Equinox Gold (TSX:EQX) Is Up 23.2% After Q3 Profit Surge—Is Momentum Sustainable?

• Equinox Gold Corp. recently announced its third-quarter 2025 results, reporting quarterly sales of US$819.01 million and net income of US$85.58 million, both substantially higher than the same period last year.
• While quarterly profitability improved, net income for the first nine months of 2025 was significantly lower than the prior year, highlighting both progress and ongoing challenges.
• We’ll examine how Equinox Gold’s strong third-quarter revenue and earnings surge may influence the company’s investment narrative.

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Equinox Gold Investment Narrative Recap

To be a shareholder in Equinox Gold, investors need to believe in the company’s ability to translate recent production ramp-ups, such as those at Greenstone and Valentine, into sustained earnings and cash flow growth, despite near-term volatility. The Q3 2025 results highlight much stronger revenue and a significant rebound in profitability, but the mixed year-to-date net income suggests that persistent operational execution at key mines remains the most important catalyst, while low ore grades and ongoing jurisdictional risks are still material threats. This news does not fundamentally change the profile of these short-term catalysts or main risks.

Among recent announcements, the September 15, 2025 update on the first gold pour at Valentine Gold Mine stands out as directly relevant. Valentine’s ramp-up supports the recent revenue strength and underpins management’s ability to hit full-year production targets, reinforcing the importance of new volumes coming online for near-term results. The flip side is that ongoing issues at flagship mines, such as structural ore grade pressures, remain information that investors should be aware of...

Read the full narrative on Equinox Gold (it's free!)

Equinox Gold's narrative projects $4.3 billion in revenue and $1.4 billion in earnings by 2028. This requires 31.2% yearly revenue growth and an earnings increase of $1.42 billion from current earnings of -$23.1 million.

Uncover how Equinox Gold's forecasts yield a CA$20.98 fair value, a 14% upside to its current price.

Exploring Other Perspectives

Ten different fair value estimates from the Simply Wall St Community range widely from US$8.21 to US$53.07. As you explore these varied perspectives, keep in mind the growing importance of consistent production ramp-up for Equinox Gold’s outlook.

Explore 10 other fair value estimates on Equinox Gold - why the stock might be worth over 2x more than the current price!

Build Your Own Equinox Gold Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Equinox Gold research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Equinox Gold research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Equinox Gold's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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