Equinox Gold Reports Record Results for 2024 with 623,579 Ounces of Gold Sold, Revenue of $1.5 Billion and Operating Cash Flow of $430 Million

Press Release

February 19, 2025

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its unaudited financial and operating results for the fourth quarter and fiscal year ended December 31, 2024. These results are preliminary and could change based on final audited results. Equinox Gold’s 2024 audited consolidated financial statements and accompanying management’s discussion and analysis for the three months and year ended December 31, 2024 are expected to be released around mid-March.

Greg Smith, President & CEO of Equinox Gold, commented: “Equinox Gold finished 2024 with its strongest quarter of production, bringing full-year production to an annual record of 621,893 ounces of gold with 623,579 ounces of gold sold, and driving record financial results including revenue and cash flow from operations. These results reflect commencement of production from our new Greenstone Mine where we consolidated 100% ownership of the mine, achieved commercial production, and produced more than 111,700 ounces of gold at Greenstone in its first, partial year of operations.

“Looking forward, we expect to produce between 635,000 to 750,000 ounces of gold in 2025 with cash costs of $1,075 to $1,175 per ounce and all-in sustaining costs of $1,455 to $1,550 per ounce. This guidance does not include any production from our Los Filos Mine in Mexico. We have reached consensus on new agreements with the three local communities and two communities have ratified and signed new long-term agreements; however, one community remains outstanding. Continuing operations at Los Filos in 2025 is subject to the successful completion of new long-term agreements with all three communities in the very near term.

“We continue to advance permitting for our Castle Mountain expansion, are consolidating our Fazenda and Santa Luz mines into a combined operating unit to be called the Bahia Complex, and will commence development of the underground portal and decline at our Aurizona mine later this year. Another focus for 2025 is using increasing cash flow from operations in this strong gold price environment to reduce our corporate debt.”

HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024

Operational

• Produced 213,964 ounces of gold
• Sold 217,678 ounces of gold at an average realized gold price of $2,636 per oz
• Total cash costs of $1,458 per oz and all-in sustaining cost (“AISC”) of $1,652 per oz⁽¹⁾
• Four lost-time injuries and a total recordable injury frequency rate⁽²⁾ of 2.48 for the Quarter
• No significant environmental incidents during the Quarter

Earnings

• Income from mine operations of $170.1 million
• Net income of $28.3 million or $0.06 per share (basic)
• Adjusted net income of $77.5 million or $0.17 per share⁽¹⁾

Financial

• Cash flow from operations before changes in non-cash working capital of $212.7 million ($247.8 million after changes in non-cash working capital)
• Adjusted EBITDA of $218.2 million⁽¹⁾
• Sustaining expenditures of $39.9 million and non-sustaining expenditures of $49.1 million

1. Cash costs per oz sold, AISC per oz sold, adjusted net income (loss), adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EPS (earnings per share), and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Total recordable injury frequency rate (“TRIFR”) and significant environmental incident frequency rate (“SEIFR”) are both reported per million hours worked. TRIFR is the total number of injuries excluding those requiring simple first aid treatment.

RECENT DEVELOPMENTS

• Provided 2025 production and cost guidance of 635,000 to 750,000 ounces of gold at cash costs of $1,075 to $1,175 per oz and AISC of $1,455 to $1,550 per oz⁽¹⁾
• Provided 2025 sustaining and non-sustaining expenditure guidance of $411 million
  • $310 million of sustaining expenditures
  • $102 million of non-sustaining expenditures
• Issued an updated technical report for Fazenda that includes an updated Mineral Reserve and Mineral Resource estimate, demonstrating mine life extension to 2033
• At Los Filos, the Company reached consensus on terms for new agreements with the three local communities. Two communities have ratified and signed new long-term agreements; however, one community remains outstanding. If the Company is unable to satisfactorily complete these agreements with all three communities in the very near term, the Company will suspend operations at Los Filos indefinitely

2024 HIGHLIGHTS

Operational

• Produced 621,893 ounces of gold
• Sold 623,579 ounces of gold at an average realized gold price of $2,423 per oz
• Total cash costs of $1,598 per oz⁽¹⁾ and AISC of $1,870 per oz⁽¹⁾
• Ten lost-time injuries, one fatality; four sites had no lost-time injuries
• Achieved a total recordable injury frequency rate of 2.21, 26% better than the Company’s target for the year
• Achieved a significant environmental incident frequency rate⁽²⁾ of 0.20, a 31% improvement compared to 2023
• Poured first gold at Greenstone on May 22, 2024 and declared commercial production on November 6, 2024
• Suspended mining in the Piaba open pit at Aurizona in April following a geotechnical event; continued processing stockpiled ore through April and accelerated mining in the new Tatajuba open pit; commenced processing Tatajuba ore in July and re-commenced mining in the Piaba open pit in November

