Equinox Gold (TSX:EQX) shares rose on Monday, November 9, as gold prices climbed and lifted Mining stocks across the S&P/TSX Composite. The stock finished the regular session at $17.02 on the TSX. The company's third-quarter results came out after the closing bell, so they did not drive Monday's move. They are what investors will be trading on next.

What happened

Gold was the backdrop. December gold futures rose to about US$4,153 an ounce, and Canadian miners followed. Larger peers such as Agnico Eagle and Barrick posted solid gains, and Equinox moved up with the group.

The broader market helped too. The S&P/TSX Composite closed at 36,446.26, up about 657 points and at its highest close since early September. Base metals led, and advancers beat decliners by more than two to one.

Equinox released its third-quarter results at 5:30 p.m. Eastern time on Monday, well after the TSX closed at 4 p.m. Any reaction to those numbers will show up on Tuesday, November 10.

Why it matters

The quarter was the first to include the Orla Mining combination, which closed on July 31, 2026. That deal added the Musselwhite mine in Ontario and Camino Rojo in Mexico, though only for August and September.

The company, which reports in U.S. dollars, posted these headline figures:

- Gold production of 237,019 ounces and sales of 248,484 ounces, at an average realized price of US$4,157 an ounce - Record Revenue of US$1.05 billion - Adjusted EBITDA of US$533 million, up by roughly half from the second quarter - Net Income of US$62.5 million, or six cents a share, and adjusted net income of US$199.3 million, or 19 cents a share - All-in sustaining costs of US$2,091 an ounce sold, down from the second quarter

The Balance Sheet improved as well. Equinox ended the quarter with US$527.9 million in unrestricted cash and about US$1.2 billion in liquidity. It said it had net cash of US$164 million, excluding convertible notes it redeemed after the quarter ended.

Jason Simpson, who took over as president and CEO on November 1, said the numbers understate the new company. "This quarter's results are only a partial reflection of the transformation of Equinox Gold," he said.

The bigger picture

The results were not all upside. Equinox said it expects to land at the low end of its 2026 production guidance of 870,000 to 920,000 ounces. On costs, it expects to come in at the high end of its All-In Sustaining Cost range of US$1,900 to US$2,000 an ounce.

That is a mixed message. Output is tracking toward the bottom of the range while costs are tracking toward the top. With gold above US$4,000 an ounce, margins are still wide, but investors may weigh that guidance against the strong revenue and cash flow.

The company is also returning cash. It bought back US$9 million in shares and paid US$26.3 million in dividends in the quarter, and declared a quarterly Dividend of US$0.0225 a share, payable December 10.

What to watch next

Tuesday's trading is the first real test. Equinox scheduled a conference call for 10 a.m. Eastern on November 10. Investors will likely look for more detail on guidance, the Musselwhite integration and the Valentine mine in Newfoundland.

Simpson also said the company is "on track to exceed one million gold ounces produced on a combined twelve-month basis." Watch whether the fourth quarter, the first with a full three months of the Orla mines, backs that up.

Gold remains the biggest swing factor. Monday's gain came with the metal, and the stock is likely to keep following bullion closely.