Equinox Gold Produced 127,016 Oz of Gold in Q2

SEATTLE (Scrap Monster):  Equinox Gold Corp. reported its second quarter 2020 financial and operating results.

The company announced gold production of 127,016 ounces during the quarter at all-in-sustaining costs of $900 per Oz. The quarterly gold sales stood at 125,824 ounces. The earnings from mine operations were $85.1 million. Equinox Gold Corp. reported net loss of $58.7 million or $0.26 per share. Also, the adjusted net income was $26.6 million or $0.12 per share. The company reported adjusted EBITDA of $82.7 million.

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According to press release, it has substantially completed Phase-1 construction of Castle Mountain gold mine. The Guadalupe open pit and Bermejal underground development activities recommenced during the month of June this year. A full construction decision on Santa Luz is expected in the second half of the year. Also, it has commenced a pre-feasilbility study for the potential to develop an underground mine at Aurizona mine.

The company provided updated guidance for 2020, due to the Covid-19 pandemic. It now expects a production of 470,000 oz. to 530,000 oz. of gold at all-in sustaining costs (AISCs) of $975 per oz. to $1,025 per oz. This compares with its previous guidance of 540,000 oz. to 600,000 oz. at AISCs of $1,000 per oz. to $1,060 per oz issued in March 2020. The guidance reflects updated costs and exchange rate assumptions.