Equinox Gold (TSX: EQX) has unveiled a ten year outlook for its Canadian mining portfolio, projecting average annual production of 543,000 ounces of gold through 2036. With consolidated production guidance of 700,000 to 800,000 ounces for 2026 across all global operations, Equinox is positioning its Canadian assets as the primary engine for long-term growth.
The Greenstone Gold Mine in Ontario is set to serve as the cornerstone of this growth. Currently in a ramp-up phase, the operation is aiming for a sustained milling capacity of 27,000 tonnes per day. At this rate, Greenstone is expected to contribute an estimated 320,000 ounces of gold annually over the next decade, assuming average grades of 1.16 g/t gold.
CEO Darren Hall noted that the company’s immediate focus remains on executing this ramp-up efficiently. Beyond current targets, Equinox sees room for expansion, including a potential push toward 30,000 tonnes per day and the integration of higher-grade underground resources.
In Newfoundland, the Valentine Gold Mine is following a two-phase growth trajectory. Following the completion of Phase 2 construction, targeted for the second half of 2028, throughput is expected to climb to 13,700 tonnes per day. This expansion is projected to yield an average of 223,000 ounces of gold per year for the ten years following the upgrade.
The company’s updated mineral reserve and resource statement, effective as of year-end 2025, underpins these projections. Equinox reported total mineral reserves of 19 million ounces of gold and measured and indicated resources of 19 million ounces, supported by a robust exploration budget of $70 million to $80 million for 2026.
Financially, the outlook remains strong. The Valentine expansion alone carries an estimated after-tax net present value of $3.1 billion, calculated at a $4,500 per ounce gold price. The company plans to fund the 24-month construction phase at Valentine, beginning in the third quarter of 2026, through existing cash flow and credit facilities.
Equinox Gold last traded at $17.43 on the TSX.
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