Past year: ▲ 1%(12.56 – 25.60 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2022resource reserve update● Neutral
Equinox filed the feasibility study update technical report on the Hardrock (Greenstone) project in Ontario, prepared for Premier Gold Mines by G Mining Services, with an effective date of December 16, 2020 and issue date of January 26, 2021. Hardrock is the project Equinox gained through the Premier acquisition and now calls Greenstone. The excerpt is only the cover, qualified person pages and table of contents, so it gives no figures.
17 Mar 2022resource reserve update● Neutral
Equinox filed an older technical report on the Los Filos mine complex in Mexico, written by SRK Consulting for Leagold Mining (the company Equinox acquired in 2020), with an effective date of October 31, 2018 and report date of March 11, 2019. The excerpt is only the cover, notices and table of contents, so it gives no figures, and the report predates Equinox's ownership and the Bermejal underground start in 2021.
17 Dec 2021asset acquisition disposition▲ GoodMajor
Equinox agreed to sell the Mercedes gold-silver mine in Mexico, which it gained in the April 2021 Premier acquisition, to Bear Creek Mining. Consideration is $100 million in cash ($75M at closing, $25M within six months), 24,730,000 Bear Creek shares valued at about $25 million on current trading prices, and a 2% net smelter return royalty on Mercedes production. The company says Mercedes is 5% of 2021 production guidance and 2% of resources, and that the cash strengthens the balance sheet as it focuses on larger projects including Greenstone. The sale needs regulatory approvals, including Mexican competition authority approval, and is expected to close in Q1 2022.
9 Nov 2021resource reserve update● Neutral
Equinox filed the full technical report for the Aurizona expansion pre-feasibility study (prepared by AGP Mining Consultants and Equity Exploration Consultants), dated 04/11/2021. This is the report behind the September 20, 2021 study and follows the November 5 announcement that it had been filed. The excerpt is only the cover, notice and table of contents, so it gives no new figures.
5 Nov 2021resource reserve update● Neutral
Equinox said it filed the full technical report supporting the Aurizona expansion pre-feasibility study and updated reserve and resource estimate announced on September 20, 2021. The release adds no new figures.
22 Oct 2021resource reserve update● Neutral
Equinox filed technical reports on two Brazilian mines from the Leagold acquisition, Riacho dos Machados and Fazenda Brasileiro, dated October 22, 2021 with a December 31, 2020 effective date for the Riacho report. The excerpt shown is mostly a table of contents, so it gives no figures on reserves, costs or production.
20 Sept 2021resource reserve update▲ GoodMajor
Equinox released a pre-feasibility study for expanding Aurizona in Brazil by adding an underground mine and satellite open pits, delivering the study targeted for late 2021 after the 2021 drilling. It projects an 11-year mine life, average output of 137,000 oz of gold a year (over 160,000 oz at peak in 2026 to 2029), and 1.5 million oz in total. Initial underground capital is $154 million, and the after-tax NPV (5%) is $314 million at $1,500/oz gold ($600 million at $1,800/oz). Proven and Probable reserves rose 73% to 1.7 million oz. These are company projections that depend on the assumed gold price.
3 Aug 2021regulatory community update▲ GoodMajor
Equinox said the community blockade at its Los Filos mine in Mexico has been removed and regular operations have resumed in all areas of the mine. The release does not say when the blockade began, how it was resolved, or what it cost. It follows the Carrizalillo community agreement renewed in April 2021, but the filing does not say which community was involved (an inference from context only).
14 July 2021resource reserve update● Neutral
Equinox filed a technical report on the Mercedes gold-silver mine in Sonora, Mexico, the mine it gained with the April 2021 Premier acquisition. The report is dated June 30, 2021 with an effective date of December 31, 2020, and was filed voluntarily as a general update. The filing says it was only readdressed to Equinox, re-dated and given clerical and Premier-acquisition changes, with no other changes; the excerpt shown contains no figures.
28 Apr 2021asset acquisition disposition▲ Good
Equinox completed the sale of 10 million Solaris Resources shares for gross proceeds of C$82.5 million, as announced on March 30, 2021. The buyers also received 12-month warrants for 5 million more Solaris shares at C$10.00 each, which would bring in a further C$50.0 million if fully exercised. This resolves the pending Solaris sale thread; the warrant proceeds are only potential.
19 Apr 2021asset acquisition disposition● NeutralMajor
Equinox sold the Pilar Gold Mine in Brazil, one of the Leagold assets acquired in March 2020, to private company Pilar Gold Inc. for $38 million in cash ($10.5M received at closing, $10M due by May 31, 2021, $17.5M due by July 31, 2021), plus a 9.9% stake in the buyer and a 1% royalty on Pilar production. Pilar was about 35,000 ounces, or 5%, of the 600,000-665,000 ounce 2021 guidance, which the company says will be updated in May to reflect this sale and the added Mercedes mine. Most of the cash is still to be received.
