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Equinox Gold (ASE) (TSE:EQX)
:EQX
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Equinox Gold (EQX) AI Stock Analysis

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TSE:EQX

Equinox Gold

(NYSE MKT:EQX)

Rating:72Outperform
Price Target:
C$10.00
▲(15.61%Upside)
Equinox Gold's overall performance is supported by strong financial health and strategic corporate moves, despite operational challenges. The successful merger and leadership transition position the company for long-term growth, though short-term risks remain.
Positive Factors
Acquisition Impact
Equinox has closed its acquisition of Calibre Mining, resulting in the formation of a major gold producer anchored by the Greenstone and Valentine mines in Canada.
Exploration and Resource Expansion
The updated reserve and resource estimate for the Fazenda mine in Brazil increased reserves by 142%, successfully extending its reserve life through 2033.
Financial Performance
Equinox Gold reported Q4 production of 214koz beating BMO/consensus estimates of 205koz/199koz.
Negative Factors
Operational Performance
Production at Greenstone and Santa Luz was below expectations by 10% and 36%, respectively.
Production Challenges
Following a slower-than-planned ramp-up at Greenstone, management reset expectations, adjusting 2025 guidance and increasing AISC.

Equinox Gold (EQX) vs. iShares MSCI Canada ETF (EWC)

Equinox Gold Business Overview & Revenue Model

Company DescriptionEquinox Gold Corp. (EQX) is a Canadian mining company engaged in the exploration, development, and operation of gold mining properties. The company operates multiple gold mines across North and South America and focuses on delivering sustainable growth through the expansion of its existing operations and the development of new projects. Equinox Gold aims to become a premier mid-tier gold producer, emphasizing operational excellence, environmental responsibility, and community engagement.
How the Company Makes MoneyEquinox Gold makes money primarily through the extraction and sale of gold from its mining operations. The company's revenue model is based on producing gold doré bars, which are sold to refineries and other buyers. Key revenue streams include the sale of gold bullion, production from joint ventures, and in some cases, by-products like silver that are extracted alongside gold. Significant factors contributing to Equinox Gold's earnings include market gold prices, production volume, and operational efficiency. The company also engages in strategic partnerships and acquisitions to enhance its portfolio and increase production capacity.

Equinox Gold Earnings Call Summary

Earnings Call Date:May 08, 2025
(Q1-2025)
|
% Change Since: -0.57%|
Next Earnings Date:Aug 13, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive achievements, such as record production levels and successful strategic moves like the merger with Caliber, alongside significant challenges, particularly the suspension of operations at Los Filos and associated financial impacts. The company is optimistic about future growth and cost improvements but is currently navigating through a period with notable operational and financial hurdles.
Q1-2025 Updates
Positive Updates
Record First Quarter Gold Production
Produced over 145,000 ounces of gold and sold approximately 148,000 ounces, marking the highest first quarter production in the company's history.
Improved Safety Performance
The twelve-month rolling total recordable injury frequency rate improved to 1.95 per million hours worked, with a quarterly rate of 1.07 and no significant environmental incidents.
Successful Merger with Caliber Mining
Equinox shareholders and Caliber security holders voted in favor of the merger, with court approval received and closure expected in the second quarter.
Strong Revenue Performance
Achieved more than $400 million in revenue for the third consecutive quarter.
Progressive Ramp-Up at Greenstone
Despite challenges, the Greenstone ramp-up saw improvements with mining rates increasing to 165,000 tonnes per day by May.
Negative Updates
Los Filos Mine Suspension
Operations at Los Filos were suspended due to failure to conclude a new long-term agreement with one of the three local communities, leading to significant non-recurring charges and expected care and maintenance costs.
Higher Unit Costs at Greenstone
Greenstone unit costs were higher than expected in Q1 due to fleet expansion and plant maintenance, though improvements are anticipated throughout the year.
Nonrecurring Financial Charges
The quarter included $65 million of nonrecurring charges, including a $25 million depreciation adjustment and a $29 million inventory value adjustment at Los Filos.
Net Loss Despite Record Production
Despite record production and high gold prices, the company booked a net loss for the quarter due to aforementioned nonrecurring costs and finance charges.
Company Guidance
During the first quarter of 2025, Equinox Gold reported a record production of over 145,000 ounces of gold and sales of approximately 148,000 ounces, marking the highest first-quarter production in the company's history. The total recordable injury frequency rate improved to 1.07 per million hours worked, with no significant environmental incidents reported, maintaining a frequency rate of zero. The cash cost was reported at $17.69 per ounce, with an all-in sustaining cost of $2,065 per ounce, including contributions from the Los Filos mine. However, due to suspension of operations at Los Filos, excluding its production and costs, the cash cost was $16.37 per ounce, and the all-in sustaining cost was $19.79 per ounce. The company announced a proposed merger with Caliber Mining, with the merger expected to close in the second quarter. Equinox Gold aims to achieve a combined production of 950,000 ounces in 2025, anticipating annual production to exceed 1.2 million ounces once fully ramped up, thereby capitalizing on high gold prices to generate cash flow and reduce debt. The first quarter also saw nonrecurring charges totaling $65 million, including a $25 million depreciation adjustment and a $29 million inventory adjustment at Los Filos. The company reported $173 million in unrestricted cash, with plans to reduce deferred revenue obligations by 39,000 ounces and $74 million in 2025, and to retire a $140 million convertible note maturing in September.

