Equinox Gold Reports First Quarter 2024 Financial and Operating Results
Equinox Gold Reports First Quarter 2024
Financial and Operating Results
All financial figures are in US dollars, unless otherwise indicated.
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) -
Equinox Gold Corp.
(TSX: EQX)
(NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its first quarter 2024
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, 2024 will be available for download on the Company's profile on SEDAR+ at
www.sedarplus.ca
, 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 9, 2024
commencing at 7:30 am Pacific Time to discuss first quarter results and activities underway at the
Company. The Company will also host its annual meeting of shareholders ("AGM") on May 9
commencing at 1:30 pm Pacific Time followed by a corporate update with Equinox Gold's Chair and
executive team commencing at 1:45 pm Pacific Time. 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. 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 2024 guidance. We
recently announced the acquisition of our joint venture partner's 40% interest in the Greenstone Mine,
which will consolidate 100% ownership of this world-class mine into Equinox Gold. We expect the
acquisition to close soon. Greenstone Mine commissioning is progressing well, and we expect to pour
first gold this month."
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2024
Operational
Produced 111,725 ounces of gold
Sold 116,504 ounces of gold at an average realized gold price of $2,066 per oz
Total cash costs of $1,567 per oz and AISC of $1,950 per oz
(1)
Two lost-time injuries; total recordable injury frequency rate
(2)
of 1.55 per million hours worked for
the 12-month rolling period (1.61 for the Quarter)
Significant environmental incident frequency rate
(2)
per million hours worked of 0.30 per million
hours worked for the 12-month rolling period (0.00 for the Quarter)
Earnings
Income from mine operations of $11.4 million
Net loss of $42.8 million or $0.13 per share (basic)
Adjusted net loss of $14.4 million or $0.04 per share
(1)
Financial
Cash flow from operations before changes in non-cash working capital of $47.7 million ($17.9
million after changes in non-cash working capital)
Adjusted EBITDA of $52.2 million
(1)
Sustaining expenditures of $44.6 million and non-sustaining expenditures of $69.3 million
Corporate
Provided 2024 production and cost guidance of 660,000 to 750,000 ounces of gold at cash costs
of $1,340 to $1,445 per oz and AISC of $1,630 to $1,740 per oz
(1)
Provided 2024 sustaining and non-sustaining expenditure guidance of $424 million
$212 million of sustaining expenditures, of which $196 million is sustaining capital
expenditures
(1)
$213 million of non-sustaining expenditures, of which $205 million is non-sustaining capital
expenditures
Non-sustaining capital expenditures includes $95 million to advance Greenstone to
commercial production
For the three months ended March 31, 2024, the Company issued 10.9 million common shares
under its at-the-market equity program ("ATM Program") at a weighted average share price of
$4.61 per common share for total gross proceeds of $50.2 million
Construction and Development
Advanced Greenstone commissioning:
Commissioned crushing circuit, ore storage dome, high-pressure grinding rolls (HPGR), ball
mill #1, and thickener and leach tanks; loaded flocculant and lime into the system during last
week of March
More than 1.5 million tonnes of ore stockpiled for startup
Spent $54 million (Equinox Gold's 60% share) during the Quarter
On track to achieve first gold production in Q2 2024
Completed approximately 6.4 million hours project-to-date with one lost-time injury; 12-month
rolling average TRIFR of 2.03
RECENT DEVELOPMENTS
Commenced processing ore at Greenstone
Ore introduced into the grinding circuit on April 6, 2024
First gold pour expected in May, commercial production targeted by the end of Q3 2024
