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Equinox Gold Corp

www: www.equinoxgold.com   email: info@equinoxgold.com
Category: Emerging Major
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Symbol Data

Symbol Currency
NYSEAMERICAN:EQX USD
TSE:EQX CAD

Description

Equinox Gold Corp are a gold focused emerging major with four producing mines in Brazil and Mexico, five mines in development in Brazil and USA and exploration properties. Currently they produce roughly 600koz. of gold per year. They have approximately 43Moz. of gold in the reserves and resources category of which 28Moz. are in the measured and indicated category. They have a market capitalisation of ~$1512.32M which is a fall of roughly 46% over the last eleven months. As of 11/03/2022 they have ~$724M debt and ~$200M cash. They have 307M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 03/10/2022
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $2,825.87M $1,512.32M 01/11/2023 $-1,313.54M
Total Assets: $1,500.00M $1,500.00M 03/10/2022 $0.00M
Total Liabilities: $800.00M $900.00M 11/03/2022 $100.00M
Current Assets: $450.00M $300.00M 11/03/2022 $-150.00M
Current Liabilities: $150.00M $150.00M 03/10/2022 $0.00M
Total Debt: $530.00M $724.00M 11/03/2022 $194.00M
Cash: $305.00M $200.00M 01/11/2023 $-105.00M
Enterprise Value: $3,050.87M $2,036.32M 07/12/2034 $-1,014.54M
Cash Flow: $201.79M $54.39M never $-147.40M
Cash Flow Multiple: 14.00 27.81 never 13.80
Net Debt to
Cash Flow Ratio:		 1.12 9.63 never 8.52
Finance within 1 year: 03/10/2022 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 03/10/2022 0.00%
Misc 03/10/2022
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 302,156,000 307,000,000 01/11/2023 4,844,000
Shares (FD): 354,000,000 359,000,000 01/11/2023 5,000,000
Insider Ownership: n/a 40% 01/11/2023 40%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2018 03/10/2022 n/a
Production (Gold Eq Oz.): (guess) 
650,000		 (guess) 
600,000		 01/11/2023 -50,000
Production (Silver Eq Oz.): (guess) 
50,321,359		 (guess) 
50,524,194		 01/11/2023 202,834
Initial CapEx (Outstanding): $146.00M
5.17% of Mkt.Cap		 $146.00M
9.65% of Mkt.Cap 		03/10/2022 $0.00M
Funding Option: n/a (guess)  Issue stock 03/10/2022 n/a
Documentation: none PRODUCER 01/11/2023 n/a
Value Adjustment: none -20% never -20%

Resource Data

GOLD 03/10/2022
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 15.00M 15.00M 03/10/2022 0.00M
Measured & Indicated: 28.00M 28.00M 03/10/2022 0.00M
Inferred: 15.00M 15.00M 03/10/2022 0.00M
Reserves & Resources: 43.00M 43.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 12.75M 12.75M 03/10/2022 0.00M
Measured & Indicated: 21.59M 21.59M 03/10/2022 0.00M
Inferred: 6.38M 6.38M 03/10/2022 0.00M
Reserves & Resources: 27.97M 27.97M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
650,000oz.		 (guess) 
600,000oz.		 01/11/2023 -50,000oz.
Cash Cost: $1,100 $1,300 11/21/2022 $200.00
Extra Operating Cost: $450 $450 11/21/2022 $0.00
Average Grade: 0.80 g/t 0.80 g/t 03/10/2022 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 01/11/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: 30.00M 30.00M 03/10/2022 0.00M
Annual Production: 1,000,000oz. 1,000,000oz. 03/10/2022 0oz.
Cash Cost: $1,000 $1,100 11/03/2022 $100
Extra Operating Cost: $400 $450 11/03/2022 $50
SILVER 03/10/2022
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 03/10/2022 0.00M
Measured & Indicated: n/a n/a 03/10/2022 0.00M
Inferred: n/a n/a 03/10/2022 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/10/2022 0.00M
Measured & Indicated: n/a n/a 03/10/2022 0.00M
Inferred: n/a n/a 03/10/2022 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 03/10/2022 $0.00
Extra Operating Cost: n/a n/a 03/10/2022 $0.00
Average Grade: n/a n/a 03/10/2022 n/a
Recovery Rate: n/a n/a 03/10/2022 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/10/2022 0.00M
Annual Production: n/a n/a 03/10/2022 n/a
Cash Cost: n/a n/a 03/10/2022 n/a
Extra Operating Cost: n/a n/a 03/10/2022 n/a

Property

Last Analysis Data  (03/10/2022)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Brazil, Brazil Fazenda 100% (guess) n/a Underground show
70,000 oz per year.

