Equinox Gold Reports First Quarter 2024 Financial and Operating Results | News | Equinox Gold
Three months endedOperating dataUnitMarch 31,2024December 31, 2023March 31,2023Gold
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HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2024
Operational
- Produced 111,725 ounces of gold
- Sold 116,504 ounces of gold at an average realized gold price of $2,066 per oz
- Total cash costs of $1,567 per oz and AISC of $1,950 per oz(1)
- Two lost-time injuries; total recordable injury frequency rate(2) of 1.55 per million hours worked for the 12-month rolling period (1.61 for the Quarter)
- Significant environmental incident frequency rate(2) per million hours worked of 0.30 per million hours worked for the 12-month rolling period (0.00 for the Quarter)
Earnings
- Income from mine operations of $11.4 million
- Net loss of $42.8 million or $0.13 per share (basic)
- Adjusted net loss of $14.4 million or $0.04 per share(1)
Financial
- Cash flow from operations before changes in non-cash working capital of $47.7 million ($17.9 million after changes in non-cash working capital)
- Adjusted EBITDA of $52.2 million(1)
- Sustaining expenditures of $44.6 million and non-sustaining expenditures of $69.3 million
Corporate
- Provided 2024 production and cost guidance of 660,000 to 750,000 ounces of gold at cash costs of $1,340 to $1,445 per oz and AISC of $1,630 to $1,740 per oz(1)
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Provided 2024 sustaining and non-sustaining expenditure guidance of $424 million
- $212 million of sustaining expenditures, of which $196 million is sustaining capital expenditures(1)
- $213 million of non-sustaining expenditures, of which $205 million is non-sustaining capital expenditures
- Non-sustaining capital expenditures includes $95 million to advance Greenstone to commercial production
- For the three months ended March 31, 2024, the Company issued 10.9 million common shares under its at-the-market equity program (“ATM Program”) at a weighted average share price of $4.61 per common share for total gross proceeds of $50.2 million
Construction and Development
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Advanced Greenstone commissioning:
- Commissioned crushing circuit, ore storage dome, high-pressure grinding rolls (HPGR), ball mill #1, and thickener and leach tanks; loaded flocculant and lime into the system during last week of March
- More than 1.5 million tonnes of ore stockpiled for startup
- Spent $54 million (Equinox Gold’s 60% share) during the Quarter
- On track to achieve first gold production in Q2 2024
- Completed approximately 6.4 million hours project-to-date with one lost-time injury; 12-month rolling average TRIFR of 2.03
