Equinox Gold (TSX: EQX) produced 237,019 ounces of gold in the third quarter, up 34% from the second quarter as the first two months of output from the mines acquired through its combination with Orla Mining landed on the books.
The deal closed July 31, so Musselwhite in Canada and Camino Rojo in Mexico contributed only August and September. Musselwhite added 45,616 ounces after processing 248,498 tonnes at 6.15 g/t gold, while Camino Rojo delivered 18,975 ounces from 1.15 million tonnes at 0.87 g/t. Gold sales for the quarter totalled 248,484 ounces.
Strip those two assets out and the legacy portfolio produced roughly 172,400 ounces, slightly below the 176,836 ounces reported in the second quarter.
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Greenstone remained the largest contributor at 60,596 ounces, down from 64,656 ounces in the prior quarter. The mine processed 2.18 million tonnes at a grade of 1.03 g/t, below its year-to-date average of 1.06 g/t.
Valentine moved the other way. Production rose to 34,719 ounces from 32,617 ounces as the mill processed 640,448 tonnes at 1.82 g/t, compared with a year to date average of 1.64 g/t. Nicaragua produced 58,489 ounces at 3.09 g/t, and Mesquite added 17,116 ounces.
“At Valentine, our mining initiatives are working,” said President Jason Simpson, who takes over as chief executive from Darren Hall at the end of October. “Both Valentine and Greenstone are positioned for stronger production through the remainder of 2026 and into 2027.”
Year to date, Equinox has produced 611,483 ounces against 2026 guidance of 870,000 to 920,000 ounces, a range it raised in August to reflect five months of Orla production. That leaves the company at about 68% of the midpoint with one quarter remaining. Reaching the low end will require roughly 258,500 ounces in the fourth quarter, about 9% more than what was produced in Q3.
A full quarter from the Orla assets should cover most of that gap. Musselwhite and Camino Rojo produced 89,258 ounces combined across all three months of the third quarter, including July under Orla’s ownership.
Equinox also used the quarter to pay down debt, repaying US$190 million and leaving US$365 million drawn on its revolving credit facility. The company ended September with US$527 million in cash and a net cash position of US$163 million, and it plans to redeem US$172.5 million of 2023 convertible notes on or before October 19.
Full financial results are due November 9.
Equinox Gold last traded at $16.05 on the TSX.
