Equinox Gold Corp. (TSX: EQX) reported on late Tuesday its financial and operational results for Q1 2022, which highlighted revenue of US$223.2 million. This is a decrease from last quarter’s US$381.2 million and last year’s US$229.7 million.
But the company posted a US$19.8 million net loss which is a notable decrease from last quarter’s US$109.0 net income and from last year’s US$50.3 million net income. The quarterly loss translates to US$0.07 per share.
The firm’s adjusted EBITDA for the quarter also dipped to US$43.4 million from last quarter’s US$130.0 million and last year’s US$60.9 million.
“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,” said Equinox Gold CEO Christian Milau.
On the production side, the mining firm produced 117,452 gold ounces, also a decline from last quarter’s 210,432 ounces and last year’s 129,233 ounces. The same trend goes for gold sales: 119,324 ounces during the quarter compared to 212,255 ounces last quarter and 128,555 ounces last year.
All-in sustaining costs also spiked to US$1,578 per ounce for the quarter from US$1,265 per ounce last quarter and US$1,482 per ounce last year.
The company generated operating cash flow of US$33.5 million during the quarter, ending the period with a cash and cash equivalents balance of US$151.2 million.
“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,” added Milau.
Equinox Gold last traded at $9.19 on the TSX.
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