Equinox Gold (EQX) Q4 2024 earnings summary

Executive summary

• Achieved record annual gold production of 622,000 ounces and sales of 623,579 ounces in 2024, with Q4 production of 214,000 ounces and sales of 218,000 ounces, the highest in company history.

• Greenstone Mine reached commercial production in November, contributing over 111,700 ounces in its first partial year after consolidating 100% ownership.

• 2024 revenue was $1.5 billion and operating cash flow was $430 million.

• Net income for 2024 was $339.3 million ($0.85/share); adjusted net income was $96.7 million ($0.24/share).

• Safety performance improved, with four sites reporting no lost-time injuries and a total recordable injury frequency rate of 2.21.

Financial highlights

• Q4 revenue reached $575 million, driven by a realized gold price of $2,636/oz and higher sales volumes.

• Q4 net income was $28.3 million ($0.06/share); adjusted net income was $77.5 million ($0.17/share).

• Q4 adjusted EBITDA was $218.2 million; full-year adjusted EBITDA was $458.2 million.

• Q4 cash flow from operations before working capital changes was $213 million ($0.47/share); full-year was $430.2 million.

• Ended Q4 with $239 million in unrestricted cash and $105 million available on the revolving credit facility; net debt was $1,108.5 million.

Outlook and guidance

• 2025 production guidance: 635,000–750,000 ounces; cash cost: $1,075–$1,175/oz; AISC: $1,455–$1,550/oz.

• Sustaining expenditures for 2025 forecast at $310 million; non-sustaining at $102 million.

• Production increase in 2025 expected from Greenstone ramp-up.

• No 2025 guidance for Los Filos due to ongoing community agreement negotiations.

• Fazenda and Santa Luz combined into Bahia Complex for operational efficiencies.