Equinox Gold Reports Third Quarter 2022 Financial and Operating Results

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Overig advies 03/11/2022 06:16
all financial figures are in US dollars, unless otherwise indicated
November 2, 2022 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold”
or the “Company”) is pleased to announce its third quarter 2022 summary financial and operating results. The
Company’s unaudited condensed consolidated interim financial statements and related management’s discussion
and analysis (“MD&A”) for the three and nine months ended September 30, 2022 will be available for download
on the Company’s profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar and on the Company’s
website at www.equinoxgold.com. The Company will host a conference call and webcast on November 3, 2022
commencing at 7:30 am Vancouver time to discuss the Company’s third quarter results and activities underway
at the Company’s projects. Further details are provided at the end of this news release.
Greg Smith, President and CEO of Equinox Gold, commented: “As expected, gold production in the third quarter
increased meaningfully from production in the second and first quarters. Costs, however, were higher than
expected as the result of persistent global inflationary pressures coupled with lower than planned production. We
are reviewing mine plans across the portfolio with a focus on improving productivity while managing costs. Based
on production to date, we expect full-year production to be approximately 540,000 ounces of gold and costs to
exceed the upper end of guidance by approximately five percent.
“We continue to advance our long-term growth strategy. Our new Santa Luz mine in Brazil achieved commercial
production effective October 1st, and our Greenstone project in Ontario was more than 57% complete at the end
of October. The Greenstone team continues to perform admirably, keeping the project on budget in an inflationary
environment and on schedule to pour first gold in H1 2024.”
HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022
Operational
• Produced 143,615 oz of gold during the Quarter; sold 143,032 oz of gold at an average realized gold price
of $1,711 per oz
• Total cash costs of $1,400 per oz and AISC of $1,749 per oz(1)(2)
• There were no lost-time injuries during the Quarter; the Company’s total recordable injury frequency rate is
2.57 per million hours worked on a rolling 12-month basis
• Four-day suspension of operations at Los Filos as the result of a community blockade
Earnings
• Earnings from mine operations of $7.4 million
• Net loss of $30.1 million or $(0.10) per share
• Adjusted net loss(1) of $27.6 million or $(0.09) per share, after adjusting for certain non-cash expense items(3)
Financial
• Cash flow from operations before changes in non-cash working capital of $14.5 million ($54.2 million cash
flow used in operations after changes in non-cash working capital)
• Adjusted EBITDA(1)(3) of $25.7 million
• Expenditures of $41.1 million in sustaining capital and $131.5 million in non-sustaining capital(1)
• Cash and cash equivalents (unrestricted) of $141.9 million at September 30, 2022
• Net debt(1) of $583.8 million at September 30, 2022
• On October 21, 2022, the Company drew down an additional $100 million on its revolving credit facility

Construction, development and exploration
• Continued commissioning at Santa Luz; achieved commercial production effective October 1, 2022
• Advanced Greenstone construction
- More than 1.8 million work hours complete with no lost-time injuries as at the end of October 2022
- On schedule to pour gold in the first half of 2024, 57% complete as at October 21, 2022
- On budget, with 67% ($766 million) of total capital costs contracted and 41% ($501 million) of total
construction budget spent at September 30, 2022 (100% basis)
- Independent quantitative risk assessment confirmed the project remains within the schedule and budget
as announced on October 27, 2021, based on detailed engineering and construction progress
Corporate
• Increased the Company’s liquidity by amending its credit facilities
- Increased the revolving credit facility (“Revolving Facility”) from $400 million to $700 million
• $73.3 million of outstanding principal balance under the term loan rolled into Revolving Facility,
eliminating the need for principal payments through mid-2026
• $99.8 million of Revolving Facility drawn in July 2022 and $100.0 million drawn in October 2022;
$127.2 million of Revolving Facility undrawn as of the date of this news release
- Added a $100 million uncommitted accordion feature
- Extended the maturity from March 8, 2024 to July 28, 2026 with the ability to request a one-year
extension
- Decreased borrowing costs by reducing Revolving Facility interest rate by an average of 25 to 50 basis
points
• On September 1, 2022, Greg Smith, President of Equinox Gold, succeeded Christian Milau as Chief
Executive Officer and a Director of Equinox Gold
RECENT DEVELOPMENTS
• On October 19, 2022, the Company released an updated feasibility study for a potential expansion at Los
Filos that contemplates continued development of the Bermejal underground deposit and construction of a
10,000 tonnes-per-day carbon-in-leach processing plant to operate concurrently with existing heap leach
facilities. The technical report is available for download on the Company’s website and under the Company’s
profile on SEDAR and on EDGAR
• On October 24, 2022, the Company filed a preliminary base shelf prospectus with the securities commissions
in each of the provinces and territories of Canada to provide the Company with future financial flexibility, but
has not entered into any agreements or arrangements to authorize or offer any securities. Once final or
effective, the base shelf prospectus, together with a corresponding registration statement to be filed with the
United States Securities and Exchange Commission, will allow the Company to make offerings, including
through “at-the-market” transactions, of up to $500,000,000 of common shares, debt securities, subscription
receipts, share purchase contracts, units, warrants, or any combination thereof, from time to time over a 25-
month period in both the United States and Canada. A copy of the preliminary base shelf prospectus can be
found under the Company’s profile on SEDAR
• Based on production to date at Los Filos and Aurizona, both of which experienced operational challenges
that are expected to affect Q4 2022 production, and the ongoing inflationary macro-economic environment,
the Company expects gold production to be approximately 540,000 ounces for the year with costs to exceed
the upper end of AISC guidance of $1,530 per oz by approximately 5%
_____________________________ (1) Cash costs per oz sold, AISC per oz sold, adjusted net income, adjusted EBITDA, adjusted EPS, sustaining capital, non-sustaining capital
and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes. (2) Consolidated cash cost per oz sold and AISC per oz sold for the three and nine months ended September 30, 2022 exclude Santa Luz
results as the mine was in pre-commercial production up until the achievement of commercial production at the end of Q3 2022.
(3) Primary adjustments for the three months ended September 30, 2022 were a $13.4 million loss on change in fair value of share purchase
warrants and a $10.6 million unrealized gain on gold contracts.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
see & read more on
https://www.equinoxgold.com/_resources/news/20221102-EQX-PR-Q3Results.pdf



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