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Equinox projecting up to 750,000 ounces at Greenstone this year

May 9, 2024

"Equinox Gold had a good start to the year. We have continued to achieve strong performance on our safety and environmental targets, and gold production and costs during the quarter have us well positioned to achieve 2024 guidance," said Greg Smith, President and CEO.

"We recently announced the acquisition of our joint venture partner's 40% interest in the Greenstone Mine, which will consolidate 100% ownership of this world-class mine into Equinox Gold. We expect the acquisition to close soon. Greenstone Mine commissioning is progressing well, and we expect to pour first gold this month." 

Equinox Gold Corp. has announced its first quarter 2024 summary of financial and operating results. The company's unaudited condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2024 will be available for download on the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on the Company's website at www.equinoxgold.com. The Company will host a conference call and webcast on May 9, 2024 commencing at 7:30 am Pacific Time to discuss first quarter results and activities underway at the Company. The Company will also host its annual meeting of shareholders ("AGM") on May 9 commencing at 1:30 pm Pacific Time followed by a corporate update with Equinox Gold's Chair and executive team commencing at 1:45 pm Pacific Time. Further details are provided at the end of this news release.



  • 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)


  • 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)


  • 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


  • 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)
  • 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 

  • 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


  • Commenced processing ore at Greenstone
    • Ore introduced into the grinding circuit on April 6, 2024
    • First gold pour expected in May, commercial production targeted by the end of Q3 2024
  • On April 23, 2024, the Company announced it had entered into a binding share purchase agreement ("SPA") with certain funds managed by Orion Mine Finance Management LP ("Orion") to acquire Orion's 40% interest in Greenstone Gold Mine GP Inc. (the "Transaction"), giving Equinox Gold 100% ownership of Greenstone
    • Equinox Gold will pay $995 million to acquire Orion's 40% interest in Greenstone, payable as: a) 42 million common shares of Equinox Gold valued at $250 million; b) $705 million in cash payable on closing; and c) $40 million cash payable by December 31, 2024
    • Equinox Gold will fund the cash consideration with net proceeds from a new $500 million three-year term loan and a bought deal equity financing of 49,060,000 common shares of Equinox Gold at a price of $5.30 per common share (the "Offering") for aggregate gross proceeds of approximately $260 million
    • The $500 million term loan will include a requirement that Equinox Gold hedge 15% of anticipated gold production through mid-2026
    • On April 26, 2024, the Company announced that the Offering, including an over-allotment option, has closed and the Company has issued 56,419,000 common shares for aggregate gross proceeds of $299 million
    • The Transaction is expected to close in Q2 2024, subject to customary closing conditions and receipt of certain regulatory and other approvals
  • Subsequent to March 31, 2024, extended existing 2019 and 2020 convertible notes
    • Maturity date of the $139.7 million principal 5.00% convertible notes due April 12, 2024 (the "2019 Convertible Notes") extended by six months to October 12, 2024
    • Maturity date of the $139.3 million principal 4.75% convertible notes due March 10, 2025 (the "2020 Convertible Notes") extended by six months to September 10, 2025 and conversion price amended from $7.80 to $6.50
  • On April 8, 2024, the Company reported a geotechnical event at Aurizona and a pause of mining activities while the Company establishes a remediation plan; milling and gold production continued from the ore stockpile through April. Subsequently, the Company commenced mining of the Tatajuba open pit at Aurizona and anticipates a ramp-up of mining activities to produce ore for plant feed by June 2024
  • On April 9, 2024, the Company drew down $60.0 million on the Company's revolving credit facility (the "Revolving Facility")


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