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EQX vs GLDG
Equinox Gold (EQX) vs GoldMining Inc. (GLDG) Earnings Recap: Q1 Production Strength vs Interim Loss
Key Takeaways
- Equinox Gold (EQX) reported strong Q1 2026 production of 197,628 ounces of gold, driven by ramp-ups at Canadian mines Greenstone and Valentine.
- GoldMining Inc. (GLDG) posted a Q1 net loss of $7.25 million (EPS -$0.03), reflecting higher exploration spending but bolstered liquidity with $26.1 million in cash.
- EQX reduced debt by $990 million in Q1 and initiated a $0.015 per share dividend, signaling improved financial flexibility.
- GLDG, a non-producing explorer with fiscal year-end November 30, advanced projects like São Jorge and Whistler amid no revenue.
- EQX eyes 2026 Canadian output of ~543,000 ounces annually; GLDG focuses on resource growth and equity investments.
- Producer EQX (market cap ~$11.9B) contrasts with explorer GLDG (~$274M) in scale and earnings profile.
Earnings Context and Why This Comparison Matters
Equinox Gold (EQX) and GoldMining Inc. (GLDG) operate in the gold sector but at different stages: EQX as a mid-tier producer with operating mines across the Americas, and GLDG as an exploration company advancing a portfolio of projects in Brazil, Alaska, and elsewhere. Recent earnings updates highlight EQX's operational momentum amid high gold prices, versus GLDG's investment in discovery. This comparison matters for investors weighing producing assets with cash flow against high-upside exploration plays, especially as gold trends support both strategies.
Equinox Gold Focus
Equinox Gold released Q1 2026 operating results on April 9, 2026, reporting 197,628 ounces of gold produced, up year-over-year with strong contributions from Canadian assets: 60,338 ounces at Greenstone and 27,064 ounces at Valentine, plus steady output from Mesquite (13,174 oz), Nicaragua (81,280 oz), Brazil (13,473 oz), and Castle Mountain (2,299 oz). Greenstone mill throughput averaged 24,544 tons per day (tpd), exceeding nameplate capacity on 51% of days; Valentine hit 90% utilization. Full financial results for Q1 (three months ended March 31, 2026) are scheduled for May 6, 2026. Leveraging mine cash flow and Brazil asset sale proceeds, EQX repaid $990 million in debt and paid its inaugural quarterly dividend of $0.015 per share on March 26, 2026. Updated technical reports project ~543,000 ounces annual Canadian production from 2026-2036.
GoldMining Inc. Context
GoldMining filed unaudited Q1 interim results (three months ended February 28, 2026) on April 10, 2026 via Form 6-K, reporting a net loss of $7.25 million (basic/diluted EPS -$0.03), wider than prior year due to $1.58 million in exploration (São Jorge, Whistler, Titiribi) and $1.86 million share-based compensation. No revenue was generated, consistent with its pre-production explorer status (fiscal year-end November 30). Balance sheet strengthened with $26.1 million cash, $52.8 million working capital, $254.2 million total assets, and $241.6 million equity (bolstered by ~$137M Gold Royalty Corp. stake and U.S. GoldMining holdings). An at-the-market (ATM) program raised $9.32 million gross via 4.29 million shares. Total comprehensive income reached $3.56 million on unrealized investment gains. Recent drills extended São Jorge mineralization; Whistler PEA filed.
Head-to-Head Earnings and Market Comparison
EQX demonstrates producer earnings power with Q1 gold output supporting debt paydown and dividends, contrasting GLDG's quarterly losses from exploration outlays without revenue. In Q4 2025, EQX achieved record 247,024 ounces produced, revenue ~$988 million, adjusted net income $273 million (EPS $0.35), and EBITDA $579 million, with TTM EPS -$0.03 amid ramp-ups. GLDG's TTM EPS -$0.05 reflects ongoing investment; prior Q4 2025 EPS -$0.03. Growth drivers favor EQX's mine expansions (e.g., Valentine Phase 2) versus GLDG's resource definition, but GLDG offers leverage to discoveries. Risks include EQX's operational execution and debt (post-paydown ~$75M net), GLDG's funding needs via ATM/equity. Sentiment tilts to EQX on cash generation in bullish gold.
