Equinox Gold kicks off ore processing at Valentine

Equinox Gold (TSX, NYSE-A: EQX) has begun processing ore at its Valentine gold mine in Newfoundland and Labrador, with first gold expected next month.

“I am pleased to announce that our Valentine gold mine has begun processing ore through its 2.5-million-tonne-per-annum facility,” CEO Darren Hall said on Thursday. 

The Vancouver-based miner expects to ramp-up to nameplate capacity in the second quarter of 2026. At that point, Valentine is projected to produce 175,000 to 200,000 oz. of gold annually for the first 12 years of its 14-year reserve life.

BMO Capital Markets mining analysts noted that while the progress reported at the mine aligns with expectations for August, they anticipate an annual output of 171,000 oz. in 2026 and 202,000 oz. in 2027.

When fully operational, Valentine will be the largest gold mine in Atlantic Canada and a major economic driver for Newfoundland and Labrador. It marks the second mine Equinox has brought online, following the start-up of its Greenstone project in Ontario, which entered commercial production in November. Equinox gained control of Valentine through its recent acquisition of Calibre Mining.

Shares in Equinox Gold gained 0.7% to $11.40 apiece in Toronto on Thursday afternoon, valuing the company at $8.68 billion. 

Central Newfoundland

Valentine hosts proven and probable reserves of 2.7 million ounces grading 1.62 grams gold per tonne. It also contains 1.3 million oz. in measured and indicated resources grading 1.45 grams, along with an inferred resource of 1.1 million oz. grading 1.65 grams. Equinox says the project could anchor a new gold district in central Newfoundland.

To support the transition at Greenstone, Equinox is expanding its leadership team. Bryan Wilson will join as vice-president of operations on Sept. 3, bringing more than 37 years of open-pit and underground mining experience. Roger Souckey has been appointed director of external relations, while Daniella Dimitrov will take on the role of executive vice-president of sustainability, people and strategy.

Dimitrov, who has more than 25 years of experience in strategy, finance and governance, is expected to strengthen the company’s push to become a top-tier gold producer anchored by long-life Canadian mines.

Hall said Equinox is entering “a pivotal phase of growth,” with both Valentine and Greenstone set to drive a sharp increase in production and cash flow in the year ahead.