Equinox Gold Reports Record Results for 2024 with 623,579 Ounces of Gold Sold, Revenue of $1.5 Billion and Operating Cash Flow of $430 Million
Equinox Gold Reports Record Results for 2024
with 623,579 Ounces of Gold Sold, Revenue of
$1.5 Billion and Operating Cash Flow of $430
Million
all financial figures are in US dollars, unless otherwise
indicated
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2025) - Equinox Gold Corp. (TSX: EQX)
(NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its unaudited
financial and operating results for the fourth quarter and fiscal year ended December 31, 2024. These
results are preliminary and could change based on final audited results. Equinox Gold's 2024 audited
consolidated financial statements and accompanying management's discussion and analysis for the
three months and year ended December 31, 2024 are expected to be released around mid-March.
Greg Smith, President & CEO of Equinox Gold, commented: “Equinox Gold finished 2024 with its
strongest quarter of production, bringing full-year production to an annual record of 621,893 ounces of
gold with 623,579 ounces of gold sold, and driving record financial results including revenue and cash
flow from operations. These results reflect commencement of production from our new Greenstone Mine
where we consolidated 100% ownership of the mine, achieved commercial production, and produced
more than 111,700 ounces of gold at Greenstone in its first, partial year of operations.
“Looking forward, we expect to produce between 635,000 to 750,000 ounces of gold in 2025 with cash
costs of $1,075 to $1,175 per ounce and all-in sustaining costs of $1,455 to $1,550 per ounce. This
guidance does not include any production from our Los Filos Mine in Mexico. We have reached
consensus on new agreements with the three local communities and two communities have ratified and
signed new long-term agreements; however, one community remains outstanding. Continuing operations
at Los Filos in 2025 is subject to the successful completion of new long-term agreements with all three
communities in the very near term.
“We continue to advance permitting for our Castle Mountain expansion, are consolidating our Fazenda
and Santa Luz mines into a combined operating unit to be called the Bahia Complex, and will
commence development of the underground portal and decline at our Aurizona mine later this year.
Another focus for 2025 is using increasing cash flow from operations in this strong gold price
environment to reduce our corporate debt.”
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024
Operational
Produced 213,964 ounces of gold
Sold 217,678 ounces of gold at an average realized gold price of $2,636 per oz
Total cash costs of $1,458 per oz and all-in sustaining cost ("AISC") of $1,652 per oz
(1)
Four lost-time injuries and a total recordable injury frequency rate
(2)
of 2.48 for the Quarter
No significant environmental incidents during the Quarter
Earnings
Income from mine operations of $170.1 million
Net income of $28.3 million or $0.06 per share (basic)
Adjusted net income of $77.5 million or $0.17 per share
(1)
Financial
Cash flow from operations before changes in non-cash working capital of $212.7 million ($247.8
million after changes in non-cash working capital)
Adjusted EBITDA of $218.2 million
(1)
Sustaining expenditures of $39.9 million and non-sustaining expenditures of $49.1 million
____________________________________
(1)
Cash costs per oz sold, AISC per oz sold, adjusted net income (loss), adjusted EBITDA (earnings before interest, taxes, depreciation and
amortization), adjusted EPS (earnings per share), 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.
