Equinox Gold Secures C$31 Target After CIBC Upgrade, Expands 2026 Drilling by 100 km
CIBC upgraded Equinox Gold from Neutral to Outperformer, boosting its price target from C$21.50 to C$31 and raising gold forecasts to $6,000 per ounce in 2026. 2025 diamond drilling at Valentine Mine uncovered the Minotaur Zone’s high-grade intervals and the company plans 100 km of drilling in 2026.
1. Analyst Upgrade and Bullish Gold Outlook
On February 4, CIBC raised Equinox Gold’s rating from Neutral to Outperformer and increased its price target from C$21.50 to C$31. The upgrade reflects a more bullish view on gold, with new price assumptions of $6,000 per ounce in 2026, $6,500 in 2027 and $6,000 in 2028.
2. 2025 Diamond Drilling Breakthrough
Updated results from the 2025 diamond drilling program at the Valentine Gold Mine revealed the newly identified Minotaur Zone roughly 8 km northwest of the mill. Broad intervals of high-grade gold mineralization in the Minotaur Zone highlight the potential for significant resource additions.
3. 2026 Exploration Campaign
Equinox Gold plans to execute approximately 100 kilometers of drilling across the Valentine property in 2026, targeting the Minotaur and Frank zones. This expanded program aims to delineate new mineralization, accelerate resource growth and support future production targets.
4. Implications for Production and Mine Life
CEO Darren Hall noted consistent, high-grade mineralization in the Frank Zone outside current resources, supporting the feasibility of a new open pit. This development could contribute to production growth and extend mine life beyond the current 14-year plan.