Equinox Gold has Record Year, Highlighting Greenstone Mine’s Success
By Kevin Vincent
Equinox Gold has reported its strongest quarterly and annual gold production to date, producing 213,960 ounces of gold in Q4 2024 and 621,870 ounces for the full year.
“2024 was a pivotal year for Equinox Gold, defined by our success at Greenstone,” said Greg Smith, President & CEO. “We consolidated 100% ownership of the mine, achieved commercial production, and produced more than 111,700 ounces of gold in the first, partial year of operations at Greenstone.” Smith added that several other mines also delivered their strongest fourth-quarter performances, driving Equinox Gold’s consolidated production to record levels. “As Greenstone ramps up to full capacity, we look forward to continued growth in 2025.”
The company closed the year with approximately $240 million in cash and equivalents and $105 million available on its revolving credit facility, alongside an undrawn $100 million accordion feature. In Q4, Equinox Gold reduced its debt by $180 million, completing the $40 million payment to Orion Mine Finance for the purchase of its 40% interest in Greenstone. Additionally, holders of $140 million in convertible notes converted their stakes into equity.
Greenstone Mine Overview
The Greenstone Mine played a significant role in Equinox Gold’s record-breaking year. Located in Ontario, Greenstone achieved commercial production and contributed 111,700 ounces of gold, despite only partial-year operations. The mine’s ramp-up is expected to continue into 2025, further solidifying its importance as a cornerstone of the company’s growth strategy.
Equinox Gold’s ability to consolidate ownership of Greenstone and ramp up production underscores its commitment to building long-term value. This strategic milestone places the mine at the center of the company’s vision to achieve over one million ounces of annual gold production.
About Equinox Gold
Equinox Gold is a growth-focused Canadian mining company with operations across the Americas. The company operates seven gold mines in Canada, the United States, Mexico, and Brazil and is actively advancing expansion projects to increase production. Equinox Gold’s shares trade on the TSX and NYSE American under the symbol EQX.
Equinox Gold plans to release its audited Q4 2024 and full-year financial results, along with its 2025 guidance, in late February.
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