Nov. 5 at 11:59 PM
$EQX
🐂 𝗧𝗵𝗲 𝗯𝘂𝗹𝗹 𝗰𝗮𝘀𝗲: The operational execution is excellent. Ramp-ups at Greenstone and Valentine are being de-risked far quicker than expected. Costs are moving in the right direction, and cash flow generation is exploding. The company's transformation into a major, lower-cost producer is no longer a "show-me" story; it's happening right now.
🐻 𝗧𝗵𝗲 𝗯𝗲𝗮𝗿 𝗰𝗮𝘀𝗲: All-in sustaining costs (AISC) at
$1.X,833/oz, while improving, are still high in absolute terms. The company carries a significant debt load of nearly
$1.3 billion, and any sharp downturn in gold prices could renew pressure on the balance sheet.
⚖️ 𝗩𝗲𝗿𝗱𝗶𝗰𝘁: Strongly bullish. This was a "put up or shut up" quarter, and management delivered. The operational turnarounds at the key Canadian assets address the market's biggest concerns head-on. The bear case is weakening rapidly as massive cash flow generation now seems poised to accelerate debt repayment.