RECENT DEVELOPMENTS
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
(1)
Provided 2025 sustaining and non-sustaining expenditure guidance of $411 million
$310 million of sustaining expenditures
$102 million of non-sustaining expenditures
Issued an updated technical report for Fazenda that includes an updated Mineral Reserve and
Mineral Resource estimate, demonstrating mine life extension to 2033
At Los Filos, the Company reached consensus on terms for new agreements with the three local
communities. Two communities have ratified and signed new long-term agreements; however, one
community remains outstanding. If the Company is unable to satisfactorily complete these
agreements with all three communities in the very near term, the Company will suspend operations
at Los Filos indefinitely
2024 HIGHLIGHTS
Operational
Produced 621,893 ounces of gold
Sold 623,579 ounces of gold at an average realized gold price of $2,423 per oz
Total cash costs of $1,598 per oz
(1)
and AISC of $1,870 per oz
(1)
Ten lost-time injuries, one fatality; four sites had no lost-time injuries
Achieved a total recordable injury frequency rate of 2.21, 26% better than the Company's target for
the year
Achieved a significant environmental incident frequency rate
(2)
of 0.20, a 31% improvement
compared to 2023
Poured first gold at Greenstone on May 22, 2024 and declared commercial production on
November 6, 2024
Suspended mining in the Piaba open pit at Aurizona in April following a geotechnical event;
continued processing stockpiled ore through April and accelerated mining in the new Tatajuba
open pit; commenced processing Tatajuba ore in July and re-commenced mining in the Piaba
open pit in November
Earnings
Income from mine operations of $304.0 million
Net income of $339.3 million or $0.85 per share
Adjusted net income of $96.7 million
(1)
or $0.24 per share
(1)
Financial
Cash flow from operations before changes in non-cash working capital of $430.2 million ($372.2
million after changes in non-cash working capital)
Adjusted EBITDA of $458.2 million
(1)
Sustaining expenditures of $151.1 million and non-sustaining expenditures of $283.1 million
Cash and cash equivalents (unrestricted) of $239.3 million at December 31, 2024
Net debt
(1)
of $1,108.5 million at December 31, 2024
Corporate
On October 1, 2024, filed a short form base shelf prospectus, replacing the previous short form
base shelf prospectus which was set to expire by year-end 2024
On May 13, 2024, purchased the remaining 40% of Greenstone to consolidate 100% ownership to
Equinox Gold for total consideration of $962.6 million, as follows:
42.0 million common shares of Equinox Gold valued at $217.6 million
$705.0 million in cash payable on closing, funded in part with a new term loan and a bought
deal financing
$40.0 million in cash payable by December 31, 2024, which was paid in full on December
30, 2024
Maintained liquidity
On October 29, 2024, deferred the first five monthly deliveries associated with gold prepay
transactions
On April 26, 2024, completed $299.0 million bought deal financing to partially fund the
Greenstone Acquisition; issued 56.4 million common shares at $5.30 per share
On May 13, 2024, arranged new $500.0 million three-year term loan to partially fund the
Greenstone Acquisition
Extended the $139.3 million principal 4.75% convertible notes from March 10, 2025 to
September 10, 2025 and amended the conversion price from $7.80 per common share to
$6.50 per common share
In October 2024, issued 26.6 million common shares upon conversion of $139.7 million of
convertible notes with a $5.25 conversion price
Sold the remainder of the Company's equity investment in i-80 Gold Corp. (TSX: IAU) ("i-80
Gold") for total proceeds of $48.2 million
On October 9, 2024, Mr. Fraz Siddiqui resigned from the Company's Board of Directors ("Board").
Mr. Siddiqui was the Board appointee of Mubadala Investment Company under an investor rights
agreement. With conversion of the $130 million convertible note and subsequent sale of the issued
shares, as announced on October 3, 2024, the investor rights agreement is no longer in effect
On May 10, 2024, Ms. Trudy Curran was appointed to the Board
Development and exploration
Advanced permitting and front-end engineering for the Castle Mountain Phase 2 expansion
Commenced mining of the new Tatajuba open-pit deposit at Aurizona; advanced technical studies
for the Piaba underground portal and ramp
Successfully replaced reserves through 75,175 metres of reserve replacement drilling and
strategic mine planning updates
Completed 8,748 metres of step-out drilling across the portfolio with a focus on mine life extension,
and completed 25,215 metres of regional drilling to delineate new deposits
Issued an updated technical report for Greenstone, which included updates to the Mineral Reserve
and Mineral Resource estimates, annual production estimates, and life-of-mine capital and
operating costs
Updated the Mineral Resource estimate for the exploration-stage Hasaga Property and issued an
updated technical report
Responsible mining
Completed the Ride to Greenstone fundraiser: cycled 3,634 km from Vancouver, BC to
Greenstone and raised C$1.24 million for the Geraldton District Hospital and more than
C$200,000 for charities in Brazil and the USA
Improved S&P Corporate Sustainability Assessment score by 13% compared to 2023
CONFERENCE CALL AND WEBCAST
Equinox Gold will host a conference call and webcast on Thursday, February 20, 2025 commencing at
7:30 am Vancouver time to discuss the financial and operating results for the fourth quarter and fiscal
year ended December 31, 2024. The webcast will be archived on Equinox Gold's website until August
20, 2025.