Earnings

• Income from mine operations of $304.0 million
• Net income of $339.3 million or $0.85 per share
• Adjusted net income of $96.7 million⁽¹⁾ or $0.24 per share⁽¹⁾

Financial

• Cash flow from operations before changes in non-cash working capital of $430.2 million ($372.2 million after changes in non-cash working capital)
• Adjusted EBITDA of $458.2 million⁽¹⁾
• Sustaining expenditures of $151.1 million and non-sustaining expenditures of $283.1 million
• Cash and cash equivalents (unrestricted) of $239.3 million at December 31, 2024
• Net debt⁽¹⁾ of $1,108.5 million at December 31, 2024

Corporate

• On October 1, 2024, filed a short form base shelf prospectus, replacing the previous short form base shelf prospectus which was set to expire by year-end 2024
• On May 13, 2024, purchased the remaining 40% of Greenstone to consolidate 100% ownership to Equinox Gold for total consideration of $962.6 million, as follows:
  • 42.0 million common shares of Equinox Gold valued at $217.6 million
  • $705.0 million in cash payable on closing, funded in part with a new term loan and a bought deal financing
  • $40.0 million in cash payable by December 31, 2024, which was paid in full on December 30, 2024
• Maintained liquidity
  • On October 29, 2024, deferred the first five monthly deliveries associated with gold prepay transactions
  • On April 26, 2024, completed $299.0 million bought deal financing to partially fund the Greenstone Acquisition; issued 56.4 million common shares at $5.30 per share
  • On May 13, 2024, arranged new $500.0 million three-year term loan to partially fund the Greenstone Acquisition
  • Extended the $139.3 million principal 4.75% convertible notes from March 10, 2025 to September 10, 2025 and amended the conversion price from $7.80 per common share to $6.50 per common share
  • In October 2024, issued 26.6 million common shares upon conversion of $139.7 million of convertible notes with a $5.25 conversion price
  • Sold the remainder of the Company’s equity investment in i-80 Gold Corp. (TSX: IAU) (“i-80 Gold”) for total proceeds of $48.2 million
• On October 9, 2024, Mr. Fraz Siddiqui resigned from the Company’s Board of Directors (“Board”). Mr. Siddiqui was the Board appointee of Mubadala Investment Company under an investor rights agreement. With conversion of the $130 million convertible note and subsequent sale of the issued shares, as announced on October 3, 2024, the investor rights agreement is no longer in effect
• On May 10, 2024, Ms. Trudy Curran was appointed to the Board

Development and exploration

• Advanced permitting and front-end engineering for the Castle Mountain Phase 2 expansion
• Commenced mining of the new Tatajuba open-pit deposit at Aurizona; advanced technical studies for the Piaba underground portal and ramp
• Successfully replaced reserves through 75,175 metres of reserve replacement drilling and strategic mine planning updates
• Completed 8,748 metres of step-out drilling across the portfolio with a focus on mine life extension, and completed 25,215 metres of regional drilling to delineate new deposits
• Issued an updated technical report for Greenstone, which included updates to the Mineral Reserve and Mineral Resource estimates, annual production estimates, and life-of-mine capital and operating costs
• Updated the Mineral Resource estimate for the exploration-stage Hasaga Property and issued an updated technical report

Responsible mining

• Completed the Ride to Greenstone fundraiser: cycled 3,634 km from Vancouver, BC to Greenstone and raised C$1.24 million for the Geraldton District Hospital and more than C$200,000 for charities in Brazil and the USA
• Improved S&P Corporate Sustainability Assessment score by 13% compared to 2023

CONFERENCE CALL AND WEBCAST

Equinox Gold will host a conference call and webcast on Thursday, February 20, 2025 commencing at 7:30 am Vancouver time to discuss the financial and operating results for the fourth quarter and fiscal year ended December 31, 2024. The webcast will be archived on Equinox Gold’s website until August 20, 2025.

Conference call
Toll-free in U.S. and Canada: 1-844-763-8274
International callers: +1 647-484-8814

Read More:

IBF4