company significantly strengthened its balance sheet, reducing net debt from approximately $1.4 billion in June 2025 to $75 million by the end of January 2026 after deploying proceeds from asset sales.
Equinox Gold announced an inaugural quarterly cash dividend of $0.015 per share and filed a notice of intent to initiate a share buyback of up to 5% of issued and outstanding shares.
Both Greenstone and Valentine mines demonstrated strong ramp-up progress in Q4 2025, with Greenstone producing 72,000 ounces and Valentine pouring 23,000 ounces.
For 2026, Greenstone is expected to produce 250,000-300,000 ounces at all-in sustaining costs of $1,750-$1,850 per ounce, and Valentine is anticipated to contribute 150,000-200,000 ounces.

Feb 19, 2026, 3:00 PM

Transcript

Equinox Gold Reports Strong Q4 and Full Year 2025 Results, Initiates Dividend and Share Buyback

EQX

Earnings

Dividends

Share Buyback

Equinox Gold reported a transformational 2025, achieving record gold production of 922,000 ounces for the full year and 247,000 ounces in Q4 2025, with $579 million in adjusted EBITDA and $272 million in adjusted net income.
The company significantly strengthened its balance sheet, reducing net debt from approximately $1.4 billion in June 2025 to $75 million by the end of January 2026, and exited 2025 with over $400 million in cash.
In recognition of its strong financial position, Equinox Gold announced an inaugural quarterly cash dividend of $0.015 per share and intends to initiate a share buyback of up to 5% of its outstanding shares. This dividend is expected to remain fixed for the next 12-24 months.
Both Greenstone and Valentine mines are ramping up, with Greenstone producing over 72,000 ounces in Q4 and Valentine over 23,000 ounces. The company provided 2026 production guidance of 250,000-300,000 ounces for Greenstone and 150,000-200,000 ounces for Valentine. The strategic focus for 2026 is on ramping up these assets to nameplate capacity and advancing other organic growth projects.