Conference call
Toll-free in U.S. and Canada: 1-844-763-8274
International callers: +1 647-484-8814
Webcast
www.equinoxgold.com
BUSINESS OVERVIEW
At the date of this news release, the Company's operating gold mines are the Greenstone Mine
("Greenstone") in Canada, the Mesquite Mine ("Mesquite") in the United States, the Los Filos Mine
Complex ("Los Filos") in Mexico, and the Aurizona Mine ("Aurizona"), Bahia Complex (comprising the
Fazenda and Santa Luz mines) and RDM Mine ("RDM") in Brazil. In August 2024, the Company
announced its decision to suspend Phase 1 operations at its Castle Mountain Mine ("Castle Mountain")
for the duration of Phase 2 permitting. While residual leaching and gold production will continue into
2025, commencing September 1, 2024 Castle Mountain is being reported as a development project.
The Company poured first gold at Greenstone on May 22, 2024 and declared commercial production on
November 6, 2024.
On May 13, 2024, the Company acquired the remaining 40% interest in Greenstone resulting in the
Company owning 100% of Greenstone (the "Greenstone Acquisition"). The operational and financial
results of the assets acquired in the Greenstone Acquisition are included from May 13, 2024 onward.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
December 31,
2024
December 31,
2023
Basic weighted average shares during period
400,109,698
312,765,516
Shares outstanding end of period
455,232,521
318,013,861
Three months ended
Year ended
Operating data
Unit
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Gold produced
oz
213,964
173,983
154,960
621,893
564,458
Gold sold
oz
217,678
173,973
149,861
623,579
559,481
Average realized gold price
$/oz
2,636
2,461
1,983
2,423
1,941
Cash costs per oz sold
(1)(2)
$/oz
1,458
1,720
1,330
1,598
1,350
AISC per oz sold
(1)(2)
$/oz
1,652
1,994
1,657
1,870
1,612
Financial data
Revenue
M$
575.0
428.4
297.8
1,514.1
1,088.2
Income from mine operations
M$
170.1
101.4
38.6
304.0
109.0
Net income (loss)
M$
28.3
0.3
3.9
339.3
28.9
Earnings (loss) per share (basic)
$/share
0.06
-
0.01
0.85
0.09
Adjusted EBITDA
(1)
M$
218.2
141.9
95.3
458.2
304.4
Adjusted net income (loss)
(1)
M$
77.5
37.4
2.4
96.7
21.7
Adjusted EPS
(1)
$/share
0.17
0.09
0.01
0.24
0.07
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)
M$
239.3
167.8
192.0
239.3
192.0
Net debt
(1)
M$
1,108.5
1,314.7
733.0
1,108.5
733.0
Operating cash flow before changes in non-
cash working capital
(3)
M$
212.7
130.1
168.2
430.2
527.5
(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 and year ended December 31, 2024 excludes Greenstone's results
before the mine reached commercial production on November 6, 2024 and excludes Castle Mountain results after August 31, 2024 when residual
leaching commenced (see
Development Projects
in the MD&A). Consolidated AISC per oz sold excludes corporate general and administration
expenses.
(3)
Includes proceeds from gold prepay arrangements of $75.6 million and $225.0 million for the three months and year ended December 31, 2023,
respectively.
(4)
Numbers in tables throughout this news release may not sum due to rounding.
CONSOLIDATED 2024 RESULTS COMPARED TO 2024 GUIDANCE
In February 2024, the Company published its 2024 production and cost guidance, which was
subsequently updated to reflect the consolidation of its ownership of Greenstone and progress with the
Greenstone ramp-up, the suspension of Phase 1 mining at Castle Mountain until Phase 2 permitting is
complete, slower-than-expected recoveries at Mesquite, and the geotechnical event at Aurizona
("2024
Guidance").
2024 Actuals
2024 Guidance Range
Gold production (oz)
(1)
621,893
590,000 - 675,000
Cash costs ($/oz)
(1)(2)
$1,598
$1,450 - $1,550
AISC ($/oz)
(1)(2)
$1,870
$1,820 - $1,920
Sustaining capital (M$)
(1)(3)
$152
$187
Non-sustaining capital ($M)
(1)(3)
$284
$295
(1)
Gold production actuals and guidance includes ounces produced and expected to be produced from Greenstone, respectively, during the pre-
commercial production and commercial production periods. Gold production guidance reflects anticipated production from Castle Mountain prior to the
suspension of mining in Q3 2024, while gold production actuals reflect Castle Mountain production for full-year 2024.
