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| Statement |
|---|
| We had a good Q4 that saw improvements in most key financial metrics compared to Q3 this year and Q4 last year, including gold ounces sold, realized price per ounce, income from mine operations, EBITDA and operating cash flow before changes in non-cash working capital |
| At the Fazenda mine, we had another good year achieving guidance with 66,000 ounces produced, but coming in slightly above the all-in sustaining cost guidance at $1448 per ounce |
| We had a strong finish to the year with fourth quarter production of approximately 155,000 ounces, that's the second highest quarterly production in the company's history |
| And we are optimistic that these improvements overall will help stabilize the recoveries in throughput |
| We sold 559,000 ounces in the year, beating our guidance with cash cost of $1350 per ounce and achieving the low end of our all-in sustaining cost guidance at $1612 per ounce |
| Our safety performance this year was good |
| Further, our total 2023 recordable injury frequency rate improved substantially from 2022 |
| These are excellent results |
| On the environmental side, we also had a substantial improvement to our significant environmental incident frequency rate compared to 2022 |
| Further, we improved our S&P Global Corporate Sustainability Assessment Score by over 28% compared to the prior year |
| And so, the ATM has been a good tool for us and our shareholders, I think, just to manage our cash balances and our financial strength across what has been a pretty significant build |
| It's got a great production profile, high average grade for an open pit, 1.27 grams and we'll be averaging 400,000 ounces a year on a 100% basis |
| Commissioning is now the focus and we're making excellent progress |
| Our production from Greenstone will significantly reduce our operating cost and meaningfully increase our cash flow as we ramp up production through the year |
| In 2023, a productivity improvement program in both the open pit and underground mines was implemented and that yielded an increase in overall ore production |
| Our EBITDA in Q4 2023 was $85 million or $95 million on an adjusted basis, which is an improvement over Q3 this year and Q4 last year |
| I mean we've been getting I'll say a positive reconciliation on tonnes and low-grade material that's outside of the block model |
| Costs are attractive for the guidance |
| So the permitting, it looks like we're making some good progress now on the permitting side |
| As Greg mentioned, Equinox had its strongest quarter on record for gold production and sales |
| The increases in income from mine operations from prior quarters is primarily driven by the strong and higher gold prices we realized in Q4 |
| It's a really good sight to see |
| When operating, Greenstone will significantly increase our production while reducing our consolidated costs, so achieving production is going to be a major catalyst for Equinox Gold this year |
| So of course, until the CIL is put in, it reflects current costs, but as Doug just mentioned, a CIL dramatically reduces operating costs there |
| In 2023, we had a record year for the total tonnes being moved by the mine -- in the mine |
| And across our mines, exploration drilling in 2023 successfully replaced our reserves |
| We've got as Doug mentioned, we've got several bins and we've got certain bins that are very, very high grade and then we've got some positive variance in terms of tonnes where we've got some lower grade material as well |
| All of the ore goes on to the existing heapage pad and we're continuing optimization efforts to improve efficiencies and reduce costs |
| We also continue to advance permitting of the planned expansion at our Castle Mountain mine which would increase production at Castle Mountain to over 200,000 ounces per year |
| I think it's a good tool to have available to the company |
| Statement |
|---|
| At Los Filos, gold production was below guidance at 159,000 ounces and over the all-in sustaining cost guidance at $1890 per ounce for the year |
| At Santa Luz, gold production was below guidance at 57,000 ounces and within the all-in sustaining cost guidance at $1834 per ounce for the year |
| At Castle Mountain, gold production was below guidance at 21,000 ounces and was within all-in sustaining cost guidance at $1899 per ounce for the year |
| At RDM, gold production was within guidance at 53,000 ounces and below the all-in sustaining guidance at $1612 per ounce for the year |
| At the Mesquite mine, gold production was within guidance at 88,000 ounces and below all in sustaining guidance at $1251 per ounce for the year |
| The mine had a good first half of the year, but began to have problems with pollution and electro winning in the Q4 that impacted our resin activity and the recoveries |
| However, in spite of the additional ounces that were above the mine plant, being mined and stacked, Leach pad issues resulted in slower and lower recoveries and there was an increase in the inventory of ounces accumulated on the pad |
| On a per unit basis, our Q4 cash cost per ounce of $1330 is the lowest quarter for the year and lower than our annual 2023 cash cost per ounce of $1350 |
| And it might just be a situation where we reduce the throughput at Castle Mountain over the next couple of years as we prepare for the expansion |
| Cash cost per ounce sold in the furth quarter was $1330, our lowest quarterly cash costs this year with all in sustaining cost per ounce sold at $1657 |
| However, I must also acknowledge that after more than five years with no fatalities, we did unfortunately have one fatality during the year at our Santa Luz mine |
| With respect to our sustaining spend, in 2023, we spent $120 million which was $16 million less than our guidance of $136 million |
| There are some historic soils on the property that were contaminated from early mining and earlier industrial activity |
| Our annual 2023 all-in sustaining cost per ounce of $1612 is lower than 2022 to $1622 per ounce |
| In Q4, we saw Los Filos continue to decrease its overall gold ounces leach pad inventory balance |
| The quarter-on-quarter decrease from Q3 is primarily driven by lower reagent consumption at Los Filos |
| I think originally the technical part had very high grades at 1.7 gram per ton material and then dropped to 1.3 |
| So, I mean, beyond the I don't know, this year, next year, it just makes less sense |
| Wayne Lam Okay, no problem |
| As Doug mentioned, the crushing circuit has been hot commissioned |
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