Equinox Gold Corp. (EQX): Financial results for Q3 2026
Equinox Gold Corp. (EQX) furnished an SEC Form 6-K — earnings release. EXHIBIT 99.1 Equinox Gold Reports Q3 Results; Transformational Combination Begins to Deliver Record Quarterly Revenue of $1.0 billion and Adjusted EBITDA of $533.0 million VANCOUVER, British Columbia, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Equinox Gold Corp. (TSX: EQX, NYSE American:
How this was made
The 30-second read
Why it matters
The earnings release confirms the strategic benefits of the combination and provides fresh operating metrics.
Market read
The fresh earnings data and guidance reaffirmation give traders a timely basis for positioning in EQX and related gold mining equities.
What to watch
Potential execution risk on the new South Railroad mine and integration challenges could temper long‑term performance.
Record quarterly revenue of $1.0 billion and adjusted EBITDA of $533.0 million, with Orla combination contributing two months of Musselwhite and Camino Rojo
Revenue ($1,047.0 million vs $584.3 million), income from mine operations, adjusted EBITDA and mine-site free cash flow all rose sharply year over year, and AISC fell 4% sequentially. Net income fell to $62.5 million from $75.6 million, Greenstone throughput was reduced by a grinding roll replacement, and the filing reports several operating setbacks, so the quarter is not classed as strong.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue (Q3 2026)GAAP | $1.05B | – | – |
| Income from mine operations (Q3 2026)GAAP | $370.2M | – | – |
| Adjusted EBITDA, all operations (Q3 2026)non-GAAP | $533M | +49% | – |
| Net income (Q3 2026)GAAP | $62.5M | – | – |
| Earnings per share (Q3 2026)GAAP | $0.06 per share | – | – |
| Adjusted net income, all operations (Q3 2026)non-GAAP | $199.3M | – | – |
| Adjusted EPS, all operations, basic (Q3 2026)non-GAAP | $0.19 per share | – | – |
| Operating cash flow before non-cash working capital (Q3 2026)non-GAAP | $291.7M | – | – |
| Mine-site free cash flow before changes in working capital (Q3 2026)non-GAAP | $398.3M | – | – |
| Gold production (Q3 2026)other | 237,019 oz | – | – |
| Gold sales (Q3 2026)other | 248,484 oz | – | – |
| Average realized gold price (Q3 2026)other | $4,157 per ounce | – | – |
| Cash costs per oz sold, all operations (Q3 2026)non-GAAP | $1,654 per oz sold | decrease of 9% | – |
| AISC per oz sold, all operations (Q3 2026)non-GAAP | $2,091 per oz sold | decrease of 4% | – |
| Revenue (nine months ended September 30, 2026)GAAP | $2.68B | – | – |
| Income from mine operations (nine months ended September 30, 2026)GAAP | $1.11B | – | – |
| Adjusted EBITDA, all operations (nine months ended September 30, 2026)non-GAAP | $1.42B | – | – |
| Net income (nine months ended September 30, 2026)GAAP | $603.2M | – | – |
| Adjusted net income, all operations (nine months ended September 30, 2026)non-GAAP | $556.6M | – | – |
| Earnings per share (nine months ended September 30, 2026)GAAP | $0.69 per share | – | – |
| Adjusted EPS, all operations, basic (nine months ended September 30, 2026)non-GAAP | $0.64 per share | – | – |
| Operating cash flow before non-cash working capital (nine months ended September 30, 2026)non-GAAP | $904.7M | – | – |
| Mine-site free cash flow before changes in working capital (nine months ended September 30, 2026)non-GAAP | $1.03B | – | – |
| Cash costs per oz sold, all operations (nine months ended September 30, 2026)non-GAAP | $1,693 per oz sold | – | – |
| AISC per oz sold, all operations (nine months ended September 30, 2026)non-GAAP | $2,070 per oz sold | – | – |
| Unrestricted cash and cash equivalents (September 30, 2026)GAAP | $527.9M | – | – |
| Total debt (September 30, 2026)GAAP | $512M | – | – |
| Net cash (debt) (September 30, 2026)non-GAAP | $15.9M | – | – |
| Net cash excluding 2023 convertible notes (September 30, 2026)non-GAAP | $164M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Greenstone (Q3 2026 gold production 60,596 oz)Plant throughput was reduced to an average of 23,682 tpd by the scheduled replacement of high-pressure grinding rolls in August 2026. Mining rates averaged about 194,000 tpd. Nine-month production was 185,589 oz. A trommel is planned for commissioning in early 2027. | not disclosed by segment | – | – |
