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Equinox Gold Reports Q4 and Fiscal 2022 Financial and Operating Results, Provides 2023 Production Guidance of 555,000 to 625,000 Ounces of Gold
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PR Newswire
VANCOUVER, BC, Feb. 21, 2023
All financial figures are in US dollars, unless otherwise indicated.
VANCOUVER, BC, Feb. 21, 2023 /PRNewswire/ - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") has released its audited consolidated financial and operating results and related management's discussion and analysis for the fourth quarter and fiscal year ended December 31, 2022. The Company will host a conference call and live webcast to discuss the results at 7:30am PT (10:30am ET) on Wednesday, February 22, 2023. Dial-in and login details are provided later in this news release.
Greg Smith, President and CEO of Equinox Gold, commented: "Equinox Gold finished 2022 with its strongest quarter of production at the lowest costs for the year, bringing full-year production to 532,319 ounces of gold at all-in sustaining costs of $1,622 per ounce. We made significant progress at our assets in 2022, achieving commercial production at Santa Luz, advancing permitting for expansions at both Aurizona and Castle Mountain, completing the Los Filos expansion study and advancing the Greenstone project to 65% complete at year end and over 70% complete today.
"Looking forward, we expect to produce between 555,000 to 625,000 ounces of gold in 2023 at all-in sustaining costs of $1,575 to $1,695 per ounce. Growth capital of $324 million in 2023 is directed primarily to Greenstone construction. We entered 2023 with $327 million in total liquidity which, along with cash flow from our operating mines and marketable investments currently worth about $220 million, leaves us well funded to complete construction at Greenstone and pour gold in the first half of 2024."
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2022
Operational
- Produced 150,439 ounces of gold
- Sold 149,386 ounces of gold at an average realized gold price of $1,733 per oz
- Total cash costs of $1,223 per oz and AISC of $1,523 per oz(1)
- No lost-time injuries
Earnings
- Earnings from mine operations of $32.0 million
- Net income of $22.6 million or $0.07 per share
- Adjusted net income of $7.5 million or $0.02 per share(1)(2)
Financial
- Cash flow from operations before changes in non-cash working capital of $80.0 million ($45.5 million after changes in non-cash working capital)
- Adjusted EBITDA of $74.7 million(1)(2)
- Expenditures of $43.1 million in sustaining capital(1) and $108.7 million in non-sustaining capital
- Filed a base shelf prospectus on November 21, 2022 that allows the Company to make offerings of up to $500 million of common shares, debt securities, subscription receipts, share purchase contracts, units, warrants, or any combination thereof, over a 25-month period
- Entered into an equity distribution agreement dated November 21, 2022 providing for an at-the-market equity offering program ("ATM Program") for up to $100 million effective until December 21, 2024, unless terminated earlier
- Sold 11 million common shares of Solaris Resources Inc. (TSX: SLS) ("Solaris") for aggregate gross proceeds of $51.9 million
Construction, development and exploration
- Advanced Greenstone construction to 65% complete at December 31, 2022, while remaining on budget and on track to achieve first gold pour in the first half of 2024
- Spent $97.9 million of non-sustaining capital in Q4 2022 (Equinox Gold's 60% share)
- Building enclosure and heating completed for the process plant west end, power plant, truck shop, ore bin tower of the high-pressure grinding rolls building and site mixed emulsion plant, with the rest of the buildings on track for enclosure in Q1 2023 as planned
- Completed the Ministry of Transportation Patrol Yard, the Goldfield Creek diversion, and the permanent effluent water treatment plant
- First four bays of the truck shop are complete and in use
- The 14-km natural gas pipeline is complete and ready for commissioning in Q2 2023
- Achieved commercial production at Santa Luz effective October 1, 2022
- Increased Los Filos Mineral Reserves by 44% and completed a feasibility study for construction of a carbon-in-leach plant to process higher-grade ore concurrent with existing heap leach processing, which would extend the mine life and increase production to on average 280,000 ounces per year, with peak production of 360,000 ounces per year
RECENT DEVELOPMENTS
- Provided 2023 production and cost guidance of 555,000 to 625,000 ounces of gold at cash costs of $1,355 to $1,460 per oz and AISC of $1,575 to $1,695 per oz(1)
- Provided 2023 sustaining and non-sustaining expenditure guidance of $460 million
- $137 million of sustaining expenditures, of which $127 million is sustaining capital(1)
- $324 million of non-sustaining expenditures, of which $300 million is non-sustaining capital. Non-sustaining capital includes $277 million to advance Greenstone construction
- At the date of this news release, the Company has issued 6,651,017 common shares under the ATM Program at an average share price of $3.75 per common share for total gross proceeds of $24.9 million
- In February 2023, published the Company's inaugural Climate Action Report in alignment with the Task Force on Climate Related Financial Disclosures (TCFD)
- In January 2023, sold 4.5 million common shares of the Company's investment in Solaris for proceeds of $20.0 million
- In January 2023, entered into gold collar contracts with a put strike price of $1,900 per ounce and an average call strike price of $2,065 per ounce, for 10,644 ounces of gold per month beginning February 2023 through to March 2024
FULL-YEAR 2022 HIGHLIGHTS
Operational
- Produced 532,319 ounces of gold
- Sold 532,137 ounces of gold at an average realized gold price of $1,784 per oz
