Earnings call transcript: Equinox Gold Q3 2025 earnings beat boosts stock

Equinox Gold Corp. (EQX) reported its third-quarter 2025 earnings, surpassing expectations and sending its stock price higher. The company posted earnings per share (EPS) of $0.19, significantly beating the forecasted $0.14, a surprise of 35.71%. Revenue also exceeded expectations, reaching $819 million against a forecast of $703.68 million, marking a 16.39% surprise. The positive results led to a 10.24% increase in the stock price, which closed at $11.42, up from the previous close of $10.6.

Key Takeaways

• Equinox Gold’s EPS and revenue both exceeded forecasts, with significant surprises.
• The stock reacted positively, increasing by over 10% in after-hours trading.
• Operational improvements at Valentine and Greenstone mines contributed to the strong performance.
• The company remains on track to meet its 2025 production targets.
• Debt reduction efforts continued, with $139 million retired in Q3.

Company Performance

Equinox Gold’s overall performance in Q3 2025 demonstrated strong operational execution and financial management. The company sold 239,000 ounces of gold, maintaining a competitive average cost of $1,434 per ounce. The all-in sustaining cost was just over $1,800 per ounce. Year-to-date production reached 634,000 ounces, keeping the company on track to achieve its annual target of 785,000 to 915,000 ounces. The company’s strategic focus on its Greenstone and Valentine mines continues to bolster its growth prospects.

Financial Highlights

• Revenue: $819 million, exceeding the forecast of $703.68 million.
• Earnings per share: $0.19, beating the forecast of $0.14.
• Adjusted EBITDA: $420 million.
• Cash position: $348 million, excluding proceeds from asset sales.
• Net debt: Approximately $1.3 billion after significant debt repayments.

Earnings vs. Forecast

Equinox Gold’s earnings and revenue both exceeded expectations. The EPS surprise was 35.71%, while the revenue surprise stood at 16.39%. This performance marks a significant improvement over previous quarters, indicating strong operational efficiency and cost management.

Market Reaction

Following the earnings announcement, Equinox Gold’s stock surged by 10.24%, reflecting investor confidence in the company’s performance and future prospects. The stock’s current price of $11.42 is within its 52-week range, highlighting a positive market sentiment compared to broader market trends.

Outlook & Guidance

Looking ahead, Equinox Gold anticipates stronger performance in 2026, with increased production from its Greenstone and Valentine mines. The company projects significant output from the Valentine mine, with expectations of producing 150,000 to 200,000 ounces in 2026. Additionally, the potential phase two expansion at Valentine and exploration of the Castle Mountain development are key strategic initiatives.

Executive Commentary

CEO Darren Hall emphasized the company’s commitment to operational excellence and disciplined capital allocation. "By demonstrating operational excellence, advancing our high-return organic growth assets, rationalizing the portfolio with a disciplined capital allocation strategy, I am confident that we will become a reliable, top quartile valued diversified gold producer," Hall stated. He also highlighted the company’s openness to asset sales, stating, "We are not desperate to transact, but for the right price, if it makes sense for our shareholders, we’ll gladly entertain and progress any opportunities."

Risks and Challenges

• Fluctuating gold prices could impact revenue and profitability.
• Operational challenges at mines could affect production targets.
• Debt levels, despite recent reductions, remain a concern.
• Global economic uncertainties may influence market conditions.
• Potential delays in the expansion projects could affect future growth.

Q&A

During the earnings call, analysts focused on the ramp-up performance at the Valentine mine and strategies for improving grades at Greenstone. Questions also touched on the potential for a capital return program, which the company indicated could occur by mid-2026, contingent on asset disposal outcomes.

Full transcript - Equinox Gold Corp (EQX) Q3 2025:

Conference Operator: Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold third quarter 2025 results and corporate update. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Ryan King, EVP Capital Markets for Equinox Gold. Please go ahead.

Ryan King, EVP Capital Markets, Equinox Gold: Thank you, Operator. Good morning, everyone, and thank you for taking the time to join the call with us this morning. Before we commence, I’d like to direct everyone to our forward-looking statements on slide two. Our remarks and answers to your questions today may contain forward-looking information about the company’s future performance. Although management believes our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements. For a complete discussion of the risks, uncertainties, and factors that may lead to actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to the risks identified in the section titled Risks Related to the Business in Equinox Gold’s most recently filed annual information form, which is available on SEDAR Plus, on EDGAR, and on our website.

