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1. Company Snapshot

1.a. Company Description

Equinox Gold Corp.engages in the operation, acquisition, exploration, and development of mineral properties.The company primarily explores for gold and silver deposits.


Its properties include the Aurizona gold mine located in Maranhão State; the RDM gold mine located in Minas Gerais State; and Fazenda gold mine and the Santa Luz gold mine located in Bahia State, Brazil.The company also hold interests in the Mesquite gold mine and the Castle Mountain property situated in California, the United States; and the Los Filos Gold Mine located in Guerrero State, Mexico.In addition, it holds a 60% interest in the Greenstone project located in Ontario, Canada.


The company was formerly known as Trek Mining Inc.and changed its name to Equinox Gold Corp.in December 2017.


Equinox Gold Corp.was incorporated in 2007 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on EQX

Equinox Gold's recent performance was negatively impacted by the slower-than-planned ramp-up at the Greenstone Gold Mine in Ontario, Canada. The company's updated 2025 production and cost guidance reflects this slower pace, with pro forma full-year 2025 production expected to be at the lower end of the previously announced range. Additionally, the business combination with Calibre Mining Corp. is expected to close around the end of June 2025, which may introduce additional uncertainty and risks for the company.

1.c. Company Highlights

2. Equinox Gold's Q3 2025 Earnings: Operational Progress and Deleveraging Strategy

Equinox Gold reported an adjusted net income of $147 million, or $0.19 per share, with adjusted EBITDA of $420 million for Q3 2025. The actual EPS came in at $0.1532, falling short of estimates of $0.28. Revenue growth is expected to be significant, with analysts estimating a 46.6% increase in revenues for the next year. The company's financial performance was supported by its operational progress, particularly at its Greenstone and Valentine mines.

Publication Date: Nov -20

📋 Highlights
  • Greenstone Production Growth: Mining rates exceeded 185,000 tonnes/day, a 21% increase over Q1 2025.
  • Valentine Operational Progress: Plant throughput averaged 91% of nameplate in October 2025, with 58% of days exceeding capacity.
  • Financial Performance: Adjusted net income reached $147 million ($0.19/share) and adjusted EBITDA of $420 million in Q3.
  • Deleveraging Strategy: Aim to reduce net debt from $1.3 billion to $300 million by end-2026 via production growth and asset sales.
  • Greenstone Stockpile Potential: High-grade material stockpile exceeds 1.5 grams/tonne, supporting future production consistency.

Operational Highlights

The Greenstone mine saw a 10% increase in mining rates to over 185,000 tonnes per day, and process grades improved by 13% to 1.05 grams per tonne in Q3. The Valentine mine, which achieved first gold pour on September 14, averaged nearly 5,000 tonnes per day or 73% of nameplate for the first 66 days of operation. Performance in October continued to demonstrate strong progress, with throughput averaging over 6,200 tonnes per day or 91% of nameplate.

Deleveraging Strategy

Equinox Gold aims to reduce its net debt from $1.3 billion to $300 million over the next 12 months through a combination of production growth, cash flow generation, and potentially asset sales. The company has seen interest in some of its assets and will entertain discussions with potential buyers. With a clear strategy on capital allocation, prioritizing organic growth and exploration, Equinox Gold is well-positioned to achieve its goals.

Valuation Metrics

With a P/E Ratio of 137.2 and an EV/EBITDA of 18.01, Equinox Gold's valuation suggests that the market is pricing in significant growth expectations. The company's Net Debt / EBITDA ratio of 2.17 indicates a relatively high level of debt, but its deleveraging strategy is expected to improve this metric. The current valuation metrics imply that the market is expecting significant revenue growth, which is in line with analysts' estimates.

Growth Prospects

Equinox Gold is well-positioned for growth, with increasing contributions from both Greenstone and Valentine expected in 2026. The company's exploration success and potential expansion at Valentine could lead to significant returns, with a potential 5 million tonnes expansion potentially resulting in 400,000 ounces of output in 2029. The company's focus on organic growth opportunities within its portfolio is expected to drive long-term value creation.

3. NewsRoom

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Equinox Gold (EQX) is a Great Momentum Stock: Should You Buy?

Dec -02

Source:

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Steel Dynamics Secures Complete Ownership of New Process Steel

Dec -02

Source: zacks.com

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AREC and ERI Join Forces to Strengthen U.S. Rare-Earth Supply Chain

Dec -01

Source: zacks.com

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Is Equinox Gold Set for Growth After 136% Surge and New Production Milestones?

