Equinox Gold approves $436M Valentine mine expansion
The board approved the second phase of its Valentine mine expansion, extending growth plans as Canada's newest senior gold producer.
Equinox Gold, a Canadian gold mining company, has approved a $436 million expansion at its Valentine gold mine in central Newfoundland. This Phase 2 expansion will boost processing capacity to approximately 13,700 tonnes per day and increase annual gold production to around 223,000 ounces. A $54 million contingency has been allocated to the project, which is part of Equinox's $50 million to $60 million growth capital investment targeted for 2026. Construction is projected to be finished by late 2028.
CEO Darren Hall emphasized Equinox's commitment to operational excellence, disciplined capital allocation, and execution of its growth pipeline to create long-term value for shareholders. This expansion comes after Equinox's merger with Orla Mining in July, positioning the company as Canada's second-largest gold producer, with an anticipated annual output of 1.1 million ounces.
The investment demonstrates Equinox's dedication to expanding production from its newest Canadian asset while solidifying its standing among North America's leading gold miners.
In addition to the expansion news, Equinox also disclosed its second-quarter results, reporting gold production of 176,836 ounces and revenue of $769.8 million. These figures reflect improved performance from the company's Canadian operations. The Valentine mine commenced commercial production in late 2025 and is anticipated to assume a more significant role in the company's production portfolio as the expansion progresses over the next two years.
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