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Tickeron AI Verdict
Tickeron AI favors EQX (65% probability) over GLDG due to superior earnings quality from production cash flows, balance sheet deleveraging, dividend initiation, and stable trends versus GLDG's losses and exploration risks.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer. Disclaimers and Limitations
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is EQX is a Hold and GLDG is a Hold.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
EQX’s FA Score shows that 2 FA rating(s) are green whileGLDG’s FA Score has 0 green FA rating(s).
- EQX’s FA Score: 2 green, 3 red.
- GLDG’s FA Score: 0 green, 5 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
EQX’s TA Score shows that 5 TA indicator(s) are bullish while GLDG’s TA Score has 5 bullish TA indicator(s).
- EQX’s TA Score: 5 bullish, 3 bearish.
- GLDG’s TA Score: 5 bullish, 3 bearish.
Price Growth
EQX (@Precious Metals) experienced а -8.48% price change this week, while GLDG (@Precious Metals) price change was -9.62% for the same time period.
The average weekly price growth across all stocks in the @Precious Metals industry was -11.03%. For the same industry, the average monthly price growth was -11.25%, and the average quarterly price growth was -14.71%.
Reported Earning Dates
EQX is expected to report earnings on Aug 05, 2026.
GLDG is expected to report earnings on Jul 15, 2026.
Industries' Descriptions
@Precious Metals (-11.03% weekly)The Precious Metals industry is engaged in exploring/mining metals that are considered to be rare and/or have a high economic value. Popular precious metals include gold, platinum and silver - all three of which are largely used in jewelry, art and coinage alongwith having some industrial uses as well. Precious metals used in industrial processes include iridium, (used in specialty alloys), and palladium ( used in electronics and chemical applications). Historically, precious metals have traded at much higher prices than common industrial metals. Newmont Goldcorp Corp, Barrick Gold Corp and Freeport-McMoRan are few of the major precious metals producing companies in the U.S.
| EQX | GLDG | EQX / GLDG | |
| Capitalization | 8.1B | 198M | 4,093% |
| EBITDA | 1.22B | -27.48M | -4,426% |
| Gain YTD | -26.838 | -26.248 | 102% |
| P/E Ratio | 27.70 | N/A | - |
| Revenue | 2.41B | 0 | - |
| Total Cash | 500M | 52.6M | 951% |
| Total Debt | 615M | 275K | 223,636% |
EQX | GLDG | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 11 | 60 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 30 Undervalued | 40 Fair valued | |
PROFIT vs RISK RATING 1..100 | 91 | 100 | |
SMR RATING 1..100 | 63 | 95 | |
PRICE GROWTH RATING 1..100 | 61 | 62 | |
P/E GROWTH RATING 1..100 | 5 | 82 | |
SEASONALITY SCORE 1..100 | 75 | 75 |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
EQX's Valuation (30) in the null industry is in the same range as GLDG (40). This means that EQX’s stock grew similarly to GLDG’s over the last 12 months.
EQX's Profit vs Risk Rating (91) in the null industry is in the same range as GLDG (100). This means that EQX’s stock grew similarly to GLDG’s over the last 12 months.
EQX's SMR Rating (63) in the null industry is in the same range as GLDG (95). This means that EQX’s stock grew similarly to GLDG’s over the last 12 months.
EQX's Price Growth Rating (61) in the null industry is in the same range as GLDG (62). This means that EQX’s stock grew similarly to GLDG’s over the last 12 months.
EQX's P/E Growth Rating (5) in the null industry is significantly better than the same rating for GLDG (82). This means that EQX’s stock grew significantly faster than GLDG’s over the last 12 months.
| EQX | GLDG | |
|---|---|---|
| RSI ODDS (%) | 2 days ago 90% | 2 days ago 74% |
| Stochastic ODDS (%) | 2 days ago 86% | 2 days ago 74% |
| Momentum ODDS (%) | N/A | 2 days ago 76% |
| MACD ODDS (%) | 2 days ago 88% | 2 days ago 71% |
| TrendWeek ODDS (%) | 2 days ago 77% | 2 days ago 72% |
| TrendMonth ODDS (%) | 2 days ago 72% | 2 days ago 69% |
| Advances ODDS (%) | 8 days ago 81% | 9 days ago 72% |
| Declines ODDS (%) | 2 days ago 76% | 2 days ago 73% |
| BollingerBands ODDS (%) | 2 days ago 82% | 2 days ago 76% |
| Aroon ODDS (%) | 2 days ago 77% | 2 days ago 64% |
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