Equinox Gold Forecasts 543,000 oz/year, $414M Valentine Expansion
Equinox Gold’s updated technical reports forecast average annual Canadian gold production of 543,000 ounces over 2026–2036 from 8.1 million ounces of Proven and Probable Reserves. The company plans a $414 million Valentine Phase 2 expansion boosting throughput to 5 Mtpa by H2 2028 and allocates $70–80 million for 2026 exploration.
1. Revised Production and Reserve Estimates
The updated technical reports incorporate 8.1 Moz of Proven and Probable Reserves across Greenstone and Valentine, projecting average production of 543,000 oz per year over the next ten years. Total Mineral Resources include 4.1 Moz Measured & Indicated and 2.8 Moz Inferred, providing optionality beyond the base case reserve plan.
2. Greenstone Mine Ramp-up and Optimization Opportunities
Greenstone is targeting sustained nameplate milling capacity of 27,000 tpd to yield roughly 320,000 oz annually at 87.5% recovery, with potential to increase throughput to 30,000 tpd. Underground resources of 2.8 Moz and additional satellite deposits on the 400 km2 land package offer avenues to enhance grades, extend mine life and raise production.
3. Valentine Phase 2 Expansion and Funding
Valentine’s Phase 2 construction, approved for H2 2028, involves $414 million in mill, fleet and infrastructure upgrades to double throughput to 5 Mtpa and drive annual output of 223,000 oz. The 24-month build will be funded through existing cash flow and the company’s credit facility and is underpinned by a $3.1 billion after-tax NPV5 and $4.3 billion LOM net cash flow at $4,500/oz gold.
4. Exploration Budget and Resource Growth
A robust $70–80 million exploration budget for 2026 targets near-mine and regional high-grade zones, including the underexplored Frank Zone at Valentine and past-producing deposits on the Greenstone package. Ongoing drilling aims to convert Inferred and Indicated Resources into reserves and identify new open-pit and underground opportunities to extend mine lives.