Equinox Gold Cuts Net Debt to $75M, Posts 922,000 Ounces in 2025
Equinox Gold posted record 2025 production of 922,000 ounces and cut net debt to $75 million from $1.4 billion. Q4 revenue rose 18.5% to $681.4 million, driven by 29% higher Greenstone output and first-quarter Valentine production; management forecasts 400,000–500,000 ounces in 2026 at $1,750–1,850/oz.
1. Record 2025 Production and Revenue
Equinox Gold delivered record 922,000 ounces of gold in 2025 and reported $681.4 million in fourth-quarter revenue, an 18.5% year-over-year increase.
2. Net Debt Reduction
The company slashed net debt from $1.4 billion in mid-2025 to $75 million by January 2026, enhancing balance sheet strength and reducing leverage.
3. Growth Driven by Greenstone and Valentine
Ramp-ups at Greenstone and Valentine mines propelled output, with Greenstone’s production climbing 29% quarter-over-quarter and Valentine producing over 23,000 ounces in its inaugural quarter.
4. 2026 Guidance and Funding Strategy
For 2026, management guided combined production of 400,000–500,000 ounces—250,000–300,000 from Greenstone and 150,000–200,000 from Valentine—at all-in sustaining costs of $1,750–1,850/oz, and plans to fund organic growth internally while advancing Los Filos and Castle Mountain expansions despite audit delays tied to the Calibre merger.