Equinox Gold (TSX: EQX) (NYSE: EQX) has approved a $436-million expansion of its Valentine gold mine in central Newfoundland, Canada, which will lift planned production as the company pursues growth following its merger with Orla Mining.
The approved Phase 2 of the expansion will increase processing capacity to about 13,700 tonnes per day and raise average annual gold production to approximately 223,000 ounces. The total budget includes a $54-million contingency, while Equinox’s updated 2026 guidance allocates $50 million to $60 million in growth capital for the project. Construction is expected to be completed in late 2028.
“Our focus is clear: achieve operational excellence, allocate capital with discipline and successfully execute our organic growth pipeline, creating long-term shareholder value as North America’s new senior gold producer,” CEO Darren Hall said in a news release.
The expansion follows Equinox’s merger with Orla Mining in late July, creating Canada’s second-largest gold producer with expected annual output of 1.1 million ounces. The investment signals the company’s intention to grow production from one of its newest Canadian assets while strengthening its position among North America’s largest gold miners.
Canadian operations
Equinox also released second-quarter results, reporting gold production of 176,836 ounces and revenue of $769.8 million, reflecting stronger performance from its Canadian operations.
Valentine entered commercial production in late 2025 and is expected to become a larger contributor to the company’s production profile as the expansion advances over the next two years.