On April 23, 2024, the Company announced it had entered into a binding share purchase
agreement ("SPA") with certain funds managed by Orion Mine Finance Management LP ("Orion")
to acquire Orion's 40% interest in Greenstone Gold Mine GP Inc. (the "Transaction"), giving
Equinox Gold 100% ownership of Greenstone
Equinox Gold will pay $995 million to acquire Orion's 40% interest in Greenstone, payable
as: a) 42 million common shares of Equinox Gold valued at $250 million; b) $705 million in
cash payable on closing; and c) $40 million cash payable by December 31, 2024
Equinox Gold will fund the cash consideration with net proceeds from a new $500 million
three-year term loan and a bought deal equity financing of 49,060,000 common shares of
Equinox Gold at a price of $5.30 per common share (the "Offering") for aggregate gross
proceeds of approximately $260 million
The $500 million term loan will include a requirement that Equinox Gold hedge 15% of
anticipated gold production through mid-2026
On April 26, 2024, the Company announced that the Offering, including an over-allotment
option, has closed and the Company has issued 56,419,000 common shares for aggregate
gross proceeds of $299 million
The Transaction is expected to close in Q2 2024, subject to customary closing conditions
and receipt of certain regulatory and other approvals
Subsequent to March 31, 2024, extended existing 2019 and 2020 convertible notes
Maturity date of the $139.7 million principal 5.00% convertible notes due April 12, 2024 (the
"2019 Convertible Notes") extended by six months to October 12, 2024
Maturity date of the $139.3 million principal 4.75% convertible notes due March 10, 2025
(the "2020 Convertible Notes") extended by six months to September 10, 2025 and
conversion price amended from $7.80 to $6.50
On April 8, 2024, the Company reported a geotechnical event at Aurizona and a pause of mining
activities while the Company establishes a remediation plan; milling and gold production continued
from the ore stockpile through April. Subsequently, the Company commenced mining of the
Tatajuba open pit at Aurizona and anticipates a ramp-up of mining activities to produce ore for
plant feed by June 2024
On April 9, 2024, the Company drew down $60.0 million on the Company's revolving credit facility
(the "Revolving Facility")
_____________________________
(1)
Cash costs per oz sold, AISC per oz sold, sustaining capital, sustaining expenditures, adjusted net income, adjusted EBITDA, adjusted EPS, and
net debt are non-IFRS measures. See
Non-IFRS Measures
and
Cautionary Notes
.
(2)
Total recordable injury frequency rate ("TRIFR") and significant environmental incident frequency rate ("SEIFR") are both reported per million hours
worked. TRIFR is the total number of injuries excluding those requiring simple first aid treatment.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
Three months ended
Operating data
Unit
March 31,
2024
December 31,
2023
March 31,
2023
Gold produced
oz
111,725
154,960
122,746
Gold sold
oz
116,504
149,861
123,295
Average realized gold price
$/oz
2,066
1,983
1,895
Cash costs per oz sold
(1)(2)
$/oz
1,567
1,330
1,346
AISC per oz sold
(1)(2)
$/oz
1,950
1,657
1,658
Financial data
Revenue
M$
241.3
297.8
234.1
Income from mine operations
M$
11.4
38.6
14.5
Net income (loss)
M$
(42.8
)
3.9
17.4
Net income (loss) per share (basic)
$/share
(0.13
)
0.01
0.06
Adjusted EBITDA
(1)
M$
52.2
95.3
57.0
Adjusted net income (loss)
(1)
M$
(14.4
)
2.4
(8.2
)
Adjusted EPS
(1)
$/share
(0.04
)
0.01
(0.03
)
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)
M$
125.3
192.0
284.9
Net debt
(1)
M$
803.9
733.0
547.8
Operating cash flow before changes in non-cash working capital
M$
47.7
168.2
195.4
(1)
Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net loss, adjusted EPS and net debt are non-IFRS measures. See
Non-IFRS
Measures
and
Cautionary Notes
.
(2)
Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3)
Numbers in tables throughout this news release may not sum due to rounding.
