EQX - Earnings call transcript Q4 2024

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Operator

Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold Fourth Quarter and 2020 Results and Corporate Update.

As a reminder, the conference is being recorded. [Operator Instructions] I'd now like to turn the conference over to Rhylin Bailie, Vice President, Investor Relations for Equinox Gold. ahead. go Please

Rhylin Bailie

and operator, everybody, joining for Thank thank today. us you, you,

a to forward-looking forward will number be We making of statements.

call will So please more turn and I learn Smith. EDGAR and our the CEO, now Greg visit our about website, the SEDAR over President to to company.

Gregory Smith

morning, thanks Rhylin. the for call Good Thanks, joining today. everyone, and

are with VP our our we COO, line Exploration; Scott Equinox of of Again, EVP Relations, discussing Heffernan Reddy, Bailie. our the quarter year On our XX,XXXth Doug me is and Investor Rhylin results. Hardie; and CFO, and financial Gold Peter today, full operating

For to Canada, several development opportunities. is We've Gold those Brazil United that of gold producing mine expansion got you and are as the the company, producer. well Americas-focused fast-growing new States, Equinox across mines Mexico a as

by Our million additional an large across our gold production reserves including portfolio and resources gold XX in ounces XX indicated supported of a is million and ounces measured in endowment, deposits.

start broad Doug for I'll first, over and turn Pete So then I'm to with the and the going overview fourth more and year, a to call the quarter of details.

all-in and gold once of That's company's strong $XX.XX sustaining with again in cash had cost ounces the XXX,XXX history. to of with approximately quarter production per ounce that's sold this quarterly Cash in $X,XXX. was cost per we production costs the ounce, year the quarter approximately per ounce quarterly our the XXX,XXX finish highest fourth lowest ounces. of While year $X,XXX, sold a sales

$XX.XX at with $XX.XX sustaining sales ounces a XXXX per all-in ounce. cost gold XXX,XXX of cost and ounce and also of XXX,XXX record production annual per of finished ounces approximately cash of We

across sites lost are good. the company results. XXXX Our the year. for Four injuries was rate These of recordable total of year in safety injury beating X.XX target had frequency performance our no our with a good time this

at had our However, fatality year the regrettably during Fazenda we've also acknowledged mine. a that we

our a substantial that This score environmental over improvement compared on Sustainability year. had frequency rate side, our top puts group last score. environmental the Global year. to the XX% incident the right improved near peer us significant Assessment to we prior On S&P our Corporate also of to we compared by And

for XXXX was commissioning up Our production. company Ontario mine the and focus in major Greenstone during our ramping

sorry, April, gold In May. gold we in poured to processing introduced we first plant, ore -- and the first first

the and more We also of consolidated in in mine the by details of have May ownership joint partner. November, our Doug Greenstone the in will the on later production, with commercial achieved Greenstone acquisition And in venture XX% held we call.

continue develop During Arizona development Tatajuba open XXXX, mine portal of later underground underground our mining in and pit. plan to to started deposit to at at we our we advance Tata the this the at now Piaba year. start new plans We an

Management of also late continue now notice ounces should second permitting for intent, Depending of we notice XXXX. of of received which advance of project. of expect of of would planned XXX,XXX increase gold and to year, expansion the intent up in the the or the receipt this during quarter receive finish the of timing early in final on year. We XXXX to over profile Federal our completion the Land Mountain production Bureau the the Mountain We to permitting Castle year. Castle from notice expansion the per of at

Red our In for drilling XXXX mine to mines, at reserves Hasaga life Brazil, we including and XXXX. to received, is the so extension prepared that the engineering well Lake, exploration Greenstone our replaced decision Fazenda we'll technical our completed recently reports more mine which in and X at for in Castle permit the and Mountain. year, Fazenda during when demonstrates we're project design our Across in continuing a be construction advance successfully meantime, make to

per Looking increase all-in of between XXX,XXX ounces which to and production ramp forward, to with XXX,XXX production year. by in sustaining $X,XXX and XXXX in of costs The ounce. increase expect driven $XX.XX ounces $X,XXX the cash costs the we and expect between and Greenstone, is up ounce $XX.XX continue we per an course in to between of through

have should any You note Filos we that guidance not for Los included in Mexico.

