Equinox Gold Reports First Quarter 2025 Financial and Operating Results
Equinox Gold Reports First Quarter 2025
Financial and Operating Results
All financial figures are in US dollars, unless otherwise
indicated.
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2025) -
Equinox Gold Corp.
(TSX: EQX)
(NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its first quarter 2025
summary financial and operating results. The Company's unaudited condensed consolidated interim
financial statements and related management's discussion and analysis ("MD&A") 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 8, 2025 commencing at 7:30 am Pacific Time to discuss first
quarter results and activities underway at the Company. Further details are provided later in this news
release.
Greg Smith, President and CEO of Equinox Gold, commented: "Equinox Gold delivered the highest first-
quarter production in the Company's history, producing more than 145,000 ounces of gold, with
production expected to increase each quarter through the year. At Greenstone, we successfully
navigated our first winter in operation and remained focused on increasing mining and processing rates.
Both continue to improve and we are pleased with ramp-up progress as Greenstone advances toward
steady-state performance.
"We also look forward to closing our pending merger with Calibre Mining during the second quarter. This
combination will create a diversified, Americas-focused gold producer anchored by Greenstone and
Valentine — two long-life Canadian gold mines — and supported by a robust pipeline of development
and expansion projects. With increased scale, enhanced cash flow, and significant long-term growth
potential, the combined company is well positioned to deliver meaningful value for all stakeholders."
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025
Operational
Produced 145,290 ounces of gold
(1)
Sold 147,920 ounces of gold
(1)
at an average realized gold price of $2,858 per oz
Total cash costs of $1,769 per oz and AISC of $2,065 per oz
(2)
Total cash costs of $1,637 per oz and AISC of $1,979 per oz, excluding the results from Los
Filos that were excluded from 2025 Guidance
Two lost-time injuries and a total recordable injury frequency rate
(3)
of 1.95 for the rolling 12-month
period (1.07 for the Quarter)
No significant environmental incidents during the Quarter
Earnings
Income from mine operations of $33.7 million
Net loss of $75.5 million or $0.17 per share (basic)
Adjusted net loss of $36.6 million or $0.08 per share
(2)
Financial
Cash flow from operations before changes in non-cash working capital of $73.3 million ($54.5
million after changes in non-cash working capital)
Mine-site free cash flow before changes in non-cash working capital of $57.7 million ($38.8 million
after changes in non-cash working capital)
Adjusted EBITDA of $137.9 million
(2)
Sustaining expenditures of $42.9 million and non-sustaining expenditures of $49.4 million
Cash and equivalents (unrestricted) of $172.9 million at March 31, 2025
Net debt
(2)
of $1,220.0 million at March 31, 2025
Corporate
On February 23, 2025, the Company entered into a definitive arrangement agreement for a
business combination with Calibre Mining Corp. ("Calibre") (TSX: CXB) (OTCQX: CXBMF), as
amended on April 23, 2025 (the "Arrangement Agreement"), whereby Equinox Gold will acquire
100% of the issued and outstanding common shares of Calibre (the "Transaction"). The
Transaction will create an Americas-focused diversified gold producer with a portfolio of mines
and projects in five countries anchored by two high-quality, long-life, low-cost Canadian gold
mines. Under the terms of the Arrangement Agreement, Calibre shareholders will receive 0.35 of
an Equinox Gold common share for each Calibre common share held immediately prior to closing
of the Transaction. Closing of the Transaction is subject to certain regulatory approvals and other
customary closing conditions.
Concurrent with the Arrangement Agreement, the Company entered into a subscription agreement
to participate in Calibre's private placement convertible note financing. The private placement
closed on March 4, 2025 with the Company purchasing a convertible note with a principal amount
of $40.0 million and a maturity date of March 4, 2030 (the "Calibre Convertible Note"). If the
Arrangement Agreement is terminated prior to closing of the Transaction, the maturity date of the
Calibre Convertible Note will be accelerated to January 31, 2026.
