Morning Briefing: Equinox Gold Finishes 2025 Above Guidance
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m your host, Trevor Hall
It's Wednesday, January 14th.
Precious metals were somewhat calmer yesterday following the US inflation report which showed core inflation coming in a bit softer than expected. Gold was down 3/10ths while silver was up 1.5% in a whipsaw trading day. In today’s session, gold has reached another new high while gold is again taking the elevator up to the 91st floor, currently trading at 91.58 an ounce. Overnight, copper traded decidingly higher to a new record of $6.19 a pound but has since been sold down .13 cents. Uranium rose above $82 a pound, levels not seen since 2024. The push for the metal is from datacenters and new buying from physical funds. The US cutting regulations on the construction and permits of enrichers are also helping the cause.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Equinox Gold.
Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com
And here’s what you need to know this morning…..
Equinox Gold shared production results for Q4 and its full year 2025 along with its 2026 guidance. The company delivered 922,827 oz of gold in 2025, following its 247K oz in Q4. That was above its high end guidance of 915,000 oz. At the end of the year, the company has cas and equivalents of $430M. At Greenstone, mill throughput averaged nameplate of 27,000 tpd, with Q4 averaging 23,859 tpd, a 15% increase over Q3 and a 17% increase over H1 2025. Valentine poured 23,816oz last year with Q4 throughput averaging 90% of nameplate capacity and more than 47% of days operating above nameplate of 6,850 tpd. Completion of a feasibility study to increase processing throughput from 2.5 million to more than 4.5 million tonnes per year is targeted for the end of Q1 2026, with the proposed expansion expected to increase annual production by approximately 25% to 225,000 to 250,000 ounces. The company’s 2026 production guidance is set at 700,000 to 800,000oz on the year with an all-in cost of up to $1,875/oz. (TSX: EQX, NYSE American: EQX) News Release
Integra Resources says its DeLamar heap leach project in Idaho has been selected for inclusion in the United States Federal Permitting Improvement Steering Council FAST-41 Transparency Projects Program. Agencies must develop and maintain a project-specific timetable for all required federal environmental review and permitting actions. Scheduled and actual timeframes for these actions are publicly displayed. The Permitting Council provides oversight to ensure that federal agencies adhere to established timetables, including quarterly reports to Congress detailing agency compliance with Transparency Projects. Based on DeLamar's permitting timeline defined by the United States Bureau of Land Management ("BLM") and posted to the Federal Permitting Dashboard on January 13, 2026, the federal permitting process anticipates a Record of Decision ("ROD") being published in Q3 2027, reflecting an efficient 15-month National Environmental Policy Act ("NEPA") process. (TSXV: ITR) (NYSE American: ITRG) News Release
Arizona Sonoran Copper outline their work plan for the Cactus Project in Arizona this year. ASCU anticipates the successful completion of the 2026 workstreams, including permitting, project financing and early development programs, inclusive of long lead procurement and derisking activities ahead of mine development, which will be key to advancing the Cactus Project to a final investment decision as early as Q4 2026. Major permit amendments are anticipated to be received in 2H 2026, including the Aquifer Protection Permit, Industrial Air Permit and Mined Land Reclamation Permit. The completion of a Feasibility Study is expected in the second half of this year. The Company is advancing the debt financing package to targeted completion post-FS and is exploring available government financial support options. (TSX:ASCU | OTCQX:ASCUF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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