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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 700koz. 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 ~$2556.67M which is a rise of roughly 29% over the last six months. As of 03/11/2024 they have ~$986M debt and ~$192M cash. They have 323M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 03/11/2024
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $1,985.12M $2,556.67M 03/11/2024 $571.55M
Total Assets: $1,500.00M $1,500.00M 03/11/2024 $0.00M
Total Liabilities: $900.00M $900.00M 03/11/2024 $0.00M
Current Assets: $300.00M $300.00M 03/11/2024 $0.00M
Current Liabilities: $150.00M $150.00M 03/11/2024 $0.00M
Total Debt: $986.00M $986.00M 03/11/2024 $0.00M
Cash: $192.00M $192.00M 03/11/2024 $0.00M
Enterprise Value: $2,779.12M $3,350.67M 03/05/2076 $571.55M
Cash Flow: $232.33M $510.86M never $278.53M
Cash Flow Multiple: 8.54 5.00 never -3.54
Net Debt to
Cash Flow Ratio:		 3.42 1.55 never -1.86
Finance within 1 year: 03/11/2024 n/a
Misc 03/11/2024
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 323,392,025 323,392,025 03/11/2024 0
Shares (FD): 404,000,000 404,000,000 03/11/2024 0
Insider Ownership: n/a 35% 09/02/2024 35%
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2018 03/11/2024 n/a
Production (Gold Eq Oz.): (guess) 
700,000		 (guess) 
700,000		 03/11/2024 0
Production (Silver Eq Oz.): (guess) 
62,467,485		 (guess) 
58,479,922		 03/11/2024 -3,987,562
Initial CapEx (Outstanding): $146.00M
7.35% of MCap		 $146.00M
5.71% of MCap 		03/11/2024 $0.00M
Funding Option: n/a (guess)  Issue stock 03/11/2024 n/a
Documentation: none PRODUCER 09/02/2024 n/a
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 10/01/2023 0
Cash Flow Multiplier: 12 12 02/21/2024 0.00

Resource Data

GOLD 03/11/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 15.00M 15.00M 03/11/2024 0.00M
Measured & Indicated: 28.00M 28.00M 03/11/2024 0.00M
Inferred: 15.00M 15.00M 03/11/2024 0.00M
Reserves & Resources: 43.00M 43.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 12.75M 12.75M 03/11/2024 0.00M
Measured & Indicated: 21.59M 21.59M 03/11/2024 0.00M
Inferred: 6.38M 6.38M 03/11/2024 0.00M
Reserves & Resources: 27.97M 27.97M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
700,000oz.		 (guess) 
700,000oz.		 03/11/2024 0oz.
Cash Cost: $1,400 $1,400 03/11/2024 $0.00
Extra Operating Cost: $450 $450 03/11/2024 $0.00
Total: $1,850 $1,850 03/11/2024 $0.00
Margin (Free Cash Flow): $332 (15%) $730 (28%) $397.90
G
R
A
D
E		 Underground (Avg): 0.80 g/t n/a 03/23/2024 n/a
Open Pit (Avg): n/a 0.75 g/t 03/23/2024 0.75 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/02/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 30.00M 35.00M 09/02/2024 5.00M
Annual Production: 1,100,000oz. 1,100,000oz. 03/11/2024 0oz.
Cash Cost: $1,400 $1,400 03/11/2024 $0
Extra Operating Cost: $500 $500 03/11/2024 $0
SILVER 03/11/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 03/11/2024 0.00M
Measured & Indicated: n/a n/a 03/11/2024 0.00M
Inferred: n/a n/a 03/11/2024 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/11/2024 0.00M
Measured & Indicated: n/a n/a 03/11/2024 0.00M
Inferred: n/a n/a 03/11/2024 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 03/11/2024 $0.00
Extra Operating Cost: n/a n/a 03/11/2024 $0.00
Total: n/a n/a 03/11/2024 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 03/11/2024 n/a
Open Pit (Avg): n/a n/a 03/11/2024 n/a
Recovery Rate: n/a n/a 03/11/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/11/2024 0.00M
Annual Production: n/a n/a 03/11/2024 n/a
Cash Cost: n/a n/a 03/11/2024 n/a
Extra Operating Cost: n/a n/a 03/11/2024 n/a

Property

Last Analysis Data  (03/11/2024)
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		 03/11/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 15.00M 15.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -85.45M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 12.75M 12.75M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -72.63M
Maximum Profit (Gold): $4,231.73M $9,304.95M n/a $5,073.23M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,231.73M $9,304.95M n/a $5,073.23M
Max Profit / Current MCap: 2.132 3.639 n/a 1.508
Max Profit Per Share (Gold): $10.47 $23.03 n/a $12.56
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $10.47 $23.03 n/a $12.56
Total Free Profit Per Share: $3.84 $14.44 n/a $10.60
FD MCap / Gold Eq.: $155.70 $200.52 n/a $44.83
FD MCap / Silver Eq.: $1.74 $2.40 n/a $0.66
FD MCap / Per Metal
as % Spot Price:		 7.14% 7.77% n/a 0.64%
Measured &
Indicated		 03/11/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 28.00M 28.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -159.50M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 21.59M 21.59M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -122.99M
Maximum Profit (Gold): $7,165.72M $15,756.38M n/a $8,590.66M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $7,165.72M $15,756.38M n/a $8,590.66M
Max Profit / Current MCap: 3.610 6.163 n/a 2.553
Max Profit Per Share (Gold): $17.74 $39.00 n/a $21.26
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $17.74 $39.00 n/a $21.26
Total Free Profit Per Share: $11.11 $30.41 n/a $19.30
FD MCap / Gold Eq.: $91.95 $118.42 n/a $26.47
FD MCap / Silver Eq.: $1.03 $1.42 n/a $0.39
FD MCap / Per Metal
as % Spot Price:		 4.21% 4.59% n/a 0.38%

Reserves &
Resources		 03/11/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 43.00M 43.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -244.95M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 27.97M 27.97M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -159.30M
Maximum Profit (Gold): $9,281.58M $20,408.86M n/a $11,127.27M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $9,281.58M $20,408.86M n/a $11,127.27M
Max Profit / Current MCap: 4.676 7.983 n/a 3.307
Max Profit Per Share (Gold): $22.97 $50.52 n/a $27.54
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $22.97 $50.52 n/a $27.54
Total Free Profit Per Share: $16.34 $41.93 n/a $25.58
FD MCap / Gold Eq.: $70.99 $91.42 n/a $20.44
FD MCap / Silver Eq.: $0.80 $1.09 n/a $0.30
FD MCap / Per Metal
as % Spot Price:		 3.25% 3.54% n/a 0.29%

Future Valuation (Cash Flow & Totals)

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