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- **Q3 Production & Financials**: 239,000 oz at $1,800/oz AISC, $147M net income, $420M EBITDA, $348M cash post-Nevada sale.
- **Greenstone Momentum**: 205,000 tpd in Q4, 1.34 g/t mill grades, 8M tonnes stockpile with high-grade material.
- **Valentine Success**: 91% nameplate in October, 2026 production target of 150,000-200,000 oz, Phase II expansion to 5M tpa.
- **Debt Reduction**: $139M Q3 debt repayment, targeting <$500M net debt by end-2026 via $1B+ free cash flow.
- **Growth Pipeline**: Valentine Phase II, Castle Mountain permitting, and Greenstone optimization driving 2026+ cash flow.

**【CEO Opening Remarks】**
- Equinox Gold delivered Q3 2025 production of 239,000 ounces at an all-in sustaining cost (AISC) of $1,800/oz, with adjusted net income of $147 million and EBITDA of $420 million.
- The sale of Nevada assets for $115 million (including $88M cash) and $139M debt repayment in Q3, plus $25M in October, demonstrate disciplined capital allocation.

**【Greenstone Mine Performance】**
- Q3 mining rates exceeded 185,000 tpd (10% QoQ, 21% YoY), with mill grades improving to 1.05 g/t (13% QoQ) and October rates at 205,000 tpd.
- Process improvements, including double-side loading and dilution management, drove 6% higher tonnes milled per day in Q3.
- October mill grades reached 1.34 g/t, with 8M tonnes of stockpile, including high-grade material >1.5 g/t.

**【Valentine Mine Ramp-Up】**
- First gold pour on Sep 14, with Q3 throughput at 73% of nameplate (5,000 tpd) and October at 91% (6,200 tpd).
- Recoveries >93% on lower-grade ores, with plans for Phase II expansion to 5M tpa via twin ball mill, targeting Q2 2026 feasibility.
- 2026 production guidance of 150,000-200,000 oz, with exploration drilling identifying new resource potential.

**【Financial & Capital Allocation】**
- $348M cash at quarter-end, with $1.3B net debt and >$1B free cash flow expected in 2026.
- Focus on deleveraging through organic growth (Greenstone, Valentine) and potential asset sales, with no capital returns until 2026+.

**【Q&A Highlights】**
- **Valentine Expansion**: 5M tpa Phase II study underway, with nameplate capacity by Q2 2026 and potential 400,000 oz/year at 5M tpa.
- **Deleveraging**: 2026 debt reduction to <$500M via cash flow, with asset sales as opportunistic补充.
- **Greenstone Selectivity**: Bulk mining with focus on dilution control, no immediate plans for smaller equipment.
- **Castle Mountain**: FAST-41 permitting for 2026 record of decision, positioning for future growth.


Equinox Gold Corp.(EQX)-20251106-2025 Q3 Earnings call transcript

Mesquite

Aurizona

Los Filos

Fazenda

Other Operating Mines

Castle Mountain

Mercedes

Santa Luz

Greenstone

Bahia Complex

Nicaragua

Brazil

EQX

EQX fundamentals

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