Provided 2025 production and cost guidance of 635,000 to 750,000 ounces of gold at cash costs
of $1,075 to $1,175 per oz and AISC of $1,455 to $1,550 per oz
(2)
. Guidance does not include any
production from Los Filos or Castle Mountain.
Provided 2025 sustaining and non-sustaining expenditure guidance of $412 million, comprising
$310 million of sustaining expenditures and $102 million of non-sustaining expenditures.
In January 2025, following negotiations that began in November 2023 with the three communities
that host Los Filos, the Company reached consensus on terms for new agreements with all three
communities. Two communities signed new long-term agreements. One community did not sign
the long-term agreement and instead requested to resume negotiation, independent of the other
two communities. The Company has been clear with its position that long-term agreements with all
three communities are essential to provide the economic and investment conditions necessary for
continued operations. The existing agreement with the outstanding community expired on March
31, 2025. Accordingly, the Company announced on April 1, 2025 that operations at Los Filos are
suspended indefinitely. The Company has not included any production from Los Filos in its 2025
Guidance. Layoffs at Los Filos have been proceeding; however, the Company will retain the staff
required to maintain its environmental obligations and secure the Company-owned infrastructure at
the mine site. Commencing April 1, 2025, Los Filos is being reported as a development project.
Development and Exploration
Issued an updated technical report for Fazenda that includes an updated Mineral Reserve and
Mineral Resource estimate, demonstrating mine life extension to 2033.
RECENT DEVELOPMENTS
On May 1, 2025, Equinox Gold shareholders and Calibre securityholders voted in favour of the
Calibre Transaction, authorizing Equinox Gold to issue up to 296,838,303 shares to acquire the
outstanding shares of Calibre at the exchange ratio of 0.35 Equinox Gold shares for every Calibre
share. The Transaction is expected to close during the second quarter of 2025.
On May 1, 2025, Equinox Gold shareholders approved all matters of business at the adjourned
annual and special meeting of shareholders, including setting the size of the board of directors
("Board"), electing the director nominees, appointing KPMG LLP as Equinox Gold's auditor, and
approving amendments to the Company's restricted share unit plan.
On April 14, 2025, the Company drew down $45.0 million on the Revolving Facility.
(1) Gold production includes 31,518 and 3,222 ounces from Los Filos and Castle Mountain, respectively; gold sold includes 32,133 and 3,222 ounces
at Los Filos and Castle Mountain, respectively, which were not included in the Company's 2025 Guidance.
(2)
Cash costs per oz sold, AISC per oz sold, adjusted net income (loss), adjusted EPS, adjusted EBITDA and net debt are non-IFRS measures. See
Non-IFRS Measures
and
Cautionary Notes
.
(3)
Total recordable injury frequency rate ("TRIFR") is 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,
2025
December 31,
2024
March 31,
2024
Gold produced
(4)
oz
145,290
213,964
111,725
Gold sold
(4)
oz
147,920
217,678
116,504
Average realized gold price
$/oz
2,858
2,636
2,066
Cash costs per oz sold
(1)(2)
$/oz
1,769
1,458
1,567
Cash costs per oz sold
(1)(2)
- excluding Los Filos
(3)
$/oz
1,637
1,265
1,511
AISC per oz sold
(1)(2)
$/oz
2,065
1,652
1,950
AISC per oz sold
(1)(2)
- excluding Los Filos
(3)
$/oz
1,979
1,487
1,812
Financial data
Revenue
M$
423.7
575.0
241.3
Income from mine operations
M$
33.7
170.1
11.4
Net income (loss)
M$
(75.5
)
28.3
(42.8
)
Earnings (loss) per share (basic)
$/share
(0.17
)
0.06
(0.13
)
Adjusted EBITDA
(1)
M$
137.9
218.2
52.2
Adjusted net income (loss)
(1)
M$
(36.6
)
77.5
(14.4
)
Adjusted EPS
(1)
$/share
(0.08
)
0.17
(0.04
)
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)
M$
172.9
239.3
125.3
Net debt
(1)
M$
1,220.0
1,108.5
803.9
Operating cash flow before changes in non-cash working capital
M$
73.3
212.7
47.7
(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 cash cost per oz sold and AISC per oz sold for the three months ended March 31, 2025 and December 31, 2024 exclude Castle
Mountain results after August 31, 2024 when residual leaching commenced and in addition, the three months ended December 31, 2024 exclude
Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production on November 6, 2024.
Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3)
Consolidated cash cost per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which was excluded from
2025 Guidance.
(4)
Gold produced includes 31,518 and 3,222 ounces produced at Los Filos and Castle Mountain, respectively; gold sold includes 32,133 and 3,222
ounces sold at Los Filos and Castle Mountain, respectively.
(5)
Numbers in tables throughout this news release may not sum due to rounding.
Operating Data
Gold ounces sold in Q1 2025 were higher compared to Q1 2024 primarily due to production at
Greenstone, which was not in production in Q1 2024, offset partially by lower production at Mesquite due
to mine sequencing and fewer tonnes processed at Aurizona.
Financial Data
Revenue was 76% higher in Q1 2025 compared to Q1 2024, due to a 38% increase in the realized gold
price per ounce sold and a 27% increase in gold ounces sold in Q1 2025 compared to Q1 2024. The
Company realized $2,858 per ounce sold in Q1 2025 generating $423.7 million in revenue, compared to
$2,066 per ounce sold in Q1 2024 generating $241.3 million in revenue.
Cash costs per oz sold and AISC per oz sold was 13% and 6% higher in Q1 2025 compared to Q1
2024, respectively, mainly due to increased unit costs in Brazil being offset partially by a weaker
Brazilian Réal ("BRL"). Cash costs per oz sold and AISC per oz sold excludes the cash portion of the
$26.1 million write-down of heap leach inventories at Los Filos to net realizable value ("NRV") in Q1
2025 as a result of using a long-term gold price to reflect the reclassification of heap leach inventories
from current to non-current due to the indefinite suspension of operations on April 1, 2025, as it is
considered a non-recurring item that is not reflective of the underlying performance of the operation.
In Q1 2025, income from mine operations was $33.7 million (Q1 2024 - $11.4 million). Income from mine
operations for the three months ended March 31, 2025 includes income from Greenstone of $24.4
million, which was not in production in Q1 2024. In addition to the impact of Greenstone's operations in
2025, income from mine operations was higher in Q1 2025 compared to Q1 2024 due to the increase in
the average realized gold price per ounce sold. These increases were partially offset by the write-down
of heap leach inventories to net realizable value at Los Filos of $28.6 million in the Quarter.
Net loss for Q1 2025 was $75.5 million (Q1 2024 - net loss of $42.8 million). The higher net loss in Q1
2025 compared to Q1 2024 is mainly driven by an increase in finance expense in Q1 2025 due to an
increase in the amount drawn on the Company's credit facility and the cessation of capitalizing interest at
Greenstone following commercial production in November 2024; unfavorable changes in the fair value of
gold contracts and Greenstone contingent consideration driven by increases in the forward gold price;
and care and maintenance expense at Los Filos resulting from the commencement of layoffs and other
suspension activities in January 2025. These changes were offset partially by higher income from mine
operations and favorable changes in the fair value of foreign exchange contracts.
In Q1 2025, adjusted EBITDA was $137.9 million (Q1 2024 - $52.2 million). In Q1 2025, adjusted net
loss was $36.6 million (Q1 2024 - adjusted net loss $14.4 million).
The increase in adjusted EBITDA in Q1 2025 was primarily due to the impact of Greenstone's
operations in 2025 and the increase in the average realized gold price. The increase in adjusted net loss
is due to higher finance expense in 2025, higher realized losses on foreign exchange contracts and care
and maintenance expenses at Los Filos, offset partially by higher income from mine operations.