been long-term of These time we are stacking pit As requires that plant for long-term the some investment agreements and the leach Los increase help of Filos. construction underground communities are suitable been higher agreements the with new reporting necessary new in have which leach at and the economic open we've for now, viability on working a local carbon mine the from grade not ores to to recoveries pad. toward ensure

have long-term agreements with with the of substantial agreements. communities January progress for in reached We new communities new consensus approved X on the the already the terms made and and have Two signed company.

can However, agreements near the in the will complete approved term, one continue X all has signed company not a mine. And not to and operate with we agreement. losers new unless communities we yet

So given this will provided the Filos for at Los guidance current uncertainty, be time. no

also in Santa into Luz our Bahia that single mines the should guidance note and a you our reporting unit complex. Fazenda Finally, combined we called have

and mines resulting into discuss the to I'll of And turn unit proximity close other take operating it their operating combination the costs advantage and in benefits are that, results. and with the over completing We efficiencies. X a process to financial our of of formal to Pete X

Peter Hardie

financial Slide the today unaudited of on reporting now all, results, presentation. financials, audited note publish around while of pending and the we to results operating and housekeeping, in change release We're the mid-March. annual But we're X which are financial the to first QX expect XXXX and subject on that Greg. company's Thanks, I'll

realized about we attributable the over revenues year sold, the the results. financial last compared by ounces improvements quarterly is driven production to online and in price XXX,XXX primarily $XX.XX and QX increase higher operating QX. Let's financial Greenstone The of coming a sold price had for achieving that of to realized the QX quarters all gold and the this prior back talking ounce ounces to operating almost sold in realized in get an great for increase in Equinox per of and saw commercial in $XXX by year. revenues quarter ounces we increase million. and gold metrics with

addition, them Filos Los gold and RDM In for highest had and early quarters its record second acquired had XXXX. since quarter Equinox Fazenda sales in

QX's is previous by operations driven million in mine operations of The million. quarter, income the in revenue. it's mine income of increase more an from QX operations That's increase $XXX For from $XXX from XXXX. million million mine $XXX the from $XX and to increase income compared quarters compared to was

cash per cost QX's for per ounce X,XXX cash of $X,XXX. per increase to decreased of cost Our ounce, quarter ounce the $X,XXX compared compared and QX's XXXX's to but

but all-in is to QX for ounce, sustaining $X,XXX per per with and QX, per cost on when was XXXX's as $X,XXX compare it Our a ounce. $X,XXX QX Greg par ounce mentioned, you is decrease

Our in basic of on EBITDA The in adjusted on $XX share. an $XXX basis, increase doubled which QX $XX or $XX On net per XXXX net of million $XX over is or to share and adjusted an income EBITDA a million adjusted basis. fully or million income had QX the million or for quarter. improvement was increase significant of adjusted diluted last in we a of QX's $XXX an is basis. $XXX and million mostly year's $XXX an basis, during million million per We revenues million attributable also $X.XX this earnings had $X.XX. on

share to $X.XX $XXX capital With For per spend, $XXX million noncash respect cash year-to-date, in basic million, and in from was changes sustaining capital. of after million. our less working flow the million we was noncash quarter, $XXX operations guidance which or changes spent $XXX million our before $XX than working

Greenstone We the to main ramp-up of upon now the of the own ownership commissioning remaining Two XX% X. Slide and interest had didn't completion, year our in were busy Moving year second, and the a acquire focuses we to mine. to consolidate already our XXX% for one, of on XXXX.

see the on we can activities those focuses. slide, undertook this facilitate You X

converted convertible XX% note million million shares we that acquisition was of or a maturity addition, on we the In debt, related namely in Greenstone paid $XXX $XX during a off $XXX retired to XXXX, to paid interest. note million the down and

September. production, that during the the focus is gold in area were that balance prices the company in about commercial to that long XXXX, ago, convertible for the deleveraging company mature sheet. mid-XXXXs, million target Greenstone would in not $XXX were in debt XXXX repay If in million is in Now notes they which $XXX including

retire million on gold Should XXXX. exceed or facility, for credit revolving we go expect about those prices shares our spot $XXX would to retire near year. significantly towards to deleveraging at more reducing be on will current expect that million converted we rates, the maturities, then to than notes the and If and remain $XXX the goals

