Equinox Gold (TSX: EQX) is reporting that it just experienced its strongest quarter and year of production in company history. The statement follows the company producing 213,960 ounces of gold in the fourth quarter of 2024.
For the full fiscal year, Equinox produced 621,870 ounces of gold, with much of that production coming from two mines. While the company was quick to highlight its successes at Greenstone, which is still ramping to full production, Los Filos was still the firms largest source of production, with the mine producing 170,370 ounces of gold in 2024.
Greenstone comparatively had production of 111,710 gold ounces, which is a result of a partial year of production. Across Equinox’s eight producing mines, Mesquite and Castle Mountain exceeded their guidance ranges, while Fazenda and Santa Luz both came up short.
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Overall, Equinox met its guidance range of 590,000 to 675,000 ounces of production, although it came up short on its midpoint of 632,500, despite the record production figures.
“Several of our mines delivered their strongest fourth quarter in the Company’s history, contributing to consolidated 2024 production of approximately 621,870 ounces of gold, the highest annual production since Equinox Gold’s founding. As Greenstone ramps up to full capacity, we look forward to continued growth in 2025,” commented Greg Smith, CEO of Equinox, on the results.
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Equinox also added that it ended the year with an estimated $240 million in cash and equivalents, and a further $105 million that can be accessed via credit facilities, and $100 million that is accessible via an accordion feature. Equinox meanwhile cut its debt by $180 million in Q4, which was completed via a debt payment to Orion Mine Finance and the conversion of certain convertible notes.
Equinox Gold last traded at $8.35 on the TSX.
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