Equinox Gold Reports First Quarter 2023 Financial and Operating Results
Equinox Gold Reports First Quarter 2023
Financial and Operating Results
all financial figures are in US dollars, unless otherwise indicated
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2023) - Equinox Gold Corp. (TSX: EQX) (NYSE
American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its first quarter 2023
summary financial and operating results. The Company's unaudited condensed consolidated interim
financial statements and related management's discussion and analysis ("MD&A") for the three months
ended March 31, 2023 will be available for download on the Company's profile on SEDAR at
www.sedar.com
, on EDGAR at
www.sec.gov/edgar
and on the Company's website at
www.equinoxgold.com
. The Company will host a conference call and webcast on May 3, 2023
commencing at 7:30 am Vancouver time to discuss the Company's first quarter results and activities
underway at the Company's projects. Further details are provided at the end of this news release.
Greg Smith, President and CEO of Equinox Gold, commented: "Equinox Gold had a good start to the
year, in terms of both development and operations. Greenstone construction continues to progress on
time and on budget for first gold pour in the first half of 2024. We successfully strengthened our balance
sheet, substantially increasing our cash position and ending Q1 2023 with over $410 million in available
cash and credit. Permitting for the expansion of our Castle Mountain mine is progressing well and the
feasibility study for the addition of an underground mine at Aurizona is nearing completion for release
mid-year. Further, we have continued to achieve strong performance on our safety and environmental
targets, and gold production and costs during the quarter have us well positioned to achieve our 2023
guidance."
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2023
Operational
Produced 122,746 ounces of gold
Sold 123,295 ounces of gold at an average realized gold price of $1,895 per oz
Total cash costs of $1,376 per oz and AISC of $1,658 per oz
(
1)
One lost-time injury, total recordable injury frequency rate
(
2)
of 0.81 for the Quarter (1.38 rolling 12-
month)
Total significant environmental incident frequency rate
(
2)
of 0.20 for the Quarter (0.59 rolling 12-
month)
Earnings
Earnings from mine operations of $14.5 million
Net income of $17.4 million or $0.06 per share (basic)
Adjusted net loss of $8.2 million or $0.03 per share
(
1)(3)
Financial
Cash flow from operations before changes in non-cash working capital of $195.4 million ($143.4
million after changes in non-cash working capital)
Adjusted EBITDA of $57.0 million
(
1)(3)
Sustaining expenditures of $32.5 million and non-sustaining expenditures of $95.0 million
Cash and cash equivalents (unrestricted) of $284.9 million at March 31, 2023
Net debt
(
1)
of $547.8 million at March 31, 2023
Corporate
Provided 2023 production and cost guidance of 555,000 to 625,000 ounces of gold at cash costs
of $1,355 to $1,460 per oz and AISC of $1,575 to $1,695 per oz
(
1)
In March 2023, entered into a gold forward sale and prepay arrangement, receiving an upfront
gross payment of $140.0 million ($139.5 million net of fees), based on gold forward curve prices
averaging approximately $2,170 per ounce, in exchange for equal monthly deliveries of gold from
any of the Company's mines from October 2024 to July 2026 totaling 79,310 ounces
During the Quarter, sold 12.0 million common shares of the Company's investment in Solaris
Resources Inc. for gross proceeds of $53.3 million (C$71.8 million)
In March 2023, sold 11.6 million shares of the Company's investment in i-80 Gold Corp. ("i-80
Gold") for gross proceeds of $23.7 million (C$32.0 million) and 11,600,000 half warrants, with
each whole warrant exercisable to purchase one share of i-80 Gold from Equinox Gold for C$3.45
until March 31, 2024 for potential proceeds of C$20.0 million; as a result of the sale, Equinox
Gold's ownership has decreased to 19.95% of i-80 Gold's issued and outstanding common shares
In January 2023, entered into gold collar contracts with an average put strike price of $1,900 per
ounce and an average call strike price of $2,065 per ounce, for 10,644 ounces per month
beginning February 2023 through to March 2024
In March 2023, signed a non-binding term sheet with Sandbox Royalties Corp. for a gold purchase