Moving to XX. Slide

and terms with of million of In capital liquidity cash. $XXX quarter We the position. unrestricted ended

In put from year. has million addition A place to accordion mention quick of the to facility operations, $XXX our cash we also gold in had and the the flow draw a feature on available. credit revolving available million hedges $XXX company last

ounce. half straight the place gold per on The X those As Hedges end QX were of in ounce, hedged on mature year fund hedges mature and XXX,XXX Greenstone XXXX. to pardon of used the ceiling for through ounces the The had consolidation. put on $X,XXX collar QX the about of -- XX,XXX line this million arrangements is of per the XXX,XXX a next about ounces on year of XX,XXX help a have per $XXX January me. ounces $X,XXX loan ceiling year, term the at ounce. per average quarter ounces from that of ounces remaining in this through of first the ownership company

over a operations. things turn Doug for of will the I that, With to review

Douglas Reddy

at now XX,XXX we I CIP Slide screens, tanks, in great an am good production XX% XXXX, $X,XXX were gold doing ounce. in capacity -- be on as And QX throughput and what QX, noted teams of be in were largely We replacements been QX, on the valve have there. mine with for for The XXXX. an put Thanks, pumps And and identified recoveries ounces contrary our all-in had valve in the the been in of cost on coming including of that XX% QX quarter. our wet end quarter November the the commercial told plant the QX, X. Greenstone, came replacements were the production XX% X and of of Pete. and calibrations so under the doing issues start we we'll progress conveyors. we calibrations done we'll have that in into end December, resolving to I've just of At And presentation, a XX was presentation. sustaining produced And of declared to December, XX%. We're the on

was mill grade grams, record plant And day daily Feed line the at a XX,XXX at over XX,XXX tonnes. average grade. the tons, in had is long-term also X.XX tons record which tonnes a for with crush for and

the front, mining in shovels X and fleet we'll be the are operation, in more just two now CAT XXXX in There has during On online trucks XXX XX X this are quarter, assembly. PC and adding come X more operation. haul

We will being and more of mined. per moved been moved tonnes with By quarter. tonnes later costs Mining of X.X was ore XX.X were the waste ore year. add mined of XXXX, tonnes this ton in million X.XX end Strip million the quarter the of have $X.XX X.X ratio one was for million stockpiled. and tonnes X.X million

area now are was gone, The pit our we mining. our an and tons. tons. blast soil, in that this inhibited open targeting to getting become us of pit XXX,XXX overall And efficient done X largest and it million to with mining the with of in with contaminated up reported mining through the far more center We're so efficiency as it allows

filled, still just last operators seating equipment. currently we week. positions for for people late looking on XXXX. been plan All site that additional So have And in mobile the this for to on reach hot happened we're and nameplate

mined the material. from the for in to ounce production for this and the gold year. all-in ginger to costs the per and production next an represents XX% stacked the pit continues ore the start stripping page, at $X.XX quarter. it with sustaining of quarter ounces quarter an So All at of per tonne that mine, tonne XX,XXX the cost with continued Mesquite of sustaining $X.XX quarter, going was during quarter, previously $X,XXX on all-in year. the in gold production pit good in was ounces was ore per per will very the pad the and Mesquite No from for ore mining in have leach and Waste $X,XXX XXXX. $X,XXX of a the cost mined to ounce

the coming tail waste will Chief from production XXXX. for stripping Rainbow provide of XXXX, pits. begin XXXX Brownie end X and pit into ore going we'll and is North that in Big X, ginger and the And For the

ounce. Filos the with Full full had high Production Mountain production an we've per year we're $XXX per costs X,XXX at production ounce. a $X,XXX was since maintenance leaching all-in carry sustaining will an as on of increased Los permitting. At production and to XXX,XXX XX,XXX in into annual QX acquired highest mine. noted, Mountain II per the $X,XXX cost mine Castle and ounces quarterly August while cost Castle sustaining continue of per Phase and cost Mining ounces it during At during ounce. And doing with all-in ounce. was with was all-in of the has residual XXXX. care ounces suspended Filos, Equinox year will sustaining