I should mention that all figures are in US dollars unless otherwise stated. With me on the call today are Darren Hall, Chief Executive Officer, Pete Hardy, Chief Financial Officer, and David Schumer, Chief Operating Officer. We will be discussing our third quarter 2025 production and cost results and providing an update on ramp-up progress at our Greenstone and Valentine Mines, after which we will take questions. The slide deck we are referencing is available for download on our website at equinoxgold.com under the Shareholder Events section. You can also click on the webcast link to join the live presentation. With that, I will turn the call over to Darren.

Darren Hall, Chief Executive Officer, Equinox Gold: Thanks, Ryan. Turning to slide three, good morning, everyone, and I appreciate you taking the time to join us on the call today. Firstly, I would like to acknowledge the efforts of all of Equinox Gold’s employees and business partners for their continued focus to responsibly deliver over 236,000 ounces during our first full quarter, including Calibre assets. Well done to the entire team. It is truly an exciting time for Equinox Gold as we begin to realize the value of our expanded Americas-focused gold portfolio anchored by two new cornerstone gold mines in Greenstone and Valentine. As I’ve mentioned previously, the leadership team, supported by the entire organization, is focused on creating shareholder returns by consistently delivering on its commitments, which are focused on demonstrated operational excellence, advancing high-return organic growth, rationalizing the portfolio, and disciplined capital allocation. These are more than just words.

Over the last quarter, we have made material progress on each of these commitments. Just a few examples: operational excellence. Production and costs were in line or favorable compared to consensus expectations, and we remain on track to deliver into our full-year consolidated production guidance. Importantly, we have made meaningful progress at Greenstone, which I’ll talk to shortly. Advancing high-return organic growth. We poured fourth gold at Valentine, where the ramp-up is progressing extremely well, a game which I’ll provide color on shortly. Additionally, Castle Mountain was accepted into the U.S. Federal Permitting Improvement Steering Council’s FAST-41 permitting program, which defines an anticipated record of decision in December of 2026. Rationalizing the portfolio. Post-quarter end, we closed the sale of our Nevada assets for $115 million, including $88 million in cash. Disciplined capital allocation.

We retired $139 million of debt during Q3 and have commenced Q4 with an additional $25 million in October. Turning to slide four, during Q3, we sold 239,000 ounces at an average cost of $1,434 per ounce and an all-in sustaining cost of just over $1,800 per ounce, which underscores the enhanced scale and earnings power of the new company. Our adjusted net income was $147 million or $0.19 per share, with adjusted EBITDA of $420 million. We ended the quarter with $348 million in cash, not including the $88 million from the sale of our Nevada assets, which closed post-quarter end. With year-to-date production of 634,000 ounces, we are well positioned to deliver the midpoint of our 2025 production guidance of 785,000-915,000 ounces after divesting Nevada and prior to considering any production from Valentine.

Equinox has entered a pivotal phase with increasing Canadian production driven by asset optimization and the addition of Valentine, positioning us for stronger cash flow and earnings in the quarters ahead. Turning to slide five, Greenstone’s performance improves meaningfully in Q3, and we remain on track to deliver into the low end of our production guidance at Greenstone. Importantly, Q3 mining rates exceeded 185,000 tons per day, which was a 10% increase over Q2 and a 21% increase over Q1. Importantly, process grades improved 13% in Q3 to 1.05 grams per ton. Improvements to pit floors, haul roads, and dumps, along with implementation of double-side loading, have led to lower cycle times and increased productivity. A focus on equipment maintenance practices, more efficient shift changes, and the use of hot seating during shifts is also contributing to improved equipment utilization, which is resulting in increased daily mining performance.

Since July, we have implemented additional dilution management measures, including enhanced grade control protocols and improved tracking systems, which is positively contributing to increased grades quarter over quarter. In the mill, despite 10 days of downtime due to planned maintenance events, including a seven-day shut to replace HPGR grinding rolls, total tons processed in Q3 were consistent with Q2, as we saw a 6% improvement in tons per hour processed. Further process improvements are underway, including commissioning of additional final refeed and coarse ore stockpile conveyors that will enable consistent delivery of material to the grinding circuit during periods of downtime by providing additional redundancy. The positive momentum has continued into Q4, with October mining rates exceeding 205,000 tons per day, a 10% increase over Q3.

