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Mining News August 04, 2022 03:25:39 PM

Equinox Gold Announced Q2 2022 Results

Paul Ploumis
ScrapMonster Author
The earnings from mine operations amounted to $17.0 million.

Equinox Gold Announced Q2 2022 Results

SEATTLE (Scrap Monster): Equinox Gold Corp. announced its second quarter 2022 summary financial and operating results.

The company produced 120,813 oz of gold during the quarter, whereas the gold sales totalled 120,395 oz. It recorded total cash costs of $1,482 per oz and AISC of $1,657 per oz. Equinox gold reported two lost-time injuries during the quarter ended June 30, 2022.

ALSO READ: Equinox Gold Temporarily Suspended Operations at RDM Mine

The earnings from mine operations amounted to $17.0 million. The company reported net loss of $78.7 million or $(0.26) per share and adjusted net loss of $47.9 million or $(0.16) per share. The adjusted EBITDA totalled $24.1 million during the quarter. As at the end of the quarter, the net debt of Equinox Gold stood at $472.2 million.

Christian Milau, CEO, Equinox Gold noted that the company experienced operational challenges at several of its sites this quarter. The company expects improved performance in the second half of the year with increased production and lower costs. Santa Luz plant is likely to hit commercial production in Q3 this year, which in turn will contribute to increased production in the fourth quarter and into 2023, he added.

The company achieved excellent construction progress at its Greenstone project in Ontario during the first half of the year. Greenstone, once ramped up to full capacity, will contribute more than 200,000 ounces of low-cost production annually.

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