Welcome to our dedicated page for Equinox Gold news (Ticker: EQX), a resource for investors and traders seeking the latest updates and insights on Equinox Gold stock.
Equinox Gold Corp. (TSX: EQX, NYSE: EQX) is a growth-focused Canadian mining company that operates primarily in North and South America. The company's core business involves the operation, acquisition, exploration, and development of mineral properties, with a strong focus on gold mining. Equinox Gold currently operates seven gold mines and is actively commissioning an eighth mine, with a clear path to surpassing one million ounces of annual gold production.
Equinox Gold's diverse portfolio includes assets in Brazil, California, and other regions in North and South America. The company is notably advancing its Aurizona Project in Brazil, aiming to commence gold production by the end of 2018. Simultaneously, it is conducting a pre-feasibility study at its Castle Mountain Project in California with the objective of restarting production.
Recent achievements include the acquisition of the remaining 40% stake in the Greenstone Mine, consolidating full ownership of this world-class asset in Ontario, Canada. The Greenstone Mine is expected to be Equinox Gold's largest and lowest-cost producer, with an annual production forecast of approximately 400,000 ounces of gold for the first five years. The first gold pour at Greenstone was successfully achieved in May 2024, marking a significant milestone towards reaching commercial production in the third quarter of 2024.
Financially, Equinox Gold is in a robust position, having recently closed a
Equinox Gold (EQX) reported record third-quarter 2024 results with production of 173,983 ounces of gold and sales of 173,973 ounces at an average price of $2,461 per oz. The company achieved revenue of $428.4M and adjusted EBITDA of $141.9M. Net income was $0.3M with adjusted net income of $37.4M. Total cash costs were $1,720 per oz and AISC of $1,994 per oz. The company updated its 2024 production guidance to 590,000-675,000 ounces, reflecting Greenstone Mine's ramp-up progress. Cash and cash equivalents stood at $167.8M with net debt of $1,314.7M as of September 30, 2024.
Equinox Gold announces commercial production at its Greenstone Mine in Ontario, Canada. During Q3, the mine processed 14,300 tonnes per day (53% of design throughput), producing 42,400 ounces of gold at 79% recovery rate and US$930 per ounce cash cost. Recent operations show improved performance with 20-day throughput averaging 20,400 tpd (76% of design). The crushing and grinding circuits have demonstrated full production capacity of 27,000 tpd. At full production, Greenstone will be among Canada's largest open-pit gold mines, with projected output of 390,000 ounces annually for the first five years and 330,000 ounces annually over a 15-year mine life.
Equinox Gold (TSX: EQX) (NYSE American: EQX) has announced it will release its unaudited financial and operating results for Q3 2024 on November 6, 2024, after market close. The company will host a conference call and webcast to discuss the results on November 7, 2024, at 7:30 am PT (10:30 am ET). The webcast will be available on the company's website until May 7, 2025.
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) has provided an operations update on its new Greenstone Gold Mine in Ontario, Canada. Key highlights include:
- Q3 gold production of approximately 42,500 ounces, a 162% increase from Q2
- Total production of 59,000 ounces since first gold pour on May 22, 2024
- 2024 production guidance adjusted to 110,000-130,000 ounces of gold
- Mining rates increased from 76,000 tpd in July to 145,000 tpd in October
- Plant throughput averaged 14,300 tpd during Q3, with capacity to operate at 27,000 tpd
- Processed grade averaged 1.15 g/t gold with average recovery of approximately 80%
The company is focusing on systematically ramping up both mining rates and plant throughput during Q4 as the mine progresses toward design capacity. An updated technical report for Greenstone was published on October 1, 2024.
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) has announced a change to its Board of Directors. Mr. Fraz Siddiqui, who was the Board appointee of Mubadala Investment Company, has resigned effective October 9, 2024. This change comes after Mubadala's conversion of their convertible note and subsequent sale of issued shares, announced on October 3, 2024, which resulted in the expiration of Mubadala's right to a Board appointment.
Ross Beaty, Chair of Equinox Gold, expressed gratitude for Mr. Siddiqui's contributions as a director since October 2023 and thanked Mubadala Investment Company for their support of Equinox Gold's growth strategy since their initial investment in April 2019. The company's management, including Greg Smith (Chief Executive Officer) and Rhylin Bailie (Vice President, Investor Relations), remains available for investor inquiries.
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) has announced the conversion of a US$130 million convertible note held by MDC Industry Holding Company , resulting in the issuance of 24,761,905 common shares to Ninety Fourth Investment Company Additionally, Equinox Gold and Ninety Fourth have entered into an agreement with BMO Capital Markets for a secondary offering of these shares at US$5.65 per share, totaling approximately US$140 million in gross proceeds.
The offering is expected to close around October 9, 2024, subject to conditions. Equinox Gold will not receive any proceeds from the sale. Following the offering, MDC will retain a second US$130 million convertible note with a September 10, 2025 maturity date and a US$6.50 per share conversion price.
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) has announced an updated Mineral Resource Estimate (MRE) for its Hasaga Property in Red Lake, Ontario. The new MRE focuses on high-grade gold mineralization, departing from the previous bulk-tonnage approach. Key highlights include:
- Indicated Mineral Resource: 1.470 million tonnes at 8.64 g/t gold for 408,000 ounces of contained gold
- Inferred Mineral Resource: 2.059 million tonnes at 7.31 g/t gold for 484,000 ounces of contained gold
The main zones of gold mineralization remain open, with potential for resource growth and new discoveries. Hasaga is located in the Red Lake Gold District, which has produced over 30 million ounces of gold. The property hosts three past-producing gold mines and sits on the main northeast-southwest trend, approximately 5 km southwest of the Red Lake Mine Complex.
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) celebrates the official opening of its Greenstone Mine in Geraldton, Ontario. The event will be live-streamed at www.GreenstoneGoldMines.com starting at 11:00am ET. Greg Smith, President & CEO, highlighted the mine's significance as one of Canada's largest and lowest-cost gold producers.
The Greenstone Mine poured first gold on May 22, 2024, after beginning construction in October 2021. The mine's ramp-up to commercial production has been impressive, with gold production increasing from 2,625 ounces in May to 19,750 ounces in July. As of August, average throughput has exceeded 60% of design capacity. This achievement comes after Equinox Gold acquired Orion Resource Partners' 40% stake in May, becoming the sole owner of the mine.
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) has successfully completed its 'Ride to Greenstone' fundraiser, raising over C$1.5 million for healthcare initiatives. The cycling team, covering 3,634 kilometers from Vancouver to Geraldton, will deliver a C$1.3 million cheque to the Geraldton District Hospital. Additional funds were raised by Equinox Gold's international teams for local charities.
The event, supported by notable Gold Sponsors, precedes the Greenstone Mine's grand opening on August 29th. Funds raised will benefit healthcare services in Northern Ontario, covering a 2,767-km² region including five Indigenous communities and the mine workforce. A live stream of the cyclists' arrival and celebrations will be available on the Greenstone Gold Mines YouTube page from 11:00 am to 1:00 pm ET.
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) has issued a correction to its previously released second quarter 2024 financial and operating results. The company clarified that in connection with a new Term Loan, it had entered into gold collar contracts to deliver a total of 279,996 ounces, not 279,996 ounces per month as initially stated. This error appeared in both the news release and the company's management's discussion and analysis (MD&A) for the three and six months ended June 30, 2024.
Equinox Gold will file the corrected MD&A on SEDAR+, EDGAR, and the company's website. The correction does not affect any other information in the original news release or MD&A.
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