Equinox Gold (EQX) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 gold production and revenue, driven by Greenstone Mine ramp-up and strong gold prices, with 173,983 oz produced and 173,973 oz sold at a realized price of $2,461/oz.

• Greenstone Mine declared commercial production in November 2024, now the largest and lowest-cost operation in the portfolio.

• Completed Greenstone Acquisition in May 2024, resulting in 100% ownership and a $470.4M gain on remeasurement.

• Safety performance was strong, with six sites reporting no lost time incidents and no significant environmental incidents.

• Year-to-date production reached 407,929 oz at cash costs of $1,678/oz and AISC of $1,994/oz.

Financial highlights

• Q3 2024 revenue was $428.4M, up from $284.7M year-over-year; adjusted EBITDA was $141.9M; net income was $0.3M; adjusted net income was $37.4M ($0.09/share).

• Cash flow from operations before working capital changes was $130.1M ($0.30/share); after changes, $139.5M.

• Income from mine operations was $101.4M; operating income was $84.2M.

• Cash and cash equivalents at September 30, 2024 were $167.8M; undrawn credit facility of $105M.

• Q3 cash cost per ounce was $1,720; AISC was $1,994 per ounce.

Outlook and guidance

• 2024 consolidated production guidance updated to 590,000–675,000 oz at cash costs of $1,450–$1,550/oz and AISC of $1,820–$1,920/oz.

• Greenstone expected to produce 110,000–130,000 oz in 2024 at $850–$950/oz cash costs and $1,050–$1,150/oz AISC.

• Q4 anticipated to be another strong quarter, with highest quarterly production expected and further deleveraging as Greenstone ramps up.

• Santa Luz recovery rates remain volatile; further updates expected with 2025 guidance.

• Gold prepay deliveries deferred to May–September 2026, with additional ounces to be delivered.