# Equinox Gold Delivers Record Q4 Production and Record FY 2025 Gold Production of 922,827 ounces; 2026 Guidance Represents an 80% Increase in Annual Canadian Gold Production

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Original source: https://www.equinoxgold.com/wp-content/uploads/2026/01/20260114-EQX-Q4-Production-and-Guidance-News-Release.pdf
Original published: 2026-01-14
EGM generated: 2026-09-04
Company: Equinox Gold (EQX)

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# Equinox Gold Delivers Record Q4 Production and Record FY 2025 Gold Production of 922,827 ounces; 2026 Guidance Represents an 80% Increase in Annual Canadian Gold Production

Source: https://www.equinoxgold.com/wp-content/uploads/2026/01/20260114-EQX-Q4-Production-and-Guidance-News-Release.pdf
Published: 2026-01-14T00:00:00+00:00
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# Equinox Gold Delivers Record Q4 Production and Record FY 2025 Gold Production of 922,827 ounces; 2026 Guidance Represents an 80% Increase in Annual Canadian Gold Production
TSX: EQX
NYSE-A: EQX
Equinox Gold Delivers Record Q4 Production and Record FY 2025 Gold Production of 922,827 ounces
2026 Guidance Represents an 80% Increase in Annual Canadian Gold Production
January 14, 2026 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the
“Company”) is pleased to announce production results for the three months (“Q4”) and year (“Full Year”) ended
December 31, 2025, an update on operations at its two Canadian cornerstone assets (Greenstone Gold Mine
(“Greenstone”) and Valentine Gold Mine (“Valentine”) and its 2026 production, cost and capital guidance. The
Company’s audited financial and operating results for Q4 and Full Year 2025 will be released on Wednesday,
February 18, 2026 after market close. All financial figures in this news release are in US dollars.
Darren Hall, Chief Executive Officer of Equinox Gold, commented: “Equinox Gold delivered a record 922,827
ounces of gold production in 2025, reflecting the significance of the Company’s expanded portfolio and strength of
our results focused team.
“Operational momentum is expected to continue into 2026 with a full year of production from Valentine, continued
improvements at Greenstone, and steady contributions from our operations in Nicaragua and Mesquite in the
United States.
“Cash increased by 24% quarter over quarter to $430 million, after absorbing $70 million of one-time payments
related to the favorable settlement of legacy tax matters in Mexico and Nicaragua and $75 million of debt
repayment, reflecting a clear trend of growing strength in the Company’s underlying cash flow generation.
“In 2026, we will maintain a disciplined approach to capital allocation, continuing to review our portfolio to direct
investment toward high-return opportunities such as the Phase 2 expansions at Valentine, Castle Mountain and Los
Filos. Our development pipeline has the potential to add approximately 450,000 to 550,000 ounces of incremental
annual gold production in the coming years.
“With the sale of our Brazil operations expected to close in Q1 2026, we anticipate a meaningful strengthening of
our balance sheet in 2026 through significant debt repayment, which will materially reduce interest expense,
enhance per-share cash flow, and increase our flexibility to self-fund organic growth while considering capital return
initiatives within a disciplined framework.
“While gold prices are very constructive, they do not change how we fundamentally run the business. Our focus
remains on cost control, eliminating waste from the business and delivering reliable performance and long-term
value creation to all stakeholders. The combination with Calibre has brought together high-quality assets and a
strong operating team, positioning us to generate cash, strengthen the balance sheet, grow organically and deliver
sustained share price appreciation for our investors.”
Q4 & Full Year 2025 Highlights
• Produced a record 247,024 ounces in Q4; including 72,091 ounces from Greenstone, 23,207 ounces from
Valentine, 61,885 ounces from Nicaragua, 73,745 ounces from Brazil, 14,761 ounces from Mesquite and 1,336
ounces from Castle Mountain
• Achieved a Full Year production record of 922,827 ounces; including 856,909 ounces within 2025 guidance of
750,000 to 915,000 ounces, plus 65,918 ounces from Valentine, Los Filos and Castle Mountain
• Greenstone improvements yielding positive results with 72,091 ounces poured in Q4, 29% more than in Q3; with:
o Expit mining averaged more than 198,000 tonnes per day (“tpd”) in Q4, a 9% increase over Q3 and a 31%
increase over H1 2025, with 5.0 million tonnes of ore mined in Q4
o For the 30 consecutive days ending December 20, mill throughput averaged nameplate of 27,000 tpd, with
Q4 averaging 23,859 tpd, a 15% increase over Q3 and a 17% increase over H1 2025
o Processed grade averaged 1.29 g/t gold in Q4, a 23% increase over Q3 and a 32% increase over H1 2025
• Commercial production at Valentine ahead of schedule on November 18, 2025, marking strong progress at a
second Canadian cornerstone asset (watch the gold pour video here)
• Valentine ramp up progressing well; 23,816 ounces poured in 2025 with Q4 throughput averaging 90% of
nameplate capacity and more than 47% of days operating above nameplate of 6,850 tpd. Completion of a
feasibility study to increase processing throughput from 2.5 million to more than 4.5 million tonnes per year is
targeted for the end of Q1 2026, with the proposed expansion expected to increase annual production by
approximately 25% to 225,000 to 250,000 ounces
• Cash and equivalents of $4301 million at December 31, 2025
• $214 million of debt repaid or retired from late Q3 2025
• 2025 all-in sustaining costs (“AISC”) expected to be within guidance; toward the upper end of the $1,800 to
$1,900 per ounce range
• Completed transformational merger with Calibre Mining; diversifying and strengthening the Company’s
production base and operating team
• Maintained strong safety and environmental records during 2025; with a total recordable injury frequency rate
per million hours worked of 1.79, a 25% reduction over 2024, and no significant environmental incidents
