Equinox Gold closed the first half of 2026 as a company in the middle of a wholesale transformation. The Brazil portfolio changed hands in a transaction just above the $1 billion mark, and the proceeds funded a payoff of nearly all of the company's term debt. The at-market combination with Orla Mining closed in July and created North America's new senior gold producer, an equity story that no longer resembles the one that started the year.
The second quarter itself delivered 176,836 ounces of gold. Revenue came in at $769.8 million. Adjusted EBITDA was $358.3 million, and net income was $230.6 million. The market is paying a premium for that transformation. At a recent NYSE American quote of $12.95 per share, the equity carries a market capitalization near $15.1 billion, a number that sits well above the trailing twelve month adjusted EBITDA run rate.
The counter-argument sits in the same filings. The merger diluted pre-merger holders substantially, the chief executive departs in October, and more than $600 million of growth capital is committed to permitting, restart, and expansion plays rather than proven production. The equity is pricing in success on a portfolio of moving parts, not on a completed transformation. The updated 2026 production guide is the number that ties it together, and it points to roughly 1.1 million ounces on a pro forma annual basis because it already prices in five months of Orla's assets.
The watch list that the next two quarters resolve is short and concrete. First, the H2 production ramp at Greenstone, Valentine, and Musselwhite, which management says carries the consolidated AISC down from a first half print near $2,057 per ounce. That ramp is what moves the print toward the $1,900 to $2,000 guide. Second, the Federal Record of Decision at South Railroad, expected in August, the gate to the largest single growth step in the pipeline. Third, the Valentine Phase 2 expansion, approved at a $436 million budget. It is expected to add roughly 80,000 ounces of annual production. Fourth, the actual restart of heap leaching at Los Filos under the new community land agreements. The stock is priced as though at least some of these succeed, and each one is a named, dated, binary-ish milestone.