and sale arrangement (the "Sandbox Arrangement") for up to $75 million. Finalization of the
Sandbox Arrangement is subject to lender consent and successful intercreditor discussions
For the three months ended March 31, 2023, the Company issued 4,369,615 common shares
under the ATM Program at a weighted average share price of $3.88 per common share for total
gross proceeds of $16.9 million. No shares have been issued under the program since the end of
January 2023
Construction, development and exploration
Advanced Greenstone construction with the following achieved as of March 31, 2023:
-
Greenstone had achieved 3 million hours worked with no lost-time injuries
-
Greenstone was 73% complete and on track to pour gold in H1 2024
-
Spent $83.8 million of non-sustaining capital (Equinox Gold's 60% share)
-
All buildings had been enclosed and heated as planned
-
Installation of the two ball mills commenced on schedule
-
Leach tank installation was completed and access on the bridge was finalized and secured
-
Advanced mechanical installation of the secondary crusher, pre-leach thickener and conveyors
Responsible Mining
In February 2023, published the Company's inaugural Climate Action Report in alignment with the
Task Force on Climate Related Financial Disclosures (TCFD), and committed to reducing the
Company's greenhouse gas emissions by 25% by 2030, compared to forecast "business-as-
usual" emissions if no intervention measures were taken
RECENT DEVELOPMENTS
In April 2023, the Company entered into gold collar contracts with an average put strike price of
$1,950 per ounce and an average call strike price of $2,250 per ounce, for 3,050 ounces per
month beginning April 2023 through to March 2024
_____________________________
(1)
Cash costs per oz sold, AISC per oz sold, adjusted net income, adjusted EBITDA, adjusted earnings per share ("EPS") and net debt are non-IFRS
measures. See
Non-IFRS Measures
and
Cautionary Notes
.
(2)
Total recordable injury frequency rate and significant environmental incident frequency rate are both reported per million hours worked. Total
recordable injury frequency rate is the total number of injuries excluding those requiring simple first aid treatment.
(3)
Primary adjustments for the three months ended March 31, 2023 relate to a $34.5 million gain on sale of partial interest and reclassification of
investment in i-80 Gold, a $13.1 million unrealized gain on foreign exchange contracts, and a $16.0 million share of net loss on investment in
associate.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
Three months ended
Operating data
Unit
March 31,
2023
December 31,
2022
March 31,
2022
Gold produced
oz
122,746
150,439
117,452
Gold sold
oz
123,295
149,386
119,324
Average realized gold price
$/oz
1,895
1,733
1,862
Cash costs per oz sold
(
1)(2)
$/oz
1,376
1,223
1,237
AISC per oz sold
(
1)(2)(3)
$/oz
1,658
1,523
1,577
Financial data
Revenue
M$
234.1
259.3
223.2
Earnings from mine operations
M$
14.5
32.0
28.5
Net income (loss)
M$
17.4
22.6
(19.8)
Earnings (loss) per share (basic)
$/share
0.06
0.07
(0.07)
Adjusted EBITDA
(
1)
M$
57.0
74.3
43.1
Adjusted net (loss) income
(
1)
M$
(8.2)
7.0
(24.2)
Adjusted EPS
(1)
$/share
(0.03)
0.02
(0.08)
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)
M$
284.9
200.8
151.2
Net debt
(
1)
M$
547.8
627.3
385.1
Operating cash flow before changes in non-cash working capital
M$
195.4
80.0
33.5
(1)
Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income (loss), adjusted EPS and net debt are non-IFRS measures. See
Non-IFRS Measures
and
Cautionary Notes
.
(2)
Consolidated cash cost per oz sold and AISC per oz sold for the three months ended March 31, 2022 excludes Santa Luz results while the mine
was in pre-commercial production up until the achievement of commercial production at the end of Q3 2022.
(3)
Consolidated AISC per oz sold excludes corporate general and administration expenses.
(4)
Numbers may not sum due to rounding.
In Q1 2023 the Company sold 3% more gold ounces compared to Q1 2022 primarily due to the
contribution of production from Santa Luz, which achieved commercial production at the end of Q3 2022,
and higher production at Aurizona, offset partially by no production at Mercedes, which was sold in April
2022. Compared to Q1 2022, gold sales at Aurizona were 12% higher due to higher grades and mill
throughput.
