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Equinox Gold Corp.
5/8/2025
Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold first quarter 2025 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 are 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.
Thank you, Operator. Thank you, everybody, for joining us this morning. We will, of course, be making a number of forward-looking statements today, so please do visit our website, CEDAR, and Edgar to learn more about our continuous disclosure documents. I will now turn the call over to our President and CEO, Greg Smith.
Thanks, Relynn. Good morning, everyone, and thanks for joining the call today. On the line with me is our COO, Doug Reddy, our CFO, Peter Hardy, our EVP of Exploration, Scott Heffernan, and our VP of Investor Relations, Relynn Bailey. Again, today we're discussing Equinox Gold's 2025 first quarter financial and operating results. For those of you who are new to the company, Equinox Gold is a fast-growing, Americas-focused gold producer with mines across Canada, United States, Mexico, and Brazil. I'm going to start with a broad overview of the first quarter, and then I'll turn the call over to Pete and Doug for more details. Starting with safety, our safety performance this quarter was good. Our 12-month rolling total recordable injury frequency rate across the entire company improved from last quarter. to 1.95 per million hours worked. For the quarter, our total recordable injury frequency rate was 1.07, with two lost time injuries across all our operations. We also had no significant environmental incidents in Q1, maintaining our excellent significant environmental incident frequency rate of zero for the rolling 12-month period. During the first quarter, we produced just over 145,000 ounces of gold, and sold approximately 148,000 ounces. These results represent the highest first quarter production in the company's history, and as in prior years, we expect quarterly production to increase over the course of the year. Including production and costs from Los Filos, cash cost was $17.69 per ounce, and all in sustaining costs was $2,065 per ounce. Those results include Los Filos. We did not include any production from the Los Filos mine in our guidance for 2025 due to the need to establish new long-term agreements with local communities to continue operations. So excluding production and costs from Los Filos, cash cost per ounce was $16.37 per ounce, and all sustaining costs was $19.79 per ounce sold. As we press released on April 1st, we were unable to conclude a new and necessary long-term agreement with one of the three communities at Los Filos, and so we have suspended operations at the mine. During the quarter, we also announced a proposed business combination with Caliber Mining. Last week, both Equinox shareholders and Caliber security holders voted in favor of the merger, and this week, Caliber received court approval for the transaction. We continue to expect this transaction to close sometime in the second quarter. I'm just going to make a few comments about this transaction now. This merger is really about two strong companies coming together to create a major new gold producer with our Greenstone mine in Ontario and Calibre's Valentine mine in Newfoundland as the foundation for the company. These are both brand new long life Canadian mines and together they'll make us the second largest producer of gold from Canada once they're both fully ramped up. The Canadian operations will be complemented by a diversified portfolio of other mines across the Americas with combined production of 950,000 ounces in 2025. This is at the midpoint of the company's combined guidance. Once both Greenstone and Ballantyne are running at full capacity, we're on a path to produce over 1.2 million ounces per year. This substantial production profile immediately takes advantage of these record high gold prices, which will generate meaningful cash flow and accelerate our plans to deleverage the balance sheet and ultimately implement programs to return capital to our shareholders. And with that, I'm going to turn this over to Pete to discuss our financial results.
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