Equinox Gold Operating Cash Flow Witnessed Four-Fold Surge

During the full year 2020, the miner completed more than 13 million work hours with nine lost-time injuries across all sites.

SEATTLE (Scrap Monster): Equinox Gold Corp. announced unaudited financial and operating results for the fourth quarter and fiscal year ended December 31, 2020. The results are preliminary and could change based on final audited results.

During the full year 2020, the miner completed more than 13 million work hours with nine lost-time injuries across all sites. The seven operating mines reported combined gold production of 477,200 ounces, which exceeded the revised production guidance. This compares with production of 201,000 ounces of gold in 2019. Also, the operating cash flow surged from $60 million in 2019 to $217 million in 2020.

Equinox Gold sold 471,786 oz of gold at average realized gold price of $1,783 per oz. The mine cash cost stood at $849 per oz, with an all-in-sustaining costs (AISC) of $1,027 per oz sold. The earnings from mine operations totalled $287.7 million. The company reported net income of $22.3 million or $0.10 per share and adjusted EBITDA of $273.8 million. The net debt as at end-December 2020 stood at $200.3 million.

Christian Milau, Chief Executive Officer stated that the company has delivered on its growth and diversification strategy. It is in an excellent position to achieve ambitious goals in 2021. It aims to develop a pipeline of development and expansion projects, he added.

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