In the process plant, we have seen mill grades improve to 1.34 grams per ton, a 27% increase over Q3, and a 15% improvement in tons milled per day versus the Q3 average. The strides being made across the board, coupled with increasing grades, underscores our confidence that Greenstone will deliver a strong Q4 and continue that momentum into 2026. Turning to slide six, Valentine commissioning continues ahead of expectations with ore introduced into the circuit on August 27, and first gold was poured on September 14. The plant averaged nearly 5,000 tons per day, or 73% of nameplate for the first 66 days of operation. Performance in October continues to demonstrate strong progress, with throughput averaging over 6,200 tons per day, or 91% of nameplate. Importantly, 18 days, or 58% of the days during October, were greater than nameplate.

Recoveries exceeded 93% for the month from lower-grade commissioning ores, which, again, are consistent with feasibility-level recoveries, albeit at a lower grade. Performance at this level is truly a testament to the robustness of the design and disciplined execution by our construction, commissioning, and operations teams over the last 18 months. While we’re still early in the journey, based on what I have seen, I fully expect Valentine to deliver into the upper end of the Q4 production range of 15,000-30,000 ounces. With the ramp-up progressing extremely well, I anticipate Valentine will reach nameplate capacity by Q2 2026. On this basis, 2026 should be a strong year, with production anticipated to be between 150,000-200,000 ounces. In parallel, we’re advancing our phase two expansion studies and see a clear path to increasing throughput to between 4.5-5 million tons per year.

I will provide a fulsome update when we announce full funds approval, which I anticipate in early Q2 2026. Concurrently, exploration drilling is accelerated across the property with four drills in operation. The team is following up on several new discoveries, including the previously released Frankstone. Assays are pending for a number of significant intercepts, which could meaningfully add to the resource base in the coming years. Needless to say, we are very optimistic on Valentine’s exploration potential. Turning to slide seven, looking to 2026, I expect continued improvement in production and cash flow, supported by increasing contributions from both Greenstone and Valentine. We have seen a lift in our share price over the past few months, supported by a stronger gold price and steady operational delivery. That being said, I believe there is still a disconnect between our intrinsic value and how we are currently trading.

Since 2022, our peers have seen significantly higher equity performance. While I recognize we’ve got work to do as we continue to build confidence by delivering our commitments, I believe there’s a meaningful upside potential in our share price. The opportunity ahead is significant, and our strategy is solid. By demonstrating operational excellence, advancing our high-return organic growth assets, rationalizing the portfolio with a disciplined capital allocation strategy, I am confident that we will become a reliable, top quartile valued diversified gold producer. With that, Operator, we are ready to take questions.

Conference Operator: Once again, to join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. We ask that you limit yourself to one question and one follow-up. To withdraw your question, please press star then two. The first question today comes from Francesco Costanzo with Scotiabank. Please go ahead.

Hi, Darren and team. Thanks a lot for taking my question. Congrats on a good quarter. Maybe I’ll start with Valentine. With the first of all, that was completed in September. Can you discuss some of the key performance milestones that you’re tracking during the mine and mill ramp-up? Then maybe after that, could you give us an update on the phase two expansion study to increase the throughput to 5 million tons per annum?

Darren Hall, Chief Executive Officer, Equinox Gold: Yeah, Francesco, thanks. I appreciate yours and Scotia’s continued support. If we think about the milestones at Valentine, I guess there’s a lot of moving parts as you birth a new asset like Valentine. I guess the headline number here is that if we think of the first 66 days of performance of the entire facility since introducing ore on August 27th, we’ve exceeded 70% of nameplate. If we think about October in isolation, it’s over 90% of nameplate. All of the things that the team are focused on are clearly delivering a great product. As we look forward, they’re now thinking about what’s happening next, which is a good segue into phase two. We’ve tried purposely not to distract the team with phase two, but in the background, we have been doing work.

Over the last quarter, we’ve continued on our, we’ll call it, options study analysis. We now have good clarity on what the preferred option is going forward. It’s really a much simpler view than what we’d ever seen before. It doesn’t include the addition of flotation. It specifically includes the addition of a twin ball mill, which provides additional redundancy in the circuit, which we see will comfortably deliver close to 5 million ton. In this month, we’ll actually commence the feasibility study. As I foreshadowed earlier, I would anticipate going to the board in early Q2 for full funds approval. I would anticipate providing a fairly fulsome update here in the latter part of Q1 or early Q2.

Yeah, that’s great. Thanks very much for your response. Maybe if I could just one more on deleveraging. So net debt currently sitting around $1.3 billion. Can you outline your strategy for deleveraging and how that might relate to portfolio rationalization work that’s underway? With the Pan sale now closed, can you maybe highlight when we might expect to see the next transaction?

