Equinox Gold (ASE) ( (EQX) ) has released its Q3 earnings. Here is a breakdown of the information Equinox Gold (ASE) presented to its investors.
Equinox Gold Corp. is a Canadian growth-focused mining company engaged primarily in gold extraction, operating seven mines, and is listed on the TSX and NYSE American. In its third quarter of 2024, Equinox Gold reported record high production and revenue, attributed to the strong performance of its Greenstone Mine and favorable gold prices. The company produced 173,983 ounces of gold and sold nearly the same amount at an average price of $2,461 per ounce, resulting in a total revenue of $428.4 million, and achieved an adjusted EBITDA of $141.9 million. Despite the substantial operational income of $101.4 million, net income was modest at $0.3 million, reflecting significant non-sustaining expenditures and financial adjustments. The ongoing ramp-up at Greenstone has led to updated production guidance, with expectations to produce between 590,000 to 675,000 ounces for the year, aiming to leverage increasing cash flow to reduce debt. Looking ahead, Equinox Gold’s management remains optimistic about maintaining momentum into the fourth quarter, with strategic focus on hitting production targets and enhancing financial stability.
