Equinox Gold (EQX) Q4 2024 earnings summary

Executive summary

• Achieved record annual gold production of 621,893 ounces and sales of 623,579 ounces in 2024, with Q4 production of 213,964 ounces and sales of 217,678 ounces at a realized price of $2,636/oz.

• Full-year revenue reached $1.514 billion and net income was $339.3 million ($0.85/share); adjusted net income was $96.7 million ($0.24/share).

• Greenstone Mine reached commercial production in November, contributing over 111,700 ounces in its first partial year after consolidating 100% ownership through a $963 million acquisition.

• Safety performance improved, with four sites reporting no lost-time injuries and a total recordable injury frequency rate of 2.21.

• Substantial progress on environmental and sustainability metrics, including a 13% improvement in S&P Global Corporate Sustainability Assessment score.

Financial highlights

• Q4 revenue was $575 million, with Q4 adjusted EBITDA of $218.2 million and Q4 net income of $28.3 million ($0.06/share); adjusted net income was $77.5 million ($0.17/share).

• Full-year adjusted EBITDA was $458.2 million; cash flow from operations before working capital changes was $430.2 million.

• Q4 cash cost per ounce was $1,458 and AISC was $1,652; full-year cash costs were $1,598/oz and AISC was $1,870/oz.

• Ended Q4 with $239 million in unrestricted cash and $105 million available on the revolving credit facility; net debt was $1,108.5 million.

• Market cap as of February 2025 was approximately C$4.5 billion (US$3.1 billion).

Outlook and guidance

• 2025 production guidance is 635,000–750,000 ounces at cash costs of $1,075–$1,175/oz and AISC of $1,455–$1,550/oz.

• Greenstone expected to produce 300,000–350,000 ounces in 2025 as ramp-up continues.

• No 2025 guidance for Los Filos due to ongoing community agreement negotiations; operations at risk of suspension if agreements are not reached.

• Fazenda and Santa Luz combined into Bahia Complex for operational efficiencies, with 2025 guidance of 125,000–145,000 ounces at $1,360–$1,460/oz cash cost.

• Focus for 2025 is on ramping up Greenstone, advancing Castle Mountain Phase 2, starting Aurizona underground development, and targeting ~$200 million in debt repayment.