Equinox Gold Corp (TSE: EQX) has revised its 2025 production and cost guidance to reflect the pending merger with Calibre Mining Corp (TSE: CXB), expected to close by the end of June. The update also factors in a slower-than-expected ramp-up at the Greenstone Gold Mine in Ontario.
The combined company projects full-year 2025 gold production between 785,000 and 915,000 ounces, with total cash costs (TCC) of USD $1,400–$1,500 per ounce and all-in sustaining costs (AISC) of USD $1,800–$1,900 per ounce. These estimates exclude production from Calibre’s Valentine Gold Mine and Equinox’s Los Filos Complex.
Challenges at Greenstone include lower mine productivity, equipment availability issues, and diluted ore grades, leading to revised full-year production guidance of 220,000 to 260,000 ounces at this site. For Q2 2025, Equinox expects to produce 135,000 to 145,000 ounces, including 45,000 to 50,000 ounces from Greenstone and 70,000 to 72,500 ounces from Calibre.
The merger brings strategic benefits, with Calibre’s former CEO Darren Hall joining Equinox’s board as president and COO. This strengthens operational leadership and broadens the company’s regional expertise, particularly in the Americas.
With increased scale and diversified assets, the combined company aims to become one of Canada’s top three gold producers by output, enhancing investor visibility and market positioning.