Equinox Gold Financial Statement Overview

Summary
Equinox Gold demonstrates strong financial health with robust revenue growth and profitability, stable balance sheet, and improved cash flow management. Challenges such as declining gross profit and fluctuating net income are noted, but the overall financial structure remains sound.
Income Statement
72
Positive
Equinox Gold's income statement shows strong financial performance with a healthy TTM gross profit margin of 26.7% and a robust net profit margin of 18.1%. The revenue growth rate from 2024 to TTM is 12.0%, indicating positive revenue trajectory, although the gross profit has decreased compared to 2024. The EBIT and EBITDA margins stand at 14.6% and 27.8% respectively, reflecting effective operational efficiency. However, the net income has decreased compared to 2024, suggesting some volatility in profitability.
Balance Sheet
65
Positive
The balance sheet reveals a stable financial position with an improving debt-to-equity ratio of 0.42 in TTM, indicating manageable leverage. The return on equity (ROE) is a strong 9.2%, showing efficient use of equity to generate profits. The equity ratio is 49.8%, demonstrating a balanced capital structure. However, the decrease in stockholders' equity from 2024 points towards potential risks in maintaining equity levels.
Cash Flow
78
Positive
Equinox Gold's cash flow statement shows resilience with TTM free cash flow turning positive at $7.66 million, compared to negative in 2024, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 1.33, suggesting strong cash-generating efficiency relative to net income. The free cash flow to net income ratio also indicates solid performance. Despite previous years of negative free cash flow, the positive shift in TTM highlights enhanced cash flow management.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.51B1.09B952.20M1.08B842.51M
Gross Profit523.95M108.98M84.97M215.32M223.62M
EBITDA948.08M291.09M183.52M338.01M232.51M
Net Income339.29M28.88M-106.03M554.89M22.29M
Balance Sheet
Total Assets6.71B4.35B3.86B3.97B2.67B
Cash, Cash Equivalents and Short-Term Investments245.47M284.66M237.64M546.03M344.93M
Total Debt1.41B945.37M842.10M567.63M555.19M
Total Liabilities3.32B1.91B1.50B1.38B1.22B
Stockholders Equity3.40B2.44B2.35B2.59B1.45B
Cash Flow
Free Cash Flow-39.89M-164.84M-500.60M-23.45M43.61M
Operating Cash Flow372.18M358.46M56.47M320.78M216.51M
Investing Cash Flow-1.11B-462.67M-419.00M-347.57M-129.32M
Financing Cash Flow792.48M92.50M254.31M-1.59M190.08M

Equinox Gold Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price8.65
Price Trends
50DMA
8.70
Negative
100DMA
9.04
Negative
200DMA
8.65
Negative
Market Momentum
MACD
0.04
Negative
RSI
53.77
Neutral
STOCH
61.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EQX, the sentiment is Neutral. The current price of 8.65 is above the 20-day moving average (MA) of 8.32, below the 50-day MA of 8.70, and below the 200-day MA of 8.65, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 53.77 is Neutral, neither overbought nor oversold. The STOCH value of 61.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:EQX.

