Equinox pours first gold at Greenstone  

Equinox Gold (TSX: EQX) poured first gold on schedule at its 100% owned Greenstone gold project near Geraldton, Ont., the company’s flagship asset. 

“We look forward to ramping up to commercial production in the third quarter of this year and delivering sustained value from the Greenstone mine for all our stakeholders,” president and CEO Greg Smith said in the statement. 

Equinox is targeting 90% of the 27,000 tonne-per-day plant by the end of 2024. It has also increased mining rates ahead of this gold pour and has stockpiled 1.5 million tonnes of stockpiled ore at the end of Q1. 

Production at Greenstone in 2025 is expected to total 199,000 oz. at an AISC of $879/oz. in the second half, matching guidance of approximately 175,000 to –210,000 oz.at US$840 to US$940/oz. AISC, BMO said in a note.  

Greenstone is expected to produce approximately 400,000 oz. annually over its first five years, and 360,000 oz. per year over its 14-year mine life.  

In April, Equinox acquired the remaining 40% interest in the mine from Orion Mine Finance for close to $1.4 billion (US$995 million) in cash and shares. 

The purchase included C$1.02 billion  in cash and 42 million shares valued at $342.3 million . Equinox financed the acquisition through a new C$684.7 million loan and a $356 million bought-deal equity financing. 

Equinox owns eight gold mines throughout the Americas. 

Read more at www.EquinoxGold.com.