Equinox Gold’s Greenstone Mine Announces Commercial Production
Press Release
November 6, 2024
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that based on the operating progress achieved through October, its Greenstone Mine in Ontario, Canada has reached commercial production.
Greg Smith, President & CEO of Equinox Gold, commented: “With the Greenstone Mine continuing to ramp up and generating positive operating cash flow, we are pleased to announce commercial production at our newest and largest gold mine. This milestone marks the culmination of three years of construction and commissioning, accomplished during the challenges of a global pandemic, supply chain disruptions, and inflationary pressures. I extend my thanks and congratulations to the Greenstone team for their dedication and perseverance in achieving this milestone.”
During Q3, the Greenstone Mine processed an average of 14,300 tonnes per day (“tpd”), representing 53% of design throughput, producing 42,400 ounces of gold at an average recovery rate of 79% and a cash cost of US$930 per ounce. The average throughput during the quarter includes three multi-day shutdowns to address issues identified during the ramp-up process. Throughput steadily increased through October and, as of November 5th, the trailing 20-day throughput averaged over 20,400 tpd, representing 76% of design. The crushing and grinding circuits have demonstrated operation at the full production rate of 27,000 tpd (crushing over 32,000 tpd, milling over 27,000 tpd). Gold recovery has reached daily highs over 90% and averaged 78% through October. The current focus is on increasing plant availability and recoveries.
At full production, the Greenstone Mine will be one of Canada’s largest and highest-grade open-pit gold mines, producing on average 390,000 ounces of gold per year for the first five years and 330,000 ounces of gold annually for an initial 15-year mine life.
EQUINOX GOLD CONTACTS
Greg Smith, President & CEO
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com
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