We continue in as work towards new call, And we to reductions. the to earlier work agreements. discussed establishing continue

to an ounces In all-in grade majority Full was with at cost the year ounces $X,XXX sustaining On the coming In an lower per was all-in Piaba at compared the of which open XX,XXX was cost to pit. $X,XXX Tatajuba, per next ounce. production Aurizona of ounce. sustaining the mine page. production XX,XXX ore of is from QX, Brazil,

we've Boranda but the the If issues gone and in geotechnical are for recall, of hydrogeological XX and in at which originally we western the back well we We've been did pit and drilled have well, Piaba on We've very we brought B it's brought you external and Remediation the online working in ends reviews us. the holes, And into our areas also, work we pit. worked information. And XXXX, place well. in also X the the taking Piaba. amount some earlier mining early geotechnical small than in mining pit wall eastern out did as Piaba of completed dewatering XXXX. out planned, Tatajuba in Piaba pit was of

We are areas monitor portal start continue to And we underground to moment, on season Piaba XXXX in once rating the in South in season so pit. the ramp midst and the the the wall the at rainy is plan we of work late the over.

cost for was production XX,XXX the the ounces sustaining ounce quarter. $X,XXX At per and Fazenda mine all-in was the

All-in we pit year, report mentioned years will was in sustaining mined full life. the areas For that was a larger were of $X,XXX developing encompass production and per was open XXXX, That filed. the XX-year ounce. XX,XXX mine it underground In be ounces. several smaller cost pit, from was pits will technical in Fazenda's earlier recently that our

note underground life. mining I'll plan part been areas. taking early our during for unmined long-haul that be mining we'll pillars remnant XXXX. retreat that accelerating mine additional open of development to So There is and sustained not were out an areas mostly zones of the doing in crown the up we're the also we've years And

be be over able good long to to a hauler switch it to treat. So will

moisture has from down then gold them the production tails cyclones year an those TSF. use dry storage with sufficiently, where was And and $X,XXX over on tailings we in all-in sustaining dry out cost facility. bring cost all-in we them at compact of use content further. stack per transfer quarter. tails worked the spread moisture dry tailings continue we stock water And was RDM. RDM, then evaporation out, per the has dropped and was the our this content and ounce facility after draining $X,XXX remove to facility ounces At to at ounces We ounce. stock we produced to well for stack new The full XX,XXX XX,XXX sustaining

us be haulage costs will We those to of further for changing tails over an help and fleet owner will at reduce that RDM. to

year for the was XX.X% Santa Recovery full Luz, year, per at sustaining cost note XX,XXX below $X,XXX ounce. And ounce. I'll to was in for time plan off QX. QX installed it maintain but tanks of new were at QX. we $X,XXX where and of we that of given of did us middle throughput, worked to production was in that in our and ounces several residence need servicing cost well. out trend we back increased At an the throughput And all-in all-in has It's ounces per the XX,XXX end sustaining into was the

that, overall We AX able to are it throughput. on adding our in Santa back a so and X plan in Greg. to up leach HX back Luz. the be AX do We and that as on And starting with allow us should pits I'll well mining to at tank, hand ramp

Gregory Smith

price at operating continue had debt over have highest up I'm to prices, back EBITDA to excellent of should year QX. for turn and our mines a as and again just Q&A. just inflection us I've few quarterly Greenstone and wrap quickly before point I'll we the On it production can the record again up at to Equinox in November, adjusted cash in were coming at quarter hit gold for leverage We up, an or to great portfolio flow And QX also a Roland then calls, our third going for but investing noticed strong online. In Greenstone Greenstone and had noted to revenue in gold at for We long Doug. prices, short, sum our as term. in see well impact XXXX we quarter-over-quarter we quarter. reduce sales on having. as Q&A. we Thanks, still in that and with there we is move the only we're XXXX once that then commercial last fourth all-time in at be the you adjusted ramping with these the gold and

Rhylin Bailie

can Operator, to Greg. people a please you question. Thanks, how ask remind

Operator

[Operator Instructions]

Rhylin Bailie

a do free you take the This flow? If to of extra Peter. prices online. are gold couple with remain questions cash I'll what for from is going high,

Peter Hardie

Yes, great question.

