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Greenstone operator Equinox Gold reports strong third quarter

Nov 1, 2023

"Our Greenstone project is progressing well and remains on track to pour gold in the first half of 2024, with pre-commissioning activities underway. At September 30th the project was 93% complete overall, on budget and on schedule. With more than $350 million in cash and equivalents at quarter end, we remain fully funded to complete Greenstone construction and our 2023 corporate initiatives.

Equinox Gold Corp. is pleased to announce its third quarter 2023 summary financial and operating results. The company's unaudited condensed consolidated interim financial statements and related management's discussion and analysis for the three and nine months ended September 30, 2023 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 November 1, 2023 commencing at 7:30 am PT (10:30 am ET) to discuss third quarter results and activities underway at the Company. Further details are provided at the end of this news release.

Greg Smith, President and CEO of Equinox Gold, commented: "Equinox Gold delivered strong results in Q3, achieving a third-quarter record for production, revenue and EBITDA. We produced 149,089 ounces of gold during the quarter, generating $285 million in revenue and $65 million in EBITDA, or $81 million on an adjusted EBITDA basis. We remain focused on delivering our full-year cost and production guidance.

"In addition, I am pleased to announce that Fraz Siddiqui has joined our Board of Directors, replacing François Bellemare as the Mubadala Investment Company Board appointee. Mr. Siddiqui is a Chartered Accountant with extensive capital markets, financing and mining industry experience. I welcome Fraz to Equinox Gold's Board of Directors and thank François for his contributions as a director." 



  • Produced 149,089 ounces of gold

  • Sold 148,231 ounces of gold at an average realized gold price of $1,917 per oz

  • Total cash costs of $1,363 per oz and AISC of $1,630 per oz(1)

  • Three lost-time injuries, rolling 12-month average total recordable injury frequency rate(2) of 1.28 (1.68 for the Quarter) 

  • Total significant environmental incident frequency rate(2) rolling 12-month average of 0.34 (0.56 for the Quarter)


  • Income from mine operations of $25.2 million

  • Net income of $2.2 million or $0.01 per share (basic) 

  • Adjusted net income of $28.7 million or $0.09 per share(1)


  • Cash flow from operations before changes in non-cash working capital of $82.6 million ($69.3 million after changes in non-cash working capital) 

  • Adjusted EBITDA of $81.2 million(1)

  • Sustaining expenditures of $32.0 million and non-sustaining expenditures of $104.1 million

  • Cash and cash equivalents (unrestricted) of $356.7 million at September 30, 2023

  • Net debt(1) of $729.5 million at September 30, 2023


  • On August 1, 2023, drew $127.0 million on the Company's revolving credit facility (the "Revolving Facility")

  • On September 21, 2023, issued $172.5 million of unsecured senior convertible notes (the "2023 Convertible Notes") on a bought deal provide placement basis 

    • - The 2023 Convertible Notes bear interest at 4.75%, have a fixed conversion rate of 158.7302 common shares per $1,000 principal amount, representing an initial conversion price of $6.30 per share, subject to certain anti-dilution adjustments, and mature on October 15, 2028

Construction, development and exploration

  • Advanced Greenstone construction with the following achieved to September 30, 2023:

    • - More than 5 million hours worked with one lost-time injury and a 12-month rolling average TRIFR of 1.92

    • - Power plant commissioning has been completed and the plant is now in operation

    • - Pre-commissioning activities started as planned in September in the crushing, crushed ore storage, and reclaim and high-pressure grinding rolls areas

    • - Overall project was 93% complete, on budget and on track to pour gold in H1 2024

    • - Spent $90 million (Equinox Gold's 60% share) during the Quarter with total spend (100% basis) of $1,087 million project to date (89% of the approved budget)

Responsible Mining

  • In July 2023, published the Company's inaugural Water Stewardship Report in alignment with the water reporting practices recommended by the International Council on Mining and Metals


  • On October 3, 2023, repaid $166.0 million of the Revolving Facility with proceeds from the 2023 Convertible Notes 

  • On October 31, 2023, received $75 million on closing of the gold purchase and sale arrangement ("Sandbox Arrangement")

  • On October 31, 2023, Fraz Siddiqui joined the Company's Board of Directors, replacing François Bellemare as Mubadala Investment Company's Board appointee

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