Q2 FY2026
Filed Aug 5, 2026Equinox Gold Delivers Strong Second Quarter Results; Increases 2026 Production Guidance Following Successful Completion of the Orla Mining Merger; Quarterly Dividend Increased by 50%
Q2 revenue, mine income, net income and operating cash flow were materially above the June 2025 period, while the company raised consolidated 2026 production guidance following the completed Orla Mining combination. Sequential production, revenue, adjusted EBITDA and mine-site free cash flow declined, and cash costs and AISC increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gold produced - All Operationsother | 176,836 oz | – | – |
| Gold sold - All Operationsother | 177,959 oz | – | – |
| Average realized gold price - All Operationsother | $4,256 per oz | – | – |
| Cash costs per oz sold - All Operationsnon-GAAP | $1,816 per oz | – | – |
| AISC per oz sold - All Operationsnon-GAAP | $2,175 per oz | – | – |
| Revenueother | $769.8 million | – | – |
| Income from mine operationsother | $301.7 million | – | – |
| Net incomeother | $230.6 million | – | – |
| Earnings per share (basic)other | $0.29 per share | – | – |
| Adjusted EBITDA - All Operationsnon-GAAP | $358.3 million | – | – |
| Adjusted net income - All Operationsnon-GAAP | $123.3 million | – | – |
| Adjusted EPS - All Operations (basic)non-GAAP | $0.16 per share | – | – |
| Adjusted EPS - All Operations (diluted)non-GAAP | $0.15 per share | – | – |
| Operating cash flow before changes in non-cash working capitalother | $272.0 million | – | – |
| Mine-site free cash flow before changes in working capital - All Operationsnon-GAAP | $223.7 million | – | – |
| Mine-site free cash flow after changes in non-cash working capital - All Operationsnon-GAAP | $155.1 million | – | – |
| Cash and cash equivalents (unrestricted)other | $317.8 million | – | – |
| Total debtother | $583.0 million | – | – |
| Net debtnon-GAAP | $265.2 million | – | – |
| Capital additions to mineral properties, plant and equipmentother | $197.5 million | – | – |
| Sustaining capital - Continuing Operationsnon-GAAP | $59.1 million | – | – |
2026 outlook
- NoteConsolidated gold production: 870,000 – 920,000 ounces
- NoteGreenstone gold production: 250,000 – 275,000 ounces
- NoteMusselwhite gold production: 100,000 – 110,000 ounces
- NoteValentine gold production: 140,000 – 150,000 ounces
- NoteNicaragua gold production: 225,000 – 250,000 ounces
- NoteCamino Rojo gold production: 55,000 – 65,000 ounces
- NoteMesquite gold production: 70,000 – 80,000 ounces
- NoteConsolidated cash cost: $1,600 – $1,700 per ounce
- NoteConsolidated AISC: $1,900 – $2,000 per ounce
- NoteConsolidated growth capital: $600 – $650 million
- NoteConsolidated growth exploration: $110 – $120 million
- NoteG&A: $95 – $105 million
- NoteProject Pipeline growth capital: $105 – $120 million
- NoteProject Pipeline growth exploration: $35 – $40 million
Capital returns
- Paid dividends to shareholders of $11.8 million ($0.015 per share) on June 5, 2026
- The Board of Directors approved a 50% increase to the quarterly dividend to $0.0225 per common share
- The annualized dividend is $0.09 per common share
- The dividend is payable on September 2, 2026 to shareholders of record at the close of business on August 19, 2026
What drove it
- Greenstone produced 64,656 oz and Valentine produced 32,617 oz in Q2 2026.
- Management cited continued improvement across Canadian operations, with higher production at both Greenstone and Valentine.
- Management said Valentine high-grade reconciliation improved significantly compared to the first quarter, while the process plant consistently exceeded nameplate capacity.
- The Orla Mining business combination was completed on July 31, 2026, and management expects its financial benefits to begin to be reflected in third-quarter results.
- The company announced 20-year land access agreements with all three communities hosting Los Filos Mine, enabling the gradual restart of heap leach operations.
Concerns
- Gold produced from All Operations was 176,836 oz, compared with 197,628 oz in the prior quarter.
- Revenue was $769.8 million, compared with $861.6 million in the prior quarter.
- Cash costs per oz sold from All Operations were $1,816 per oz, compared with $1,633 per oz in the prior quarter.
- AISC per oz sold from All Operations was $2,175 per oz, compared with $1,950 per oz in the prior quarter.
- The company stated that cash cost and AISC guidance ranges by asset were revised to reflect year-to-date results and the impact of higher fuel prices.
- Updated 2026 growth capital guidance includes $50-$60 million for the Valentine Phase 2 expansion that was not included in the original 2026 guidance.
What to watch
- Financial contribution from the Orla Mining assets beginning in Q3 2026.
- Second-half production and unit-cost performance from Greenstone, Musselwhite and Valentine.
- Execution of the Valentine Phase 2 expansion, which has an initial capital budget of $436 million, including $54 million of contingency, and is expected to be completed in late 2028.
- Receipt of a Federal Record of Decision for South Railroad, which the company anticipated in August 2026.
- The gradual restart of Los Filos heap leach operations and technical studies for potential expansion opportunities.
- The CEO transition, with Darren Hall retiring effective October 31, 2026 and Jason Simpson expected to assume the CEO role.
Balance sheet and cash flow
- Cash and cash equivalents (unrestricted) were $317.8 million as of June 30, 2026
- Total debt was $583.0 million as of June 30, 2026
- Net debt was $265.2 million as of June 30, 2026
- Operating cash flow before changes in non-cash working capital was $272.0 million
- Mine-site free cash flow before changes in non-cash working capital from All Operations was $223.7 million
- As of July 31, 2026, Equinox Gold had a pro forma net cash position of $214 million (excluding convertible debentures) and available liquidity of $1,214 million
- On July 7, 2026, the Company sold 8.7 million common shares in Versamet Royalties Corporation for gross proceeds of C$130 million ($92 million)
Analysis
Equinox Gold reported Q2 2026 revenue of $769.8 million, income from mine operations of $301.7 million and net income of $230.6 million, or $0.29 per basic share. Adjusted EBITDA from All Operations was $358.3 million, adjusted net income was $123.3 million and adjusted EPS was $0.16 per basic share. The period compared favorably with Q2 2025 across these measures, supported by a realized gold price of $4,256 per oz and 177,959 oz of gold sold from All Operations.
Management, verbatim
With completion of the business combination with Orla Mining on July 31, we enter the second half of 2026 as North America’s new senior gold producer, with meaningfully greater production and cash flow, and one of the industry’s strongest organic growth profiles.
Darren Hall, CEO of Equinox Gold
The second quarter reflected continued improvement across our Canadian operations, with higher production at both Greenstone and Valentine.
Darren Hall, CEO of Equinox Gold
Our focus is clear: achieve operational excellence, allocate capital with discipline and successfully execute our organic growth pipeline, creating long-term shareholder value as North America’s new senior gold producer.
Darren Hall, CEO of Equinox Gold
Not in the filing
stated, not guessed- Gross margin
- GAAP or IFRS operating income as a separately reported line item
- GAAP or IFRS diluted earnings per share
- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Revenue by operating asset or segment
- Prior outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.