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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
NYSE:EQX USD
TSE:EQX CAD

Description

Equinox Gold Corp. are a gold focused mid-tier producer with three producing mines in Brazil, four mines in development in Brazil and USA and exploration properties. Currently they produce roughly 700koz. of gold per year. They have approximately 33Moz. of gold in the reserves and resources category of which 23Moz. are in the measured and indicated category. They have a market capitalisation of ~$3335.66M which is a rise of roughly 85% over the last five months. As of 03/11/2020 they have ~$670M debt and ~$300M cash. They have 215M shares outstanding and trade on the Toronto Stock Exchange and the New York Stock Exchange.

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General Details

Financial 03/11/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $1,806.88M $3,335.66M 03/11/2020 $1,528.77M
Total Assets: $1,600.00M $1,600.00M 03/11/2020 $0.00M
Total Liabilities: $800.00M $800.00M 03/11/2020 $0.00M
Current Assets: $450.00M $450.00M 03/11/2020 $0.00M
Current Liabilities: $150.00M $150.00M 03/11/2020 $0.00M
Total Debt: $670.00M $670.00M 03/11/2020 $0.00M
Cash: $300.00M $300.00M 03/11/2020 $0.00M
Enterprise Value: $2,176.88M $3,705.66M 06/05/2087 $1,528.77M
Cash Flow: $194.53M $343.93M never $149.40M
Cash Flow Multiple: 9.29 9.70 never 0.41
Net Debt to
Cash Flow Ratio:		 1.90 1.08 never -0.83
Finance within 1 year: 03/11/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 03/11/2020 0.00%
Misc 03/11/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 214,511,000 214,511,000 03/11/2020 0
Shares (FD): 272,411,000 272,411,000 03/11/2020 0
Insider Ownership: n/a 40% 03/11/2020 40%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2018 03/11/2020 n/a
Production (Gold Eq Oz.): (guess) 
700,000		 (guess) 
700,000		 03/11/2020 0
Production (Silver Eq Oz.): (guess) 
68,380,783		 (guess) 
50,698,701		 03/11/2020 -17,682,082
Initial CapEx (Outstanding): $146.00M
8.08% of Mkt.Cap		 $146.00M
4.38% of Mkt.Cap 		03/11/2020 $0.00M
Funding Option: n/a (guess)  Issue stock 03/11/2020 n/a
Documentation: none PRODUCER 03/11/2020 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 03/11/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 12.50M 12.50M 03/11/2020 0.00M
Measured & Indicated: 23.00M 23.00M 03/11/2020 0.00M
Inferred: 10.00M 10.00M 03/11/2020 0.00M
Reserves & Resources: 33.00M 33.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 11.25M 11.25M 03/11/2020 0.00M
Measured & Indicated: 18.81M 18.81M 03/11/2020 0.00M
Inferred: 4.50M 4.50M 03/11/2020 0.00M
Reserves & Resources: 23.31M 23.31M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
700,000oz.		 (guess) 
700,000oz.		 03/11/2020 0oz.
Cash Cost: $850 $850 03/11/2020 $0.00
Extra Operating Cost: $400 $400 03/11/2020 $0.00
Average Grade: 0.80 g/t 0.80 g/t 03/11/2020 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/11/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 23.00M 23.00M 03/11/2020 0.00M
Annual Production: 1,000,000oz. 1,000,000oz. 03/11/2020 0oz.
Cash Cost: $850 $850 03/11/2020 $0
Extra Operating Cost: $400 $400 03/11/2020 $0
SILVER 03/11/2020
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 03/11/2020 0.00M
Measured & Indicated: n/a n/a 03/11/2020 0.00M
Inferred: n/a n/a 03/11/2020 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 03/11/2020 0.00M
Measured & Indicated: n/a n/a 03/11/2020 0.00M
Inferred: n/a n/a 03/11/2020 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 03/11/2020 $0.00
Extra Operating Cost: n/a n/a 03/11/2020 $0.00
Average Grade: n/a n/a 03/11/2020 n/a
Recovery Rate: n/a n/a 03/11/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/11/2020 0.00M
Annual Production: n/a n/a 03/11/2020 n/a
Cash Cost: n/a n/a 03/11/2020 n/a
Extra Operating Cost: n/a n/a 03/11/2020 n/a

Property

Last Analysis Data  (03/11/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Brazil, Brazil Aurizona 100% (guess) 200,000 Both show
2 million oz deposit.

$146 Capex
Production in 2019.
Development Novo Progreso, Brazil Coringa 100% 28,000 Open Pit show
Working on feasibility study. Once completed in 2017, they will need to obtain the capex of about $65 million.

