Equinox Gold(EQX) - 2024 Q4 - Annual Report

Production and Sales Performance - Equinox Gold achieved a record annual production of 621,893 ounces of gold in 2024, with 623,579 ounces sold at an average realized price of $2,423 per ounce[4][11]. - For Q4 2024, the company produced 213,964 ounces of gold and sold 217,678 ounces at an average realized price of$2,636 per ounce[7][18]. - Gold production for 2024 was 621,893 ounces, with guidance for 2025 set between 635,000 and 750,000 ounces[22][23]. - Gold ounces sold in Q4 2024 reached 217,678, a 25.1% increase from 173,973 ounces sold in Q4 2023[79]. - Adjusted gold ounces sold for the year ended December 31, 2024, totaled 549,032, slightly down from 559,481 ounces in 2023[79]. - Gold ounces sold for the year ended December 31, 2024, totaled 623,579 ounces, an increase from 559,481 ounces in 2023[90]. Financial Performance - Total revenue for 2024 was $1,514.1 million, with net income of$339.3 million or $0.85 per share[11][18]. - Adjusted EBITDA for 2024 was$458.2 million, reflecting strong operational performance[11][18]. - Total revenue for 2024 reached $1,514,120, an increase of 39.2$1,088,191 in 2023[72]. - Net income for 2024 was $339,287, significantly up from$28,884 in 2023, representing an increase of 1,075.5%[72]. - Operating cash flow before changes in non-cash working capital was $430,198 in 2024, compared to$527,450 in 2023[74]. - AISC contribution margin for the year ended December 31, 2024, was $300.7 million, compared to$184.2 million in 2023, reflecting a 63.1% increase[90]. - Adjusted net income for the three months ended December 31, 2024, was $77.5 million, compared to$37.4 million in the previous quarter, marking a 106.5% increase[95]. Cost Management - Cash costs for 2024 were $1,598 per ounce, with all-in sustaining costs (AISC) of$1,870 per ounce[11][18]. - Cash costs for 2024 were $1,598 per ounce, with 2025 guidance estimated between$1,075 and $1,175 per ounce[22][23]. - All-in sustaining costs (AISC) for 2024 were$1,870 per ounce, with 2025 guidance ranging from $1,455 to$1,550 per ounce[22][23]. - Cash costs per gold ounce sold decreased to $1,458 in Q4 2024 from$1,720 in Q3 2024, a reduction of 15.3%[79]. - AISC per ounce sold for the year ended December 31, 2024, was $1,870, compared to$1,612 in 2023, indicating a 15.9% increase[79]. Future Guidance and Expectations - The company expects to produce between 635,000 to 750,000 ounces of gold in 2025, with cash costs projected at $1,075 to$1,175 per ounce and AISC at $1,455 to$1,550 per ounce[5][11]. - Greenstone's production guidance for 2025 is set at 300,000 to 350,000 ounces, with cash costs of $790 to$890 per ounce and AISC of $1,045 to$1,145 per ounce[40]. - The Bahia Complex production guidance for 2025 is set at 125,000 to 145,000 ounces of gold, with cash costs projected between $1,360 and$1,460 per ounce[58]. - Mesquite's production guidance for 2025 is set at 90,000 to 105,000 ounces of gold, with cash costs expected between $1,235 and$1,335 per ounce[45]. - Aurizona's production guidance for 2025 is 70,000 to 90,000 ounces of gold, with cash costs projected at $1,205 to$1,305 per ounce[54]. - RDM's production guidance for 2025 is 50,000 to 60,000 ounces of gold, with cash costs expected to range from $1,615 to$1,715 per ounce[69]. Operational Developments - Equinox Gold consolidated 100% ownership of the Greenstone Mine, producing over 111,700 ounces of gold in its first partial year of operations[4][11]. - The company is advancing the Castle Mountain expansion and consolidating its Fazenda and Santa Luz mines into the Bahia Complex[6][11]. - The company achieved commercial production at Greenstone on November 6, 2024, which is expected to positively impact future production and revenue[80]. - The company plans to use increased cash flow from operations to target approximately $200 million in debt repayment in the second half of 2025[34]. - The company is focused on expanding operations at Castle Mountain and Aurizona, with ongoing negotiations for new long-term agreements at Los Filos[99]. Community and Environmental Relations - New long-term agreements with local communities at the Los Filos Mine are critical for continued operations, with two communities ratifying agreements while one remains outstanding[5][11]. - Operations at Los Filos in 2025 depend on the successful completion of long-term agreements with local communities, with one agreement still outstanding[24]. - The Company is focused on maintaining relationships with local communities and Indigenous populations to mitigate risks related to production and cost estimates[103]. - The Company is committed to achieving environmental performance objectives and complying with health and safety regulations[101]. Financial Position - The company maintained cash and cash equivalents of$239.3 million and net debt of $1,108.5 million as of December 31, 2024[11][18]. - Cash and cash equivalents increased to$239,329 in 2024 from $191,995 in 2023, a growth of 24.6$6,713,595 in 2024, up 54.1% from $4,350,377 in 2023[71]. - Total liabilities increased to$3,316,043 in 2024, a rise of 73.8% compared to $1,907,916 in 2023[71]. - Net debt as of December 31, 2024, was$1,108.5 million, an increase from $733.0 million in 2023[97]. Strategic Vision and Risks - The Company emphasizes that Forward-looking Information is based on current expectations and projections regarding exploration, production, and cost management[101]. - The Company has outlined potential risks including fluctuations in gold prices and operational hazards inherent in mining, which may impact actual results[103]. - The Company cautions that assumptions made regarding macroeconomic factors and energy prices may prove incorrect, impacting future performance[102]. - The Company has established a framework for disclosing mineral reserves and resources in accordance with NI 43-101 standards, which differ from SEC requirements[106]. - The Company has qualified personnel overseeing technical content, ensuring adherence to industry standards in reporting[107].