Equinox Gold Achieves Commercial Production at Greenstone Mine

Greenstone Mine Reaches Full-Scale Operations
Equinox Gold has officially reached commercial production at its Greenstone gold mine in Ontario, Canada. This milestone signifies the successful ramp-up of the operation, positioning the Greenstone mine to become one of Canada’s largest and highest-grade open-pit gold mines. The mine is now on track to meet its production targets and contribute significantly to Equinox Gold’s overall growth.

Production Ramp-Up: Strong Start with Continued Progress
During the ramp-up phase in October, the Greenstone mine processed an average of 14,300 tonnes per day (tpd), reaching 53% of its designed throughput. The mine produced 42,400 ounces of gold with a recovery rate of 79%. By November 5, throughput had increased to 20,400tpd, representing 76% of the design target. Crushing and grinding circuits achieved full capacity, with crushing output surpassing 32,000tpd and milling exceeding 27,000tpd. Gold recovery rates improved, with daily highs exceeding 90% and an average recovery of 78% for October.

Strategic Focus on Increased Production and Recovery
Equinox Gold is now focusing on further optimizing plant operations and improving gold recovery rates. At full capacity, the Greenstone mine is expected to produce an average of 390,000 ounces of gold annually during its first five years, with annual production averaging 330,000 ounces over its projected 15-year life. The mine’s ramp-up and operational improvements are expected to drive positive cash flow and long-term value for Equinox Gold.

Ownership and Development Milestones
Equinox Gold acquired full ownership of the Greenstone mine in April 2024 from Orion Mine Finance, after securing a joint venture interest. The mine poured its first gold in May 2024, and the successful transition to commercial production reflects the resilience of Equinox Gold’s team in navigating challenges such as supply chain disruptions and inflationary pressures.