11/7/2024

speaker
Conference Operator
Operator

Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold third quarter 2024 results and corporate update. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. If you're participating through the webcast, you can submit a question in writing by using the text box in the lower left corner of the webcast frame. I would now like to turn the conference over to Relynn Bailey, Vice President, Investor Relations for Equinox Gold. Please go ahead.

speaker
Relynn Bailey
Vice President, Investor Relations

Thank you, Operator, and thank you, everybody, for joining us here this morning. We will, of course, be making a number of forward-looking statements today, so please do visit our website, CDR and EDGAR, to learn more about the company and read the rest of our continuous disclosure documents. I would now like to turn the call over to our President and CEO, Greg Smith.

speaker
Greg Smith
President and CEO

Thanks, Relynn, and good morning, everyone, and thanks for joining the call. On the line with me is our COO, Doug Reddy, our CFO, Peter Hardy, our EVP of Explorations, Scott Heffernan, and, of course, our VP of Investor Relations, Relynn Bailey. Today we are discussing Equinox Gold's 2024 third quarter financial and operating results, I'll start with a broad overview of the quarter, and then I'll turn the call over to Pete and Doug for more details. I'm gonna start with safety. Our safety performance this quarter was good. Six of our sites had no lost time incidents, with two recorded for the quarter overall. And our 12-month rolling total recordable injury frequency rate stands at 1.79 per million hours worked. We also had no significant environmental incidents in Q3. With the increasing production from Greenstone and the strong gold prices, this was a record third quarter for the company in terms of gold sales, revenue, adjusted EBITDA, and other metrics, with just under 174,000 gold ounces produced and sold at a cash cost per ounce sold of 17.20 and an all-in sustaining cost per ounce sold of 19.94 per ounce. Note that cash costs and all-in-sustaining cost per ounce do not include cost per ounce for Greenstone, as Greenstone was not yet commercially producing in Q3. However, revenue and operating costs in the financial statements do include sales and costs from Greenstone. For the nine-month period, we produced approximately 408,000 ounces and sold approximately 406,000 ounces at cash costs of $16.78 per ounce and all-in-sustaining costs of $19.94 per ounce, again excluding the cost per ounce for production from Greenstone. On to Greenstone itself, the ramp up of mining and milling has progressed well since our first gold pour in May, though at a slightly slower pace than we initially expected. During Q3, Greenstone produced just over 42,000 ounces of gold, bringing total production to just under 59,000 ounces since the first gold pour in May. We undertook three multi-day shutdowns in the process circuit in Q3 and another in the first half of October to address wear and other process issues that surfaced during startup. We also meaningfully advanced the expansion of the footprint of the first phase of the open pit through September and also October. We've seen good results from this work with mining rates increasing and with process throughput increasing, particularly over the last half of October and into November, and we were very pleased to announce yesterday that Greenstone is now in commercial production. We will continue ramping up mining rates and plant throughput through Q4 toward design capacity. To reflect the pace of the ramp-up, in October, we reported adjusted production guidance for Greenstone of 110,000 to 130,000 ounces in 2024, which updates consolidated guidance to production of 590,000 to 675,000 ounces for the full year. In mid-October, we had an analyst tour at Greenstone. This was a great tour. Most of our analysts attended, and so there are recent analyst reports out there. Get in touch with Relynn if you'd like to see them. The full site tour deck is also available for download on our website, and there is a lot of detailed information in there on the ramp up so far, so feel free to reference that slide deck as well. During the quarter, we also celebrated the grand opening of the Greenstone Mine and the completion of the Ride to Greenstone fundraising initiative. The grand opening was attended by many local stakeholders. This was a great event, and there were some great comments made by a number of speakers, and I'd encourage you to watch the video of the event on our website. The Ride to Greenstone fundraiser ended in August. This was also a major success. We raised over $1.3 million Canadian for the Geraldton District Hospital, which is the local hospital at the Greenstone Mine. We also raised $200,000 for charities in other communities where we operate. The donation to the Geraldton Hospital is going to make a big difference in the local communities and also for our employees at Greenstone. And we really appreciate all the support we received from all the donors and others. that supported this endeavor, and particularly our gold sponsors, which are some of our industry peers and associations. Finally, we had a change in our board of directors in October, with Fraz Siddiqui stepping off the board. Fraz was an excellent board member and a great guy, and I'd like to take the opportunity to thank him for his contributions over the last year. And with that, I'll turn it over to Pete to discuss our financial results.

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