In Q1 2023, earnings from mine operations were $14.5 million compared to $28.5 million in Q1 2022.
The decrease in earnings from mine operations compared to Q1 2022 was primarily due to no earnings
from mine operations at Mercedes, as well as lower earnings from mine operations at Mesquite and
Castle Mountain, driven by lower production, and at Aurizona, driven by higher operating costs related to
the impact of a contract renewal with the current mining contractor, which reflects the increasing cost of
operations, offset partially by higher earnings from mine operations at Los Filos, driven by higher
production.
Net income in Q1 2023 increased to $17.4 million compared to a net loss of $19.8 million in Q1 2022.
The higher net income was mainly due to other income of $31.9 million in Q1 2023 compared to other
expense of $19.0 million in Q1 2022, offset partially by lower earnings from mine operations. Other
income for Q1 2023 includes a $34.5 million gain on the sale of the Company's partial interest and
reclassification of investment in i-80 Gold.
In Q1 2023, adjusted EBITDA was $57.0 million compared to $43.1 million in Q1 2022, and adjusted net
loss was $8.2 million compared to adjusted net loss of $24.2 million in Q1 2022. Adjusted EBITDA
increased and adjusted net loss decreased in Q1 2023 compared to Q1 2022 primarily due to a
realized loss on gold contracts in Q1 2022 compared to a realized gain on gold contracts in Q1 2023,
offset partially by lower earnings from mine operations compared to Q1 2022.
Sustaining and non-sustaining expenditures totaled $32.5 million and $95.0 million, respectively, for the
three months ended March 31, 2023. Sustaining and non-sustaining expenditures are broken down by
mine site in the MD&A.
SELECTED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND
2022
$ amounts in millions, except per share amounts
Three months ended
March 31,
2023
March 31,
2022
Revenue
$ 234.1
$ 223.2
Cost of sales
Operating expense
(172.2)
(152.4)
Depreciation and depletion
(47.4)
(42.3)
Earnings from mine operations
14.5
28.5
Care and maintenance expense
(1.1)
(0.4)
Exploration expense
(1.8)
(3.2)
General and administration expense
(9.9)
(11.8)
Income from operations
1.6
13.1
Finance expense
(12.7)
(9.4)
Finance income
3.0
0.8
Share of net loss in associate
(16.0)
(1.6)
Other income (expense)
31.9
(19.0)
Net income (loss) before taxes
7.8
(16.1)
Income tax recovery (expense)
9.6
(3.7)
Net income (loss)
$ 17.4
$ (19.8)
Net income (loss) per share attributable to Equinox Gold shareholders
Basic
$ 0.06
$ (0.07)
Diluted
$ 0.05
$ (0.07)
Additional information regarding the Company's financial and operating results is available in the
Company's Q1 2023 Financial Statements and accompanying MD&A for the three months ended March
31, 2023, which will be available for download on the Company's website at
www.equinoxgold.com
, on
SEDAR at
www.sedar.com
and on EDGAR at
www.sec.gov/edgar
.
CONFERENCE CALL AND WEBCAST
Equinox Gold will host a conference call and webcast on Wednesday, May 3, 2023 commencing at 7:30
am Vancouver time to discuss the Company's first quarter results and activities underway at the
Company. All participants will have the opportunity to ask questions of Equinox Gold's CEO and
executive team. The webcast will be archived on Equinox Gold's website until November 3, 2023.
Conference call
Toll-free in U.S. and Canada: 1-800-319-4610
International callers: +1 604-638-5340
Webcast
www.equinoxgold.com
ABOUT EQUINOX GOLD
Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines,
construction underway at a new project, and a path to achieve more than one million ounces of annual
gold production from a pipeline of development and expansion projects. Equinox Gold's common shares
are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about
Equinox Gold's portfolio of assets and long-term growth strategy is available at
www.equinoxgold.com
or
by email at
.
EQUINOX GOLD CONTACTS
Greg Smith, President & Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email:
NON-IFRS MEASURES
This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC
contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net
debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS,
i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other
companies. Their measurement and presentation is consistently prepared and is intended to provide
additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Numbers presented in the tables below may not sum
due to rounding.