Gold ounces sold in Q1 2024 were 6% lower compared to Q1 2023 primarily due to planned lower
production at Los Filos, offset partially by higher production at Mesquite and RDM. At Los Filos, the
lower production was planned as a result of mine sequencing, with more waste stripping during the
Quarter as compared to Q1 2023, as well as the crusher being offline for most of the Quarter due to a
planned repositioning of a portion of the conveyor. At Mesquite, the higher production was mainly due to
higher ore tonnes stacked on the leach pad as a result of contribution from three pits during the Quarter
compared to one pit in Q1 2023. At RDM, production was higher as a result of higher grades mined from
in situ mining. RDM's main ore source for Q1 2023 was from lower grade stockpiles.
Revenue was higher in Q1 2024 compared to Q1 2023 primarily due to a 9% increase in realized gold
prices, offset partially by a decrease in gold ounces sold. The Company realized $2,066 per ounce sold
in Q1 2024 generating $241.3 million in revenue, compared to $1,895 per ounce sold in Q1 2023
generating $234.1 million in revenue.
Cash cost per oz sold and AISC per oz sold were 16% and 18% higher in Q1 2024 compared to Q1
2023, respectively, primarily driven by lower production at Los Filos and higher costs at Fazenda and
Santa Luz, offset partially by the impact of higher production at Mesquite. While input costs were
generally lower in 2024, the impact of the strengthening of the Mexican Peso ("MXN") and Brazilian Réal
("BRL") compared to the USD more than offset these lower costs in Mexico and Brazil in Q1 2024.
In Q1 2024, income from mine operations was $11.4 million compared to $14.5 million in Q1 2023. The
lower income from mine operations in Q1 2024 compared to Q1 2023 was mainly the result of lower
income from operations at Castle Mountain, Fazenda and Santa Luz, offset partially by higher income
from mine operations at Mesquite. Income from mine operations at Castle Mountain and Fazenda were
impacted by higher operating costs, while Santa Luz was impacted by lower production compared to Q1
2023. The increase in Mesquite's income from mine operations in Q1 2024 compared to Q1 2023 was
driven by higher production compared to Q1 2023. Additionally, all sites benefited from higher realized
gold prices, offset partially by the impact of the strengthening of the MXN and BRL on the Company's
Los Filos and Brazil operations.
The net loss for Q1 2024 was $42.8 million (Q1 2023 - net income of $17.4 million). The net loss in Q1
2024 compared to net income in Q1 2023 was primarily due to other expense of $13.9 million in Q1
2024 compared to other income of $31.9 million in Q1 2023, in addition to lower income from mine
operations and higher general and administrative and finance expense compared to Q1 2023 (refer to
Financial Results
section
)
. Other expense in Q1 2024 was primarily due to a $11.6 million loss on the
change in fair value of gold contracts as a result of an increase in average forward gold prices during the
Quarter. Other income in Q1 2023 was primarily due to a $34.5 million gain on sale of the Company's
partial interest and reclassification of investment in i-80 Gold Corp.
In Q1 2024, adjusted EBITDA was $52.2 million (Q1 2023 - $57.0 million). In Q1 2024, adjusted net loss
was $14.4 million (Q1 2023 - $8.2 million). The decrease in adjusted EBITDA and increase in adjusted
net loss was primarily due to lower income from mine operations, a higher realized loss on foreign
exchange and higher general and administrative expense compared to Q1 2023, offset partially by the
impact of a $14.3 million realized gain on foreign exchange contracts in Q1 2024 compared to a
realized gain of $5.4 million in Q1 2023. The increase in the adjusted net loss between periods was also
due to higher finance expense compared to Q1 2023.