Since November 2023, the Company has been renegotiating its land access agreements with the three
communities where Los Filos is located. In January 2025, the Company reached consensus on terms for
new agreements with all three communities. New agreements were signed with two of the communities
during the three months ended March 31, 2025. On March 31, 2025, the Company's land access
agreement with the third community expired and the Company announced on April 1, 2025 that
operations at Los Filos have been suspended. The expiration of the land access agreement with the
third community without a new long-term agreement in place and announcement of suspension of
operations were determined to be an indicator of impairment and accordingly, the Company estimated
the recoverable amount of the Los Filos cash generating unit ("CGU") and performed an impairment test
as at March 31, 2025. The Company determined that the recoverable amount of the Los Filos CGU at
March 31, 2025 was more than the carrying amount and that no impairment loss was required to be
recognized.
Sustaining and non-sustaining expenditures totaled $42.9 million and $49.4 million, respectively, for the
three months ended March 31, 2025. Sustaining and non-sustaining expenditures are broken down by
mine site in the MD&A.
SELECTED FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED MARCH 31,
2025 and 2024
$ amounts in millions, except per share amounts
Three months ended
March 31,
2025
March 31,
2024
Revenue
$
423.7
$
241.3
Cost of sales
Operating expense
(292.6
)
(183.8
)
Depreciation and depletion
(97.4
)
(46.2
)
Income from mine operations
33.7
11.4
Care and maintenance expense
(9.9
)
-
Exploration and evaluation expense
(1.8
)
(2.5
)
General and administration expense
(17.7
)
(14.1
)
Income from operations
4.3
(5.3
)
Finance expense
(48.3
)
(17.4
)
Finance income
2.1
2.0
Other income (expense)
(22.9
)
(13.5
)
Net income (loss) before taxes
(64.9
)
(34.2
)
Income tax recovery (expense)
(10.6
)
(8.5
)
Net income
$
(75.5
)
$
(42.8
)
Net income per share attributable to Equinox Gold shareholders
Basic
$
(0.17
)
$
(0.13
)
Diluted
$
(0.17
)
$
(0.13
)
Additional information regarding the Company's financial and operating results is available in the
Company's Q1 2025 Financial Statements and accompanying MD&A for the three months ended March
31, 2025, 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
.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and webcast on Thursday, May 8, 2025, commencing at 7:30
am PT (10:30 am ET) to discuss first quarter results.
Conference Call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813
Webcast
www.equinoxgold.com/financials
ABOUT EQUINOX GOLD
Equinox Gold is a growth-focused Canadian mining company with operating gold mines in Canada, the
USA and Brazil and a path to achieve more than one million ounces of annual gold production from a
pipeline of 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,
net of non-recurring items that are not reflective of the underlying operating performance of the Company,
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 outlined 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, 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. 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,
2025
December 31,
2024
March 31,
2024
Operating expenses
292.6
333.4
183.8
Silver revenue
(0.9
)
(1.3
)
(0.6
)
Fair value adjustment on acquired inventories
(3.6
)
(4.9
)
(0.6
)
Non-recurring charges recognized in operating expenses
(26.1
)
-
-
Pre-commercial production and development stage operating expenses
(1)
(6.0
)
(37.8
)
-
Total cash costs
$
256.0
$
289.4
$
182.6
Sustaining capital
37.5
34.9
39.0
Sustaining lease payments
1.9
1.6
2.6
Reclamation expense
3.6
3.2
2.8
Sustaining exploration expense
-
0.2
0.2
Pre-commercial production and development stage sustaining expenditures
(1)
(0.2
)
(1.4
)
-
Total AISC
$
298.8
$
327.9
$
227.2
Gold oz sold
147,920
217,678
116,504
Gold oz sold from entities during pre-commercial production or development stages
(1)
(3,222
)
(19,161
)
-
Adjusted gold oz sold
144,698
198,517
116,504
Cash costs per gold oz sold
1,769
$
1,458
$
1,567
AISC per oz sold
$
2,065
$
1,652
$
1,950
(1)
Consolidated cash cost per oz sold and AISC per oz sold for the three months ended March 31, 2025 and December 31, 2024 exclude Castle
Mountain results after August 31, 2024 when residual leaching commenced. In addition, the three months ended December 31, 2024 exclude
Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production November 6, 2024.
