Canadian miner Equinox Gold has begun processing ore at its Valentine gold mine in Newfoundland and Labrador, with first gold expected within the next month.

“I am pleased to announce that our Valentine gold mine has begun processing ore through its 2.5-million-tonne-per-annum facility," CEO Darren Hall said on Thursday. 

He added that the mine is expected to ramp up to nameplate capacity during the second quarter of 2026, producing between 175 000 oz/y and 200 000 oz/y of gold for the first 12 years of its 14-year reserve life.

Valentine is Equinox's second gold mine in Canada. The company also owns the Greenstone mine, in northern Ontario, which is continuing its ramp-up.

To support the transition at Greenstone, the company has added senior leadership: Bryan Wilson will join on September 3 as VP of operations, bringing more than 37 years of openpit and underground mining experience, while Roger Souckey has been appointed director of external relations.

“At Greenstone, the ramp-up continues to advance, supported by new leadership and technical expertise,” Hall said, noting Wilson’s track record at Iamgold's Côté gold mine and Souckey’s decades of global mining experience.

The company has further strengthened its executive team with the appointment of Daniella Dimitrov as executive VP of sustainability, people and strategy. “With more than 25 years of leadership experience in strategy, finance, and governance, Daniella adds valuable expertise that will advance our vision of building a top-quartile gold producer anchored by long-life Canadian mines,” Hall said.

Equinox also confirmed that holders of its 2020 convertible notes opted to convert their securities into equity at $6.50 a share. The company issued 21.4-million common shares on August 18 to settle the $139.2-million principal, fully retiring the notes.

“The retirement of the 2020 convertible notes marks another step in the company’s objective to reduce overall leverage,” Hall said.

Equinox now sees itself entering what Hall described as a “pivotal phase of growth”, with both Valentine and Greenstone expected to drive a meaningful increase in production and cash flow in the coming year.