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Home > News > Equinox Gold Reports Strong...

Equinox Gold Reports Strong 2024 Results, Highlights Greenstone Production

Feb 20, 2025


Equinox Gold Corp. has announced its preliminary financial and operating results for Q4 and FY 2024, delivering record annual production and revenue. The Company expects to release audited statements in mid-March 2025.

"Equinox Gold finished 2024 with its strongest quarter of production, reaching a full-year record of 621,893 ounces of gold and selling 623,579 ounces," said Greg Smith, President & CEO. "These results underscore our new Greenstone Mine’s commencement of production, where we consolidated 100% ownership, achieved commercial production, and produced over 111,700 ounces at Greenstone in its first partial year."

Greenstone Mine Success

  • Consolidated Ownership: In May, Equinox Gold purchased the remaining 40% of Greenstone, securing full ownership.

  • Commercial Production: Declared on November 6, 2024, after the first gold pour on May 22, 2024.

  • Gold Production: Delivered 111,700+ ounces from the new operation, contributing significantly to record production.

"Greenstone stands to be a core driver of our growth and profitability. As we look to 2025 guidance of 635,000 to 750,000 ounces, Greenstone will be central to meeting our targets," Smith noted.

Full-Year 2024 Highlights

  • Production: 621,893 ounces of gold; 623,579 ounces sold at an average realized price of $2,423/oz.

  • Income from Mine Operations: $304.0 million.

  • Net Income: $339.3 million or $0.85 per share.

  • Adjusted Net Income: $96.7 million ($0.24 per share).

  • Sustaining Capital: $151.1 million; Non-sustaining Capital: $283.1 million.

  • Cash and Equivalents: $239.3 million at year-end.

  • Net Debt: $1,108.5 million at year-end.

The Company also suspended mining at Piaba (Aurizona) in April after a geotechnical event, focusing instead on the Tatajuba open pit. Mining restarted at Piaba in November. Meanwhile, multiple operational measures have strengthened the safety record, with zero significant environmental incidents reported.

Fourth Quarter 2024 Highlights

  • Gold Production: 213,964 ounces; 217,678 ounces sold at $2,636/oz average.

  • Income from Mine Operations: $170.1 million.

  • Net Income: $28.3 million ($0.06 per share).

  • Adjusted Net Income: $77.5 million ($0.17 per share).

  • Cash Flow from Operations: $247.8 million after working capital changes.

2025 Guidance

  • Production: 635,000 to 750,000 ounces of gold.

  • Cash Costs: $1,075 to $1,175 per ounce.

  • AISC: $1,455 to $1,550 per ounce.

  • Sustaining Capex: $310 million; Non-sustaining Capex: $102 million.

  • This guidance excludes production from Los Filos Mine pending completion of new long-term agreements with all local communities.

Outlook and Developments

  • Castle Mountain: Ongoing permitting and front-end engineering for Phase 2 expansion.

  • Bahia Complex: Consolidation of Fazenda and Santa Luz mines into a single operating unit.

  • Aurizona Underground Portal: Portal and decline development set for late 2025.

  • Financial Measures: Equinox aims to use increased cash flow to reduce corporate debt in the current strong gold price environment.

By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News.



Tags: Northern Ontario / Deals & Financial / Gold / All Articles