First, we love price gold this environment.

see the that higher impact can gold our has throughout You the financials. price

of for it line, XXXX, to quarter, a environment we're a metrics more higher several by at and more As free in selling some flow. gold the looking had enable I are is mentioned our production, with guidance Obviously, primarily and our this times, top best we've revenue. which will into cash number expand that's driven prices the

cash as as comments, we're I just I our that release, and couple we expand to now, saying free press the a our forward. flow of think and mentioned just well my million, And in look as quarters for would you XXXX QX is focus, $XXX showing look we mine site during If it we've of move forward, focus going deleveraging. been for not

we excess balance strengthen what's sheet. going to of cash It's to go any business. outside generate So the by the that's needed

Rhylin Bailie

Perfect. you. the a you couple Operator, phone? Thank can questions please of from take

Operator

with Soni World The question Markets. CIBC come Anita will next from

Anita Soni

and Greg team.

couple a So of questions.

Greenstone, the on could for, idea recoveries firstly, for about and average? grade that some So give tons year looking this on you us you're

Douglas Reddy

sure. It,

mine in of end gram X.X, up us X.X around towards and quarter, year. the has we grams plan first the a but budget ramp about to Our

Anita Soni

Okay. your hand the up, but X.X, sort the to X.X. And the then selective that? be beginning more I'm mining, sort on about pick mouth assuming of more that's be able will rate you'll to mining because and of

Douglas Reddy

was day will tonnes contaminants long. It we during moved enabled and being of Well, the the it the But center up to stepwise the additional adding unfortunate. took seen of with and X trucks, finicky combined so yes, about was rid the have of that. which Yes. pit pit, that per the the to that, our bigger all ex from pit, course was increase year. blasts so It pit the area all you've and getting opening remove

Anita Soni

on another unit just question this be more then driven. financially might and And costs, Okay. the

that X there's have. So I questions

ounce the I'm it X the $XXX of the I guidance. The differential. I first number the if between XXX,XXX to by per difference But and divide the is midpoint at guidance, the ASIC sustaining total capital, take coming to $XXX ranges. the up and about about I cash ounce cost ounces your -- get between per guidance

the I'm the -- there capital and to the that between understand and total you So what cash discrepancy and the cost trying have. ASIC sustaining

Gregory Smith

right. know, don't question, we're call in we'll and be time real you. You going that I get the math will to Anita, to I if take take on think able here the back away we'll do that's and it to all

Anita Soni

of more No, is second then quarter, just fine. actually X in you the guess, mill. of of the lines And in through put a you fourth terms sort what you double ore This question. the I that's mined along mind

unit So been capital? And ore inventory? waste the are with I'm costs that. the Or Are appear they where -- going appear? somehow forward into in cost? they Or it -- the cost being going associated trying would to does that of with and in that guidance. Does costs is those CapEx? have kind then understand in working just the that associated the embedded the are

Peter Hardie

Sure.

And to referring policy where are Greenstone just you generally sorry, is. in particular or

Anita Soni

Yes Greenstone.,

Peter Hardie

speaking, we general Greenstone. -- take generally generally speak approach I'll and a The is then

when opening So obviously development. our we Well, at is a generally, obviously, point, ratio. then considered operational. look pit, determine of we much how becomes at it -- a we it up certain first, And strip

the on strip you're cost, would -- operation, of looking just movements will either depending nonsustaining in but on at all-in strip of ratio fall in all-in development in ratio, with sustaining -- net or metric. sustaining will then all sustaining again, that all sustaining OpEx respect the all-in metric. into captured once depending be to fall the not appear we're So capital And and metric into the if depending

Anita Soni

Okay.

I capital, Just your what's don't when don't sustaining I stripping. any in for classification sustaining see -- capital in XXXX, in see included you say any

something So you did it call else?

Peter Hardie

No.

I because right the strip around think probably it's ratio. we're

up show sustaining. won't It OpEx. into in going all it's so And

Douglas Reddy

Actually quarter below. yes, X.XX%, was below the fourth

Peter Hardie

cash all Anita. the So in will be cost, it

Anita Soni

Okay.

might that with on I But the X does next and on going the Los Los given do Filos, was might what this be also sustaining appreciate capital giving off-line. any if I to look you're the guidance, challenges. are years? costs given sensitivity. of to what you standby of couple over for think like years on lastly, as proceed you And like. hoping well in would Filos. trying could have forward very just if But suspension. we up back couple to you wondering been I last you the offline, us have I that I not X what then know decide a that investing that you understand look that least, not in I'm mine take take was at pick the tell And community

Peter Hardie

Yes.