Sustaining and non-sustaining expenditures totaled $44.6 million and $69.3 million, respectively, for the
three months ended March 31, 2024. 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, 2024 AND
2023
$ amounts in millions, except per share amounts
Three months ended
March 31,
2024
March 31,
2023
Revenue
$
241.3
$
234.1
Cost of sales
Operating expense
(183.8
)
(172.2
)
Depreciation and depletion
(46.2
)
(47.4
)
Income from mine operations
11.4
14.5
Care and maintenance expense
-
(1.1
)
Exploration and evaluation expense
(2.5
)
(1.8
)
General and administration expense
(14.1
)
(9.9
)
Income (loss) from operations
(5.3
)
1.6
Finance expense
(17.4
)
(12.7
)
Finance income
2.0
3.0
Share of net income (loss) in associate
0.4
(16.0
)
Other income (expense)
(13.9
)
31.9
Net income (loss) before taxes
(34.2
)
7.8
Income tax recovery (expense)
(8.5
)
9.6
Net income (loss)
$
(42.8
)
$
17.4
Net income (loss) per share attributable to Equinox Gold shareholders
Basic
$
(0.13
)
$
0.06
Diluted
$
(0.13
)
$
0.05
Additional information regarding the Company's financial and operating results is available in the
Company's Q1 2024 Financial Statements and accompanying MD&A for the three months ended March
31, 2024, which will be available for download on the Company's website at
www.equinoxgold.com
, on
SEDAR+ at
www.sedarplus.ca
and on EDGAR at
www.sec.gov/edgar
.
SHAREHOLDER EVENTS ON MAY 9, 2024
First Quarter Results (May 9, 7:30 am PT)
The Company will host a conference call and webcast on Thursday, May 9, 2024, commencing at 7:30
am PT (10:30 am ET) to discuss first quarter results.
Conference Call
Toll-free in U.S. and Canada: 1-844-763-8274
International callers: +1 647-484-8814
Webcast
www.equinoxgold.com/financials
Annual Meeting of Shareholders (May 9, 1:30 pm PT)
The Company's AGM will be held on Thursday, May 9, 2024, commencing at 1:30 pm PT (4:30 pm ET).
Shareholders who cannot attend in person are invited to join online.
Attend in Person
Suite 3500, 1133 Melville Street, Vancouver, BC
Attend Online
https://meetnow.global/MPL9QRU
Corporate Update (May 9, 1:45 pm PT)
Equinox Gold's Chair, Ross Beaty, will host a Corporate Update immediately after the AGM,
commencing at approximately 1:45 pm PT (4:45 pm ET), to discuss the Company's business strategy
and objectives. Shareholders who have attended the AGM online will need to disconnect from the AGM
webcast and login to the Corporate Update webcast at
www.equinoxgold.com/shareholder-events
.
ABOUT EQUINOX GOLD
Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines,
commissioning underway at a new mine, 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, sustaining
capital and sustaining expenditures, mine-site free cash flow, AISC contribution margin, adjusted
EBITDA, adjusted net income, adjusted EPS and net debt 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
and are net of silver revenue. Cash costs are divided by ounces sold to arrive at cash costs per oz sold.
In calculating cash costs, the Company deducts silver revenue 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 (described in following section), sustaining lease payments,
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.
Prior to Q2 2023, the Company's calculation of cash costs included the principal portion of sustaining
lease payments. Commencing in Q2 2023, to improve the comparability of the Company's financial
performance measures with its peers and align to the standards outlined by the World Gold Council, the
Company has excluded sustaining lease payments from its calculation of cash costs and has included
them as a component of AISC. The calculations of cash costs and AISC for comparative periods have
been adjusted to conform with the current methodology and are different from the measures previously
reported.
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,
2024
December 31,
2023
March 31,
2023
Operating expenses
183.8
198.2
172.2
Silver revenue
(0.6
)
(0.6
)
(0.3
)
Fair value adjustment on acquired inventories
(0.6
)
1.6
(5.9
)
Total cash costs
$
182.6
$
199.3
$
165.9
Sustaining capital
39.0
42.7
32.5
Sustaining lease payments
2.6
4.6
3.8
Reclamation expense
2.8
1.7
2.2
Sustaining exploration expense
0.2
-
-
Total AISC
$
227.2
$
248.3
$
204.4
Gold oz sold
116,504
149,861
123,295
Cash costs per gold oz sold
1,567
$
1,330
$
1,346
AISC per oz sold
$
1,950
$
1,657
$
1,658
Sustaining Capital and Sustaining Expenditures
Sustaining 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 can
include, but are not limited to, capitalized stripping costs at open pit mines, underground mine
development, mining and milling equipment, and TSF raises. Sustaining expenditures includes
sustaining capital, sustaining lease payments, reclamation expense and sustaining exploration expense.
