It's no secret that I'm a fan of gold and gold mines. That's why I want to take this opportunity to introduce you to my second largest position after K92 Mining. $EQX (-2,15%) after K92 Mining.
I myself have been in it for several years... An eventful journey. It all started with Fiore Gold, which was then taken over by Calibre Mining. Calibre itself then took over Marathon and now - through a merger with Equinox - we are called Equinox Gold. But let's move on to the company:
👉🏻 General introduction:
Equinox Gold is a Canadian gold producer with projects in Canada, the USA and Latin America. In recent years, the company has evolved from a pure developer to a serious producer - with a clear goal:
Equinox is to develop into a mid-tier mid-tier 1 producer with over 1 million ounces of annual production in the coming years.
With the Greenstone mine in Ontario (Canada) and the new Valentine mine in Newfoundland, two major projects are in the starting blocks - and this is now reflected for the first time in last week's Q3 figures!
👉🏻 Strong operational momentum: 📈
Equinox reported record figures in the recently published Q3 2025:
- 236,000 ounces of gold production - the best quarter in the company's history!
- Revenue of over USD 540 million, with a gross margin of over 35
- Cash costs (TCC): around USD 1,450/ounce, AISC at around USD 1,850 - falling trend
- Annual guidance 2025: 785,000 - 915,000 ounces of gold production
After some stumbling blocks in the past quarters with regard to the ramp-up of Greenstone and the completion of Valentine, the following is now particularly important: the Greenstone mine has started commercial production and is running better than planned and the Valentine mine in Canada is now also in the ramp-up phase - meaning: further increasing production with falling unit costs from 2026.
In addition to the ramp-up of Valentine and Greenstone, the top priority is debt reduction. For this reason, the rather unimportant Nevada assets (formerly Fiore Gold) have now also been sold off. At current gold prices, Equinox is generating a cash flow of around 200 million dollars per quarter and can therefore theoretically be completely debt-free in 6-8 quarters! In other words, the first dividend or a share buyback could be announced from the middle/end of next year!
👉🏻 Valuation & my conclusion:
Currently, the market capitalization is around USD 5 bn, the forward P/E ratio is 10-12, depending on the estimate - more than attractive for a producer of this size with this growth potential.
For me, there are several catalysts for significantly higher prices in the future:
✅ Full production run Greenstone & Valentine from 2026
✅ Falling costs → rising margins
✅ Potentially still high gold price, possibly even rising further
✅ Possible dividend or share buybacks from 2026
✅ Further exploration news flow from Canada & Brazil and possibly Mexico (Los Filos Mine)
As far as Equinox Gold's share price is concerned, I continue to see significant potential. Over the next 2-3 years, I can well imagine another +200%, especially if gold prices remain at +4,000 dollars. On the other hand, should Equinox even find a solution for Los Filos (where it is at cross purposes with one of 3 villages, which is why activities there have been paused), this would significantly increase the potential once again.
In my opinion, K92 Mining and Equinox Gold are a must for anyone who invests in mines. In any case, I remain invested. The journey is not over yet 😉