we're clarity, it's to So -- by as near it's -- very and stand as we so get term. like, mentioned, as Greg

So term you But as provide, term it's sensitive. clarity looks given we we like. get we you clarity on that as be on what path and will what appreciate we'll which highly going path binary, and more obviously, down, very the near can mentioned, near on as as get

pare charges for the that's that previously, mine hoping want down lower would on was to in move during expect to will significantly approximate If $X than per again, a we you're to $X but provide do, and -- when bit standby million it maintenance now, an be on on we would what forward. clarity you suspension. that care as million about to incurred We we quite month. indefinite the We we'll more. blockades

Anita Soni

and for QX. my congratulations questions. it cash production good Greenstone on delivering That's in Okay. free at commercial flow And

Operator

Securities. TD from is Wayne with next Lam The question

Wayne Lam

what like agreement that agreement the wondering that shorter-term you -- Just length in terms Los of color a a longer-term quantum or of would to deal like if the of wondering a might Filos, there Anita's just the the arrangement. a And provide X kind for letter? term on be kind of parameters that similar if able but the would question, Or Or of Carrizalillo capital bit imminently at to years in be is outlined just the things catch-up of be it development? got in wondering agreement? be underground a that capital then required? would of you the

Gregory Smith

the speaking. life talking It's discussion is to apologies when active take that agreements on I'll call. talk X mine we're an not of terms are Listen, term. this weather. fair encompassing plus. we're Yes, term, way. give And the about to And Greg entire about say we're long the long mildly under about talking on any we This that going an

years nothing new the when in an X So a CIL like of plant. for talking construction you're would investment work about us

where we're situation, the pre-stripping. at particularly In the open in terms down of with around particularly have we just the pit of mine, slowed mining, because and

So of that at any ramp we're in able Again, come any path up not pre-stripping a would XXXX. this back if take. guidance and we're that require would kind that's time, that to providing only

continue it's in But as course, the press X to to path if see take. be communities, down. Nobody we shut wants then of And not like to we'd mine to agreements all not the stated get a release, with the able to we're operating we're mine. going able

Wayne Lam

of open entail capital pit if with the study? And reopened? moving that's a And seems ahead the XX going on function a update on a constrained an before might been It of just wondering Great. on like versus with more Piaba pit bit. Okay. material And there to additional then that? Is Aurizona. maybe just wondering being economics the even underground development kind accelerated just bit be that's at what that

Douglas Reddy

to portal necessary things need ramp all We do to the from an before commit get access, be feasibility the able for you part to to be everything study. is production. able But roll onwards. this we of prudent it's can of all into right else, we that a similar this is So exploration us, doing drill it, touch program. part can and right that the normally as all done underground, ore to plan We're so to confirm feel do it of go so do to but we get dimensioning in a larger we mineability

Gregory Smith

were we're we to Wayne, off not it. have accelerating have with We Yes, issue because the we of speaking. geotech started would earlier dealing it's XXXX. pushed it in Actually, Greg preferred

to constraints. many, think many Aurizona quite to we actually that body production So is not open ore It's years. going see we pit It's drive get robust anxious many, underground of very because underground. at we're for because a

we get our we kind underground, hands mine. on of proceed Our a the I more and work. more Do an ore additional get data would -- it's plan that get And the now, terms a have of back is give the of we end some of at to this body. as get organic be goal on budget here spread $XX we we'll in point, million organic as expansion, But mean say, at and that more I in across underground, quantum, I XXXX. then right think and XXXX there. to market details and longer-term come would course,

Wayne Lam

Mesquite, additional just with then see the constrained to life become there gold do extend the And shortly opportunities price? the at you move absent ability the mine do or you highway. wondering to Okay. pretty Or higher

Douglas Reddy

for Mesquite, those other same evaluating spend North Brawny the address I X, to gave it with it's that. obviously, evaluate to probably Ginger, be pits time, and opportunities. other the Well, Big that Rainbow And At mentioned, X. the Chief with to for Scott best able life we us continue

I'll So hand to him. it over

R. Heffernan

Yes. There is -- budget we do this for year. have a

to are that the are of as to and it, the we potential course, of highway, you big last is highest work Northwest. more to refer just and a permitting our we And highest near-term there and potential as Across the priority drill efforting and Rainbow through, now. year, Gindi remains -- challenge Southeast. still to to focused like target. the mentioned, on open Chief that's bit we then, -- did within would these Ginger be opportunities North, We fence This at expand a

Wayne Lam

maybe one. last Great. just And then

shelf. the Does on an ATM of base include that that renewal Just component?