Cash costs and cash costs per oz sold
Cash costs is a common financial performance measure in the gold mining industry; however, it has no
standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. The
Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain
investors use this information to evaluate the Company's performance and ability to generate operating
income and cash flow from mining operations. Cash costs are calculated as mine site operating costs
plus the principal portion of lease payments and are net of silver by-product credits. Cash costs are
divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company
includes silver by-product credits as it considers the cost to produce the gold is reduced as a result of
the by-product sales incidental to the gold production process, thereby allowing management and other
stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of
cash flow from operations under IFRS or operating costs presented under IFRS.
AISC per oz sold
The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating
AISC was developed internally and is calculated below. Current IFRS measures used in the gold
industry, such as operating expenses, do not capture all of the expenditures incurred to discover,
develop and sustain gold production. The Company believes the AISC measure provides further
transparency into costs associated with producing gold and will assist analysts, investors and other
stakeholders of the Company in assessing its operating performance, its ability to generate free cash
flow from current operations and its overall value. AISC includes cash costs (described above) and also
includes sustaining capital expenditures, reclamation cost accretion and amortization and exploration
and evaluation costs.
This measure seeks to reflect the full cost of gold production from current
operations, therefore, expansionary capital and non-sustaining expenditures are excluded.
The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold
sold to the most directly comparable IFRS measure on an aggregate basis.
$'s in millions, except ounce and per oz figures
Three months ended
March 31,
2023
December 31,
2022
March 31,
2022
Gold ounces sold
123,295
149,386
119,324
Santa Luz gold ounces sold
(
1)
-
-
(210)
Adjusted gold ounces sold
123,295
149,386
119,114
Operating expense
$ 172.2
$ 168.2
$ 152.4
Lease payments
3.8
2.5
2.4
Silver by-product credits
(0.3)
(0.2)
(1.0)
Fair value adjustment on acquired inventories
(5.9)
12.2
(5.9)
Santa Luz operating expense
(
1)
-
-
(0.4)
Total cash costs
$ 169.7
$ 182.7
$ 147.3
Cash costs per gold oz sold
$ 1,376
$ 1,223
$ 1,237
Total cash costs
$ 169.7
$ 182.7
$ 147.3
Sustaining capital
32.5
43.1
37.1
Reclamation expense
2.2
1.8
2.4
Sustaining exploration expense
-
-
1.0
Total AISC
$ 204.4
$ 227.6
$ 187.8
AISC per oz sold
$ 1,658
$ 1,523
$ 1,577
(1)
Consolidated cash cost per oz sold and AISC per oz sold for the three months ended March 31, 2022 excludes Santa Luz results while the mine
was in pre-commercial production up until the achievement of commercial production at the end of Q3 2022.
Sustaining capital expenditures
Sustaining capital expenditures are defined as those expenditures which do not increase annual gold
ounce production at a mine site and excludes all expenditures at the Company's projects and certain
expenditures at the Company's operating sites which are deemed expansionary. Sustaining capital
expenditures can include, but are not limited to, capitalized stripping costs at open pit mines,
underground mine development, mining and milling equipment and TSF raises.
The following table provides a reconciliation of sustaining capital expenditures to the Company's total
capital expenditures for continuing operations.
Three months ended
$'s in millions
March 31,
2023
December 31,
2022
March 31,
2022
Capital additions to mineral properties, plant and equipment
(
1)
$ 154.5
$ 163.2
$ 129.1
Less: Non-sustaining capital at operating sites
(4.6)
(10.8)
(30.3)
Less: Non-sustaining capital at development projects
(91.1)
(103.4)
(60.4)
Less: Capital expenditures - corporate
(0.1)
-
(0.1)
Less: Other non-cash additions
(
2)
(26.1)
(5.9)
(1.2)
Sustaining capital expenditures
$ 32.5
$ 43.1
$ 37.1
(1)
Per note 5 of the condensed consolidated interim financial statements. Capital additions are exclusive of non-cash changes to reclamation assets
arising from changes in discount rate and inflation rate assumptions in the reclamation provision.
