Canada Gold Co. Finishes 2nd Quarter Strong
Equinox Gold Corp. (EQX:TSX; EQX:NYSE.A) recently reported a strong second quarter. Read on to see what analysts and newsletter writers are saying about this gold stock.
In June, Equinox Gold Corp. (EQX:TSX; EQX:NYSE.A) acquired Calibre Mining Corp. (CXB:TSX; CXBMF:OTCQX) , in a US$2.5B deal making it the second-largest gold producer in Canada and giving the company the potential to produce more 1.2 Moz of gold annually. Leading up to the acquisition, Calibre shares jumped to a 13-year high after EQX sweetened the deal by raising the exchange ratio to 0.35 EQX shares per Calibre share. EQX shares rose modestly in response to the acquisition. Through the spring, the market remained cautious, as EQX navigated with the suspension of its Los Filos mine in Mexico and contended with first-quarter net losses.
However, EQX finished out strong and delivered its strongest performance yet. EQX now has ten operating mines, including two cornerstone Canadian assets that are expected to deliver nearly 600,000 Oz annually once production is fully ramped up. 2025 has yielded US$902.4 M for EQX as of June 30, and were the transaction with Calibre effective from January 1st, 2025, the pro forma consolidated revenue for the first half of the year would have been US$1.33 B, tallying approximately US$428M attributable to the Calibre acquisition.
"Equinox Gold is entering a pivotal growth phase. Q2 delivered solid results, led by Greenstone, where mining rates increased 23% and processing rates improved 20% over Q1," commented Equinox CEO Darren Hall. "This sets the stage for our true inflection point in Q3, driven by a full-quarter contribution from the Calibre assets, first ore processed at Valentine, and continued improvement at Greenstone. We expect a strong second half of the year, with production on track to meet our full-year consolidated guidance of 785,000 to 915,000 ounces, and anticipate continued growth in both production and cash flow into 2026."
"What a big jump EQX did last week! I think this is only the beginning," Chen Lin of What is Chen Buying? What is Chen Selling? remarked.Equinox's Nicaraguan assets have the capacity to produce 2.7 M tons per year of ore per year, giving the company flexibility for future growth as it continues to expand and explore the region. It has discovered high grade ore at Talavera mine 3 miles away from their fully operational El Lim?n processing facility.
Overall, Equinox produced 219,000 Oz of gold during Q2, rebounding from the debt incurred in Q1 from purchasing Calibre and netting US$23.8M in profits. While this is a fraction of last year's US$358M in revenue due to being focused on expanding operations, if the company hits the projected 785,000 to 915,000 ounces, it will exceed 2024 in profits and see its biggest revenue year yet.
Analysts Assess Q2 Performance and Potential
"Equinox Gold's long-term value proposition lies in its ability to convert operational improvements into durable cash flow," writes CFA Charles Hayes. "The FAST-41 designation for the Castle Mountain Phase 2 project, which expedites federal permitting, and the ratification of land access agreements near Los Filos, underscore the company's focus on unlocking future production potential. These strategic moves not only de-risk expansion but also enhance the company's ability to scale profitably."
Jamie Spratt of Haywood Capital Morning Brief noted that in Q2, earnings per share (US$0.11) beat consensus (US$0.01) and cash flow per share (US$0.25) also surpassed consensus (US$0.20). All-in sustaining costs were US$1,915 per Oz produced, against an average gold price of US$2,350 Oz, making for an approximate margin of US$435 Oz. EQX traded at a 0.6x of its net asset value, compared to peers trading around 1.25x of their net asset value. If Equinox can execute the ramping up of its new mines to surpass 1 Moz / year and control costs to join its peers at ~1.2 NAV, the discount will shrink, and Spratt supports a rerating of the stock.
Streetwise Ownership Overview*
Equinox Gold Corp. (EQX:TSX; EQX:NYSE.A)
*Share Structureas of 8/22/2025Source: RefinitivNewsletter writer Ron Struthers projected a return to 2020 highs, when EQX traded at US$17.00 a share, if the stock can break out of historical near-term resistances at US$7.50 and a mild resistance at US$11.25.
"What a big jump EQX did last week! I think this is only the beginning," Chen Lin of What is Chen Buying? What is Chen Selling? remarked on August 18. Lin continued, "EQX is still trading at a severe deep discount compared to other miners. I see EQX will get well into double digits, similar to my other big picks in large producers."
Ownership and Share Structure
According to Refinitiv, 4.08% of Equinox Gold Corp. is held by management and insiders, and 0.36% is held by strategic investors. 57.80% of Equinox Gold is held by institutions.
The rest is retail.
As of August 2025, Equinox Gold Corp. has a market capitalization of approximately US$6.00 B . The stock's 52-week trading range spans from a low of US$4.95 to a high of US$8.16. The CAGR is 13% over the past decade.
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Miles Bryne wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.