Mining
Thursday, January 11th, 2024 3:54 pm EDT
Key Points
- Strong Q4 2023 Production: Equinox Gold Corp. reported its strongest production quarter for the year with the production of 155,000 ounces of gold in Q4 2023. This contributed to the achievement of the consolidated production guidance, with total gold production reaching 564,500 ounces during the entire year. The company highlighted the positive Q4 results, indicating a successful quarter and meeting the full-year production guidance.
- Financial Position at Year-End: Equinox Gold ended the year with approximately $192 million in cash and equivalents. The financial information includes preliminary figures for 2023 and is subject to change. The company emphasized its strong financial position, with available credit and equity investments contributing to a robust year-end financial standing.
- Greenstone Project Progress: The company provided an update on the Greenstone project, stating that installation activities were effectively completed by December 31. The project is reported to be on budget and on schedule, with commissioning underway. Equinox Gold expects to pour gold in the first half of 2024. The Greenstone project is part of the company’s growth-focused strategy, aiming to achieve more than one million ounces of annual gold production by advancing expansion projects.
Equinox Gold Corp. recorded its strongest production quarter for the year with 155,000 ounces of gold produced in Q4 2023, and achieved consolidated production guidance with total production of 564,500 ounces of gold during 2023. The company ended the year with approximately $192-million in cash and equivalents. All figures are in United States dollars, unless otherwise indicated.
The 2023 production and cash balance information is preliminary and subject to change. The Company will release its Q4 2023 and audited annual 2023 financial and operating results, along with its 2024 production and cost guidance, in late February.
Greg Smith, President & CEO of Equinox Gold commented: “Strong fourth quarter results capped off a good year for Equinox Gold. With 564,500 ounces of gold produced, we achieved our full-year production guidance. We also continued to advance Greenstone on budget and on schedule. Installation activities were effectively complete at December 31 and commissioning is underway to pour gold in the first half of 2024.
“We ended the year with approximately $192 million in cash and equivalents, $165 million available to draw on our revolving credit facility plus another $100 million undrawn accordion feature, and equity investments with a market value of approximately $123 million.”
2023 Production Summary
Production increased during Q4 2023 to 155,000 ounces of gold, the strongest production quarter for the year. Full-year production of 564,500 ounces of gold was within production guidance of 555,000 to 625,000 ounces of gold. Equinox Gold will provide additional discussion and analysis regarding its full year and Q4 2023 production results when the Company reports its audited Q4 2023 and annual 2023 financial and operating results in late February.
About Equinox Gold
Equinox Gold is a growth-focused Canadian mining company operating entirely in the Americas. The Company has seven operating gold mines in the USA, Mexico and Brazil, is commissioning a new mine in Canada that is on track to pour first gold in H1 2024, and has a path to achieve more than one million ounces of annual gold production by advancing a pipeline of expansion projects.
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