Gregory Smith

to ability ATM ATMs, gives but include did not It no, the us on renewal. an the we do

Peter Hardie

add have ATM. Greg, or to place an to we Yes. renew I currently in that, can, And that don't put just I'll plans if

Operator

next from Independent Tumazos question The John with very Research. comes Tumazos John

Unknown Analyst

we convert. repayment Concerning I you in guess, you the minimum debt quarter debt other had alone. $XXX year, for the fall goal for mentioned in the this price gold million, explain to net fourth the any using you're calculation XXX factors Could

are You liabilities, deferred be include million the $XXX current derivatives to soon. repaid revenue didn't presumably and in has that that

Peter Hardie

Yes.

of repaid So March be through this those basically on straight-line starting XXXX. just will prepaid, basis, year through on September the gold September of a

we we but into a go current, strengthening all roll pardon forward. me, XXXX, of balance straight-line mention mostly. And deliver not sheet off those simply I will the And our not will as obligation as basis they're did those, those yes, eliminate that them. So towards so ounces moving but

price the to gold just that's that, John. deleveraging gold used about under a $X,XXX in simple it's little calculating -- mid-XXXX as point. we a so With good So price, respect of on that figure, as kind --

Unknown Analyst

other could So in get up to without the gold and then but for gold at liabilities, XXX converts you million [indiscernible], outcome if the your I almost the take $XXX XXX price water convert if $XXX with price don't forecast address the a hold. we of Los Filos, even were if then be year. current the having it and want hot to liabilities this in favorable you mark million

have both you could pay down you flow that to X of cash in you And your pivot you conceivably, or those X X would what with CapEx do to at finance good money if Filos -- pivot almost Mountain to all enough Now money. the year for if years ready point CapEx. at Castle not debt successfully or are Los for what rate,

Gregory Smith

in out and and idea around again, of the time more could some that buybacks. in time first results, capital relevant. the the best But we decision at that what And we Filos done for certainly, at Yes. context. but I priority, long in prices, reduce a share yesterday mean, timing is talked Los our Yes. where it's opportunities we're is robust for to listen, current the as investing a that and dividends permit. both will -- implement of we paying permit can context, is the And actually this we will also a Board our have we we we've based this these were pipeline. conditions broaching these on gold get yes, we share Filos that of the time, so assets, dividends, shareholders, number return in and were XXX engineering allocation other to loving subject Castle our discussion dividend, to are economic at a of in where getting -- development had the a subject projects detailed doing all on and construction our start make those meeting have Castle that buybacks about and call, time do a the become leverage, the and a

dividend like to get I normal think would it's fair course a point. say we to some to at

our something could level. that That's sooner something that's this and later. And again, on the than towards so come radar And that's here. we'll be working prices something at gold hold

Unknown Analyst

be to a I'm shareholder. very happy

Gregory Smith

it. Appreciate John. Thanks,

Rhylin Bailie

with of got online. Thanks, exploration. John. start questions We'll I've lots

talks main to Greenstone, potential about Your upside near those? to are going mine, you start at look the at when underground presentation

R. Heffernan

function down. of to We we low-hanging pit. break that of be exploration fruit to for a are and this at the density. The underground. drill do have phase inferred We'll within kind significant the significant that that drill really mind potential off. design obviously look within pit. start will a XXXX that's my a efforting little this just year, some That's bit There's resources focus that point. now would We next It's in

that side Internally, geologically when east engineering really out year, the and there's again the We've significant this our also underway it of kilometers afield, but XXX-plus at example, in optimal area. the work leach to district, the and to past starting the substantive for is already bring in it how desktop. that So producers be we potential underground district, the Further in plan, work engineering-wise, underground exploration it's operations. do Beardmore geologically a length. into homework, would need to the -- at west looking to it's understanding of things, looking and similar are River got Brookbank,

the bolt-on doing to stand-alone if hearing potential from whether compilation, be would they opportunity. the that looking geological accretive another or side, those itself what's target Greenstone or at at perspective, real and how represent generation, -- a how Looking