(2)
Consolidated cash cost per oz and AISC per oz actuals and guidance exclude the results of Greenstone gold production before the mine reached
commercial production on November 6, 2024, and exclude the results of gold production at Castle Mountain after August 31, 2024, when residual
leaching commenced. Cash costs per oz and AISC per oz are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(3)
Sustaining and non-sustaining expenditures include exploration expense and capital expenditures. Sustaining and non-sustaining expenditures
exclude non-cash additions including right-of-use asset additions, capitalized interest expense and capitalized depreciation expense. Total
sustaining capital expenditures for the year ended December 31, 2024 were $130.8 million. Total non-sustaining capital expenditures for the year
ended December 31, 2024 were $247.7 million. For the year ended December 31, 2024, non-sustaining expenditures at Greenstone exclude
capitalized interest of $84.1 million. Sustaining capital expenditure is a non-IFRS measure. See Non-IFRS Measures and Cautionary Notes.
2025 GUIDANCE AND OUTLOOK
For 2025, the Company expects to produce 635,000 to 750,000 ounces of gold. Cash costs for 2025
are estimated at $1,075 to $1,175 per oz, with AISC of $1,455 to $1,550 per oz. Production and cash
flow are expected to grow each quarter through 2025.
The Company is not issuing 2025 cost and production guidance for Los Filos. Continuing operations at
Los Filos in 2025 is subject to the successful completion of new long-term agreements with three local
communities. These new agreements are necessary to help ensure the long-term economic and
investment viability of the mine, including the addition of a new 10,000 tpd carbon-in-leach (“CIL”)
processing plant to increase recoveries from higher-grade ore. The Company and the three
communities have held collaborative and open dialogue and reached consensus on terms for new
agreements. Two communities have ratified and signed new long-term agreements; however, one
community remains outstanding. If the Company is unable to satisfactorily complete these agreements
with all three communities in the very near term, the Company will suspend operations at Los Filos
indefinitely.
Production (oz)
Cash Costs ($/oz)
(1)(2)
AISC ($/oz)
(1)(2)
Sustaining
expenditures (M$)
(3)
Non-sustaining
expenditures (M$)
(4)
Canada
Greenstone
300,000 - 350,000
$790 - $890
$1,045-$1,145
$116
$35
USA
Mesquite
90,000 - 105,000
$1,235 - $1,335
$1,725 - $1,825
$51
$16
Brazil
Aurizona
70,000 - 90,000
$1,205 - $1,305
$1,855 - $1,955
$57
$29
Bahia Complex
(5)
125,000 - 145,000
$1,360 - $1,460
$1,845 - $1,945
$70
$12
RDM
50,000 - 60,000
$1,615 - $1,715
$1,880 - $1,980
$15
$10
Total
(6)
635,000 - 750,000
$1,075 - $1,175
$1,455 - $1,550
$310
$102
(1)
Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2)
Exchange rates used to forecast 2025 cash cost and AISC per oz include a rate of BRL 5.25 to USD 1, CAD 1.34 to USD 1 and MXN 18.50 to USD
1.
(3)
Sustaining expenditures include asset retirement obligation accretion and amortization, exploration expense and capital expenditures. Of the $310
million sustaining expenditures, $296 million is expected to be capital expenditures. Sustaining capital expenditure is a non-IFRS measure. See Non-
IFRS Measures and Cautionary Notes.
(4)
Non-sustaining expenditures include exploration expense and capital expenditures. Of the $102 million non-sustaining expenditures, $90 million is
expected to be capital expenditures.
(5)
The Bahia Complex reflects the anticipated merger of Santa Luz and Fazenda in 2025. See below for additional detail.
(6)
Total is the sum of the individual mine-level amounts. Numbers may not sum due to rounding.
The Company’s primary operating focus for 2025 continues to be ramping up Greenstone to full
capacity. For development activities, the Company is advancing engineering and permitting for the
Castle Mountain Phase 2 expansion and plans to start underground portal development for the Aurizona
underground expansion in late 2025.
Cash costs for 2025 reflect the life cycle stages of the assets in the Company's portfolio and that
consumables, labour and equipment costs are expected to face continued upward pressure throughout
2025. In addition, due to the recent strength of the United States Dollar ("USD"), the Brazilian Real
("BRL"), Canadian Dollar ("CAD") and Mexican Peso ("MXN") have underperformed compared to USD
in 2023 and 2024, and management expects additional weakening in the BRL, CAD and MXN
compared to USD throughout 2025.
