Valentine Gold Mine
Atlantic Canada’s next major gold mine
Valentine poured first gold on September 14, 2025, announced commercial production on November 18th, and is on track to ramp up to design capacity by Q2 2026.
Snapshot
Ownership
100%
Location
Newfoundland and Labrador, Canada
2026 Production1
150,000 – 200,000 oz
2026 Costs1
$1,200 – $1,300/oz
Reserves
2.7 Moz @ 1.62 g/t gold
M&I Resources2
1.33 Moz @ 1.45 g/t gold
Mining and processing
Open-pit / CIL plant
Estimated mine life
~14 years
1. 2026 guidance as announced on January 14, 2026.
2. M&I Mineral Resources are exclusive of Mineral Reserves. See Operations / Reserves & Resources and Cautionary Notes.
Overview
The Valentine Gold Mine is located in central Newfoundland and Labrador, one of the world’s top mining jurisdictions. When operating at capacity, Valentine will be the largest gold mine in Atlantic Canada and a significant economic driver for the province.
The project spans a 32-km mineralized trend with multiple deposits and strong exploration upside. A December 2022 Feasibility Study outlined an open-pit mining and conventional milling operation with an initial 14-year mine life and average annual gold production of 175,000 to 200,000 ounces for the first 12 years.
Ramp-up Progressing Well
Valentine started processing ore in August 2025, poured first gold in September and achieved commercial production in November 2025. Throughput in Q4 2025 averaged 90% of nameplate capacity, with more than 47% of days operating above nameplate of 6,850 tpd.
The mine poured 23,816 ounces of gold in 2025 and is expected to produce 150,000 to 200,000 ounces of gold in 2026. In addition, Equinox Gold is advancing a Phase 2 expansion at Valentine to increase throughput from 2.5 million to more than 4.5 million tonnes per year. The proposed expansion is expected to increase annual production by approximately 25% to 225,000 to 250,000 ounces per year, and is described in more detail in Growth Projects.
The Valentine Gold Mine
Regulatory Filings
Annual Reports for the Federal Environmental Assessment
– 2022 Period
– 2023 Period
– 2024 Period
Impact Assessment Agency of Canada Compliance Report
Indigenous Communications Plan