Camino Rojo Gold Mine
Producing gold in Zacatecas, Mexico
Camino Rojo has been operating since 2022 as an open-pit heap leach mine.
Snapshot
Ownership
100%
Location
Zacatecas, Mexico
2026 Production1
110,000 – 120,000 oz gold
2026 Costs1
$1,150 – $1,250 per oz AISC
Mining and processing
Open-pit / heap leach
1. Guidance for a full year of production as announced by Orla Mining on January 20, 2026. Equinox Gold will provide updated guidance on August 5th. See Cautionary Notes.
Overview
Camino Rojo poured first gold in December 2021 and achieved commercial production in April 2022. Located in the mining-friendly jurisdiction of Zacatecas, Mexico, just 3km off a paved highway and with excellent regional infrastructure, including a connection to grid electricity.
Camino Rojo produced 96,764 ounces of gold in 2025, slightly lower than usual due to a pit wall event in July that required a pivot to processing stockpiled material as the pit wall was re-established. With overburden removal complete and mining returned to the main portion of the deposit, Camino Rojo is expected to produce 110,000 to120,000 ounces of gold in 2026 based on Orla Mining’s guidance (Equinox Gold will provide updated guidance in early August).
Operating Data
| 2025 Actuals | 2024 Actuals | 2023 Actuals | 2022 Actuals | |
|---|---|---|---|---|
| Gold produced (oz) | 96,764 | 136,748 | 121,877 | 109,596 |
| Cash costs ($/oz) | 778 | 524 | 506 | 449 |
| AISC ($/oz) | 865 | 805 | 736 | 449 |
Mining and Processing
Processing at Camino Rojo includes run-of-mine (ROM) ore crushing, followed by stacking and heap leaching. The project currently crushes approximately 19,200 tpd using a two-stage closed crushing circuit, and ore is conveyor-stacked onto a leach pad in 10 m lifts. Overall gold recovery since the start of operations is 62%, with the silver by-product recovery averaging 8%.
Opportunities
A technical report completed in 2025 outlined heap leach production from the oxide deposit until 2031, based on the current 759,000 ounces of Mineral Reserves and 1.1 Moz of Measured & Indicated oxide resources. While current production is from open-pit oxide mineralization, Equinox Gold is also advancing plans to develop a large underground sulphide deposit, outlining a pathway to both increase production and extend the mine life beyond the current open-pit and heap leach operation.
The Camino Rojo underground project is described in more detail in Growth Projects.
Exploration and Geology
The Camino Rojo property geology is dominated by siliciclastic and carbonate Cretaceous sedimentary units which are intruded by northeast-southwest and east-west striking mafic to intermediate dikes. The deposit itself is gold-dominant, with lesser silver, lead and zinc.
Camino Rojo’s mineral rights are held across seven concessions covering 138,640 hectares prospective for both near-mine and regional discoveries.
Operating Mines
An Americas-focused gold producer
Equinox Gold has operating mines in Canada, the USA, Mexico and Nicaragua.
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