Sure. I guess there are two things that are running in parallel. We can kind of put a ring fence, if you will, around portfolio optimization. If we think about it, I think you mentioned a $1.3 billion net debt. If we look forward to the next 12 months and we think of our production portfolio, we call it a million ounces. Given the buoyancy and the privilege we see with buoyancy in gold price right now, and we look at our total costs, it’s easy to see over $1 billion that we could put against delivering the balance sheet. Ignoring any asset sales, by the end of next year, we’re going to be in a very, very solid liquidity position with a significant portion, if not the majority, of our debt extinguished. As we start to think about Valentine coming online.

I would anticipate that we’ll definitely be fully funded on Valentine before we make a gold commitment. We think about the additional organic growth that comes post that with Castle Mountain, we’re going to be in a very solid position with that as well. Now, specifically as it relates to our assets, well, if I think of assets as children, I love them all, but for the right price, I’ll gladly part with one. We have seen interest in some of our assets. To that end, there are people, and we encourage people, if you’re interested in having a discussion, come to us, and we’ll gladly entertain, and we’ll see how it makes sense. If those assets and that offer would make more sense and value to our shareholders in someone else’s hand versus ours.

We’re not desperate to transact, but for the right price, if it makes sense for our shareholders, we’ll gladly entertain and progress any opportunities. This is very clearly a path for us to realize some additional value and look at how we could use cash from any sales in terms of funding our organic growth portfolio. Just to reinforce also, this is looking at disposal of, not acquisitions of.

For sure. Yeah, that’s really helpful. Thanks a lot for your responses. I’ll get back in the question queue here.

Okay. Thanks.

Conference Operator: The next question comes from Anita Sony with CIBC World Markets. Please go ahead.

Hi. Thanks for taking my questions. Darren, I just wanted to ask about your calculation of mindset free cash flow. I think there’s some items in there that relate to basically non-operating mines. So Los Filos, Castle Mountain, and Valentine. Can you give a breakout of percentages or even millions of dollars of which ones I would allocate it to?

Darren Hall, Chief Executive Officer, Equinox Gold: Yeah, Anita. Again, I don’t have that information in front of me, but I’ll ask Peter. Peter, you’re in a position too?

Pete Hardy, Chief Financial Officer, Equinox Gold: No, unfortunately not at this moment, Anita. I’m happy to—we’ll have that for you after the call.

Okay. Then I’ll ask on Valentine. A follow-up question, I guess. On Valentine, the grades that you’re introducing right now, it was like 0.77 gram per ton, I think. I’m just—not that this is the time to be concerned, but I was just curious, was that just a deliberate decision right now until you get the recovery rates where you want them to be, not to waste ore? Or is that something where you are in the mining sequence at lower grades initially, and how will that evolve over the next couple of quarters?

Darren Hall, Chief Executive Officer, Equinox Gold: No, thanks, Anita. I appreciate the question. It is a really, really good question. No, as is, we are seeing very solid and actually positive reconciliation from our ore control to our resource and reserve models at Valentine. Very comfortable with what we see there, as we have talked about previously. As we talk about being in the first two months, we have specifically commissioned the plant on lower-grade materials. The reason being is that we want to practice on material that is less important. In hindsight, Jason and the team have done such a fantastic job that we probably should have just commissioned on the highest-grade material because we are seeing recoveries in excess of feasibility out of the gate. The team has done a great job. It has been a purposeful decision to process lower-grade materials and ramp up as we get comfortable with.

Getting to the point where we can declare commercial production, which we would anticipate. Probably in the next month or so, right? Definitely in the quarter.

Okay. I’m going to ask one more since the first one didn’t get answered, if that’s okay. It’s similar on the grades going into Greenstone. I think you said in October you were at 1.34 gram per ton material. I’m not sure if it was being fed to the mill or if that was what was being mined. If it’s 1.34, are you starting to see higher grades coming out of the pit, specifically the underground areas where you were wondering if sort of the remnants around the old workings were there or not? Have we seen, is there any progress or update on the profile of the skin?

Yeah. No, absolutely. Thanks again for the great question. If we think about quarter on quarter, we saw a significant improvement at grades milled at Greenstone. It did go to 1.05, and they are milled grades, not mine grades. We have seen an improvement in mine grades as well in the quarter. I mean, my average mine grade in Q3 was 0.91 grams per ton compared to a 0.78 in Q2. As you’re aware, we’re mining more material than what we’re processing. We’re purposefully processing the higher-grade material. From the material we are seeing, we are seeing a higher grade because of where we position ourselves geographically. Secondly, I think that.