6 year mine life.
Production Brazil, Brazil Pilar 100% (guess) n/a Underground show
85,000 oz per year.

Long life mine.
Production Brazil, Brazil RDM 100% (guess) n/a Open Pit show
75,000 oz per year.
Development Brazil, Brazil Aurizona 100% (guess) 200,000 Both show
2 million oz deposit.

$146 Capex
Production in 2019.
Development Novo Progreso, Brazil Coringa 100% 28,000 Open Pit show
Working on feasibility study. Once completed in 2017, they will need to obtain the capex of about $65 million.

Potential production in 2018.
Development Brazil, Brazil Santa Luz 100% (guess) n/a n/a show
On Care & Maintenance.

100,000 oz per year
$84 million capex to restart production.
Exploration Sao Luis, Brazil Cachoeira 0% n/a n/a n/a
Exploration Brazil Luna Greenfields 100% (guess) 220,000 Open Pit show
Early exploration.
Exploration Maranhao, Brazil Maranhao 100% n/a n/a n/a
Exploration Ontario, Canada Brookbank 100% n/a n/a show
Part of the Trans-Canada deposits.
Exploration Balmertown, Canada East Bay 35% n/a n/a n/a
Exploration British Columbia, Canada Elk 100% (guess) n/a n/a show
400,000 oz deposit at 6 gpt
Exploration Ontario, Canada Hardrock 50% n/a Both show
Largest deposit (6 million oz) of the Trans-Canada deposits. PEA due in 2014.

50% JV with Centerra.
Exploration Red Lake, Canada Newman-Madsen 50% n/a n/a n/a
Exploration Mccomber Township, Canada Northern Empire 100% n/a n/a n/a
Exploration Ontario, Canada PQ North 100% n/a n/a n/a
Exploration Red Lake, Canada Rahill-Bonanza 44% n/a n/a n/a
Exploration Red Lake, Canada Redgold 0% n/a n/a n/a
Exploration Chile, Chile Ricardo 100% (guess) 16,000 n/a show
Early exploration.
Production Mexico, Mexico Mercedes 100% (guess) n/a Underground show
Acquired from Yamana Gold.

800,000 deposit.

90,000 oz of production expected in 2017.
Exploration Mexico, Mexico Bermejas 100% (guess) n/a n/a show
Very close to Los Filos.
Exploration Mexico, Mexico Los Filos 100% (guess) 60,000 Both show
Open Pit and Underground mines.

150,000 acres.
Exploration Ensenada, Mexico Santa Teresa 0% n/a n/a n/a
Development California, USA Castle Mountain 100% (guess) 3,000 Open Pit show
4 million oz resource.

Low grade at .6 gpt

All-in cost projected to be around $1,000 per oz.

PEA: Low capex of only $98 million.
Development Nevada, USA South Arturo 40% (guess) n/a Open Pit show
Production in 2019.

35,000 oz annual.

JV with Goldcorp.
Exploration Nevada, USA Cove-McCoy 100% 12,000 Both show
Still early exploration. But a discovery next to a large open pit.

Two past producing open pits. High grade.

300,000 oz and likely to grow in size.
Exploration California, USA Mesquite 100% (guess) n/a Open Pit show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Total Land Package Size (ha): 539,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Brazil, Brazil Fazenda 100% (guess) n/a Underground show
70,000 oz per year.

6 year mine life.
Production Brazil, Brazil Pilar 100% (guess) n/a Underground show
85,000 oz per year.

Long life mine.
Production Brazil, Brazil RDM 100% (guess) n/a Open Pit show
75,000 oz per year.
Development Brazil, Brazil Aurizona 100% (guess) 200,000 Both show
2 million oz deposit.

$146 Capex
Production in 2019.
Development Novo Progreso, Brazil Coringa 100% 28,000 Open Pit show
Working on feasibility study. Once completed in 2017, they will need to obtain the capex of about $65 million.

Potential production in 2018.
Development Brazil, Brazil Santa Luz 100% (guess) n/a n/a show
On Care & Maintenance.

100,000 oz per year
$84 million capex to restart production.
Exploration Sao Luis, Brazil Cachoeira 0% n/a n/a n/a
Exploration Brazil Luna Greenfields 100% (guess) 220,000 Open Pit show
Early exploration.
Exploration Maranhao, Brazil Maranhao 100% n/a n/a n/a
Exploration Ontario, Canada Brookbank 100% n/a n/a show
Part of the Trans-Canada deposits.
Exploration Balmertown, Canada East Bay 35% n/a n/a n/a
Exploration British Columbia, Canada Elk 100% (guess) n/a n/a show
400,000 oz deposit at 6 gpt
Exploration Ontario, Canada Hardrock 50% n/a Both show
Largest deposit (6 million oz) of the Trans-Canada deposits. PEA due in 2014.