Sustaining Capital and Sustaining 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,
2025
December 31,
2024
March 31,
2024
Capital additions to mineral properties, plant and equipment
(1)
$
92.7
$
103.3
$
134.4
Less: Non-sustaining capital at operating sites
(41.1
)
(34.6
)
(10.0
)
Less: Non-sustaining capital for projects and pre-commercial production and development
stages
(1.7
)
(11.6
)
(64.1
)
Less: Capital expenditures - corporate
-
-
-
Less: Other non-cash additions
(2)
(12.4
)
(22.2
)
(21.4
)
Sustaining capital
$
37.5
$
34.9
$
39.0
Add: sustaining lease payments
(3)
1.8
1.6
2.6
Add: reclamation expense
(3)
3.5
3.2
2.8
Add: sustaining exploration expense
(3)
-
0.2
0.2
Sustaining expenditures
$
42.8
$
39.9
$
44.6
(1)
Per note 7 of the consolidated 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.
(3)
Excludes Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, the three months ended December 31,
2024 exclude Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production November 6,
2024.
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.
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,
2025
December 31,
2024
March 31,
2024
Operating cash flow before non-cash changes in working capital
$
73.3
$
212.7
$
47.7
Fair value adjustments on acquired inventories
3.6
4.9
0.6
Non-recurring charges recognized in operating expenses
26.1
-
-
Operating cash flow (generated) used by non-mine site activity
(1)
39.9
12.6
7.3
Cash flow from operating mine sites
$
142.9
$
230.1
$
55.7
Mineral property, plant and equipment additions
$
92.7
103.3
134.4
Capital expenditures relating to development projects and corporate and other non-cash
additions
(14.1
)
(34.9
)
(85.5
)
Capital expenditure from operating mine sites
78.6
68.4
49.0
Lease payments related to non-sustaining capital items
4.8
11.6
7.5
Non-sustaining exploration expense
1.8
1.7
2.3
Total mine-site free cash flow before changes in non-cash working capital
$
57.7
$
148.4
$
(3.0
)
(Increase) decrease in non-cash working capital
$
(18.8
)
$
35.2
$
(29.8
)
Total mine site free cash flow after changes in non-cash working capital
$
38.8
$
183.6
$
(32.8
)
(1)
Includes taxes paid that are not factored into mine-site free cash flow and is included in operating cash flow before non-cash changes in
working capital in the statement of cash flows. Also includes operating cash flow for projects in pre-commercial production, including Greenstone
while the mine was in pre-commercial production up until the achievement of commercial production on November 6, 2024 and Castle Mountain
results after August 31, 2024 when residual leaching commenced.
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,
2025
December 31,
2024
March 31,
2024
Revenue
$
423.7
$
575.0
$
241.3
Less: silver revenue
(0.9
)
(1.3
)
(0.6
)
Less: AISC
(298.8
)
(327.9
)
(227.2
)
Less: revenue from entities during pre-commercial production or development stages
(1)
$
(9.2
)
$
(50.1
)
$
-
AISC contribution margin
$
114.8
$
195.7
$
13.6
Gold ounces sold
147,920
217,678
116,504
Less: gold oz sold from entities during pre-commercial production or development stages
(1)
(3,222
)
(19,161
)
-
Adjusted gold ounces sold
144,698
198,517
116,504
AISC contribution margin per oz sold
$
793
$
986
$
116
(1)
AISC contribution margin for the three months ended March 31, 2025 and December 31, 2024 excludes Castle Mountain results after August 31,
2024 when residual leaching commenced. In addition, the three months ended December 31, 2024 excludes Greenstone results while the mine was
in pre-commercial production up until the achievement of commercial production on November 6, 2024.
EBITDA and Adjusted EBITDA
Three months ended
$'s in millions
March 31,
2025
December 31,
2024
March 31,
2024
Net (loss) income
$
(75.5
)
28.3
(42.8
)
Income tax (recovery) expense
10.6
47.9
8.5
Depreciation and depletion
97.6
72.6
46.4
Finance expense
48.3
37.6
17.4
Finance income
(2.1
)
(1.8
)
(2.0
)
EBITDA
$
78.9
$
184.5
$
27.7