The concerted focus we’ve had on getting reliable tons mined, which is allowing the team to focus on quality, which is minimizing dilution, and then also being very purposeful in and around how we treat material in and around the voids is definitely having a very positive impact on grade. I think I mentioned on the early part of the call that there’s been a focus for quite some time. I’ll suffice to say, in July, things got pretty serious with respect to grade. We saw a step change in September with the average grade in September processed of 1.38, and we’ve been able to maintain a 1.34 in October. I think what we’re seeing is a combination of the performance in the mine, allowing for focus on quality, which is allowing for a consistency in grade fed, which was always the model.

I think that we’ve got the right people focused on the right things, and we’re starting to see the benefit from it. That, coupled with the continued improvements we see in mill throughput on a tons per hour or a tons per day basis, will definitely lead to a much stronger Q4 with great momentum into 2026.

Okay. Thank you. It’s good to hear. Thank you. That’s it for my questions.

Appreciate it. Thanks very much for your support, Anita.

Conference Operator: The next question comes from Mohammed Sabai with National Bank Capital Markets. Please go ahead.

Hi there. Thanks for taking my question. Maybe I could start with Greenstone. Just wondering if you could maybe give us a little bit of color on your current stockpile in terms of tonnage and grade at Greenstone currently, if possible.

Darren Hall, Chief Executive Officer, Equinox Gold: Yeah, no, sure. At the end of the month, October, again, this is from memory, but I guess the important part of the stockpile is the highest-grade material. We have the better part of a month of high-grade material in front of us and the grades in excess of a gram and a half. There is the other material, which is a little lower-grade material. We are talking 2 or 3 million tons at around 0.7 grams per ton. We have the lower-grade material as well. In total, we have in excess of 8 million tons of stockpile in front of the plant as it stands today.

That’s great. Thanks a lot for that answer, Darren. Maybe if I could just move in terms of capital allocation priorities. I think back in Q2, you talked about, of course, delivering your balance sheet, paying down debt, and reinvesting within your growth projects. In terms of capital return, you had talked about potentially mid-2026. Since then, I think gold has moved over $500 per ounce. Have your thoughts changed around your capital return program at all? Should we still target mid-2026 for a potential update on that front? Thank you.

I guess it was kind of foreshadowed earlier. If we kind of ignore any potential cash that can come in from an asset investment, I think we’re going to find ourselves significantly delevered by the end of 2026. At that point, we’ll be having some pretty material conversations about vehicles to be able to return additional capital to shareholders. I mean, Pete, what would you lay around as well?

Pete Hardy, Chief Financial Officer, Equinox Gold: Yeah, I think, Mohammed, as you said, if you’re looking at 2026, that’ll be a 2026 discussion. For purposes of modeling, if you will, just assume no capital returns for next year. We are really very entirely focused, as Darren has said a couple of times now, on delivering.

Darren Hall, Chief Executive Officer, Equinox Gold: Yeah. If we think about capital allocation holistically, aside from exploration, the most accretive investment we can make is to ensure that we deliver into our production commitments at a responsible price. From that, with cash, it is delivering the balance sheet, but it is positioning ourselves for our significant organic growth, as we have seen through Valentine phase two, Castle Mountain, and then the additional benefit we will see from Los Filos in the next couple of years as well. I think our strategy on capital allocation is very clear. If we find ourselves with a cash inflow vis-à-vis an asset disposal, that could then provide the additional torque to return capital to shareholders through a dividend or a share buyback or some other form. The organic growth opportunities within the portfolio, exploration, and the assets I mentioned, Valentine, Castle, Los Filos.

Will provide significant returns to our shareholders, no doubt.

Great. Thank you.

Thanks, Mohammed. Appreciate your support.

Conference Operator: The next question comes from John Tumazos with Very Independent Research. Please go ahead.

Thank you for taking my question. Could you elaborate on the phase two expansion to 5 million tons potentially for Valentine? Would the 15,000 tons a day be at the same grade to suggest the 2029 output as much as 400,000 ounces?

