Equinox Gold (TSX: EQX) has issued revised guidance for 2025 in advance of the completion of their business combination with Calibre Mining. The revised guidance, while adding further production from the Calibre operations, has notably seen production reductions from the Greenstone mine.
Overall, the revised guidance is calling for proforma 2025 production of 785,000 to 915,000 ounces of gold, at cash costs between $1,400 to $1,500 per ounce of gold, while all in sustaining costs are expected to be between $1,800 to $1,900 per ounce of gold. The guidance notably excludes both the Valentine Mine and the Los Filos Complex.
For Equinox’s assets, original guidance has seen production estimates drop from a range of 635,000 to 750,000 ounces, to a range of 555,000 to 625,000 ounces. Production estimates have been reduced at both the Mesquite operation as well as Greenstone, with Greenstone seeing the biggest impact.
The Greenstone operation is expected to produce between 220,000 and 260,000 ounces of gold in 2025, down from prior estimates of 300,000 to 350,000. AISC estimates have meanwhile ballooned from a range of $1,045 to $1,145 to a range of $1,700 to $1,800 an ounce at Greenstone.
The shortfall is being blamed on a slower than planned ramp-up of operations, with mine productivity and equipment availability being lower than planned which has impacted mining rates and delayed access to higher grade zones. To add to the issues, dilution has also been higher than planned.
“While Greenstone is one part of the broader portfolio, it is a key asset and an immediate focus. The Company has mobilized additional human capital to support the site, and an improvement and optimization plan is underway. In May, mining rates averaged 175,000 tonnes per day, representing a 25% increase over Q1 2025 performance. With early gains visible in mining performance, I anticipate continued quarter-over-quarter improvement at Greenstone, with stronger production expected in the second half of the year,” commented Darren Hall, incoming COO for Equinox.
At Valentine meanwhile, the first gold pour is scheduled to occur by the end of the third quarter. The primary crusher on site has been commissioned and material is being delivered to the ore stockpile.
Guidance issued for the Calibre assets is unchanged from previously released estimates.
Equinox Gold last traded at $9.47 on the TSX.
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