Equinox Gold Reports Second Quarter 2024 Financial and Operating Results
Equinox Gold Reports Second Quarter 2024
Financial and Operating Results
All financial figures are in US dollars, unless otherwise indicated.
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) -
Equinox Gold Corp.
(TSX: EQX)
(NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its second 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
and six months ended June 30, 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 August 8, 2024
commencing at 7:30 am Pacific Time to discuss second quarter results and activities underway at the
Company. Further details are provided at the end of this news release.
Greg Smith, President and CEO of Equinox Gold, commented: "The highlight of the second quarter was
achieving first gold pour at our new Greenstone Mine in Ontario. We also acquired our partner's 40%
interest in the mine and now hold 100% of this world-class asset. We remain on schedule to achieve
commercial production at Greenstone during the third quarter.
"At our Mesquite mine, slower-than-planned recoveries affected Q2 production and at our Aurizona
mine, a geotechnical event caused a temporary suspension of production for May and June. Post
quarter end, we have transitioned to residual leaching at our small Phase 1 Castle Mountain mine while
we advance engineering and permitting for the 200,000-ounce-per-year Phase 2 expansion. Our
adjusted guidance reflects lower production from these assets in 2024, offset by higher production and
lower costs from our increased ownership in Greenstone. We continue to expect substantially higher
gold production and significantly lower costs in the second half of 2024."
HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2024
Operational
Produced 122,221 ounces of gold
Sold 115,423 ounces of gold at an average realized gold price of $2,328 per oz
Total cash costs of $1,747 per oz and AISC of $2,041 per oz
(1)
One fatality during the Quarter, as discussed in the
Fazenda
section of the MD&A
No lost-time injuries; total recordable injury frequency rate
(2)
of 1.82 per million hours worked for
the 12-month rolling period (1.80 for the Quarter)
Significant environmental incident frequency rate
(2)
of 0.29 per million hours worked for the 12-
month rolling period (0.00 for the Quarter)
Temporarily suspended mining in the Piaba open pit at Aurizona following a geotechnical event as
the result of persistent heavy rains; accelerated mining in the new Tatajuba open pit to mitigate the
impact to production
Earnings
Income from mine operations of $26.6 million
Net income of $283.8 million or $0.72 per share (basic)
Adjusted net loss of $5.8 million or $0.01 per share
(1)
(basic)
Financial
Cash flow provided by operations before changes in non-cash working capital of $45.1 million
(cash flow used in operations of $33.0 million after changes in non-cash working capital)
Adjusted EBITDA of $51.3 million
(1)
Sustaining expenditures
(1)
of $31.0 million and non-sustaining expenditures of $82.6 million
Cash and cash equivalents (unrestricted) of $167.5 million at June 30, 2024
Net debt
(1)
of $1,308.9 million at June 30, 2024
_____________________________
(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.
Corporate
On April 23, 2024, the Company announced its acquisition of the remaining 40% interest in
Greenstone from Orion
At the date of announcement, consideration totaled $995 million and consisted of:
42.0 million common shares of Equinox Gold valued at $250 million;
$705 million in cash payable on closing; and
$40 million in cash payable by December 31, 2024.
