Equinox Gold ramps up production with 19M ounces in reserves and bold mine expansions
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to report results from updated technical reports for its Greenstone Gold Mine ("Greenstone") located in Ontario, Canada and its Valentine Gold Mine ("Valentine") located in Newfoundland & Labrador, Canada. In addition, the Company today reported its Mineral Reserves and Mineral Resources as at December 31, 2025, including 19 million ounces of gold in Mineral Reserves, 19 million ounces in Measured and Indicated Mineral Resources exclusive of Mineral Reserves, and 11 million ounces in Inferred Mineral Resources. For a detailed summary by asset, refer to the Company's Annual Information Form, which will be available for download later today on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on Equinox Gold's website at www.equinoxgold.com/. All dollar figures are in United States dollars unless otherwise noted.
Darren Hall, Chief Executive Officer, commented: "Our immediate focus at Greenstone is executing the ramp-up and achieving sustained nameplate milling capacity of 27,000 tonnes per day. Delivering consistent performance at this level will establish Greenstone as a cornerstone asset within our portfolio. At this throughput rate, the updated technical report outlines an operation expected to average approximately 320,000 ounces of gold annually over the next decade, representing a strong outcome for a long-life asset located in a Tier 1 jurisdiction."
Once we achieve stable nameplate performance, we see additional opportunities to further optimize the operation and create value. These include increasing mill throughput toward 30,000 tonnes per day, incorporating higher-grade underground resources into future mine plans, and advancing near-mine and regional exploration targets across our large, 400 km2 land package. With 1.6 million ounces of Measured and Indicated Resources and 1.2 million ounces of Inferred Resources delineated in the underground deposit, and an additional 1.1 million ounces of Indicated Resources identified to date on the broader land package, we believe there is meaningful potential to enhance grades, extend mine life and potentially increase annual production over time.
At Valentine, the updated technical report highlights significant benefits from the planned Phase 2 expansion. Following completion of Phase 2 construction, which is targeted for H2 2028, throughput is expected to increase to approximately 13,700 tonnes per day (5.0 Mtpa), and annual gold production is expected to average approximately 223,000 ounces per year for the subsequent ten years.
We see additional strong opportunities to extend mine life and further enhance the value of this asset. Ongoing delineation efforts at the Frank Zone have the potential to evolve into a fourth open pit, and we are advancing drilling this year to better define that opportunity. Combined with ongoing exploration across the broader, 320 km2 land package and future throughput optimization potential, Valentine represents a long-life, scalable production platform capable of delivering sustainable growth well beyond the current mine plan.
Additionally, we remain focused on unlocking further value through the growth and enhancement of our overall Mineral Reserves and Mineral Resources, supported by a robust $70 to $80 million exploration budget for 2026.