12 Apr 2021regulatory community update▲ GoodMajor
Equinox is starting development of the Bermejal underground mine at Los Filos in Mexico, one of three planned expansion projects there, with the contractor mobilizing over the coming weeks. Los Filos also signed an updated social collaboration agreement with the Carrizalillo community, similar to the prior one, running to April 2025. This resolves the Carrizalillo items left open after the November 2020 blockade ended.
8 Apr 2021business combination▲ GoodMajor
Equinox completed the Premier Gold Mines acquisition (announced December 2020), resolving the main open thread: Premier holders receive 0.1967 of an Equinox share plus 0.4 of an i-80 Gold share per Premier share. Equinox adds Premier's Hardrock interest (renamed the Greenstone Project), the Mercedes Mine and the Hasaga and Rahill-Bonanza properties, and holds 30% of the newly created i-80 Gold; Equinox shareholders do not receive i-80 shares. The C$75 million subscription-receipt financing at C$10.00 also closed, with executives and directors taking C$40.4 million, and each receipt converts to one Equinox share. The company now describes eight operating mines. Greenstone construction is targeted to start in 2021.
30 Mar 2021asset acquisition disposition▲ GoodMajor
Equinox agreed to sell 10 million of its Solaris Resources shares at C$8.25 each (about C$82.5 million) to Augusta Investments and a strategic shareholder, and to grant the buyers 12-month warrants for 5 million more shares at C$10.00 (a further C$50 million if exercised, C$132.5 million in total). After the sale Equinox would hold 17,826,737 Solaris shares (about 16.9%), down from 27,826,737 (about 26%); it keeps its Solaris warrants. The CEO says the proceeds will strengthen the balance sheet; the sale is subject to customary closing conditions.
23 Mar 2021resource reserve update● Neutral
Equinox filed the full technical report supporting the Castle Mountain Phase 2 feasibility study announced on March 22, 2021. The report has an effective date of February 26, 2021 and an issue date of March 17, 2021, and is signed by six qualified persons. The excerpt shown is only the cover, signature page and table of contents, so it adds no new figures beyond the March 22 release.
22 Mar 2021resource reserve update▲ GoodMajor
Equinox released the Phase 2 feasibility study for Castle Mountain, delivering the study that had been targeted for Q1 2021. At $1,500/oz gold it projects average output of 218,000 oz a year for 14 years, an after-tax NPV (5%) of $640M and an 18% IRR, with initial capital of $389M ($510M if the mining fleet is bought rather than leased). Proven and Probable reserves are 4.168 million oz. Phase 2 permitting is underway and construction is planned to take two years; the returns are company projections that depend on the assumed gold price.
1 Mar 2021business combination● NeutralMajor
Equinox agreed with an affiliate of Orion Mine Finance to buy a further 10% of the Hardrock Project in Ontario for $51M at closing (up to $41M payable in Equinox shares at Equinox's option), plus contingent payments: $5M in cash 24 months after a positive construction decision, and about 2,200 ounces of gold (or cash equivalent) at each of three production milestones (250,000, 500,000 and 700,000 ounces). With the 50% coming from the pending Premier acquisition, this would lift Equinox to 60% and Orion to 40%. It depends on the Premier deal closing, which Premier shareholders approved on February 23, 2021 and which is expected in March 2021. This continues the Premier thread from December 2020.
12 Feb 2021regulatory community update● Neutral
A transfer-agent notice (Computershare) sets Equinox's annual and special shareholder meeting for May 5, 2021, held virtually, with a March 11, 2021 record date for notice and voting. The notice does not say what will be voted on; this is a routine meeting notice.
19 Jan 2021drilling result▲ Good
Equinox reported 2020 drill results at its 100%-owned Aurizona mine in Brazil. At the Piaba underground, 47 of the 49 holes with assays so far hit significant gold, and the deposit remains open at depth; Genipapo drilling points to possible near-surface open-pit feed. A $7.3M, 49,000-metre exploration program is planned for 2021, and the prefeasibility study for an underground mine running alongside the open pit is now targeted for late 2021. This continues the Aurizona underground thread begun with the May 2020 preliminary study.
16 Dec 2020business combination● NeutralMajor
Equinox agreed to buy all of Premier Gold Mines. Premier holders get 0.1967 of an Equinox share plus 0.4 of a share of i-80 Gold, a new US-focused spin-out holding Premier's Nevada properties, per Premier share. Equinox keeps Premier's interest in the Hardrock Project in Ontario (a 50% interest via a joint venture with Orion Mine Finance), the Mercedes Mine in Mexico, and the Hasaga and Rahill-Bonanza properties. After closing, existing Equinox holders would own about 84% of Equinox and Premier holders 16%, so current holders are diluted; Equinox would own 30% of i-80 Gold and has committed up to $22.5M to its financing. Equinox also plans a C$75M equity financing fully underwritten by Ross Beaty, priced later. Closing is expected in Q1 2021, subject to Premier shareholder, court, Mexican competition, TSX and NYSE American approvals, with a C$35M termination fee payable to Equinox under certain circumstances.