- Total cash costs of $1,328 per oz and AISC of $1,622 per oz(1)
- Achieved a total recordable injury frequency rate(3) of 2.12, a 30% improvement compared to 2021
- Achieved a significant environmental incident frequency rate(3) of 0.63, a 7% improvement compared to 2021
Earnings
- Earnings from mine operations of $85.0 million
- Net loss of $106.0 million or $0.35 per share
- Adjusted net loss of $90.8 million(1) or $0.30 per share(1)(4)
Financial
- Cash flow from operations before changes in non-cash working capital of $144.3 million ($56.5 million after changes in non-cash working capital)
- Adjusted EBITDA of $168.7 million(1)(4)
- Expenditures of $139.2 million in sustaining capital(1) and $457.7 million in non-sustaining capital
- Cash and cash equivalents (unrestricted) of $200.8 million at December 31, 2022
- Net debt(1) of $627.3 million at December 31, 2022
Corporate
- Strengthened capital flexibility
- Expanded the corporate revolving credit facility to $700 million with an additional $100 million accordion feature, and extended the maturity date to July 2026 with the option for a one-year extension
- Sold a portion of the Company's shares in Solaris for proceeds of $51.9 million and received $40.1 million from the sale of Solaris shares on the exercise of warrants the Company granted in 2021
- Closed the sale of the Mercedes mine ("Mercedes") for $75 million cash, a $25 million note receivable, a 2% net smelter return and 24.73 million shares of Bear Creek Mining Corporation (TSXV: BCM)
- Improved financial resilience by filing a $500 million base shelf prospectus and implementing a $100 million ATM Program
- Launched Sandbox Royalties Corp., a new diversified metal royalties company in which Equinox Gold holds a 34% interest
- Greg Smith, President of Equinox Gold, succeeded Christian Milau as Chief Executive Officer and a Director of Equinox Gold on September 1, 2022
Construction, development and exploration
- Greenstone 65% complete at December 31, 2022
- More than 2 million work hours complete project to date with no lost-time injuries
- 71% of total capital costs contracted
- 54% of the $1.23 billion construction budget (100% basis) spent
- Inflationary pressures to date have been mitigated through offsetting savings opportunities or absorbed through the contingency included in the construction budget
- Completed construction and achieved commercial production at Santa Luz
- Commenced permitting for the Castle Mountain Phase 2 expansion, which would extend the mine life to 21 years and increase production to on average more than 200,000 ounces per year
- Completed feasibility study for construction of a carbon-in-leach plant at Los Filos
- Received permits for three portal locations for an exploration ramp in anticipation of underground development at Aurizona, continued to drill the underground Mineral Resource and advanced the expansion feasibility study
- Drilled 187,000 metres across the portfolio with a focus on Mineral Reserve growth and mine life extension
- Exploration confirmed district potential from multiple near-mine and regional mineral discoveries in the Bahia Belt between Fazenda and Santa Luz
Responsible mining
- Entered into wind and solar power arrangements for select Brazil operations, which will result in reduced greenhouse gas emissions and are expected to achieve approximately $70 million in cost savings over the 10-year contract periods
- Approved a greenhouse gas emissions reduction target of 25% by 2030 compared to the "business-as-usual" emissions forecast if no intervention measures were taken
- Submitted second year of data to the Carbon Disclosure Project and updated the Company's Tailings Management Report
- Expanded environment, social and governance ("ESG") reporting disclosure to include Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) metrics
| _______________________________ | |
| (1) | Cash costs per oz sold, AISC per oz sold, adjusted net income (loss), adjusted EBITDA, adjusted EPS, sustaining capital and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes. |
| (2) | Primary adjustments for the three months ended December 31, 2022 were $2.9 million unrealized gain on change in fair value of warrants, $3.1 million unrealized foreign exchange loss, and $7.7 million unrealized gain on change in fair value of foreign exchange contracts. |
| (3) | Total recordable injury frequency rate and significant environmental incident frequency rate are both reported per million hours worked. Total recordable injury frequency rate is the total number of injuries excluding those requiring simple first aid treatment. |
| (4) | Primary adjustments for the year ended December 31, 2022 were $69.9 million unrealized loss on change in fair value of warrants, $33.3 million gain on change in fair value of gold contracts, and $16.8 million unrealized gain on change in fair value of foreign exchange contracts. |
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
| | | Three months ended | | Year ended | |||
| Operating data | Unit | December 31, | September 30, | December 31, | | December 31, | December 31, |
| Gold produced | oz | 150,439 | 143,615 | 210,432 | | 532,319 | 602,110 |
| Gold sold | oz | 149,386 | 143,032 | 212,255 | | 532,137 | 602,668 |
| Average realized gold price | $/oz | 1,733 | 1,711 | 1,792 | | 1,784 | 1,791 |
| Cash costs per oz sold(3)(4) | $/oz | 1,223 | 1,400 | 1,032 | | 1,328 | 1,084 |
| AISC per oz sold(2)(3)(4) | $/oz | 1,523 | 1,749 | 1,258 | | 1,622 | 1,347 |
| | | | | | | | |
| Financial data | | | | | | | |
| Revenue | M$ | 259.3 | 245.1 | 381.2 | | 952.2 | 1,082.3 |
| Earnings from mine operations | M$ | 32.0 | 7.4 | 99.4 | | 85.0 | 230.6 |
| Net income (loss) | M$ | 22.6 | (30.1) | 109.0 | | (106.0) | 554.9 |
| Earnings (loss) per share | $/share | 0.07 | (0.10) | 0.37 Werbung Mehr Nachrichten zur Equinox Gold New Aktie kostenlos abonnieren
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