The Company closed the transaction on May 13, 2024, giving Equinox Gold 100%
ownership of Greenstone. At the date of transaction close, consideration as measured for
the purposes of financial reporting totaled $961 million
(1)
Equinox Gold funded the cash consideration with net proceeds from a new $500 million
three-year term loan (the "Term Loan") and a bought deal equity financing of common shares
of Equinox Gold at a price of $5.30 per common share (the "Offering"). The Offering,
including an over-allotment option, closed on April 26, 2024 and Equinox Gold issued
56,419,000 common shares for aggregate gross proceeds of $299 million
In connection with the Term Loan, entered into gold collar contracts with an average put strike price
of $2,177 per oz and an average call strike price of $2,988 per oz, for 279,996 ounces per month
beginning July 2024 through to June 2026
Extended maturity of 2019 and 2020 convertible notes:
Maturity date of the $139.7 million principal 5.00% convertible notes due April 12, 2024
extended by six months to October 12, 2024
Maturity date of the $139.3 million principal 4.75% convertible notes due March 10, 2025
extended by six months to September 10, 2025 and conversion price amended from $7.80
to $6.50
Published the Company's annual Environmental, Social & Governance ("ESG") Report
Announced the "Ride to Greenstone" fundraiser, a 3,634 km cycling relay commencing August 5,
2024 from Vancouver, BC to Geraldton, ON to raise money for the Geraldton District Hospital, with
nearly C$1.2 million raised at the date of this news release
Development
Commenced processing ore at Greenstone:
Ore introduced into the grinding circuit on April 6, 2024
Achieved first gold pour on schedule on May 22, 2024, with 16,247 oz of gold produced in
Q2 2024
Advanced ramp-up, with commercial production expected by the end of Q3 2024
RECENT DEVELOPMENTS
In August 2024, the Company will suspend mining at Castle Mountain for the duration of the Phase
2 permitting process; residual leaching and gold production is expected to continue through the
remainder of the year
Production and cost guidance updated to reflect the consolidation of the Company's ownership of
Greenstone, the suspension of mining at Castle Mountain until Phase 2 permitting is complete,
slower-than-expected recoveries at Mesquite and the geotechnical event at Aurizona
Production estimated at 655,000 to 750,000 oz of gold with cash costs of $1,305 to $1,405
per oz and AISC of $1,635 to $1,735 per oz sold
(2)
Sustaining expenditures
(2)
estimated at $210 million, non-sustaining expenditures estimated
at $255 million
________________________
(1)
Refer to note 3 of the Company's condensed consolidated interim financial statements for the three and six months ended June 30, 2024 for
further details.
(2)
Cash costs per oz sold, AISC per oz sold, and sustaining expenditures are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
Three months ended
Six months ended
Operating data
Unit
June 30,
2024
March 31,
2024
June 30,
2023
June 30,
2024
June 30,
2023
Gold produced
oz
122,221
111,725
137,661
233,946
260,408
Gold sold
oz
115,423
116,504
138,094
231,927
261,389
Average realized gold price
$/oz
2,328
2,066
1,962
2,197
1,931
Cash costs per oz sold
(1)(2)
$/oz
1,747
1,567
1,361
1,653
1,354
AISC per oz sold
(1)(2)
$/oz
2,041
1,950
1,502
1,993
1,576
Financial data
Revenue
M$
269.4
241.3
271.6
510.8
505.7
Income from mine operations
M$
26.6
11.4
30.7
38.0
45.2
Net income (loss)
M$
283.8
(42.8)
5.4
241.0
22.8
Net income (loss) per share (basic)
$/share
0.72
(0.13)
0.02
0.67
0.07
Adjusted EBITDA
(1)
M$
51.3
52.2
70.9
103.5
127.9
Adjusted net loss
(1)
M$
(5.8)
(14.4)
(6.3)
(20.2)
(9.3
)
Adjusted EPS
(1)
$/share
(0.01)
(0.04)
(0.02)
(0.06)
(0.03
)
Balance sheet and cash flow data
Cash and cash equivalents
(unrestricted)
M$
167.5
125.3
174.4
167.5
174.4
Net debt
(1)
M$
1,308.9
803.9
660.6
1,308.9
660.6
Operating cash flow before changes
in non-cash working capital
M$
45.1
47.7
81.2
92.9
276.6
(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 and six months ended June 30, 2024 excludes Greenstone's results as the
mine has not yet achieved commercial production. 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 Q2 2024 were 16% lower compared to Q2 2023 primarily due to 78% lower
production at Aurizona, offset partially by production at Greenstone. At Aurizona, the lower production
was due to the suspension of mining in the Piaba pit in April 2024 due to geotechnical issues. Milling
and gold production continued from the existing ore stockpile until the end of April 2024. During Q2
2024, the plant was idle for eight weeks while mining transitioned to the Tatajuba pit. In May 2024,
mining commenced at the Tatajuba open pit and ore production for plant feed started in June 2024. The
plant was restarted in July 2024. At Greenstone, ore was introduced into the system on April 6, 2024, the
first gold pour was achieved on schedule on May 22, 2024 and the mine continued to ramp up through
the Quarter.