| Musselwhite (Q3 2026 gold production 63,090 oz, of which 45,616 oz attributable)Filing states production exceeded expectations due to higher tonnes processed. Figures include only July 31 to September 30, 2026, following the Orla closing. | not disclosed by segment | – | – |
| Valentine (Q3 2026 gold production 34,719 oz)Production increase driven mainly by a 16% increase in processed grade to over 1.8 g/t. Mill throughput in September was 8,650 tpd, 26% above nameplate capacity. September production of 14,027 oz was the mine's highest monthly total since operations began in September 2025. | not disclosed by segment | production up 6% per filing | – |
| Nicaragua (Q3 2026 gold production 58,489 oz)Filing states consistent average gold grade processed compared to the previous quarter. Nine-month production was 199,246 oz. Near-term activities focus on developing future ore sources with waste stripping continuing. | not disclosed by segment | – | – |
| Camino Rojo (Q3 2026 gold production 26,168 oz, of which 18,975 oz attributable)Filing states gold recovery was lower during the quarter, as anticipated, as mining progressed through transitional ore. Leach pad expansion was completed in October 2026. | not disclosed by segment | – | – |
| Mesquite (Q3 2026 gold production 17,116 oz)Following a geotechnical instability in the Brownie Phase 4 area in Q3 2026, the team is focused on mine sequencing. Q3 AISC was $3,250 per oz sold, and nine-month AISC was $2,535 per oz sold, as printed for Mesquite. | not disclosed by segment | – | – |
| Others (Q3 2026 gold production 1,508 oz)Residual leaching gold production at Castle Mountain and attributable production from Brazil operations prior to the sale closing on January 23, 2026. | not disclosed by segment | – | – |
FY2026 (consolidated, as updated in the filing) outlook
- NoteAnnual production guidance range of 870,000 to 920,000 ounces, described as updated. Company states it remains on track to meet the low end of this range.
- NoteAISC guidance range of $1,900 to $2,000 per ounce of gold sold. Company states it remains on track to meet the high end of this range.
Capital returns
- Q3 2026 total capital returned: $35.3 million, comprising $9.0 million of share repurchases and $26.3 million of cash dividends.
- Q3 2026 share repurchases: 759,000 shares at a cost of approximately $9.0 million under the normal course issuer bid.
- Year-to-date to November 6, 2026: 2,370,200 shares repurchased for approximately $27.7 million.
- Cash dividends paid of $26.3 million, or $0.0225 per share, on September 2, 2026.
- Year-to-date cash dividends distributed: $50.0 million.
- Dividend raised by 50% in August 2026, from an annualized dividend of $0.06 to $0.09 per share.
- On November 9, 2026, the Board approved a quarterly dividend of $0.0225 per share, payable December 10, 2026 to shareholders of record on November 25, 2026.
What drove it
- Revenue and adjusted EBITDA increase reflects the contribution of Musselwhite and Camino Rojo from the Orla combination closing on July 31, 2026, as stated in the filing.
- Valentine production increase of 6% from Q2 2026 is attributed in the filing mainly to a 16% increase in processed grade to over 1.8 g/t.
- Sequential decline in cash costs (9%) and AISC (4%) per oz sold, as printed in the operational summary.
- Fair value adjustments on acquired inventories of $76.6 million in Q3 2026 are included in operating expenses and in the cash cost reconciliation, as printed.
- Change in fair value of the warrant liability was a $50.0 million charge in Q3 2026 in the adjusted EBITDA reconciliation.
- Transaction and integration costs were $17.7 million in Q3 2026, versus $13.0 million in Q3 2025.
Concerns
- Greenstone plant throughput averaged 23,682 tpd in Q3 2026 after a scheduled replacement of high-pressure grinding rolls in August 2026. The filing states the trommel is planned for early 2027.
- Camino Rojo gold recovery was lower in Q3 2026, which the filing describes as anticipated, as mining progressed through transitional ore.
- Mesquite experienced a geotechnical instability in the Brownie Phase 4 area in Q3 2026 and Q3 AISC was $3,250 per oz sold.
