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Equinox Gold Corp

www: www.equinoxgold.com   email: info@equinoxgold.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:EQX CAD
NYSEAMERICAN:EQX USD

Description

Equinox Gold Corp are a gold focused mid-tier producer with two producing mines in Brazil, three mines in development in Brazil and USA and three exploration properties. Currently they produce roughly 650koz. of gold per year. They have approximately 43Moz. of gold in the reserves and resources category of which 28Moz. are in the measured and indicated category. They have a market capitalisation of ~$2022.3M which is a rise of roughly 43% over the last nine months. As of 03/05/2023 they have ~$830M debt and ~$174M cash. They have 312M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 03/05/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $1,414.72M $2,022.30M 03/05/2023
Total Assets: $1,500.00M $1,500.00M 03/05/2023
Total Liabilities: $900.00M $900.00M 03/05/2023
Current Assets: $300.00M $300.00M 03/05/2023
Current Liabilities: $150.00M $150.00M 03/05/2023
Total Debt: $830.00M $830.00M 03/05/2023
Cash: $200.00M $174.00M 10/01/2023
Enterprise Value: $2,044.72M $2,678.30M 11/14/2054
Cash Flow: $31.20M $208.85M never
Cash Flow Multiple: 45.34 9.68 never
Net Debt to
Cash Flow Ratio:		 20.19 3.14 never
Finance within 1 year: 03/05/2023
Misc 03/05/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 312,000,000 312,000,000 03/05/2023
Shares (FD): 363,000,000 363,000,000 03/05/2023
Insider Ownership: n/a 35% 11/19/2023
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a 01/01/2018 03/05/2023
Production (Gold Eq Oz.): (guess) 
600,000		 (guess) 
650,000		 10/01/2023
Production (Silver Eq Oz.): (guess) 
52,489,372		 (guess) 
52,922,366		 10/01/2023
Initial CapEx (Outstanding): $146.00M
10.32% of MCap		 $146.00M
7.22% of MCap 		03/05/2023
Funding Option: n/a (guess)  Issue stock 03/05/2023
Documentation: none PRODUCER 11/19/2023
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 10/01/2023
Cash Flow Multiplier: 5 15 10/01/2023

Resource Data

GOLD 03/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 15.00M 15.00M 03/05/2023
Measured & Indicated: 28.00M 28.00M 03/05/2023
Inferred: 15.00M 15.00M 03/05/2023
Reserves & Resources: 43.00M 43.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 12.75M 12.75M 03/05/2023
Measured & Indicated: 21.59M 21.59M 03/05/2023
Inferred: 6.38M 6.38M 03/05/2023
Reserves & Resources: 27.97M 27.97M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
600,000oz.		 (guess) 
650,000oz.		 10/01/2023
Cash Cost: $1,400 $1,300 08/02/2023
Extra Operating Cost: $400 $450 05/02/2023
Average Grade: 0.80 g/t 0.80 g/t 03/05/2023
Recovery Rate: (CG)  85.00% (CG)  85.00% 11/19/2023
F
U
T
U
R
E		 Proven & Probable: 30.00M 30.00M 03/05/2023
Annual Production: 1,000,000oz. 1,100,000oz. 10/01/2023
Cash Cost: $1,250 $1,350 10/01/2023
Extra Operating Cost: $400 $500 04/13/2023
SILVER 03/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 03/05/2023
Measured & Indicated: n/a n/a 03/05/2023
Inferred: n/a n/a 03/05/2023
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/05/2023
Measured & Indicated: n/a n/a 03/05/2023
Inferred: n/a n/a 03/05/2023
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 03/05/2023
Extra Operating Cost: n/a n/a 03/05/2023
Average Grade: n/a n/a 03/05/2023
Recovery Rate: n/a n/a 03/05/2023
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/05/2023
Annual Production: n/a n/a 03/05/2023
Cash Cost: n/a n/a 03/05/2023
Extra Operating Cost: n/a n/a 03/05/2023

Property

Last Analysis Data  (03/05/2023)
Stage Name Owned Au Ag Cu Notes
Prod Fazenda 100% show
70,000 oz per year.

6 year mine life.
Prod RDM 100% show
75,000 oz per year.
Dev Aurizona 100% show
2 million oz deposit.

$146 Capex
Production in 2019.
Dev Santa Luz 100% show
On Care & Maintenance.

100,000 oz per year
$84 million capex to restart production.
Exp Greenstone 60% show
8M oz project

70% ownership

240,000 oz year (their share)
Exp Los Filos 100% show
Open Pit and Underground mines.

150,000 acres.
Dev Castle Mountain 100% show
4 million oz resource.

Low grade at .6 gpt

All-in cost projected to be around $1,000 per oz.

PEA: Low capex of only $98 million.
Exp Mesquite 100% show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Total Land Package Size (ha): 263,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod Fazenda 100% show
70,000 oz per year.

6 year mine life.
Prod RDM 100% show
75,000 oz per year.
Dev Aurizona 100% show
2 million oz deposit.

$146 Capex
Production in 2019.
Dev Santa Luz 100% show
On Care & Maintenance.

100,000 oz per year
$84 million capex to restart production.
Exp Greenstone 60% show
8M oz project

70% ownership

240,000 oz year (their share)
Exp Los Filos 100% show
Open Pit and Underground mines.

150,000 acres.
Dev Castle Mountain 100% show
4 million oz resource.

Low grade at .6 gpt

All-in cost projected to be around $1,000 per oz.

PEA: Low capex of only $98 million.
Exp Mesquite 100% show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Total Land Package Size (ha): 263,000  

Profitability (by resource)

Proven &
Probable		 03/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 15.00M 15.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 12.75M 12.75M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $663.00M $4,096.58M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $663.00M $4,096.58M n/a
Max Profit / Current MCap: 0.469 2.026 n/a
Max Profit Per Share (Gold): $1.83 $11.29 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $1.83 $11.29 n/a
Total Free Profit Per Share: $0.00 $3.75 n/a
FD MCap / Gold Eq.: $110.96 $158.61 n/a
FD MCap / Silver Eq.: $1.27 $1.95 n/a
FD MCap / Per Metal
as % Spot Price:		 5.99% 7.66% n/a
Measured &
Indicated		 03/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 28.00M 28.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 21.59M 21.59M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,122.68M $6,936.87M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,122.68M $6,936.87M n/a
Max Profit / Current MCap: 0.794 3.430 n/a
Max Profit Per Share (Gold): $3.09 $19.11 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.09 $19.11 n/a
Total Free Profit Per Share: $0.00 $11.57 n/a
FD MCap / Gold Eq.: $65.53 $93.67 n/a
FD MCap / Silver Eq.: $0.75 $1.15 n/a
FD MCap / Per Metal
as % Spot Price:		 3.54% 4.52% n/a

Reserves &
Resources		 03/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 43.00M 43.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 27.97M 27.97M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,454.18M $8,985.15M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,454.18M $8,985.15M n/a
Max Profit / Current MCap: 1.028 4.443 n/a
Max Profit Per Share (Gold): $4.01 $24.75 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.01 $24.75 n/a
Total Free Profit Per Share: $0.00 $17.21 n/a
FD MCap / Gold Eq.: $50.59 $72.32 n/a
FD MCap / Silver Eq.: $0.58 $0.89 n/a
FD MCap / Per Metal
as % Spot Price:		 2.73% 3.49% n/a

Future Valuation (Cash Flow & Totals)

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