Sustaining expenditures in 2025 of $310 million includes investing: (i) $101 million in capitalized
stripping programs, with the largest investments at Aurizona and Mesquite, (ii) $72 million in equipment
costs, of which $52 million relates to fleet support
processing improvements and production loaders at
Greenstone, $12 million relates to equipment and components acquisition at Bahia Complex, and (iii)
$66 million relates to tailings storage facility ("TSF") lifts and maintenance at Greenstone, Aurizona,
Bahia Complex and RDM. Non-sustaining expenditures in 2025 of $102 million includes investing: (i)
$32 million for post-construction costs at Greenstone including a new hydro substation, fleet equipment,
a seventh genset in the power plant, and a new Ontario Provincial Police detachment building, and (ii)
$23 million related to capitalized stripping programs at Mesquite and RDM.
Sustaining expenditures for 2025 include $14 million for exploration with a focus on reserve replacement
across the portfolio. Non-sustaining expenditures include $14 million for step-out and regional
exploration, primarily at Aurizona and in the Bahia Complex.
The Company plans to use increased cash flow from operations, coupled with high gold prices, to
continue deleveraging its balance sheet, targeting approximately $200 million in debt repayment,
including repayment of the 2020 Convertible Notes. Given normal seasonality of the Company's
operations and Greenstone ramp-up, this is expected to occur in the second half of the year. Should the
2020 Convertible Notes be converted to shares, total deleveraging will increase by approximately $140
million, as repayment funds will be redirected to other debt reduction. This proactive debt reduction
strategy is expected to enhance financial flexibility and strengthen the Company's capital structure,
positioning it for long-term financial stability.
The Company is combining Fazenda and Santa Luz into a single reporting unit called the "Bahia
Complex" effective in the first half of 2025. These two mines are in close geographic proximity and share
management oversight, making this consolidation a strategic step to maximize synergies and cost
efficiencies. Upon implementation, the Company expects to report production, cash costs, and AISC for
the Bahia Complex on a combined basis.
On February 1, 2025, an executive order was signed by the President of the United States, which
introduced tariffs on imports from countries including Canada and Mexico. In response, the Canadian
government announced retaliatory tariffs on imports from the United States. Subsequently, all three
countries postponed their previously announced tariffs. The Company believes its revenue structure will
be largely unaffected by the tariffs. The Company is reviewing its exposure to the potential tariffs and
alternatives to inputs sourced from suppliers that may be subject to the tariffs, if implemented. However,
the majority of the Company’s cost structure relates to labour, contractors, energy and royalties in the
countries in which it operates, and these items are not expected to be directly affected by any of the
tariffs. While there is uncertainty as to whether the tariffs or retaliatory tariffs will be implemented, the
quantum of such tariffs, the goods on which they may be applied and the ultimate effect on the
Company’s supply chains, the Company will continue to monitor developments and may take steps to
limit the impact of any tariffs as may be appropriate in the circumstances. The costs guidance set out
above does not factor any potential impact from such tariffs.
The Company may revise guidance during the year to reflect changes to expected results.
OPERATING & FINANCIAL RESULTS BY MINE
Greenstone, Ontario, Canada
Three months ended
Year ended
Operating data
Unit
December 31,
2024
September 30,
2024
June 30,
2024
December 31,
2024
Ore mined
kt
3,145
2,038
1,276
7,108
Waste mined
kt
9,225
6,579
5,811
26,453
Open pit strip ratio
w:o
2.93
3.23
4.56
3.72
Tonnes processed
kt
1,643
1,319
725
3,687
Average gold grade processed
g/t
1.26
1.15
1.28
1.22
Recovery
%
82.0
78.6
88.0
82.1
Gold produced
oz
53,022
42,448
16,247
111,717
Gold sold
oz
56,413
43,747
10,358
110,518
Financial data
Revenue
(3)
M$
148.3
106.1
23.9
278.3
Cash costs
(1)(2)
M$
58.7
40.7
7.8
107.2
Sustaining capital
(1)
M$
5.3
-
-
5.3
Reclamation expenses
M$
0.3
0.4
0.1
0.8
Total AISC
(1)(2)
M$
64.3
41.1
7.9
113.3
AISC contribution margin
(1)
M$
83.9
65.0
16.1
165.0
Non-sustaining expenditures
M$
21.1
65.0
74.0
212.9
Unit analysis
Realized gold price per oz sold
$/oz
2,629
2,425
2,312
2,518
Cash costs per oz sold
(1)(2)
$/oz
1,041
930
750
970
AISC per oz sold
(1)(2)
$/oz
1,141
938
762
1,025
Mining cost per tonne mined
$/t
2.66
3.09
0.91
1.97
Processing cost per tonne processed
$/t
15.68
12.03
3.84
12.05
G&A cost per tonne processed
$/t
7.04
8.80
4.88
7.24
(1)
Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold and AISC per oz sold are non-
IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2)
Revenue is reported net of silver revenue
Outlook
Greenstone production guidance for 2025 is 300,000 to 350,000 ounces of gold, with cash costs of
$790 to $890 per oz and AISC of $1,045 to $1,145 per oz.
