Investment Rating - The industry rating is "Recommended" [3] Core Insights - In Q2 2025, the gold production of Equinox Gold increased by 23.4% year-on-year and 3.8% quarter-on-quarter, reaching 150,849 ounces (4.69 tons) [1] - The adjusted net profit turned from a loss to a profit of 56.7 million USD in Q2 2025, compared to a loss of 36.6 million USD in the previous quarter [2] - The average realized gold price in Q2 2025 was 3,207 USD per ounce, reflecting a year-on-year increase of 37.8% and a quarter-on-quarter increase of 12.2% [1][2] Production and Financial Performance - Production data: Q2 2025 gold production was 150,849 ounces, with sales of 148,938 ounces [6] - Cash costs: The cash cost per ounce sold was 1,478 USD, down 15.4% year-on-year and 16.4% quarter-on-quarter [1][6] - AISC: The all-in sustaining cost (AISC) per ounce sold was 1,959 USD, a decrease of 4.0% year-on-year and 5.1% quarter-on-quarter [1][6] - Revenue: The company reported revenue of 478.6 million USD in Q2 2025, a 77.7% increase year-on-year and a 13.0% increase quarter-on-quarter [2][6] Guidance for 2025 - The updated guidance for 2025 reflects a production range of 785,000 to 915,000 ounces, with cash costs expected between 1,400 and 1,500 USD per ounce [7] - The focus for 2025 includes accelerating production capacity at the Greenstone gold mine and achieving first gold pour at the Valentine gold mine by Q1 2026 [5]
Equinox Gold 2025Q2 黄金产量环比增加 3.8%至 4.69 吨，调整后的净利润环比由亏转盈至 5670 万美元
HUAXI Securities·2025-08-16 13:43