Gold ounces sold for the six months ended June 30, 2024 were 11% lower compared to the same
period in 2023 primarily due to lower production at Aurizona and Los Filos, offset partially by production
at Greenstone. The lower production at Aurizona is for the reasons mentioned above. At Los Filos, the
lower production was expected and is attributable to mining sequencing, with more waste stripping
during Q1 2024 as compared to Q1 2023, as well as the crusher being offline for most of Q1 2024 due
to planned repositioning of a portion of the conveyor.
Revenue was lower in Q2 2024 compared to Q2 2023 primarily due to a decrease in gold ounces sold,
partially offset by a 19% increase in realized gold prices. The Company realized $2,328 per ounce sold
in Q2 2024 generating $269.4 million in revenue, compared to $1,962 per ounce sold in Q2 2023,
generating $271.6 million in revenue.
Revenue was higher for the six months ended June 30, 2024 compared to the same period in 2023 due
to a 14% increase in realized gold prices, offset partially by a decrease in gold ounces sold. The
Company realized $2,197 per ounce sold for the six months ended June 30, 2024 generating $510.8
million in revenue, compared to $1,931 per ounce sold in the same period of 2023, generating $505.7
million in revenue.
Cash costs per oz sold and AISC per oz sold were 28% and 36% higher in Q2 2024 compared to Q2
2023, respectively, and were 22% and 27% higher for the six months ended June 30, 2024 compared to
the same period in 2023, respectively. These results were primarily driven by lower production at
Aurizona and higher costs at Santa Luz. While input costs were generally lower in 2024 than in 2023,
several assets have experienced temporary operating issues that have impacted the cost per ounce
metrics. Aurizona had geotechnical issues that limited mining operations during the Quarter and Santa
Luz worked through recovery issues in H1 2024 that impacted processing and production. Additionally,
capital spend at Santa Luz was higher in the three and six months ended June 30, 2024 compared to the
same periods in 2023, driven by a tailings storage facility ("TSF") raise.
Sustaining and non-sustaining expenditures totaled $31.0 million and $82.6 million, respectively, for the
three months ended June 30, 2024. Sustaining and non-sustaining expenditures are broken down by
mine site in the MD&A.
2024 GUIDANCE
The Company has updated its 2024 production and cost guidance to reflect the consolidation of its
ownership of Greenstone, the suspension of mining at Castle Mountain Phase 1 until Phase 2 permitting
is complete, slower-than-expected recoveries at Mesquite, and the geotechnical event at Aurizona.
Production (oz)
Cash Costs ($/oz)
(1)(2)
AISC ($/oz)
(1)(2)
Sustaining expenditures
(M$)
(1)(3)
Non-sustaining
expenditures (M$)
(1)(4)
Canada
Greenstone
(5)
175,000 - 205,000
$690 - $790
$840 - $940
$
32
$159
USA
Mesquite
55,000 - 65,000
$1,345 - $1,445
$1,410 - $1,510
$
5
$
60
Castle Mountain
15,000
$1,718
$1,942
$
3
$
4
Mexico
Los Filos
155,000 - 175,000
$1,785 - $1,885
$2,090 - $2,190
$
50
$
—
Brazil
Aurizona
70,000 - 80,000
$1,450 - $1,550
$2,175 - $2,275
$
58
$
11
Fazenda
65,000 - 70,000
$1,195 - $1,295
$1,560 - $1,660
$
25
$
3
Santa Luz
70,000 - 80,000
$1,495 - $1,595
$1,900 - $2,000
$
21
$
4
RDM
50,000 - 60,000
$1,260 - $1,360
$1,800 - $1,900
$
16
$
14
Total
(6)
655,000 - 750,000
$1,305 - $1,405
$1,635 - $1,735
$
210
$255
(1)
Cash costs per oz sold, AISC per oz sold, sustaining capital and non-sustaining capital are non-IFRS measures. See
Non-IFRS Measures
and
Cautionary Notes.
(2)
Exchange rates used to forecast 2024 cash cost and AISC per oz include a rate of BRL 5:00 to USD 1 and MXN 17.50 to USD 1.
