Stifel Bullish on Equinox Gold (EQX) As Valentine Progress Accelerates

With a low forward price-to-earnings multiple and significant hedge fund interest, Equinox Gold Corp. (NYSEAMERICAN:EQX) secures a spot on our list of the 12 cheap gold stocks to buy now.

On December 12, 2025, Equinox Gold Corp. (NYSEAMERICAN:EQX) reached its new 52-week high of $15.10, following a strong 2025 run, recording a 196% gain in the year alone.

Amid this strong momentum, Stifel initiated coverage on Equinox Gold Corp. (NYSEAMERICAN:EQX) with a “Buy” rating and a C$24 price target on December 2, 2025, according to The Fly. The firm’s bullish stance reflects the company’s significant progress in Canada, where it is beginning to realize the full value of its portfolio. As a result, Stifel expects Equinox to see production growth and rising cash flow, which will drive its growth outlook.

This follows the company’s November 18 update, which detailed its achievement of commercial production at its 100%-owned Valentine Gold Mine in Newfoundland and Labrador. Representing a significant expansion of Equinox Gold Corp. (NYSEAMERICAN:EQX)’s Canadian footprint, the operation has ramped up ahead of schedule, as plant availability, throughput, and recoveries exceeded commissioning expectations. Over the past 60 days, as of the announcement date, the process plant averaged over 5,400 tons per day and gold recoveries of over 93%. With this achievement, management sees Valentine delivering toward the higher end of its Q4 production range and reaching nameplate capacity by Q2 2026, boosting the company’s annual output.

Meanwhile, Valentine’s operational momentum was evident in Equinox Gold Corp. (NYSEAMERICAN:EQX)’s Q3 2025 results released on November 5. The quarter saw commissioning progress smoothly, throughput climb steadily, and October performance exceed 90% of nameplate capacity.

Thus, Equinox Gold Corp. (NYSEAMERICAN:EQX) looks to end the year on a high note, as Valentine transitions from commissioning into full-scale production.

Equinox Gold Corp. (NYSEAMERICAN:EQX), a Canadian-based gold producer, operates and develops mines across the Americas.

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