Equinox Gold Posts Record 2025, Slashes Debt and Launches Dividend

Equinox Gold ( (TSE:EQX) ) has issued an announcement.

Equinox Gold reported a transformational 2025, highlighted by its merger with Calibre, record annual gold production of 922,827 ounces and revenue of $2.71 billion, alongside portfolio optimization through asset divestments and major operational improvements at its Greenstone and Valentine mines. The company reduced debt by more than $1.1 billion since the second quarter of 2025, bringing net debt to about $75 million by January 2026, and plans to leverage its stronger balance sheet and robust gold prices to self-fund significant organic growth while initiating a quarterly dividend and a share buyback program to enhance shareholder returns.

Fourth-quarter gold output reached a record 247,024 ounces as higher mining and milling rates at Greenstone and ahead-of-schedule commissioning at Valentine drove stronger performance, supporting management’s expectation of producing 700,000 to 800,000 ounces in 2026 and generating enough cash flow to eliminate remaining debt within the year. With cash costs and all-in sustaining costs at the low end of guidance, adjusted EBITDA of $1.34 billion, and a newly announced dividend policy and normal course issuer bid, Equinox Gold is signaling confidence in its financial position and long-term growth pipeline, including expansions at Valentine and Castle Mountain and additional upside at Los Filos and exploration successes near Valentine.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$31.00 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Spark’s Take on TSE:EQX Stock

According to Spark, TipRanks’ AI Analyst, TSE:EQX is a Outperform.

Equinox Gold’s overall stock score is driven by strong technical indicators and positive corporate events, indicating a promising growth trajectory. However, the high P/E ratio suggests potential overvaluation, and profitability metrics need improvement. The company’s robust operational performance and strategic initiatives, such as debt reduction and asset sales, contribute positively to its outlook.

To see Spark’s full report on TSE:EQX stock, click here.

More about Equinox Gold

Equinox Gold Corp. is a North America-focused gold producer with a portfolio of operating mines and development projects, including new long-life Canadian operations such as Greenstone and Valentine. The company targets scalable gold production growth while optimizing its asset base, strengthening its balance sheet and returning capital to shareholders through dividends and share repurchases.

Average Trading Volume: 2,632,999

Technical Sentiment Signal: Buy

Current Market Cap: C$16.9B

See more insights into EQX stock on TipRanks’ Stock Analysis page.