Q3 2024 Equinox Gold Corp Earnings Call Transcript
Key Points
- Equinox Gold Corp (EQX) achieved commercial production at its Greenstone mine, contributing significantly to the company's record third-quarter gold sales and revenue.
- The company reported a substantial increase in revenue, driven by higher gold production and strong gold prices, with total revenues reaching $428 million for the quarter.
- Equinox Gold Corp (EQX) successfully raised over CAD1.3 million for the Geraldton District Hospital through its Ride to Greenstone fundraising initiative, demonstrating strong community engagement.
- The company has a strong liquidity position with $168 million in unrestricted cash and $105 million available on its revolving credit facility.
- Equinox Gold Corp (EQX) is focusing on deleveraging its balance sheet, with plans to use free cash flow from its mines to pay down debt, particularly following the achievement of commercial production at Greenstone.
- The ramp-up of the Greenstone mine has been slower than initially expected, with some operational challenges such as multi-day shutdowns to address process issues.
- The company's all-in sustaining cost per ounce increased to $1,994, up from $1,630 in the same quarter last year, primarily due to volume-driven factors and higher operating expenses.
- Equinox Gold Corp (EQX) faced challenges at its Santa Luz mine, with volatile recovery rates and ongoing issues with the desliming circuit affecting gold recovery.
- The Los Filos mine has high all-in sustaining costs of $2,153 per ounce, and the company is in ongoing negotiations with local communities to secure long-term agreements.
- Aurizona mine experienced a temporary suspension of operations due to lack of ore, impacting production and resulting in higher all-in sustaining costs of $2,145 per ounce.
Thank you for standing by. This is the conference operator. Welcome to the equinox gold third quarter 2024 results and corporate update. As a reminder, all participants are in listen-only mode and the conference is being recorded. (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, operator, and thank you, everybody, for joining us here this morning. We will, of course, be making a number of forward-looking statements today. So please do visit our website, SEDAR and EDGAR to learn more about the company and read the rest of our continuous disclosure documents.
I would now like to turn the call over to our President and CEO, Greg Smith.
Thanks, Rhylin, and good morning, everyone, and thanks for joining the call. On the line with me is
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