Equinox Gold (TSX: EQX) has finally advanced the Valentine Gold Mine to a point where the first ore can now be processed. The company this morning indicated that processing has officially begun on site, with the first gold pour to occur in September.
“I am pleased to announce that our Valentine Gold Mine has begun processing ore through its 2.5-million-tonne-per-annum facility. We expect to pour first gold within the next month, marking another important milestone for Equinox Gold,” commented Darren Hall, CEO of Equinox Gold.
Ramp up to full scale capacity is expected to occur in the second quarter of 2026, at which point Valentine is anticipated to produce between 175,000 and 200,000 ounces of gold a year. That rate of production is expected to continue for 12 years based on the current operating plan. The mine is expected to be the largest gold mine in Atlantic Canada, and the second largest within Equinox’s portfolio.
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Elsewhere, new leadership has been brought in to get Greenstone operating at capacity. The former VP of Operations at IAMGOLD’s Cote Gold Mine, Bryan Wilson, has been named as VP of Operations for Equinox in an effort to get the mine operating as expected.
Equinox meanwhile has seen their cap table expand and their debt load reduce, with US$139.2 million in principal amount of convertible notes converting to 21.4 million shares on August 18, fully retiring the 2020 Convertible Notes.
Equinox Gold last traded at $11.35 on the TSX.
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