(3)
Sustaining expenditures include asset retirement obligation accretion and amortization, exploration expense and capital expenditures.
(4)
Non-sustaining expenditures include exploration expense and capital expenditures.
(5)
2024 Guidance at Greenstone reflects the Company's 100% ownership of the project. Greenstone gold production guidance for 2024 includes all
ounces expected to be produced during the pre-commercial production and commercial production periods. 2024 cash cost per ounce and AISC per
ounce guidance figures are the expected costs of gold production after commercial production is achieved.
(6)
Group total is the sum or average of the individual mine-level amounts. Numbers may not sum due to rounding.
In May 2024, the Company fully consolidated ownership of Greenstone with the acquisition of the
remaining 40% ownership interest from its former joint venture partner. The Company’s previous
production guidance for Greenstone reflected its former 60% joint venture ownership interest. To reflect
the Company’s now 100% ownership of the mine, 2024 Greenstone production and sustaining and non-
sustaining expenditure guidance has been increased. There is no change to 2024 cash cost and AISC
guidance for Greenstone.
On February 16, 2024, the Company stated as part of its 2024 guidance that, due to an extension into
fiscal 2026 of the permitting process for the 200,000 ounce per year Phase 2 expansion plan, it was
reviewing the Castle Mountain Phase 1 operation. Given the increasing costs associated with contract
mining, crushing and agglomeration, and increasing complexity and variability in mining low-grade
historical backfill, the Company will suspend mining at Castle Mountain for the duration of the Phase 2
permitting process. Residual leaching and gold production is expected to continue through the
remainder of 2024. The primary focus at Castle Mountain will be on advancing permitting and
engineering for construction of Phase 2. Accordingly, Castle Mountain will be reported as a development
project going forward.
Mesquite production guidance for 2024 was 75,000 to 85,000 ounces of gold. However, while
recoverable ounces stacked in 2024 is exceeding plan, the mine is realizing slower-than-expected
recoveries from the heap leach pad and guidance has been adjusted to 55,000 to 65,000 ounces of
gold. Cost guidance for 2024 is unchanged with cash costs of $1,345 to $1,445 per oz and AISC of
$1,410 to $1,510 per oz. Budgeted sustaining expenditures of $5 million primarily relate to processing
equipment. Non-sustaining expenditures, relating primarily to capitalized waste stripping of the Ginger
pit, are expected to be $60 million. The decrease compared to original guidance is due to positive ore
reconciliations in the Ginger pit, resulting in less capitalized waste stripping.
In late March 2024, due to persistent heavy rains at Aurizona, there was a displacement of material in
two locations in the south wall of the Piaba pit and mining of that pit was suspended. The plant
processed stockpiled ore through April and mining of the Tatajuba deposit, which was originally planned
to start in Q4 2024, commenced in May. The plant was idle for May and June and restarted in July. Most
of the ore feed for the remainder of 2024 will come from Tatajuba.
As a result of the impact of the geotechnical event, production guidance for 2024 has been reduced from
110,000 to 120,000 ounces of gold to 70,000 to 80,000 ounces of gold with cash costs of $1,450 to
$1,550 per oz and AISC of $2,175 to $2,275 per oz. Updated projections of sustaining expenditures at
Aurizona are $58 million in 2024, primarily relating to capitalized waste stripping. Updated projections of
non-sustaining expenditures at Aurizona of $11 million in 2024 primarily relate to infrastructure and
engineering for planned underground development.
AISC cost guidance for Santa Luz has been increased to $1,900 to $2,000 per oz, reflecting higher
anticipated sustaining expenditures of $21 million in 2024, primarily relating to capitalized waste
stripping and additional plant equipment upgrades.
RDM sustaining expenditures decreased compared to original guidance due to lower anticipated
sustaining expenditures related to the new rental fleet.
Guidance for the other mines remains as originally disclosed on February 16, 2024. After the updates,
consolidated production for 2024 is forecast at 655,000 to 750,000 oz of gold (compared to the original
forecast of 660,000 to 750,000 oz of gold).
