Equinox Gold(US:EQX)2025-11-05 23:01Production and Sales - Produced 236,382 ounces of gold in Q3 2025, with 239,311 ounces sold at an average realized price of $3,397 per ounce[16] - For the nine months ended September 30, 2025, produced 634,427 ounces of gold, including contributions from Pan and Nicaragua Operations[21] - Gold produced in Q3 2025 was 236,382 ounces, a 57% increase compared to Q3 2024, with gold sold reaching 239,311 ounces, up 38% year-over-year[25][26] - Gold ounces sold for the nine months ended September 30, 2025, were 32% higher compared to the same period in 2024, driven by production from Greenstone and Nicaragua Operations[27] - Gold ounces sold in Q3 2025 totaled 239,311, up from 173,973 ounces in Q3 2024, primarily due to increased contributions from Nicaragua Operations and Greenstone[142] Financial Performance - Net income for Q3 2025 was $85.6 million, or $0.11 per share, with adjusted net income of $147.4 million, or $0.19 per share[16] - Revenue for Q3 2025 was $819.0 million, a 91% increase from $428.4 million in Q3 2024, driven by a 38% rise in both realized gold price and gold ounces sold[28] - Adjusted EBITDA for Q3 2025 was $420.0 million, up from $145.0 million in Q3 2024, reflecting improved operational performance[37] - Revenue for the nine months ended September 30, 2025, was $1,721.4 million, an 83% increase from $939.1 million in the same period in 2024[29] - Operating expense in Q3 2025 was $371.9 million, a 39% increase compared to Q3 2024, primarily due to Nicaragua Operations and Pan following the Calibre Acquisition[143] Costs and Expenses - Total cash costs were $1,434 per ounce, and all-in sustaining costs (AISC) were $1,833 per ounce[16] - Cash costs per ounce sold decreased by 17% to $1,434 in Q3 2025, while AISC per ounce sold was $1,833, down 8% from the same period in 2024[30] - Cash costs per ounce sold for Nicaragua Operations were $1,319, while AISC per ounce sold was $1,507 for the same period[55] - AISC per ounce sold increased by 35% in Q3 2025 compared to Q3 2024, reaching $1,913 per ounce, primarily due to increased capitalized stripping[99] Cash Flow and Liquidity - Cash flow from operations before changes in non-cash working capital was $322.1 million, with mine-site free cash flow of $304.3 million[20] - Cash and equivalents were $348.5 million at September 30, 2025, with net debt of $1,278.2 million[20] - Cash provided by operating activities for the nine months ended September 30, 2025, was $428.2 million, a significant increase from $124.3 million in the same period of 2024[163] - Cash used in investing activities for the nine months ended September 30, 2025, decreased to $271.1 million from $980.1 million in the same period of 2024, primarily due to prior year acquisition costs[165] Acquisitions and Expansions - Completed the acquisition of Calibre Mining Corp. on June 17, 2025, enhancing the portfolio with additional operating mines[13] - The company signed new land access agreements with Mezcala and Xochipala, enabling a new mine development project with exploration programs starting in Q3 and Q4 2025[116] - The construction of the portal and exploration ramp for the Aurizona Expansion is scheduled to begin in Q4 2025, with power requirements expected to increase to 18 MW by Q2 2026[118] Operational Highlights - Valentine Gold Mine achieved its first gold pour on September 14, 2025, with operations ramping up towards design capacity[9] - The company achieved significant operational milestones at the Valentine Gold Mine, with 5,434 kt mined and first ore fed through the process plant in August 2025[109] - The Bahia Complex continues to optimize synergies and cost efficiencies between the Fazenda and Santa Luz mines, enhancing overall operational performance[72] Future Outlook - The company plans to prioritize debt reduction and target growth capital at high-return projects following the strengthening of its balance sheet[20] - The Company anticipates achieving design capacity and production and cost guidance for Greenstone and Valentine operations[200] - Future mining opportunities around Valentine and anticipated Castle Mountain Phase 2 are included in the Company's strategic vision[200]