Q2 2024 Equinox Gold Corp Earnings Call Transcript
Key Points
- Equinox Gold Corp (EQX) completed the acquisition of the remaining 40% of the Greenstone mine, consolidating full ownership and enhancing cash flow and EBITDA.
- The Greenstone mine achieved its first gold pour in late May and is ramping up towards commercial production, with production exceeding expectations in July.
- The company raised almost $1.2 million for community initiatives, including the Geraldton District Hospital, showcasing strong corporate social responsibility.
- Equinox Gold Corp (EQX) reported no significant environmental incidents during the second quarter, highlighting effective environmental management.
- The company has a strong liquidity position with $160 million in unrestricted cash and $105 million available on a revolving credit facility.
- A fatality occurred at the Fazenda mine in Brazil, leading to a site-wide suspension and highlighting safety concerns.
- The Arizona mine faced geotechnical issues, resulting in suspended mining and high all-in sustaining costs over $3,000 per ounce.
- Production guidance for 2024 was reduced due to operational challenges at multiple sites, including Arizona and Mesquite.
- The Castle Mountain Phase one operations were suspended, transitioning to residual leach only, impacting production guidance.
- The company reported a net loss of $6 million on an adjusted basis, reflecting financial challenges despite revenue generation.
Thank you for standing. This is the conference operator. Welcome to the Equinox Gold second quarter 2024 results and corporate Update. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)
I would now like to turn the conference over to Rhylin Bailie, Vice President, Investor Relations for Equinox Gold. Please go ahead.
Thank you, Galene, and thank you everybody for joining us today for our Q2 call. Peter and I are dialing in from beautiful Princeton, BC because we are two days into the ride to Greenstone. So, this is cross Canada. I guess cross half of Canada.
We're riding from Vancouver to our new mine in Geraldton, Ontario to celebrate the mine opening, but also to raise money for the Geraldton District Hospital, which is the hospital that serves the Greenstone Mine workforce and also five indigenous communities and about a almost a
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