Sustaining expenditures at Greenstone of $116 million in 2025 include $35 million for a TSF raise, $52
million for fleet support, processing improvements and production loaders, and $20 million for a
dewatering well, water management pond, waste rock storage areas, and back-up power. Non-
sustaining expenditures of $35 million in 2025 relate primarily to purchasing an additional shovel and
trucks, completing the relocated community electrical substation, installation of a seventh genset in the
power plant, and completing the Ontario Provincial Police detachment construction.
Mesquite Gold Mine, California, USA
Three months ended
Year ended
Operating data
Unit
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Ore mined and stacked on leach
pad
kt
-
1,535
3,844
6,681
16,988
Waste mined
kt
13,348
12,198
8,067
49,076
34,119
Open pit strip ratio
w:o
-
7.95
2.10
7.35
2.01
Average gold grade stacked to
leach pad
g/t
-
0.33
0.52
0.33
0.45
Gold produced
oz
17,129
15,223
25,923
71,984
87,753
Gold sold
oz
17,273
15,018
24,190
73,664
85,987
Financial data
Revenue
(2)
M$
45.5
37.6
48.6
173.1
167.9
Cash costs
(1)
M$
23.1
20.3
25.9
92.7
95.1
Sustaining capital
(1)
M$
0.2
0.4
0.1
0.6
10.7
Reclamation expenses
M$
0.7
0.6
(0.1
)
2.8
1.8
Total AISC
(1)
M$
24.0
21.3
25.9
96.1
107.6
AISC contribution margin
(1)
M$
21.4
16.3
22.7
76.9
60.4
Non-sustaining expenditures
M$
22.7
11.2
5.9
41.1
17.2
Unit analysis
Realized gold price per oz sold
$/oz
2,634
2,504
2,009
2,350
1,953
Cash costs per oz sold
(1)
$/oz
1,337
1,354
1,070
1,259
1,105
AISC per oz sold
(1)
$/oz
1,392
1,421
1,068
1,306
1,251
Mining cost per tonne mined
$/t
1.71
1.49
1.91
1.47
1.66
Processing cost per tonne
processed
$/t
-
7.16
3.85
6.82
3.01
G&A cost per tonne processed
$/t
-
2.96
1.39
2.91
0.96
(1)
Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold and AISC per oz sold are non-
IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2)
Revenue is reported net of silver revenue.
Outlook
Mesquite production guidance for 2025 is 90,000 to 105,000 ounces of gold, with approximately 70% of
production expected in the second half of the year. Cost guidance for 2025 is cash cost of $1,235 to
$1,335 per oz and AISC of $1,725 to $1,825 per oz. Sustaining expenditures of $51 million primarily
relate to capitalized stripping of the Brownie phase 4 and Big Chief 8 pits. Non-sustaining expenditures
of $16 million primarily relate to capitalized waste stripping of the Ginger pit.
Mesquite's 2025 production is predominantly from accessing the Ginger pit which is expected to yield
ore in H1 2025. Brownie phase 4, Rainbow North and Big Chief 8 pits waste stripping campaigns will be
performed throughout 2025 to provide ore for 2026.
Los Filos Gold Mine, Guerrero, Mexico
Three months ended
Year ended
Operating data
Unit
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Ore mined - open pit
kt
3,395
3,054
1,307
9,633
9,092
Waste mined - open pit
kt
7,948
8,243
7,411
35,081
39,789
Open pit strip ratio
w:o
2.34
2.70
5.67
3.64
4.38
Average open pit gold grade
g/t
0.60
0.64
1.21
0.63
0.86
Ore mined - underground
kt
238
222
125
809
461
Average underground gold grade
g/t
2.57
3.14
3.26
2.81
3.22
Tonnes processed
kt
3,812
3,253
1,488
10,566
9,702
Gold produced
oz
60,521
48,462
42,210
170,369
159,071
Gold sold
oz
58,321
49,880
39,474
169,556
157,586
Financial data
Revenue
(2)
M$
153.4
122.6
78.2
410.8
305.0
Cash costs
(1)
M$
112.1
98.3
65.2
325.5
260.8