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Equinox Gold Provides Update on Greenstone Mine Ramp-Up

Oct 21, 2024


Equinox Gold is making solid progress at its Greenstone Gold Mine in Geraldton. Since operations began, both mining and processing rates have seen substantial increases, particularly during the third quarter and into October.

“Greenstone has shown remarkable improvement in both mining and processing as we work toward achieving design capacity,” said Greg Smith, President and CEO of Equinox Gold. “With 42,500 ounces of gold produced in Q3 and 59,000 ounces since the first pour in May, we are on track to produce between 110,000 and 130,000 ounces in 2024.”

Progress in Mining and Processing

Safety

Since the start of construction in late 2021, the Greenstone project has achieved a strong safety record, with over 7 million hours worked and only one lost-time injury.

Mining

Mining rates at Greenstone have grown significantly. The daily average rate increased from 76,000 tonnes per day (tpd) in July to 125,000 tpd in September, with peaks surpassing 180,000 tpd. By early October, the average mining rate had risen to 145,000 tpd, steadily approaching the fourth-quarter target of 170,000 tpd. The mine’s fleet now includes 25 CAT 793 haul trucks, four Komatsu PC5500 shovels, and an expanding lineup of drills and bulldozers, with additional equipment expected in early 2025.

Processing

Plant throughput also increased, with an average of 14,300 tpd during Q3, peaking at 17,500 tpd in August. In total, the plant processed 1.3 million tonnes in the quarter. Both the crushing and grinding circuits have ample capacity to reach the full production rate of 27,000 tpd, with efforts now focused on increasing operating availability and maintaining consistent throughput.

Average grades during Q3 stood at 1.15 grams per tonne (g/t) gold, with recoveries around 80%. While there were some operational challenges, including design issues in the leach and gravity circuits, these have been largely resolved, and recovery rates have improved into October.

Gold Production

Greenstone produced approximately 42,500 ounces of gold in Q3, a 162% increase from the previous quarter. Since first gold was poured in May, total production has reached 59,000 ounces. The company remains focused on ramping up both mining and processing rates to reach full capacity by 2025. As a result, Equinox has adjusted its 2024 production guidance for Greenstone to 110,000-130,000 ounces of gold.

Updated Technical Report

Equinox Gold published an updated technical report for the Greenstone Mine on October 1, 2024. The report is available on the company’s website, SEDAR+, and EDGAR.



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