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Equinox Gold

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

Symbol Currency
NYSE:EQX USD
CVE:EQX CAD

Description

Equinox Gold are a gold focused mid-tier producer with three mines in development in Brazil and USA and exploration properties. They have approximately 12.3Moz. of gold in the reserves and resources category of which 8.8Moz. are in the measured and indicated category. They have a market capitalisation of ~$1196.78M which is a rise of roughly 44% over the last two months. As of 12/03/2019 they have ~$260M debt and ~$45M cash. They have 113M shares outstanding and trade on the Canadian Venture Exchange and the New York Stock Exchange.

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General Details

Financial 12/03/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $829.71M $1,196.78M 12/03/2019 $367.07M
Total Assets: $486.00M $486.00M 12/03/2019 $0.00M
Total Liabilities: $270.00M $270.00M 12/03/2019 $0.00M
Current Assets: $29.00M $29.00M 12/03/2019 $0.00M
Current Liabilities: $33.00M $33.00M 12/03/2019 $0.00M
Total Debt: $260.00M $260.00M 12/03/2019 $0.00M
Cash: $45.00M $45.00M 12/03/2019 $0.00M
Enterprise Value: $1,044.71M $1,411.78M 09/26/2014 $367.07M
Cash Flow: $46.79M $59.93M never $13.14M
Cash Flow Multiple: 17.73 19.97 never 2.24
Net Debt to
Cash Flow Ratio:
4.60 3.59 never -1.01
Finance within 1 year: 12/03/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/03/2019 0.00%
Misc 12/03/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 113,428,000 113,428,000 12/03/2019 0
Shares (FD): 142,428,000 142,428,000 12/03/2019 0
Insider Ownership: n/a 35% 12/03/2019 35%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2018 12/03/2019 n/a
Production (Gold Eq Oz.): (guess) 
240,000
(guess) 
240,000
12/03/2019 0
Production (Silver Eq Oz.): (guess) 
20,690,379
(guess) 
20,779,088
12/03/2019 88,709
Initial CapEx (Outstanding): $146.00M
17.6% of Mkt.Cap
$146.00M
12.2% of Mkt.Cap
12/03/2019 $0.00M
Funding Option: n/a (guess)  Issue stock 12/03/2019 n/a
Documentation: none PRODUCER 12/03/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 12/03/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 5.50M 5.50M 12/03/2019 0.00M
Measured & Indicated: 8.80M 8.80M 12/03/2019 0.00M
Inferred: 3.50M 3.50M 12/03/2019 0.00M
Reserves & Resources: 12.30M 12.30M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 4.95M 4.95M 12/03/2019 0.00M
Measured & Indicated: 7.33M 7.33M 12/03/2019 0.00M
Inferred: 1.58M 1.58M 12/03/2019 0.00M
Reserves & Resources: 8.90M 8.90M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
240,000oz.
(guess) 
240,000oz.
12/03/2019 0oz.
Cash Cost: $800 $800 12/03/2019 $0.00
Extra Operating Cost: $400 $400 12/03/2019 $0.00
Average Grade: 0.60 g/t 0.60 g/t 12/03/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 12/03/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 9.00M 9.00M 12/03/2019 0.00M
Annual Production: 450,000oz. 450,000oz. 12/03/2019 0oz.
Cash Cost: $800 $800 12/03/2019 $0
Extra Operating Cost: $400 $400 12/03/2019 $0
SILVER 12/03/2019
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 12/03/2019 0.00M
Measured & Indicated: n/a n/a 12/03/2019 0.00M
Inferred: n/a n/a 12/03/2019 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 12/03/2019 0.00M
Measured & Indicated: n/a n/a 12/03/2019 0.00M
Inferred: n/a n/a 12/03/2019 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 12/03/2019 $0.00
Extra Operating Cost: n/a n/a 12/03/2019 $0.00
Average Grade: n/a n/a 12/03/2019 n/a
Recovery Rate: n/a n/a 12/03/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/03/2019 0.00M
Annual Production: n/a n/a 12/03/2019 n/a
Cash Cost: n/a n/a 12/03/2019 n/a
Extra Operating Cost: n/a n/a 12/03/2019 n/a

Property

Last Analysis Data  (12/03/2019)
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
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  

Profitability (by resource)

Proven &
Probable
12/03/2019
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.): 5.50M 5.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.03M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.95M 4.95M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 1.83M
Maximum Profit (Gold): $965.00M $1,235.97M n/a $270.96M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $965.00M $1,235.97M n/a $270.96M
Max Profit / Current MCap: 1.163 1.033 n/a -0.130
Max Profit Per Share (Gold): $6.78 $8.68 n/a $1.90
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.78 $8.68 n/a $1.90
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $167.62 $241.77 n/a $74.15
FD Mkt. Cap / Silver Eq.: $1.94 $2.79 n/a $0.85
FD Mkt. Cap / Per Metal
as % Spot Price:
11.34% 15.53% n/a 4.19%
Measured &
Indicated
12/03/2019
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.): 8.80M 8.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 3.25M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 7.33M 7.33M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 2.71M
Maximum Profit (Gold): $1,428.20M $1,829.23M n/a $401.03M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,428.20M $1,829.23M n/a $401.03M
Max Profit / Current MCap: 1.721 1.528 n/a -0.193
Max Profit Per Share (Gold): $10.03 $12.84 n/a $2.82
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $10.03 $12.84 n/a $2.82
Total Free Profit Per Share: $2.28 $1.87 n/a $-0.40
FD Mkt. Cap / Gold Eq.: $113.26 $163.36 n/a $50.10
FD Mkt. Cap / Silver Eq.: $1.31 $1.89 n/a $0.57
FD Mkt. Cap / Per Metal
as % Spot Price:
7.66% 10.49% n/a 2.83%

Reserves &
Resources
12/03/2019
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.): 12.30M 12.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 4.55M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 8.90M 8.90M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.29M
Maximum Profit (Gold): $1,735.25M $2,222.49M n/a $487.24M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,735.25M $2,222.49M n/a $487.24M
Max Profit / Current MCap: 2.091 1.857 n/a -0.234
Max Profit Per Share (Gold): $12.18 $15.60 n/a $3.42
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $12.18 $15.60 n/a $3.42
Total Free Profit Per Share: $4.43 $4.63 n/a $0.20
FD Mkt. Cap / Gold Eq.: $93.22 $134.45 n/a $41.24
FD Mkt. Cap / Silver Eq.: $1.08 $1.55 n/a $0.47
FD Mkt. Cap / Per Metal
as % Spot Price:
6.30% 8.64% n/a 2.33%

Future Valuation (Cash Flow & Totals)

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