- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EQX

EQX fundamentals

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