(2)
Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping
activities, and capitalized non-cash share-based compensation.
Total mine-site free cash flow
Mine-site free cash flow is a non-IFRS financial performance measure. The Company believes this
measure is a useful indicator of its ability to operate without reliance on additional borrowing or usage of
existing cash. In calculating total mine-site free cash flow, the Company excludes the impact of fair value
adjustments on acquired inventories as these adjustments do not impact cash flow from operating mine
sites. Mine-site free cash flow is intended to provide additional information only and does not have any
standardized meaning under IFRS and may not be comparable to similar measures of performance
presented by other mining companies. Mine-site free cash flow should not be considered in isolation or
as a substitute for measures of performance prepared in accordance with IFRS.
Prior to Q1 2023, mine-site free cash flow was calculated inclusive of fair value adjustments on acquired
inventories. The calculation of mine-site free cash flow for comparative periods has been adjusted to
conform with the current methodology and is different from the measure previously reported.
The following table provides a reconciliation of mine-site free cash flow to the most directly comparable
IFRS measure on an aggregate basis:
Three months ended
$'s in millions
March 31,
2023
December 31,
2022
March 31,
2022
Operating cash flow before non-cash changes in working capital
$ 195.4
$ 80.0
$ 33.5
Fair value adjustments on acquired inventories
5.9
(12.2)
5.9
Operating cash flow (generated) used by non-mine site activity
(
1)
(138.3)
7.4
33.2
Cash flow from operating mine sites
$ 63.0
$ 75.2
$ 72.6
Mineral property, plant and equipment additions
$ 154.5
163.2
129.1
Less: Capital expenditures relating to development projects and corporate and other non-
cash additions
(117.3)
(109.3)
(61.7)
Capital expenditure from operating mine sites
37.1
53.9
67.3
Lease payments related to non-sustaining capital items
4.8
3.9
3.4
Non-sustaining exploration expense
1.8
5.4
2.1
Total mine-site free cash flow
$ 19.3
$ 12.0
$ (0.3)
(1)
Includes taxes paid that are not factored into mine-site free cash flow and are included in operating cash flow before non-cash changes in
working capital in the statement of cash flows.
AISC contribution margin, EBITDA and adjusted EBITDA
The Company believes that, in addition to conventional measures prepared in accordance with IFRS,
certain investors, and other stakeholders use AISC contribution margin, AISC contribution margin per
gold ounce sold and adjusted EBITDA to evaluate the Company's performance and ability to generate
cash flows and service debt. AISC contribution margin is defined as revenue less AISC. EBITDA is
defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is defined as
earnings before interest, tax, depreciation, and amortization, adjusted to exclude specific items that are
significant but not reflective of the underlying operating performance of the Company, such as the impact
of fair value changes of warrants, foreign exchange contracts and gold contracts; unrealized foreign
exchange gains and losses, transaction costs, and non-cash share-based compensation expense. It is
also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or
that are not considered representative of core operating performance, such as impairments and gains
and losses on disposals of assets.
The following tables provide the calculation of AISC contribution margin, EBITDA and adjusted EBITDA,
as calculated by the Company:
AISC Contribution Margin
Three months ended
$'s in millions
March 31,
2023
December 31,
2022
March 31,
2022
Revenue
$ 234.1
$ 259.3
$ 223.2
Less: AISC
(204.4)
(227.6)
(187.8)
AISC contribution margin
$ 29.7
$ 31.7
$ 35.4
Gold ounces sold
123,295
149,386
119,324
Less: Santa Luz gold ounces sold
(
1)
-
-
(210)
Adjusted gold ounces sold
123,295
149,386
119,114
AISC contribution margin per oz sold
$ 241
$ 212
$ 297
(1)
AISC contribution margin for three months ended March 31, 2022 excludes Santa Luz results while the mine was in pre-commercial production up
until the achievement of commercial production at the end of Q3 2022.
