Equinox Gold Cuts US$1.1B Debt, Reports Record Q4 Production with Greenstone Up 29%
Equinox Gold’s merger with Calibre added two Canadian mines, cut debt by over US$1.1B and drove record Q4 output of 247,024 ounces with 29% higher production at Greenstone. The company produced 922,827 ounces, launched a US$0.015/share dividend and targets 700,000–800,000 ounces in 2026 to eliminate debt.
1. Transformational Merger and Debt Reduction
The merger with Calibre closed in mid-2025, adding two long-life Canadian mines to Equinox Gold’s portfolio and creating a tier one North American gold producer. Since Q2 2025, debt has been reduced by over US$1.1 billion, bringing net debt to approximately US$75 million as of January 31, 2026.
2. Record Q4 and Full-Year Production
Equinox Gold delivered a record Q4 2025 production of 247,024 ounces, including over 70,000 ounces at Greenstone (up 29% from Q3) and 23,207 ounces from Valentine following its November commercial start-up. For the full year, output reached 922,827 ounces, generating US$2.71 billion in revenue on sales of 778,561 ounces at an average realized price of US$3,465 per ounce.
3. Balance Sheet Strength and Capital Returns
The company ended 2025 with US$407.4 million in cash and equivalents, cash flow from operations before working capital of US$915 million and adjusted EBITDA of US$1.34 billion. Equinox Gold initiated an inaugural quarterly cash dividend of US$0.015 per share, approved a normal course issuer bid for up to 5% of outstanding shares and reported net income of US$221.5 million.
4. 2026 Outlook and Growth Plans
For 2026, Equinox Gold forecasts production of 700,000 to 800,000 ounces and expects free cash flow to eliminate the remaining debt. Investment will focus on organic growth projects funding 400,000 to 500,000 ounces annually over five years—including Phase 2 at Valentine, Castle Mountain expansion and optionality at Los Filos—while pursuing new AI-supported discoveries near Valentine.