And things are also all to and this some kind in imagine that, X-plus have regionally. for Nations through of be that those years, are These partners, going First I'd agreements exploration And we process those significant the seeing areas. going any work in our with conjunction communities to it's to then in develop take long-term time. with to stability homework phase we're before

Rhylin Bailie

questions the of complex. Bahia Lots about

that about lending the includes of recoveries. So so Santal to the synergies X or those potential the you talk with projects, help between

Gregory Smith

Maybe over it to Doug turn I'll here. start. I'll

both For those those crow miles flies, for I as have been XX that maybe miles, there, of there, from these have XX plants. guess, been a mines each that are not other, the

concessions, between contiguous got have We of prospectivity concessions all amount fair the and that overall them, across portfolio. we've a

we in we to it this more of make how administration tax, And efficient obviously, costs, amalgamation So what together. the mines at at terms in run X and cetera. what management it's do amalgamation mines, the of down terms when et we a Brazil a looked is, could in X administrative looked we really, then corporate

working triage pass X There's here capital, cetera. do that to Scott the a is Doug material it package number fairly Suffice of benefits, more prospective. chain, land over a to and ability on we plants. I'll et between supply large there, say it the have to very

We very are it. active on

so mouth, over that in I'll time of but It's a probably again matter it words And Scott's certainly just to pass exists. putting opportunity and him. I'm

Douglas Reddy

it's carbon organic we process can that to mean targets, just total blend Luz a looking obviously, similarities that bodies we've it the talk the us the nature, And and quite either small low use got some I'll moment. a amount Santa to talk levels. TOC total carbon we We've carbon with Scott. suppress total rock opportunities Luz of will standard would of there, of if means Even Greenstone the deposits, is want with or the recoveries the to to XX% direction. note down get be adding material. the I'll the -- for have having plants, resin. package. high go which send in resin we that back activity carbon in the Well, in it's overall Belt, down same lots with just I our able to carbon. to It's there's to you blend different organic Santa X But that I Scott that's it of keep even flexible don't the is less process the can It organic constantly a but to process be But to many in gives part in flexibility in about kerosene at of or level. first, pass operated plant around -- about Fazenda,

R. Heffernan

regionally, to that. these been of to to the Brazilian the reporting of positive been and right our kilometer whole of life Bahia for Those Luz years of regulatory be at whole successful just the the across there to resource in saw the regional which And now very that the South growth. the been mine present does exploration the North of around X in the technical small is bunch small maintain to mineral mine resources with because maintain committed has rights efforts base at results reserve trying the Santa opportunity targets years immediate focus Fazenda expansion We've updated But belt. few that take focus continue, requirements able with to will for mineral to Sure. itself. report a now length Fazenda rights. support has identified the opportunities We last XX-plus us contemplate area. it to exciting give substantive

we that, potential. term full and to the to map look now medium of that's to because is where get of that's again, We understanding natures approach. of start more from is sorts to go will and going one be contemplate opportunities, out of interesting might our that the or back where optimal really but The medium-term other blended or different types or these a kind

Rhylin Bailie

of have that think during presentation. got online I've the lots been I answered questions already

e-mail bunch back a by all got any if of So get you've Filos. got but whole you follow-up questions. of will I we've to

one wrap-up do I'll So Filos question.

provide just mean with you you've a all X more reached that clarity can agreement So only on signed? bit have communities what you X that

Douglas Reddy

to always We who talk that third when dialogue with agreed through had out not. we've and came terms, that altogether. we final signed with key work on it groups got the communities agreement has a that But have we've to terms. had them we key those document communities, X key signing laid ultimately, the a and Well, the the terms

able be communities to overall to with agreement X from need we essentially, forward. all move final an So

Rhylin Bailie

That's comments? rough you everything, any Greg, of have

Gregory Smith

Only you always respond. to at the me have to joining Equinox. I lend questions, today. of And always everyone say, can here reach any out if or We're happy anyone appreciate course, to call or you other

Rhylin Bailie

very Perfect. for joining Thank us. much. the Thank you, you call. everybody, now can you conclude Operator,

Operator

call. to today's This Thank conference brings a you, close Rhylin.

may you for a day. disconnect pleasant You your now lines. participating, and have Thank

Equinox Gold (EQX) 20 Feb 252024 Q4 Earnings call transcript