- Net income of $62.5 million in Q3 2026 was below $75.6 million in Q3 2025, while income tax expense rose to $111.9 million in the continuing operations EBITDA reconciliation.
- Q3 2026 Nicaragua AISC was $2,427 per oz sold and Greenstone AISC was $2,424 per oz sold, both above the consolidated AISC of $2,091.
- Quarter-end cash of $527.9 million includes cash that will be affected by the subsequent redemption and conversion of the 2023 convertible notes and the December dividend.
What to watch
- Full-quarter contributions from Musselwhite and Camino Rojo in Q4 2026, as anticipated in the filing.
- Greenstone throughput recovery after the grinding roll replacement and commissioning of the trommel in early 2027.
- Camino Rojo recovery as the company moves through transitional ore and the leach pad expansion stacks in the new area.
- Ability to meet the low end of the 870,000 to 920,000 oz production range and the high end of the $1,900 to $2,000 per oz AISC range, as stated by the company.
- Valentine Phase 2 expansion progress against the $436 million initial capital budget and expected completion in late 2028.
- South Railroad construction progress, remaining state permits and water rights, and first gold targeted in the first half of 2028.
- Internal corporate reorganization and amalgamation expected on or about January 1, 2027.
Balance sheet and cash flow
- Unrestricted cash and cash equivalents of $527.9 million at September 30, 2026, versus $317.8 million at June 30, 2026 and $348.5 million at September 30, 2025 (as printed in the net cash reconciliation).
- Total debt of $512.0 million at September 30, 2026 (current portion $177.5 million, non-current portion $334.5 million), versus $583.0 million at June 30, 2026.
- Net cash of $15.9 million including the 2023 convertible notes; net cash excluding those notes of $164.0 million. The 2023 convertible notes ($148.1 million in the reconciliation; $172.5 million aggregate principal) were redeemed or converted after quarter end.
- Available liquidity of $1.2 billion, comprising $527.9 million of cash plus $634.6 million of undrawn revolving credit facility at September 30, 2026.
- During the first nine months of 2026, the Company made $1.3 billion of total debt repayments, including the term loan, Sprott loan, revolving credit facility amounts and debt assumed in the Orla combination.
- Subsequent to quarter end, 2023 convertible notes with aggregate principal of $172.5 million were converted into 28,475,117 common shares.
- Sustaining capital - all operations of $103.0 million in Q3 2026, versus $59.1 million in Q2 2026 and $84.9 million in Q3 2025, per the sustaining capital reconciliation.
- Growth capital expenditures of $8.3 million at Valentine Phase 2 and $20.1 million at South Railroad (from July 31 to September 30, 2026) in Q3 2026.
- Approximately $180 million of the estimated $395 million initial capital for South Railroad had been committed at September 30, 2026.
Analysis
Equinox Gold reported record quarterly revenue of $1,047.0 million for Q3 2026, compared with $584.3 million in Q3 2025, and income from mine operations of $370.2 million compared with $181.9 million. The company attributes the step-up to the Orla combination, with Musselwhite and Camino Rojo included from July 31, 2026. Adjusted EBITDA for all operations was $533.0 million, which the release describes as an increase of 49% over Q2 2026 ($358.3 million). Q3 2026 net income was $62.5 million, or $0.06 per share, compared with $75.6 million, or $0.10 per share, in Q3 2025. Adjusted net income was $199.3 million, or $0.19 per share, against $139.9 million in Q3 2025.
Operating metrics moved in the same direction as the financials on a sequential basis. The company reported 237,019 oz produced and 248,484 oz sold at an average realized price of $4,157 per ounce. Cash costs were $1,654 per oz sold, a decrease of 9% from Q2 2026, and AISC was $2,091 per oz sold, a decrease of 4%. Valentine production rose 6% sequentially on a 16% increase in processed grade, and the mill reached 26% above nameplate capacity in September. Greenstone output was constrained by a grinding roll replacement that reduced plant throughput to 23,682 tpd, and the filing notes Camino Rojo recovery was lower as expected. Mesquite was affected by a geotechnical instability in Q3, and its Q3 AISC of $3,250 per oz sold is well above the consolidated figure.
