Equinox Gold Reports Record Production, Shares Surge 6.5%

Equinox Gold saw a surge in its share price after reporting its highest-ever quarterly and annual gold production derived from its seven operational mines across Canada, the United States, Mexico, and Brazil.

In 4Q24, the company achieved a record 213,906oz of gold production, and for the full year, it produced 621,870oz, setting new production benchmarks. Equinox closed the year with a solid financial position, holding US$240 million in cash and cash equivalents while reducing its debt by US$180 million.

These results led to a 6.5% increase in the company's shares, pushing its market capitalization to around US$2.8 billion. Greg Smith, CEO, Equinox Gold, credited the company’s success to its Greenstone mine in Ontario. "We acquired 100% ownership of the mine, achieved commercial production, and produced over 111,700oz of gold in Greenstone’s first partial year of operations," says Smith.

Once fully operational, Greenstone is expected to become one of Canada’s largest and highest-grade open-pit gold mines, with an average annual production of 390,000oz during the first five years and 330,000oz annually over the mine's initial 15-year life. Equinox's Los Filos mine in Mexico also exceeded expectations, producing 170,370oz, within its guidance range of 155,000oz-175,000oz for the year. The Mesquite mine in California produced 71,980oz, above the range of 55,000oz-65,000oz, while the Castle Mountain mine produced 20,510oz, exceeding the 15,000oz target.

Equinox also announced a seven-year extension for its Fazenda mine in Brazil. The updated reserve estimate revealed a 142% increase in contained gold, bringing the total to 763,000oz, ensuring continued mining operations until 2033.