Equinox Gold (TSX:EQX, NYSE American:EQX) has provided an update on its two cornerstone Canadian mining operations – the Valentine Gold Mine in Newfoundland & Labrador, and the Greenstone Gold Mine in Northern Ontario.
Valentine Gold Mine
The Valentine Gold Mine is expected to produce between 175,000 and 200,000 ounces of gold annually for the first 12 years of its 14-year reserve life. This will be Equinox’s second largest gold mine in Atlantic Canada. It current has proven and probably mineral reserves of 2.7M ounces grading 1.62g/t gold, exclusive of measured and indicated mineral resources of 1.3M ounces grading 1.45g/t gold, and an inferred mineral resource of 1.1M ounces grading 1.65g/t gold.
Recent drilling has focused on an area outside of the defined mineral resources southwest of the Leprechaun open pit called the Frank Zone. Drilling has continued to intersect significantly broad and near-surface gold mineralization that is open to both the southwest and north for over 1km along strike and to a vertical depth of 500m.
Results include 2.43g/t gold over 172.8m estimated true width (ETW), 2.12g/t gold over 95.4m ETW, 3.08g/t gold over 48.2m ETW, and at-surface results of 97.87g/t gold over 3.9m ETW.
Darren Hall, Chief Executive Officer of Equinox Gold, commented, “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 as we bring our second cornerstone Canadian mine into production (see new video here). With a skilled operating team, with proven commissioning expertise, established systems and procedures and critical spares in place, the team is well positioned to ramp-up to nameplate capacity during Q2 2026. At that point, Valentine is expected to produce between 175,000 and 200,000 ounces of gold annually for the first 12 years of its 14-year reserve life1.
“Equinox Gold is entering a pivotal phase of growth, with production and cash flow expected to increase meaningfully as Valentine ramps up and Greenstone approaches nameplate capacity.
“At Greenstone, the ramp-up continues to advance, supported by new leadership and technical expertise. Bryan Wilson has been appointed Vice President of Operations and will start on September 3, bringing more than 37 years of experience in both open pit and underground mining to the team. Bryan has a proven track record of safe, efficient, and profitable operations and is widely recognized as a change agent who drives performance improvements while upholding the highest safety standards. Bryan was most recently Vice President of Operations at IAMGOLD’s Côté Gold Mine, where he led the transformation of the operation through commissioning, optimization, and into steady-state delivery. We also welcomed Roger Souckey as Director, External Relations. With 35 years of global mining experience at both the site and corporate levels, Roger will lead stakeholder and community relations at Greenstone.
“The Company has also strengthened its executive leadership team with the appointment of Daniella Dimitrov as Executive Vice President of Sustainability, People & Strategy. With more than 25 years of leadership experience in strategy, finance, and governance, Daniella adds valuable expertise that will advance our vision of building a top-quartile gold producer anchored by long-life Canadian mines.
“Additionally, holders of the Company’s 2020 Convertible Notes elected to convert their notes into common shares at the conversion price of US$6.50 per share and on August 18, 2025, Equinox Gold issued 21.4 million shares to fully settle the US$139.2 million principal amount of the notes. The retirement of the 2020 Convertible Notes marks another step in the Company’s objective to reduce overall leverage.”
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