• Castle Mountain Phase 2 Permitting Record of Decision expected in December 2026; following acceptance of
the project into the United States Federal Permitting Improvement Steering Council’s FAST-41 Program
• Progressed portfolio optimization; with the sale of the non-core Nevada operation for $115 million completed
in Q4 (see news release dated August 7, 2025) and the announcement in Q4 of the sale of the Brazil operations
for up to $1.015 billion in cash (see news release dated December 14, 2025), which is expected to close in the
first quarter of 2026
2026 Guidance
Greenstone Valentine Nicaragua Mesquite
Consolidated
Ontario, Canada Newfoundland, Canada Complex California, USA
Gold Production
700,000 - 800,000 250,000 - 300,000 150,000 - 200,000 200,000 - 250,000 70,000 - 80,000
(ounces)
Cash Costs1,2
$1,425 - $1,525 $1,350 - $1,450 $1,100 - $1,200 $1,750 - $1,850 $1,550 - $1,650
($/ounce)
AISC1,2
$1,775 - $1,875 $1,750 - $1,850 $1,200 - $1,300 $2,100 - $2,200 $2,300 - $2,400
($/ounce)
Growth Capital
$325 - $375 $130 - $160 $95 - $115 $90 - $110 $5 - $10
($ million)
Exploration
$70 - $80 $5 - $10 $20 - $25 $20 - $25 $5 - $10
($ million)
General & Administrative3
$80 - $90 n/a n/a n/a n/a
($ million)
1. Cash costs per ounce sold and AISC per ounce sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes. Consolidated AISC per oz sold excludes corporate
general and administrative expenses.
2. Exchange rates used to forecast 2026 cash costs and AISC per ounce sold include CAD 1.34 to 1 USD and NIO of 35 to USD 1.
3. General and administrative expenses exclude share-based compensation.
2026 gold production is expected to benefit from Valentine’s ramp-up and its first full year of operation, as the
Company advances toward nameplate throughput by the second quarter of 2026. Greenstone production is also
planned to increase during 2026 as improvements in mining and milling rates and practices are expected to enhance
reliability and overall operational performance. The Company will publish updated NI 43-101 technical reports for
both Greenstone and Valentine by the end of Q1 2026.
-2-
On December 14, 2025, the Company announced the sale of its Brazil operations; accordingly, no production, cost
or capital guidance is included for these assets in 2026. The Company estimates Brazil production of 15,000 to
25,000 ounces, depending on timing of the closing, which is currently expected in Q1 2026, with AISC of $2,500 to
$2,600 per ounce.
Equinox Gold expects to incur additional expenditures in 2026 of approximately $50 to $60 million for debt servicing
following the close of the sale of the Brazil operations, $60 to $70 million for care and maintenance activities, and
$70 to $80 million in mine-site equipment lease payments. The Company also has 48,000 ounces of gold deliveries
remaining under its construction capital prepay arrangements, with physical deliveries scheduled monthly through
September 2026 and no associated cash flow. In addition, Equinox Gold is advancing technical studies for the
Valentine Phase 2, Castle Mountain, and Los Filos expansions, and anticipates spending approximately $30 to $40
million on such major project studies prior to full investment decision funding.
Growth capital primarily reflects continued investment in the ramp-up of Greenstone and Valentine, including
additional tailings infrastructure, equipment and machinery, capitalized stripping, and new underground mine
development in Nicaragua.
Given the strong prospectivity across the portfolio, exploration remains a priority in 2026, with approximately
$75 million budgeted to drill nearly 300,000 metres during the year, focused on discovery and resource expansion.
At Greenstone, an increase in site personnel to support more effective operations and achievement of production
targets will result in higher operating spend compared to 2025. Capital investment at Greenstone in 2026 will
support both operational improvements and planned development focused on achieving stable and sustainable
mining and milling rates. Capital spending primarily includes tailings works, water management infrastructure,
additional equipment and machinery in support of mining and milling optimization and reliability, capitalized
stripping and construction of a new Ontario Provincial Police building. Exploration at Greenstone during 2026 will
focus primarily on target delineation, regional resource opportunities and depth extension at the main Greenstone
property.
At Valentine, capital spending primarily includes tailings works, machinery and equipment, and the construction of
a permanent truck shop and other on-site infrastructure. Exploration at Valentine will focus on resource growth in
the Frank Zone and further evaluation of newly identified zones, including deeper drilling to test extensions of
known mineralization.
At Mesquite, capital spending primarily includes capitalized stripping and studies related to mine life expansion
opportunities. Exploration activities will focus on resource growth.
For Nicaragua, capital spending primarily includes capitalized stripping as new pits come online, underground
development, machinery and equipment, and on-site infrastructure to support a stable, multi-year production
profile. Exploration activities will focus on resource expansion and discovery drilling.
Development Pipeline
While the Company’s capital allocation priorities for 2026 are focused on maximizing production and further
deleveraging the balance sheet, Equinox Gold will continue to advance its development pipeline, which collectively
has the potential to add approximately 450,000 to 550,000 ounces of incremental annual gold production in the
coming years.
At Valentine in Canada, the Company is advancing studies and engineering for a Phase 2 expansion that is expected
to increase processing throughput from 2.5 million to more than 4.5 million tonnes per year. Completion of a
feasibility study is targeted for the end of Q1 2026, following which the Company expects to seek approval from its
board of directors to advance the Phase 2 expansion. The Phase 2 expansion is expected to result in

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