Equinox Gold (EQX) Achieves Record 2025 Production and Significant Net Debt Reduction

Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the best Canadian stocks to buy under $20. On February 19, Equinox Gold achieved record production in 2025, delivering 922,000 ounces of gold. The company reduced net debt from $1.4 billion in mid-2025 to just $75 million by the end of January 2026. Furthermore, the company was able to make $681.40 million in Q4 revenue, which was an 18.50% increase year-over-year.

The growth was driven by the ramp-up of the Greenstone and Valentine mines. Greenstone saw a 29% production increase in Q4 over the previous quarter, while Valentine completed its first quarter of operations with over 23,000 ounces. For 2026, management provided production guidance of 250,000 to 300,000 ounces for Greenstone and 150,000 to 200,000 ounces for Valentine, with all-in sustaining costs projected to range between $1,750 and $1,850 per ounce.

Despite these records, the company is managing several operational complexities, including audit delays related to the Calibre merger. Equinox Gold Corp. (NYSEAMERICAN:EQX) now plans to fund its organic growth pipeline—including potential expansions at Los Filos and Castle Mountain—using internal cash flow rather than pursuing further M&A.

Equinox Gold Corp. (NYSEAMERICAN:EQX) acquires, explores, develops, and operates mineral properties in the Americas. It primarily explores gold and silver deposits.

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