Equinox Gold Peers Comparison

Overall Rating
UnderperformOutperform
Sector (44)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
80
Outperform
$4.59B11.3916.21%0.02%35.81%692.91%
73
Outperform
C$2.58B13.6834.73%80.44%3757.72%
73
Outperform
C$3.68B20.088.12%20.97%-24.55%
72
Outperform
C$6.57B10.308.27%60.05%
71
Outperform
$4.79B26.2014.62%23.61%
44
Neutral
C$980.54M-6.82-13.68%1.81%17.37%-32.98%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:EQX
Equinox Gold
8.65
1.17
15.64%
TSE:NGD
New Gold
6.05
3.23
114.54%
TSE:TXG
Torex Gold Resources
42.69
21.39
100.42%
TSE:OGC
OceanaGold
19.74
9.14
86.19%
TSE:WDO
Wesdome Gold Mines
17.10
4.30
33.59%

Equinox Gold Corporate Events

Executive/Board ChangesBusiness Operations and Strategy
Equinox Gold Announces Leadership Transition with Darren Hall as New CEO
Positive
Jul 22, 2025

Equinox Gold has announced a leadership transition with Darren Hall taking over as CEO from Greg Smith. Hall brings extensive mining experience and a track record of operational excellence, aiming to optimize Equinox Gold’s expanded portfolio and enhance its position as a top-tier global gold producer. The transition marks a strategic shift from growth through acquisitions to disciplined execution and operational excellence, with a focus on key assets like Greenstone and Valentine.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Business Operations and Strategy
Equinox Gold Releases 2024 Sustainability Report Highlighting ESG Achievements
Positive
Jul 15, 2025

Equinox Gold has published its 2024 Sustainability Report, highlighting significant progress in environmental, social, and governance (ESG) areas. The company improved its environmental performance by 31%, achieved zero tailings or heap leach-related incidents, and invested heavily in social initiatives, including healthcare and education. Equinox Gold also maintained a strong safety record with zero lost-time injuries at key sites and tied executive compensation to ESG metrics, demonstrating its commitment to responsible mining and stakeholder engagement.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

M&A TransactionsBusiness Operations and StrategyFinancial Disclosures
Equinox Gold Reports Strong Q2 2025 and Optimistic Outlook
Positive
Jul 8, 2025

Equinox Gold reported a strong second quarter of 2025 with a gold production of 219,122 ounces, marking a significant milestone following its merger with Calibre Mining. The company is optimistic about the second half of the year, expecting increased production from its Greenstone and Valentine mines, which are on track to enhance long-term value and market positioning. The integration of new assets and personnel is progressing well, and the company is focused on operational excellence and meeting production expectations.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Equinox Gold Completes Acquisition of Calibre Mining, Strengthening Position in Gold Production
Positive
Jun 17, 2025

Equinox Gold Corp. has completed its acquisition of Calibre Mining Corp., forming a diversified gold producer with operations across the Americas, anchored by two major Canadian mines. This merger enhances Equinox Gold’s position as the second largest gold producer in Canada, providing a robust platform for increased production and long-term value creation, backed by a strong leadership team.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Equinox Gold Updates 2025 Guidance Amid Calibre Integration and Greenstone Challenges
Neutral
Jun 11, 2025

Equinox Gold has updated its 2025 production and cost guidance following its business combination with Calibre Mining Corp. and slower-than-expected ramp-up at its Greenstone Gold Mine in Ontario. The company anticipates producing 785,000 to 915,000 ounces of gold in 2025, with total cash costs ranging from $1,400 to $1,500 per ounce and all-in sustaining costs between $1,800 and $1,900 per ounce. The integration with Calibre and operational challenges at Greenstone are key focuses, with efforts underway to improve mining rates and access higher-grade ore zones. The company is also progressing well with its Valentine project in Newfoundland, expecting first gold by the end of Q3 2025.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

M&A TransactionsBusiness Operations and StrategyFinancial Disclosures
Equinox Gold Reports Record Q1 Production and Strategic Merger Plans
Positive
May 8, 2025

Equinox Gold reported a record first-quarter production of over 145,000 ounces of gold, with expectations for increased production throughout the year. The company is advancing its operations at the Greenstone mine and is on track to complete a merger with Calibre Mining, which will create a diversified gold producer with enhanced cash flow and growth potential. Despite a net loss of $75.5 million, the company maintains a strong operational cash flow and is strategically positioned for long-term value creation.

M&A TransactionsShareholder Meetings
Equinox Gold Shareholders Approve Merger with Calibre Mining
Positive
May 2, 2025

Equinox Gold Corp. announced that its shareholders have approved a business combination with Calibre Mining Corp., along with other resolutions at their annual and special meeting. This transaction, pending regulatory and court approvals, is expected to close by the end of Q2 2025, potentially enhancing Equinox Gold’s market position and operational scale in the gold mining sector.

Financial Disclosures
Equinox Gold to Release Q1 2025 Financial Results
Neutral
Apr 28, 2025

Equinox Gold Corp. is set to release its unaudited financial and operating results for the first quarter of 2025 on May 7, 2025, after market close. The announcement will be followed by a conference call and webcast on May 8, 2025, to discuss the results, which could provide insights into the company’s operational performance and market positioning.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 23, 2025