As disclosed on February 16, 2024, cost and production guidance for Los Filos is subject to the
successful execution of new social and land access agreements with local community stakeholders and
landowners. The Los Filos team is in a dialogue process with the three communities where the mine is
located, with the goal of reaching new land access agreements with each of them in a collaborative and
transparent way. These new agreements are necessary to help ensure the long-term economic and
investment viability of the mine, including the addition of a new CIL processing plant. If the Company is
unable to satisfactorily complete these agreements, the Company will re-evaluate the current operation
and may elect to cease operations. Accordingly, Los Filos production and cost guidance for 2024
remains subject to change.
The Company may revise guidance during the year to reflect changes to expected results.
SELECTED FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024
AND 2023
$ amounts in millions, except per share amounts
Three months ended
Six months ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
Revenue
$ 269.4
$ 271.6
$ 510.8
$ 505.7
Cost of sales
Operating expense
(198.6)
(192.7)
(382.4)
(364.9)
Depreciation and depletion
(44.2)
(48.2)
(90.4)
(95.6)
Income from mine operations
26.6
30.7
38.0
45.2
Care and maintenance expense
—
(0.3)
—
(1.4)
Exploration and evaluation expense
(2.7)
(4.0)
(5.1)
(5.8)
General and administration expense
(12.7)
(12.3)
(26.8)
(22.2)
Income (loss) from operations
11.3
14.1
6.1
15.7
Finance expense
(20.7)
(14.3)
(38.1)
(27.0)
Finance income
2.4
3.3
4.3
6.3
Share of net income (loss) in associate
0.3
(1.1)
0.7
(17.1)
Other income (expense)
454.0
2.6
440.1
34.4
Net income (loss) before taxes
447.3
4.5
413.1
12.3
Income tax recovery (expense)
(163.5)
0.8
(172.1)
10.4
Net income (loss)
$ 283.8
$ 5.4
$ 241.0
$ 22.8
Net income (loss) per share attributable to Equinox Gold shareholders
Basic
$ 0.72
$ 0.02
$ 0.67
$ 0.07
Diluted
$ 0.61
$ 0.02
$ 0.57
$ 0.07
Additional information regarding the Company's financial and operating results is available in the
Company's Q2 2024 Financial Statements and accompanying MD&A for the three and six months
ended June 30, 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
.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and webcast on Thursday, August 8, 2024, commencing at
7:30 am PT (10:30 am ET) to discuss second 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
ABOUT EQUINOX GOLD
Equinox Gold is a growth-focused Canadian mining company with eight producing gold mines 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
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
Six months ended
June 30,
2024
March 31,
2024
June 30,
2023
June 30,
2024
June 30,
2023
Operating expenses
$
198.6
$
183.8
$
192.7
$
382.4
$
364.9
Silver revenue
(0.7)
(0.6)
(0.7)
(1.3)
(1.0)
Fair value adjustment on acquired inventories
(6.6)
(0.6)
(4.1)
(7.2)
(10.0)
Greenstone operating expense
(1)
(7.8)
—
—
(7.8)
—
Total cash costs
$
183.5
$
182.6
$
187.9
$
366.1
$
353.8
Sustaining capital
26.0
39.0
12.7
65.0
45.2
Sustaining lease payments
2.1
2.6
4.5
4.7
8.3
Reclamation expense
2.6
2.8
2.2
5.5
4.5
Sustaining exploration expense
0.2
0.2
—
0.4
—
Greenstone reclamation expense
(1)
(0.1)
—
—
(0.1)
—
Total AISC
$
214.5
$
227.2
$
207.4
$
441.7
$
411.8
Gold oz sold
115,423
$
116,504
$
138,094
$
231,927
$
261,389
Greenstone gold oz sold
(1)
(10,358)
—
—
(10,358)
—
Adjusted gold oz sold
105,065
$
116,504
$
138,094
$
221,569
$
261,389
Cash costs per gold oz sold
$
1,747
$
1,567
$
1,361
$
1,653
$
1,354
AISC per oz sold
$
2,041
$
1,950
$
1,502
$
1,993
$
1,576
(1)
Consolidated cash cost per oz sold and AISC per oz sold for the three and six months ended June 30, 2024 excludes Greenstone results as the
mine has not yet achieved commercial production.
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: