Lower Outlook Dampens Drags Down Equinox Gold (EQX)

We recently published a list of Investors Are Dumping These 10 Stocks. Equinox Gold Corp. (NYSEAmerican:EQX) is one of the worst-performing stocks on Thursday.

Equinox Gold declined by 10 percent at intraday trading on Thursday at $6.26 apiece as investor sentiment was dampened by lower production outlook for the rest of the year.

In a statement, Equinox Gold Corp. (NYSEAmerican:EQX) now expects to produce between 555,000 and 625,000 ounces of gold, lower than the 635,000 to 750,000 as expected previously.

“Since achieving commercial production at Greenstone in Q4 2024, the ramp-up has been slower than planned. Mine productivity and equipment availability, particularly with the primary loading fleet, have fallen short of plan, impacting mining rates and delaying access to higher-grade ore zones. Further, year-to-date mined grades have been below expectations, in part due to higher-than-anticipated dilution,” said Equinox Gold Corp. (NYSEAmerican:EQX) President and CEO Greg Smith.

“On the processing side, while we are seeing improvements in throughput and recovery, year-to-date performance is also below plan. We are addressing the shortfalls and are revising … full-year production guidance,” he added.

Following the revision, the National Bank of Canada lowered its price target for the company to $12 from $14 previously.

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Disclosure: None.