The following table provides a reconciliation of sustaining expenditures to the Company's total
expenditures for continuing operations:
Three months ended
$'s in millions
March 31,
2024
December 31,
2023
March 31,
2023
Capital additions to mineral properties, plant and equipment
(1)
$
134.4
$
157.0
$
154.5
Less: Non-sustaining capital at operating sites
(10.0
)
(8.1
)
(4.6
)
Less: Non-sustaining capital at development projects
(64.1
)
(94.6
)
(91.1
)
Less: Capital expenditures - corporate
-
0.1
(0.1
)
Less: Other non-cash additions
(2)
(21.4
)
(11.7
)
(26.1
)
Sustaining capital
$
39.0
$
42.7
$
32.5
Add: sustaining lease payments
$
2.6
$
4.6
$
3.8
Add: reclamation expense
$
2.8
$
1.7
$
2.2
Add: sustaining exploration expense
$
0.2
$
-
$
-
Sustaining expenditures
$
44.6
$
49.1
$
38.5
(1)
Per mineral properties, plant and equipment note of the Company's financial statements. Capital additions exclude 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.
In Q4 2023, the Company revised the calculation to include changes in non-cash working capital and
present mine-site free cash flow after changes in non-cash working capital. The Company believes it is
useful to provide mine-site free cash flow before and after changes in non-cash working capital as
working capital can fluctuate significantly between periods due to numerous factors.
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,
2024
December 31,
2023
March 31,
2023
Operating cash flow before non-cash changes in working capital
$
47.7
$
168.2
$
195.4
Less: Fair value adjustments on acquired inventories
0.6
(1.6
)
5.9
Less: Operating cash flow (generated) used by non-mine site activity
(1)
7.3
(71.1
)
(138.3
)
Cash flow from operating mine sites
$
55.7
$
95.6
$
63.0
Mineral property, plant and equipment additions
$
134.4
157.0
154.5
Less: Capital expenditures relating to development projects and corporate and other
non-cash additions
(85.5
)
(106.2
)
(117.3
)
Capital expenditure from operating mine sites
49.0
50.8
37.1
Lease payments related to non-sustaining capital items
7.5
7.0
4.8
Non-sustaining exploration expense
2.3
3.1
1.8
Total mine-site free cash flow before changes in non-cash working capital
$
(3.0
)
$
34.7
$
19.3
(Increase) decrease in non-cash working capital
$
(29.8
)
$
(42.3
)
$
(52.0
)
Total mine site free cash flow after changes in non-cash working capital
$
(32.8
)
$
(7.6
)
$
(32.7
)
(1)
Includes taxes paid and proceeds from gold prepayments 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, EBITDA 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,
2024
December 31,
2023
March 31,
2023
Revenue
$
241.3
$
297.8
$
234.1
Less: silver revenue
(0.6
)
(0.6
)
(0.3
)
Less: AISC
(227.2
)
(248.3
)
(204.4
)
AISC contribution margin
$
13.6
$
48.9
$
29.3
Gold ounces sold
116,504
149,861
123,295
AISC contribution margin per oz sold
$
116
$
326
$
238
EBITDA and Adjusted EBITDA
Three months ended
$'s in millions
March 31,
2024
December 31,
2023
March 31,
2023
Net income (loss)
$
(42.8
)
3.9
17.4
Income tax expense (recovery)
8.5
4.5
(9.6
)
Depreciation and depletion
46.4
61.3
47.5