Potential production in 2018.
Development California, USA Castle Mountain 100% (guess) 3,000 Open Pit 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.
Exploration Sao Luis, Brazil Cachoeira 0% n/a n/a n/a
Exploration Brazil Luna Greenfields 100% (guess) 220,000 Open Pit show
Early exploration.
Exploration Maranhao, Brazil Maranhao 100% n/a n/a n/a
Exploration British Columbia, Canada Elk 100% (guess) n/a n/a show
400,000 oz deposit at 6 gpt
Exploration Chile, Chile Ricardo 100% (guess) 16,000 n/a show
Early exploration.
Exploration California, USA Mesquite 100% (guess) n/a Open Pit show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Total Land Package Size (ha): 467,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Brazil, Brazil Fazenda 100% (guess) n/a Underground show
70,000 oz per year.

6 year mine life.
Production Brazil, Brazil Pilar 100% (guess) n/a Underground show
85,000 oz per year.

Long life mine.
Production Brazil, Brazil RDM 100% (guess) n/a Open Pit show
75,000 oz per year.
Development Brazil, Brazil Aurizona 100% (guess) 200,000 Both show
2 million oz deposit.

$146 Capex
Production in 2019.
Development Novo Progreso, Brazil Coringa 100% 28,000 Open Pit show
Working on feasibility study. Once completed in 2017, they will need to obtain the capex of about $65 million.

Potential production in 2018.
Development Brazil, Brazil Santa Luz 100% (guess) n/a n/a show
On Care & Maintenance.

100,000 oz per year
$84 million capex to restart production.
Exploration Sao Luis, Brazil Cachoeira 0% n/a n/a n/a
Exploration Brazil Luna Greenfields 100% (guess) 220,000 Open Pit show
Early exploration.
Exploration Maranhao, Brazil Maranhao 100% n/a n/a n/a
Exploration British Columbia, Canada Elk 100% (guess) n/a n/a show
400,000 oz deposit at 6 gpt
Exploration Chile, Chile Ricardo 100% (guess) 16,000 n/a show
Early exploration.
Exploration Mexico, Mexico Bermejas 100% (guess) n/a n/a show
Very close to Los Filos.
Exploration Mexico, Mexico Los Filos 100% (guess) 60,000 Both show
Open Pit and Underground mines.

150,000 acres.
Development California, USA Castle Mountain 100% (guess) 3,000 Open Pit 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.
Exploration California, USA Mesquite 100% (guess) n/a Open Pit show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Total Land Package Size (ha): 527,000  

Profitability (by resource)

Proven &
Probable		 03/11/2020
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.): 12.50M 12.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -315.75M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 11.25M 11.25M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -284.18M
Maximum Profit (Gold): $3,126.38M $5,527.46M n/a $2,401.09M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,126.38M $5,527.46M n/a $2,401.09M
Max Profit / Current MCap: 1.730 1.657 n/a -0.073
Max Profit Per Share (Gold): $11.48 $20.29 n/a $8.81
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $11.48 $20.29 n/a $8.81
Total Free Profit Per Share: $2.39 $4.10 n/a $1.71
FD Mkt. Cap / Gold Eq.: $160.61 $296.50 n/a $135.89
FD Mkt. Cap / Silver Eq.: $1.64 $4.09 n/a $2.45
FD Mkt. Cap / Per Metal
as % Spot Price:		 9.75% 15.19% n/a 5.44%
Measured &
Indicated		 03/11/2020
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.): 23.00M 23.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -580.98M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 18.81M 18.81M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -475.14M
Maximum Profit (Gold): $5,227.30M $9,241.92M n/a $4,014.62M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,227.30M $9,241.92M n/a $4,014.62M
Max Profit / Current MCap: 2.893 2.771 n/a -0.122
Max Profit Per Share (Gold): $19.19 $33.93 n/a $14.74
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $19.19 $33.93 n/a $14.74
Total Free Profit Per Share: $10.10 $17.74 n/a $7.64
FD Mkt. Cap / Gold Eq.: $96.06 $177.33 n/a $81.27
FD Mkt. Cap / Silver Eq.: $0.98 $2.45 n/a $1.47
FD Mkt. Cap / Per Metal
as % Spot Price:		 5.83% 9.09% n/a 3.25%

Reserves &
Resources		 03/11/2020
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.): 33.00M 33.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -833.58M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 23.31M 23.31M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -588.81M
Maximum Profit (Gold): $6,477.85M $11,452.90M n/a $4,975.05M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,477.85M $11,452.90M n/a $4,975.05M
Max Profit / Current MCap: 3.585 3.433 n/a -0.152
Max Profit Per Share (Gold): $23.78 $42.04 n/a $18.26
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $23.78 $42.04 n/a $18.26
Total Free Profit Per Share: $14.69 $25.85 n/a $11.16
FD Mkt. Cap / Gold Eq.: $77.52 $143.10 n/a $65.58
FD Mkt. Cap / Silver Eq.: $0.79 $1.98 n/a $1.18
FD Mkt. Cap / Per Metal
as % Spot Price:		 4.71% 7.33% n/a 2.62%

Future Valuation (Cash Flow & Totals)

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