Equinox Gold Projects Robust Growth: 543,000 Ounces Annual Production and Expanding Resource Base at Canadian Mines

Canadian Operations Forecast 543,000 Ounces of Gold Annually—A Decade-Long Outlook

Equinox Gold Corp. has released an updated technical outlook for its key Canadian assets, forecasting an average of 543,000 ounces of annual gold production over the next ten years (2026–2036), based on proven and probable mineral reserves. The company holds a commanding reserve and resource position, including 8.1 million ounces of proven and probable mineral reserves, 4.1 million ounces of measured and indicated resources (exclusive of reserves), and 2.8 million ounces of inferred resources across its Greenstone and Valentine projects.

Greenstone Mine Positioned as a Cornerstone Asset with Major Expansion Potential

The Greenstone Gold Mine in Ontario is driving Equinox Gold's Canadian vision, with technical reports outlining an average annual production of 320,000 ounces over the next decade at an average recovery rate of 87.5%. Current mine plans are based on a robust resource model and opportunities for further upside—such as ramping up mill throughput toward 30,000 tonnes per day, integrating higher-grade underground resources, and exploring new targets within its extensive 400 km² land package.

Greenstone's exploration potential is substantial, featuring 1.6 million ounces of measured and indicated underground resources and 1.2 million ounces inferred, none of which are currently included in the mine plan. Additionally, three past-producing mines on the property—each with historical grades above 10 g/t—remain underexplored using modern methods.

Valentine Gold Mine Readies for Phase 2 Expansion, Boosts Long-Term Output

At the Valentine Gold Mine in Newfoundland & Labrador, Equinox Gold’s updated technical report emphasizes the benefits of its Phase 2 mill expansion, set to double capacity from 2.5 Mtpa to 5.0 Mtpa by H2 2028. Backed by a $414 million investment (including 20% contingency), this expansion is projected to support annual output averaging 223,000 ounces for the decade post-completion. Measured and indicated resources, exclusive of reserves, stand at 1.2 million ounces, while resources in the Frank Zone and Minotaur discovery have not yet been fully integrated—underscoring further potential upside.

Notably, the Frank Zone, located just southwest of the Leprechaun open pit, is the focus of a multi-rig drilling campaign targeting over 25,000 metres this year, with an initial resource estimate due in Q4 2026. This zone could evolve into the operation’s fourth open pit.

Exploration Budget and Upside Opportunities Strengthen Outlook

Equinox Gold is allocating between $70 to $80 million for Canadian exploration in 2026, reflecting their intent to further expand reserves and resources. Management sees strong potential in near-mine and regional targets, resource conversion, and mine life extension at both Greenstone and Valentine.

Key Takeaway: Strong Foundation with Clear Path to Growth

With a large, growing reserve and resource base and ambitious expansion projects in motion, Equinox Gold is shaping a decade of robust Canadian gold production—while setting itself up for significant future upside from both mill throughput increases and new discoveries. Investors and industry followers will want to watch for successful execution of Greenstone’s ramp-up and progress on Valentine’s Phase 2, as each milestone could unlock further value on top of an already substantial foundation.

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