有色金属海外季报：EquinoxGold2024Q3黄金产量环比增加42.35%至5.41吨，调整后的净利润为3740万美元

Investment Rating - Industry Rating: Recommended [6] Core Views - The report highlights a significant increase in gold production for Equinox Gold in Q3 2024, with a quarter-on-quarter increase of 42.35% to 173,983 ounces (5.41 tons), driven primarily by increased output from the Greenstone mine [2][5] - The adjusted net profit for Q3 2024 was reported at $37.4 million, a substantial recovery from a loss of $5.8 million in the previous quarter, indicating improved operational efficiency and revenue generation [9][28] - The average realized gold price increased by 5.71% quarter-on-quarter to $2,461 per ounce, contributing to the overall revenue growth of 59.02% compared to the previous quarter [4][5] Production and Financial Performance - Q3 2024 gold production was 173,983 ounces, a year-on-year increase of 16.70% and a quarter-on-quarter increase of 42.35% [2] - Cash costs per ounce sold in Q3 2024 were $1,720, a decrease of 1.55% from the previous quarter but an increase of 26.19% year-on-year [3] - The all-in sustaining cost (AISC) per ounce sold was $1,994, reflecting a quarter-on-quarter decrease of 2.30% but a year-on-year increase of 22.33% [3] - Revenue for Q3 2024 reached $428.4 million, a 59.02% increase from the previous quarter and a 50.47% increase year-on-year [5][28] - The net income for Q3 2024 was $0.3 million, a significant decrease from the previous quarter but the adjusted net income showed a positive trend [9][28] Production Guidance and Cost Projections - The production guidance for the Greenstone project was revised to 110,000-130,000 ounces of gold for 2024, with cash costs projected between $850 and $950 per ounce [11][20] - The overall production guidance for 2024 was adjusted to 590,000-675,000 ounces of gold, with cash costs revised to $1,450-$1,550 per ounce [11][20] Mine-Specific Performance - The Los Filos mine produced 48,462 ounces in Q3 2024, with a quarter-on-quarter increase of 29.47% and a year-on-year increase of 22.83% [12] - The Aurizona mine experienced a production decrease of 46.62% year-on-year, producing 17,181 ounces in Q3 2024 due to geological issues [16] - The Santa Luz mine produced 16,650 ounces in Q3 2024, reflecting a year-on-year increase of 8.60% [19]