all dollar figures in US dollars, unless otherwise indicated
May 1, 2019 – Vancouver, BC – Equinox Gold Corp. (TSX-V: EQX, OTC: EQXFF) (“Equinox Gold” or the “Company”) is pleased to report its first quarter 2019 summary financial and operating results. The Company will release its unaudited condensed consolidated interim financial statements (“Q1 Financial Statements”) and related management’s discussion and analysis (“Q1 MD&A”) for the three months ended March 31, 2019 later today.
Highlights for the three months ended March 31, 2019
Corporate highlights
No lost-time injuries at any of the Company’s sites
Increased mineral resources at both Mesquite and Aurizona
Cash and cash equivalents (unrestricted) at March 31, 2019 of $24 million
Operational highlights
Produced 25,310 ounces (“oz”) of gold at Mesquite
Cash cost of $766 per oz sold and all-in sustaining costs (“AISC”) of $873 per oz sold
Sold 27,238 oz of gold generating revenue of $35.4 million
Earnings from mine operations of $9.9 million
Development highlights
As at May 1, Aurizona construction complete and plant commissioning ongoing
First ore processed through Aurizona SAG mill in late April with first gold pour expected in early May
Castle Mountain Phase 1 detailed engineering substantially complete and ready to commence construction in Q3-2019
Recent developments
Closed the strategic investment by Mubadala Investment Company of $130 million in convertible notes with a 5-year term and a fixed interest rate of 5%, convertible at $1.05 per share
Converted the $100 million Mesquite acquisition facility into a new $130 million corporate revolving credit facility
Re-paid the $85 million Aurizona construction facility and the $20 million Mesquite acquisition facility
Aurizona Update
At the date of this press release, Aurizona construction is complete and plant commissioning is ongoing. The Aurizona team has completed more than 1.8 million hours of construction with no lost-time injuries. Substation upgrades to support the increased power demand were completed and approved by the state utility in March, allowing for full energization of the plant. The crushing and conveyor systems are fully commissioned. SAG mill commissioning is well advanced, leach and CIP circuits are operating with slurry, and various other plant systems such as water, air and reagents are being brought up to full operational capacity. Many of the key plant systems have been handed over from the commissioning team to the operations team. First ore was processed through the SAG mill in late April and the first gold pour at Aurizona is expected in early May.
Mesquite operating results for the three months ended March 31, 2019
Operating data Unit Three months ended
March 31, 2019
Ore mined Kt 5,644
Waste mined Kt 7,299
Ratio of waste to ore 1.29
Average gold grade stacked to leach pad g/t 0.37
Gold produced oz 25,310
Gold sold oz 27,238
Unit cost analysis
Realized gold price $/oz 1,299
Cash cost per ounce sold $/oz 766
All-in sustaining cost per ounce sold $/oz 873
Selected consolidated financial results for the three months ended March 31, 2019
$ in millions, except per share amounts Three months ended March 31,
2019 2018
Revenue $ 35.4 $ -
Operating costs (25.5) -
Earnings from mine operations 9.9 -
Exploration (2.9) (3.0)
General and administration (3.1) (3.4)
Income (loss) from operations 3.8 (6.4)
Other income (expenses) (7.3) 2.7
Net loss before taxes (3.5) (3.7)
Tax expense (2.3) -
Net loss from continuing operations (5.8) (3.7)
Net loss and comprehensive loss (5.8) (4.4)
Net loss per share from continuing operations attributable to
Equinox Gold shareholders, basic and diluted $ (0.01) $ (0.01)
Additional information regarding the Company’s financial results, activities underway at Mesquite, Aurizona and Castle Mountain and the Company’s long-term business strategy will be available in the Company’s Q1 Financial Statements and accompanying Q1 MD&A, which will be available for download later today on the Company’s website at www.equinoxgold.com and on SEDAR at www.sedar.com.
On Behalf of the Board of Equinox Gold Corp.
“Christian Milau”
CEO & Director
Equinox Gold Announces Results from Annual General Meeting
May 1, 2019 – Equinox Gold Corp. (TSX-V: EQX, OTC: EQXFF) (“Equinox Gold” or “the Company”) is pleased to announce that Equinox Gold shareholders approved all matters voted on at the annual general meeting held earlier today, including the appointment of KPMG LLP as the Company’s auditor, reapproval of the Company’s rolling stock option plan and amendments to the Company’s restricted share unit plan.
The nominees listed in the Company’s management information circular dated March 18, 2019, were elected as directors as set out below.
Director Votes For % Votes For
Mr. Ross Beaty – Chairman 206,373,988 98.73%
Mr. Lenard Boggio 208,208,328 99.61%
Mr. Marcel de Groot 175,843,753 84.12%
Ms. Ibtissam (Sam) Drier 208,840,175 99.91%
Mr. Marshall Koval 175,879,481 84.14%
Mr. Jacques McMullen 208,843,406 99.91%
Mr. Christian Milau 206,921,148 98.99%
Subsequent to the annual general meeting, Mohamed Hassan Alsuwaidi was appointed to the Board of Directors as the director nominee for Mubadala Investment Company.
Greg Smith, Equinox Gold’s President and a director of the Company since 2008, did not stand for re-election at the annual general meeting but will continue in his role as President.
On Behalf of the Board of Equinox Gold Corp.
“Christian Milau”
CEO & Director
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