Darren Hall, Chief Executive Officer, Equinox Gold: Yeah, John, and thanks for the question. I appreciate your support. If we think about the feasibility study that was put out at the end of 2022 for Valentine, it had a 2.5 million-ton base plant expanded to 4 million tons. What that did is that delivered into the feasibility study, which generated 175,000-200,000 ounces a year over its reserve life of 14 years. Now what we have been looking at is what is that optimal increment that we could add to the base facility? What we have been looking at is that optionality. Where we see right now is if we see a path to something that is comfortably in that, call it 5 million tons because it makes the math easy, so it would be a 20% increment in throughput over what was included in the feasibility study.

I think then you make some assumptions on what would the incremental grade be. If we be, let’s assume that the grade is consistent with the average, it would then demonstrate a proportional increment of 25% improvement in production. Now, stepping back, I think that if we look at the exploration success we’ve seen from Frank and the other potential along the property, that’ll all come together around the same time. I think over the next year, we’ll be sitting back and saying, clearly, we’ll have an optimal increment of throughput. The material that feeds into that will be significantly impacted by our exploration success when we look at optimizing the plants. Everything we’ve done to date has assumed the same relatively conservative mine plan, resource base, and pit designs that we used in the 2022 feasibility study.

I think that we have a very favorable view on the increment at Valentine, but I think that will become more favorable as we optimize the plan for a 5 million-ton plant, and we start to see the benefits from the reconciliation that we anticipate going forward. Early days, but given the nature of the deposit, I would anticipate we’re likely to see some positivity in terms of reconciliation above a cutoff. No, I think that it’s too early to say absolutely what the numbers are, John. If I was sitting on your side of the table trying to fill in a model, I would probably replace the 4 million with 5 million and then use something that was just proportional on throughput accordingly. Not throughput, beg your pardon, on ounces.

Matthew, if I can ask another. What is the best way to manage the benches at Greenstone when you have waste benches, 0.7 gram stockpile benches, and then highs as nice as 1.5 grams? Do you have all the same size shovels and trucks, or do you have a few half-sized or quarter-sized shovels and trucks to go in and get those sweet spots without waste?

Okay. It’s a good question. It leads to really a selectivity issue, John, in terms of how selective can you be? I think that we’re seeing that with a level of control, we can be more selective. To take the situation where you’re running from, say, a 10 or a 12-meter bench and making the benches smaller, do we think there’s going to be material improvement in ability to be able to deliver a higher grade as a function of that selectivity? I think in short, it’s early days, but I don’t believe, from what I see, there’s going to be a significant opportunity. There’s going to be interesting areas where maybe it’s more relevant than others. Generally speaking, I consider, as it stands today, Greenstone is more of a bulk mining.

Want to have a level of quality, but for the equipment size, it’s right size for the operation we have. It’s really going to be about lowering our unit cost of production vis-à-vis mining, processing, and spending G&A as efficiently as we possibly can to have the most positive impact we can on all-in sustaining cost and maintaining margins given whatever gold price. I’ll maybe ask Tom. Tom, is there anything you’d layer in there from a selectivity perspective in terms of what we see from a resource reserve perspective?

Pete Hardy, Chief Financial Officer, Equinox Gold: No, Darren, I think you covered it. I think the, again, John, some of the things mentioned in the commentary of the conference call with respect to some of the ore control practices and things we’re putting in with some of the automated systems and paying close attention to the geology as we go bench to bench is helping manage dilution. We definitely are looking at some of these selectivity studies in the background. To Darren’s point, on mass, there does not appear to be a benefit. There can be selective areas where we can go in and be very, in certain areas, pick cherries out. On mass, John, this is not going to be a several flitched benches as we go down.

Darren Hall, Chief Executive Officer, Equinox Gold: Again, if we think about the country here at Valentine, we see good opportunity. We have two specific mining fleets, a larger fleet and a smaller fleet, and specifically to use a smaller fleet where there’s a good opportunity to be more selective and therefore preferentially mine at a lower grade, not only just use the stockpiles. Yeah, no, I think we have a good plan at Greenstone, and we’ll continue to look for those opportunities to positively impact grade fed.

Thank you.

Thank you. Appreciate your support.

Conference Operator: This concludes our question and answer session. I would like to turn the conference back over to Darren Hall for any closing remarks.

Darren Hall, Chief Executive Officer, Equinox Gold: Yeah. Thank you, Operator. I’d just like to close by thanking all of our stakeholders for their continued support and everyone’s participation and questions on the call this morning. It is appreciated and valued. As always, Ryan and I and the entire leadership team are always available if you have any further questions. With that, take care, be well, and back to the operator.

Conference Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

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