EBITDA and Adjusted EBITDA
Three months ended
$'s in millions
March 31,
2023
December 31,
2022
March 31,
2022
Net income (loss)
$ 17.4
22.6
(19.8)
Income tax (recovery) expense
$ (9.6)
(27.6)
3.7
Depreciation and depletion
47.5
59.8
42.6
Finance expense
12.7
12.4
9.4
Finance income
(3.0)
(2.6)
(0.8)
EBITDA
$ 65.0
$ 64.6
$ 35.1
Non-cash share-based compensation expense
1.5
1.1
0.9
Unrealized loss (gain) on change in fair value of warrants
3.7
(2.9)
18.7
Unrealized loss on gold contracts
5.4
-
-
(Gain) loss on gold contracts acquired in a business combination
-
-
(5.4)
Unrealized (gain) loss on foreign exchange contracts
(13.1)
(7.7)
(18.1)
Unrealized foreign exchange loss
2.3
3.1
10.5
Share of net loss of investment in associate
16.0
3.6
1.6
Other (income) expense
(
1)
(24.0)
12.5
(0.4)
Transaction costs
-
-
0.1
Adjusted EBITDA
$ 57.0
$ 74.3
$ 43.1
(1)
Other income for the three months ended March 31, 2023 primarily includes a $34.5 million gain on sale of partial interest and reclassification of
investment in i-80 Gold, offset partially by a modification loss of $4.3 million related to amendments on the Company's revolving credit facility. Other
expense for the three months ended December 31, 2022 includes a $12.9 million loss at Santa Luz related to a write-down of equipment.
Adjusted net income and adjusted EPS
Adjusted net income and adjusted EPS are used by management and investors to measure the
underlying operating performance of the Company. Adjusted net income is defined as net income
adjusted to exclude specific items that are significant but not reflective of the underlying operating
performance of the Company, such as the impact of fair value changes in the value of warrants, foreign
exchange contracts and gold contracts, unrealized foreign exchange gains and losses, and non-cash
share-based compensation expense. It is also adjusted to exclude items whose timing or amount cannot
be reasonably estimated in advance or that are not considered representative of core operating
performance, such as impairments and gains and losses on disposals of assets. Adjusted net income
per share amounts are calculated using the weighted average number of shares outstanding on a basic
and diluted basis as determined by IFRS.
The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and
calculated by the Company:
Three months ended
$'s and shares in millions
March 31,
2023
December 31,
2022
March 31,
2022
Basic weighted average shares outstanding
311.6
305.2
302.2
Diluted weighted average shares outstanding
341.6
351.4
302.2
Net income (loss) attributable to Equinox Gold shareholders
$ 17.4
$ 22.6
$ (19.8)
Add (deduct):
Non-cash share-based compensation expense
1.5
1.1
0.9
Unrealized (gain) loss on change in fair value of warrants
3.7
(2.9)
18.7
Unrealized loss on gold contracts
5.4
-
-
(Gain) loss on gold contracts acquired in a business combination
-
-
(5.4)
Unrealized (gain) loss on foreign exchange contracts
(13.1)
(7.7)
(18.1)
Unrealized foreign exchange loss
2.3
3.1
10.5
Share of net loss of investment in associate
16.0
3.6
1.6
Other (income) expense
(
1)
(24.0)
12.5
(0.4)
Transaction costs
-
-
0.1
Income tax impact related to above adjustments
(0.1)
(3.0)
(1.8)
Unrealized foreign exchange (gain) loss recognized in deferred tax expense
(17.5)
(22.2)
(10.6)
Adjusted net (loss) income
$ (8.2)
$ 7.0
$ (24.2)
Adjusted (loss) income per share - basic ($/share)
$(0.03)
$0.02
$(0.08)
Adjusted (loss) income per share - diluted ($/share)
$(0.03)
$0.02
$(0.08)
(1)
Other income for the three months ended March 31, 2023 primarily includes a $34.5 million gain on sale of partial interest and reclassification of
investment in i-80 Gold, offset partially by a modification loss of $4.3 million related to amendments on the Company's revolving credit facility. Other
expense for the three months ended December 31, 2022 includes a $12.9 million loss at Santa Luz related to a write-down of equipment.
Net debt
The Company believes that in addition to conventional measures prepared in accordance with IFRS, the
Company and certain investors and analysts use net debt to evaluate the Company's performance. Net
debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be
comparable to similar measures employed by other companies. This measure is intended to provide