Equinox Gold Reports First Quarter 2022 Financial and Operating Results
01:59 Uhr | CNW
All dollar figures in US dollars, unless otherwise indicated
VANCOUVER, May 3, 2022 - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its first quarter 2022 summary financial and operating results. The Company's unaudited condensed consolidated interim financial statements and related management's discussion and analysis for the three months ended March 31, 2022 will be available for download on SEDAR, on EDGAR and on the Company's website. The Company will host a conference call and webcast on May 4, 2022 commencing at 7:30 am Pacific Time to discuss the Company's first quarter results and activities underway at the Company's projects. Further details are provided at the end of this news release.
Christian Milau, CEO of Equinox Gold, commented: "Over the first few months of 2022 we poured first gold at our new Santa Luz mine in Brazil, strengthened our balance sheet and investment portfolio with the sale of our non-core Mercedes mine, and made good progress with construction at our Greenstone project. We expect gold production to increase and costs to come down over the next three quarters with new production from Santa Luz, increased production from our other Brazil mines as the rainy season ends, and growing production at Mesquite. We are on track to achieve guidance for 2022, with 60% of production and more than 85% of cash flow forecast to come in the second half of the year. We look forward to achieving commercial production at Santa Luz and reporting on construction milestones at Greenstone as we ramp up activity heading into the summer season."
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2022
Operational
Produced 117,452 oz of gold during the quarter; sold 119,324 oz of gold at an average realized gold price of $1,862 per oz
Total cash costs of $1,238 per oz and AISC (all-in sustaining costs) of $1,578 per oz(1)
Recommenced plant operations at RDM on March 14 following a temporary suspension on February 26 to reduce water levels in the tailings storage facility; mining and stockpiling of ore continued during the suspension
Total recordable injury frequency rate of 3.76 for the quarter with five lost-time injuries, and 3.01 on a rolling 12-month basis
Earnings
Earnings from mine operations of $28.5 million
Net loss of $19.8 million or $(0.07) per share
Adjusted net loss of $23.9 million(1) or $(0.08) per share(1), after adjusting for certain non-cash expense items(2)
Financial
Cash flow from operations before changes in non-cash working capital of $33.5 million ($16.4 million cash flow used in operations after changes in non-cash working capital)
Adjusted EBITDA of $43.4 million(1)(2)
Expenditures of $37.1 million in sustaining capital and $90.7 million in non-sustaining capital(1)
Cash and cash equivalents (unrestricted) of $151.2 million at March 31, 2022
In April 2022, received $75 million on closing of the sale of Mercedes and $40 million on exercise of Solaris warrants issued by the Company
Net debt(1) of $385.1 million at March 31, 2022 (including $278.9 million of in-the-money convertible notes)
Construction, development and exploration
Poured first gold at Santa Luz on March 30, 2022; commissioning and ramp up continuing towards achieving commercial production
Advanced Greenstone construction
Overall project 20% complete and tracking on schedule and within budget
Detailed engineering 91% complete
Tailings management facility construction ahead of schedule
Highway relocation on schedule
Site civil works and concrete foundation work well advanced
Plant earthworks 75% complete
POST QUARTER HIGHLIGHTS
Sold Mercedes on April 21, 2022 to Bear Creek Mining Corp. for aggregate consideration of:
$100 million in cash, with $75 million paid on closing and $25 million payable within six months of closing;
24,730,000 common shares of Bear Creek Mining (TSXV: BCM); and
A 2% net smelter return payable on production from Mercedes
Exploration drilling in 70-km-long greenstone belt that hosts Fazenda and Santa Luz identified multiple near-mine and regional discoveries that highlight growth potential
Received $40 million (C$50 million) and transferred five million shares of the Company's investment in Solaris Resources Inc. following the exercise of warrants the Company granted on April 28, 2021
Acquired 1 million shares of Solaris at C$6.75 per share on exercise of share purchase warrants. Following the exercise of the share purchase warrants, the Company owns 13,826,737 shares, representing approximately 12.71% of Solaris
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