Cash generation was strong relative to prior periods. Operating cash flow before non-cash working capital was $291.7 million, versus $272.0 million in Q2 2026 and $319.9 million in Q3 2025. Mine-site free cash flow before working capital changes was $398.3 million, compared with $223.7 million in Q2 2026 and $304.2 million in Q3 2025. Nine-month mine-site free cash flow before working capital changes reached $1,030.8 million, against $516.4 million a year earlier. Year-end net cash including the 2023 convertible notes improved to $15.9 million from a net debt position of $(265.2) million at June 30, 2026, and total debt fell to $512.0 million from $583.0 million. Excluding the 2023 convertible notes, which were redeemed or converted after quarter end, net cash was $164.0 million.
Capital allocation was split between balance sheet repair and shareholder returns. The company repurchased 759,000 shares for approximately $9.0 million and paid $26.3 million of dividends in Q3, and it raised the annualized dividend by 50% to $0.09 per share in August. Growth spending continued at Valentine Phase 2, with $8.3 million of growth capital in the quarter against an initial budget of $436 million, and at South Railroad, where $20.1 million was spent from July 31 and about $180 million of the estimated $395 million initial capital had been committed. The filing also reports $1.3 billion of debt repayments in the first nine months.
Guidance was described in the release as updated. The company states it remains on track for the low end of the 870,000 to 920,000 oz production range and the high end of the $1,900 to $2,000 per oz AISC range. The release does not provide the prior guidance figures or a full guidance table in the documents reviewed, so no change in direction is stated here. Items for the reader to weigh include the Greenstone throughput constraint, the Mesquite geotechnical issue, the fair value adjustments on acquired inventories of $76.6 million, and the $50.0 million warrant liability charge in Q3 2026.
Management, verbatim
This quarter’s results are only a partial reflection of the transformation of Equinox Gold into an emerging senior gold producer following the completion of our combination with Orla partway through the quarter.
Jason Simpson, President and Chief Executive Officer
Our strong financial position and cash flow generation provide Equinox Gold with the flexibility to advance organic growth in a disciplined manner while continuing to return capital to shareholders.
Jason Simpson, President and Chief Executive Officer
Not in the filing
stated, not guessed- Q2 2026 total revenue and Q3 2025 and Q2 2026 revenue by product or segment; the filing gives revenue only for the Q3 2026 and Q3 2025 columns in the summary table.
- Year-over-year percentage change for revenue, income from mine operations, net income and EPS; not printed in the filing.
- Segment or mine-level revenue for all operating units.
- Gross margin, cost of sales and operating expense lines (R&D, SG&A, restructuring) for the quarter in IFRS presentation.
- Interest expense, income tax expense for each period in the consolidated income statement (only the EBITDA reconciliation prints income tax expense and finance costs for continuing operations).
- Gold production and sales for Q3 2025 and Q2 2026 on a consolidated basis.
- Prior guidance figures for production and AISC; no previous outlook was provided with this filing.
- Revenue guidance, gross margin guidance, operating expense guidance and tax rate guidance; none printed.
- Total assets and total equity at September 30, 2026.
- Net cash flow from operating activities under IFRS (only the non-IFRS subtotals are printed).
- Operating cash flow after changes in non-cash working capital for Q3 2025 and Q2 2026 on a consolidated basis.
- Q2 2026 and Q3 2025 values for the adjusted net income line items, beyond those printed in the reconciliation.
- Percentage change for cash costs and AISC on a year-over-year basis; the filing prints only the sequential percentages.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Equinox Gold recently completed its business combination with Orla Mining, adding Musselwhite and Camino Rojo assets.
Ticker impact
Equinox Gold reported Q3 2026 results with record $1.0B revenue, $533M adjusted EBITDA and updated production guidance.
likely upward pressure as the market prices in the record revenue and solid cash flow.
The earnings release provides new, material numbers and confirms the company is on track to meet the low end of production guidance, which is a fresh catalyst for the stock.
Market effects
The results highlight strength in the senior gold producer segment, supporting broader gold mining sector sentiment.
Positive for Canadian mining stocks and North American gold exposure.
Reinforces demand for gold as a safe‑haven asset amid uncertain macro conditions.
Counterpoint
If the market had already priced in the combination benefits, the reaffirmed guidance may already be reflected, limiting upside.
Key entities
- CompanyEquinox Gold Corp.
Senior gold producer reporting Q3 2026 results.
- CompanyOrla Mining Ltd.
Acquired by Equinox Gold, contributing to Q3 production.
