Equinox Gold Reports First Quarter 2025 Financial and Operating Results

Core Insights - Equinox Gold reported its highest first-quarter production in history, producing over 145,000 ounces of gold, with expectations for increased production each quarter throughout the year [2][3] - The company is advancing towards closing a merger with Calibre Mining, which will create a diversified gold producer focused on the Americas, anchored by two long-life Canadian gold mines [3] Operational Highlights - Gold production for Q1 2025 was 145,290 ounces, while gold sold was 147,920 ounces at an average realized price of $2,858 per ounce [7][16] - Total cash costs were $1,769 per ounce, and all-in sustaining costs (AISC) were $2,065 per ounce [7][16] - The company reported two lost-time injuries and a total recordable injury frequency rate of 1.95 for the rolling 12-month period [7] Financial Performance - Cash flow from operations before changes in non-cash working capital was $73.3 million, with a net loss of $75.5 million or $0.17 per share [5][24] - Revenue for Q1 2025 was $423.7 million, a 76% increase compared to Q1 2024, driven by a 38% increase in the realized gold price and a 27% increase in gold ounces sold [20][21] - Adjusted EBITDA for Q1 2025 was $137.9 million, significantly higher than $52.2 million in Q1 2024 [25][48] Corporate Developments - The company entered into a definitive arrangement agreement for a business combination with Calibre Mining, which is expected to close in Q2 2025 [8][13] - Equinox Gold shareholders voted in favor of the Calibre transaction, authorizing the issuance of up to 296,838,303 shares [13] - The company has suspended operations at Los Filos due to unresolved land access agreements, impacting its production guidance for 2025 [12][27] Guidance and Future Outlook - The company provided 2025 production guidance of 635,000 to 750,000 ounces of gold at cash costs of $1,075 to $1,175 per ounce and AISC of $1,455 to $1,550 per ounce [12] - Sustaining and non-sustaining expenditure guidance for 2025 is set at $412 million, with $310 million for sustaining expenditures and $102 million for non-sustaining expenditures [12]