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Equinox reports net loss of $106 million in 2022 as gold production down 12% y-o-y

Kitco News

(Kitco News) - Equinox Gold (TSX: EQX) (NYSE: EQX) reported Tuesday that the company produced 532,319 ounces of gold in 2022, down 12% compared to 602,110 ounces produced in 2021, mainly due to lower production at Aurizona, RDM, Mesquite and Los Filos.

In 2022, the company’s earnings from mine operations were $85.0 million (2021 - $230.6 million).

Equinox explained that earnings from mine operations were lower for the year ended December 31, 2022 compared to the comparative period of 2021 primarily due to lower earnings from mine operations at Aurizona and Los Filos.

For the year ended December 31, 2022, the company reported a net loss of $106.0 million compared to net income of $554.9 million for the comparative period in 2021, primarily due to lower earnings from mine operations.

President and CEO Greg Smith commented, "We made significant progress at our assets in 2022, achieving commercial production at Santa Luz, advancing permitting for expansions at both Aurizona and Castle Mountain, completing the Los Filos expansion study and advancing the Greenstone project to 65% complete at year end and over 70% complete today.

"Looking forward, we expect to produce between 555,000 to 625,000 ounces of gold in 2023 at all-in sustaining costs of $1,575 to $1,695 per ounce. Growth capital of $324 million in 2023 is directed primarily to Greenstone construction. We entered 2023 with $327 million in total liquidity which, along with cash flow from our operating mines and marketable investments currently worth about $220 million, leaves us well funded to complete construction at Greenstone and pour gold in the first half of 2024."

Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines, construction underway at a new project, and a plan to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.

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