50% JV with Centerra.
Exploration Red Lake, Canada Newman-Madsen 50% n/a n/a n/a
Exploration Mccomber Township, Canada Northern Empire 100% n/a n/a n/a
Exploration Ontario, Canada PQ North 100% n/a n/a n/a
Exploration Red Lake, Canada Rahill-Bonanza 44% n/a n/a n/a
Exploration Red Lake, Canada Redgold 0% n/a n/a n/a
Exploration Chile, Chile Ricardo 100% (guess) 16,000 n/a show
Early exploration.
Production Mexico, Mexico Mercedes 100% (guess) n/a Underground show
Acquired from Yamana Gold.

800,000 deposit.

90,000 oz of production expected in 2017.
Exploration Mexico, Mexico Bermejas 100% (guess) n/a n/a show
Very close to Los Filos.
Exploration Mexico, Mexico Los Filos 100% (guess) 60,000 Both show
Open Pit and Underground mines.

150,000 acres.
Exploration Ensenada, Mexico Santa Teresa 0% n/a n/a n/a
Development California, USA Castle Mountain 100% (guess) 3,000 Open Pit show
4 million oz resource.

Low grade at .6 gpt

All-in cost projected to be around $1,000 per oz.

PEA: Low capex of only $98 million.
Development Nevada, USA South Arturo 40% (guess) n/a Open Pit show
Production in 2019.

35,000 oz annual.

JV with Goldcorp.
Exploration Nevada, USA Cove-McCoy 100% 12,000 Both show
Still early exploration. But a discovery next to a large open pit.

Two past producing open pits. High grade.

300,000 oz and likely to grow in size.
Exploration California, USA Mesquite 100% (guess) n/a Open Pit show
1.1 million oz of reserves

135,000 oz annual production.

$1,100 all-in costs.
Total Land Package Size (ha): 539,000  

Profitability (by resource)

Proven &
Probable		 03/10/2022
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 15.00M 15.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 101.84M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 12.75M 12.75M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 86.57M
Maximum Profit (Gold): $3,958.24M $924.63M n/a $-3,033.61M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,958.24M $924.63M n/a $-3,033.61M
Max Profit / Current MCap: 1.401 0.611 n/a -0.789
Max Profit Per Share (Gold): $11.18 $2.58 n/a $-8.61
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $11.18 $2.58 n/a $-8.61
Total Free Profit Per Share: $0.98 $0.00 n/a $-0.98
FD Mkt. Cap / Gold Eq.: $221.64 $118.61 n/a $-103.02
FD Mkt. Cap / Silver Eq.: $2.86 $1.41 n/a $-1.45
FD Mkt. Cap / Per Metal
as % Spot Price:		 11.12% 6.31% n/a -4.81%
Measured &
Indicated		 03/10/2022
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 28.00M 28.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 190.11M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 21.59M 21.59M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 146.59M
Maximum Profit (Gold): $6,702.62M $1,565.71M n/a $-5,136.91M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,702.62M $1,565.71M n/a $-5,136.91M
Max Profit / Current MCap: 2.372 1.035 n/a -1.337
Max Profit Per Share (Gold): $18.93 $4.36 n/a $-14.57
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $18.93 $4.36 n/a $-14.57
Total Free Profit Per Share: $8.73 $0.00 n/a $-8.73
FD Mkt. Cap / Gold Eq.: $130.89 $70.05 n/a $-60.84
FD Mkt. Cap / Silver Eq.: $1.69 $0.83 n/a $-0.86
FD Mkt. Cap / Per Metal
as % Spot Price:		 6.57% 3.73% n/a -2.84%

Reserves &
Resources		 03/10/2022
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 43.00M 43.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 291.95M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 27.97M 27.97M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 189.87M
Maximum Profit (Gold): $8,681.73M $2,028.02M n/a $-6,653.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $8,681.73M $2,028.02M n/a $-6,653.71M
Max Profit / Current MCap: 3.072 1.341 n/a -1.731
Max Profit Per Share (Gold): $24.52 $5.65 n/a $-18.88
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $24.52 $5.65 n/a $-18.88
Total Free Profit Per Share: $14.32 $0.00 n/a $-14.32
FD Mkt. Cap / Gold Eq.: $101.05 $54.08 n/a $-46.97
FD Mkt. Cap / Silver Eq.: $1.31 $0.64 n/a $-0.66
FD Mkt. Cap / Per Metal
as % Spot Price:		 5.07% 2.88% n/a -2.19%

Future Valuation (Cash Flow & Totals)

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