Equinox Gold Produces 237,019 Ounces of Gold in Q3, Reports $1,047.0 Million in Revenue

Key Facts

Equinox Gold produced about 237,019 ounces of gold and sold 248,484 ounces in the third quarter of 2026, according to financial results published on November 9. Revenue was $1,047.0 million, compared with $584.3 million in the same period last year. Net income, however, fell to $62.5 million from $75.6 million. The quarter’s figures included two months of production attributable to the Musselwhite and Camino Rojo mines, after the Orla integration was completed on July 31. Chief Executive Jason Simpson said the results “only partially reflect Equinox Gold’s transformation into an emerging major gold producer” following the integration’s completion midway through the quarter.

Revenue from continuing operations rose 79% year on year, driven by a 22% increase in the average realized gold price per ounce sold and a 46% rise in gold ounces sold, according to the company’s filing with the U.S. Securities and Exchange Commission. This reflects broader revenue growth alongside a year-on-year decline in net income, as sales and prices increased while net income came in below its level a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization were $533.0 million, up 49% from the second quarter of 2026. Cash flow from operations before non-cash working capital changes was $291.7 million. Mine free cash flow, before those changes, was also $398.3 million during the quarter.

The company said it was on track to meet the low end of its updated 2026 gold production guidance range of 870,000 to 920,000 ounces. It also aims to reach the high end of its annual all-in sustaining cost range, set at $1,900 to $2,000 per ounce sold. In the third quarter, cash costs were $1,654 per ounce sold, while all-in sustaining costs reached $2,091. Both metrics fell quarter on quarter, by 9% and 4%, respectively, compared with the second quarter. The figures put quarterly costs above the annual all-in sustaining cost range that the company said it expects to reach the high end of.

Production was spread across several mines: Greenstone produced 60,596 ounces, Nicaragua produced about 58,489 ounces, Valentine produced 34,719 ounces and Mesquite about 17,116 ounces. Production attributable to Equinox Gold from Musselwhite was about 45,616 ounces, and from Camino Rojo about 18,975 ounces, from July 31 through September 30. These periods confirm that the company’s reported production from the two mines began after the Orla deal was completed, while the other figures represent full-quarter production. At Greenstone, a scheduled replacement of high-pressure grinding rolls in August reduced average plant throughput to 23,682 tonnes per day during the quarter. The company said operation of a trommel unit is planned for early 2027 to improve mill availability.

Equinox Gold ended the quarter on September 30 with unrestricted cash of $527.9 million, net cash of $164.0 million and total available liquidity of $1.2 billion. The net cash figure excludes the convertible notes the company repaid after quarter-end. The company returned $35.3 million to shareholders during the quarter through $9.0 million in share buybacks and $26.3 million in cash dividends. On November 9, the board approved a quarterly dividend of $0.0225 per share, payable on December 10 to shareholders of record on November 25. The company scheduled a call to discuss its results for November 10, 2026, at 10:00 a.m. Eastern time, or 7:00 a.m. Pacific time.

On expansion, Equinox Gold said the U.S. Bureau of Land Management issued a favorable decision for the South Railroad project in Nevada, completing federal permitting under the National Environmental Policy Act. It added that the project is positioned to produce its first gold in 2028. The company estimated the project’s initial capital at about $395 million and said detailed engineering was 55.2% complete when the Record of Decision was announced. The step comes as the project advances following completion of the federal permitting phase. The quarterly results provide a financial and operational picture of the company after two months of production attributable to Orla’s mines were included in its accounts.