1 Dec 2020resource reserve update▲ GoodMajor
Equinox announced filing of the Santa Luz technical report and restated the November 9, 2020 decision by its board to start full construction at its 100%-owned Santa Luz mine, with a US$103 million construction budget. At a $1,500/oz gold price it expects 903,000 ounces over a 9.5-year mine life, an after-tax NPV (5%) of $305 million and a 58% IRR. First gold pour is targeted for Q1 2022. This turns the Santa Luz restart from a planned project into one under construction; the returns are company projections tied to the assumed gold price.
30 Nov 2020resource reserve update● Neutral
Equinox filed a new technical report on the Santa Luz project in Bahia, Brazil (from the Leagold acquisition), dated November 30, 2020 with an effective date of June 30, 2020. It replaces the older October 2018 report on file and includes a C1 underground preliminary economic assessment. The excerpt shown is mostly a table of contents, so figures are covered in the companion news release.
24 Nov 2020production update▲ GoodMajor
Equinox declared commercial production at Castle Mountain on November 23, 2020, following the October first gold pour. It expects 5,000 to 10,000 ounces in 2020 and about 40,000 ounces a year in Phase 1. It is reviewing a Phase 2 expansion that could lift output to about 200,000 ounces a year, with a feasibility study targeted for Q1 2021. This completes the construction thread and opens a Phase 2 thread.
16 Nov 2020regulatory community update▲ GoodMajor
Equinox says the community blockade at its Los Filos mine in Mexico (acquired with Leagold) has been removed and access restored. The mine has begun a staged restart aiming for full operations in December, with workers returning only after negative COVID-19 tests. Talks continue on a few remaining items under the Carrizalillo social collaboration agreement, so the dispute is not fully settled. The filing does not state how long the blockade lasted.
16 Oct 2020production update▲ GoodMajor
Equinox poured first gold at its Castle Mountain mine in California on October 15, 2020, about 727 ounces of contained gold. The company says it was brought to production on time, on budget and with no lost-time injuries. This meets the Q3-2020 pour target set earlier only in part: the pour came in Q4, so it is slightly later than that target.
15 May 2020business combination● Neutral
Equinox filed the formal business acquisition report for the Leagold deal that closed March 10, 2020. It gives the purchase cost as US$764.1 million, funded from cash and three sources: a US$500 million credit package (US$400M revolver, 48 months; US$100M amortizing loan, 60 months), a US$40 million share placement at US$6.18 per share, and the US$130 million 4.75% convertible debenture, convertible at US$7.80 per share. Leagold's existing credit facilities and Equinox's US$130M revolver were repaid. This fills in the financing terms flagged as unseen earlier; the pro forma figures are unaudited and the company says final values will likely differ, possibly materially.
14 May 2020resource reserve update● Neutral
Equinox filed technical reports for Santa Luz (Bahia, Brazil), Mesquite (California) and Aurizona (Maranhão, Brazil). The Santa Luz report, from the Leagold acquisition, was re-addressed to Equinox with an updated project schedule and has an effective date of October 22, 2018. The Aurizona report (dated April 27, 2020) supports the resource, reserve and underground study announced in the May 7 and May 12 releases.
14 May 2020resource reserve update● Neutral
Equinox filed technical reports on three former Leagold properties (Pilar in Goiás, Fazenda Brasileiro in Bahia, Riacho dos Machados in Minas Gerais), re-addressed to Equinox after the March 10, 2020 acquisition. The Pilar report notes the Três Buracos start-up is now expected in early 2021; the reports otherwise carry earlier reserve and resource dates (e.g. May 31, 2018 for Pilar), so they are not fresh estimates.
13 May 2020resource reserve update▲ GoodMajor
Equinox updated reserves and resources at Aurizona and Mesquite. Aurizona reserves were essentially unchanged at 958,000 ounces of contained gold despite 2019 mining, and measured and indicated resources rose 22% to 844,000 ounces with a first resource at the Tatajuba deposit. The company also says Mesquite has a reserve mine life of more than two years plus residual leaching, with new mineralized dump material identified.
7 May 2020resource reserve update▲ GoodMajor
Equinox released a preliminary study for a possible underground mine (Piaba) at its 100%-owned Aurizona mine in Brazil, which could add 740,500 ounces of gold over about ten years, with $69.7 million initial capital and $204 million after-tax net cash flow at $1,350/oz gold. It is an early-stage study that includes inferred resources, and the company says there is no certainty the results will be realized.
