Here’s Why Equinox Gold Corp. (EQX) Skyrocketed Today

We recently compiled a list of the 10 Firms, Predominantly Gold Miners, Lead Wednesday Rally. In this article, we are going to take a look at where Equinox Gold Corp. (NYSEAMERICAN:EQX) stands against the other stocks.

Ten companies–predominantly gold miners–led Wednesday’s rally on Wall Street, despite the latter’s main indices closing mixed.

The Dow Jones eked out a 0.25 percent gain, while the S&P’s main index inched up 0.16 percent. Nasdaq bucked counterparts, dipping by 0.06 percent.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top advancers.

Aerial view of a large-scale gold mine, showing the extent of the company’s operations.

Equinox Gold Corp. (NYSEAMERICAN:EQX)

Equinox Gold Corp. (NYSEAMERICAN:EQX) saw its share prices jump by 9.85 percent on Wednesday to close at $5.80 apiece after hitting record-breaking quarterly and annual gold production, coupled with higher gold prices.

According to the company, it was able to produce 213,960 ounces of gold in the fourth quarter of 2024 and 621,870 ounces for the full year. Its Greenstone mine, which it now fully controls, contributed 111,710 ounces in its first partial year of operations after achieving commercial production.

Equinox Gold Corp. (NYSEAMERICAN:EQX) also said it ended the year with approximately $240 million in cash and equivalents and $105 million available to draw on its revolving credit facility, as well as another $100 million undrawn accordion feature.

During the fourth quarter, the company was able to slash its debt by $180 million with the payment of the final $40 million due to Orion Mine Finance for the purchase of its 40 percent interest in Greenstone and with the conversion to equity by the holders of $140 million in convertible notes.

Overall EQX ranks 2nd on our list of the firms that led Wednesday rally. While we acknowledge the potential of EQX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than EQX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.