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January 11, 2023
All dollar figures are in US dollars, unless otherwise indicated.
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to report that the Company recorded its strongest production quarter for the year with 150,439 ounces of gold produced in Q4 2022, for full-year 2022 production of 532,319 ounces of gold. The Company ended the year with approximately $200 million in cash.
The 2022 production and cash balance figures are preliminary and subject to change when the Company releases its Q4 2022 and annual 2022 financial and operating results in late February.
Greg Smith, President & CEO of Equinox Gold commented: “Q4 was our strongest production quarter in what was overall a challenging year for the Company from an operational perspective, with both inflationary cost pressures and underperformance at some of our mines. However, 2022 was also a year of substantial progress. The Greenstone team continued to advance construction of the mine on budget and on track to pour gold in the first half of 2024. We achieved commercial production at our new Santa Luz Mine in Brazil, commenced permitting for the Castle Mountain Phase 2 expansion, advanced the feasibility study and permitting for development of the Aurizona underground deposit, and demonstrated the potential for a significant expansion at Los Filos.
“We ended the year well funded and with strong liquidity, with approximately $200 million in cash, an additional $127 million available to draw on our revolving credit facility plus another $100 million with the accordion feature, and equity investments with a current market value of $275 million.”
ESG (Environment, Social and Governance)
2022 Production Summary
Production increased during Q4 2022 to 150,439 ounces of gold, the strongest production quarter for the year. However, full-year production of 532,319 ounces of gold was below the lower end of production guidance as the result of operational challenges earlier in the year at Los Filos and Aurizona that continued to affect production in the fourth quarter, as forecast in the Company’s third quarter results release. Production was further affected by lower-than-expected recoveries at Santa Luz, including during the fourth quarter. While operations largely improved during Q4 2022, including at Los Filos and Aurizona, the Company continues to work on improving recoveries at Santa Luz and managing costs across the operations, and plans to provide 2023 production and cost guidance in late February.
|2022 Actuals (oz of gold)||2022 Guidance (oz of gold)1|
|Mesquite||123,965||120,000 – 130,000|
|Castle Mountain||23,227||25,000 – 35,000|
|Los Filos||133,723||155,000 – 170,000|
|Aurizona||102,368||120,000 – 130,000|
|Fazenda||65,641||60,000 – 65,000|
|Santa Luz||37,625||45,000 – 55,000|
|RDM||32,139||25,000 – 30,000|
|Total3||532,319||550,000 – 615,000|
1. Guidance was updated on August 3, 2022 to reflect the disruption to mining and operations at RDM, a longer-than-expected ramp-up at Santa Luz that prolonged pre-commercial production and inflation on a consolidated basis. 2. Production attributable to Equinox Gold prior to the sale of the Mercedes Mine to Bear Creek Mining Corporation on April 20, 2022. Mercedes production was not included in fiscal 2022 guidance. 3. Totals may not sum due to rounding.
About Equinox Gold
Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines, construction underway at a new project, and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at email@example.com.
Equinox Gold Contacts
Greg Smith, President & CEO
Rhylin Bailie, Vice President Investor Relations
Tel: +1 604-558-0560