Nov -26

Source:

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Equinox Gold (TSX:EQX): Assessing Valuation After Strong 2024 Share Price Gains

Nov -26

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Here is Why Growth Investors Should Buy Equinox Gold (EQX) Now

Nov -25

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Surging Earnings Estimates Signal Upside for Equinox Gold (EQX) Stock

Nov -25

Source:

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POSCO Secures Control of Sampoerna Agro in KRW 1.3T Deal

Nov -25

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.70%)

6. Segments

Los Filos

Expected Growth: 12%

Los Filos' 12% growth is driven by increased gold production, improved ore grades, and enhanced processing recoveries. Additionally, Equinox Gold Corp.'s strategic investments in mine optimization, exploration, and cost reduction initiatives have contributed to the mine's expansion.

Aurizona

Expected Growth: 10%

Aurizona's 10% growth is driven by increasing gold production, improved operating efficiencies, and higher gold prices. The mine's expansion and optimization projects, combined with Equinox Gold Corp.'s strong management and exploration efforts, are expected to sustain production growth. Additionally, the company's cost-saving initiatives and favorable currency exchange rates contribute to the segment's growth.

Mesquite

Expected Growth: 11%

Mesquite's 11% growth is driven by increased gold production, improved ore grades, and enhanced operational efficiencies. Additionally, Equinox Gold Corp.'s strategic investments in exploration and development have expanded the mine's resource base, supporting future growth. Favorable gold prices and a strong balance sheet have also contributed to the segment's growth.

Fazenda

Expected Growth: 13%

Fazenda's 13% growth is driven by increasing gold prices, improved operational efficiency, and successful exploration efforts. The mine's high-grade ore and low cash costs also contribute to its strong performance. Additionally, Equinox Gold Corp.'s focus on cost reduction and debt repayment has improved the mine's profitability.

Santa Luz

Expected Growth: 14%

Santa Luz from Equinox Gold Corp. growth driven by 14% increase in gold production, fueled by optimized mine planning, improved ore grade, and enhanced processing recoveries, coupled with declining cash costs and all-in sustaining costs, resulting in increased profitability and free cash flow generation.

RDM

Expected Growth: 12%

RDM's 12% growth is driven by increasing gold prices, successful mine expansion, and improved operational efficiency. Equinox Gold Corp.'s strategic acquisitions and exploration efforts have also contributed to the growth. Additionally, the company's focus on cost reduction and debt repayment has enhanced its financial flexibility, enabling investments in growth initiatives.

Castle Mountain

Expected Growth: 11%

Castle Mountain's 11% growth is driven by increasing gold reserves, improved mining efficiency, and enhanced processing capacity. The mine's expansion into the South Domes area and optimization of the pit design also contribute to the growth. Additionally, Equinox Gold Corp.'s focus on cost reduction and exploration initiatives support the mine's upward trajectory.

7. Detailed Products

Gold

Equinox Gold Corp. is a Canadian mining company that produces gold from its mines in Brazil and the United States.

Copper

Equinox Gold Corp. also produces copper as a by-product of its gold mining operations.

Silver

Silver is another by-product of Equinox Gold Corp.'s mining operations, used in various industrial and commercial applications.

8. Equinox Gold Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Equinox Gold Corp. is medium, as there are some alternative gold mining companies, but they are not easily substitutable.

Bargaining Power Of Customers

The bargaining power of customers for Equinox Gold Corp. is low, as the company's customers are primarily institutional investors and gold traders who do not have significant bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Equinox Gold Corp. is medium, as the company relies on a few key suppliers for equipment and services, but there are some alternative suppliers available.

Threat Of New Entrants

The threat of new entrants for Equinox Gold Corp. is low, as the gold mining industry has significant barriers to entry, including high capital costs and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Equinox Gold Corp. is high, as the gold mining industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.90%
Debt Cost 3.95%
Equity Weight 72.10%
Equity Cost 9.41%
WACC 7.89%
Leverage 38.71%

11. Quality Control: Equinox Gold Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Wesdome Gold Mines

A-Score: 6.1/10

Value: 5.2

Growth: 8.4

Quality: 8.4

Yield: 0.0

Momentum: 10.0

Volatility: 4.3

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IAMGOLD

A-Score: 5.2/10

Value: 4.9

Growth: 6.0

Quality: 7.1

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Orla Mining

A-Score: 5.1/10

Value: 3.4

Growth: 9.9

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

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Idaho Strategic Resources

A-Score: 4.9/10

Value: 0.0

Growth: 9.7

Quality: 8.0

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

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New Gold

A-Score: 4.6/10

Value: 4.1

Growth: 4.3

Quality: 6.0

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Equinox Gold

A-Score: 4.5/10

Value: 2.5

Growth: 6.9

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.29$

Current Price

19.29$

Potential

-0.00%

Expected Cash-Flows