Mine Life Extension and Increased Reserves

Equinox Gold has announced a significant update for its Fazenda gold mine in Bahia State, Brazil, extending its operational life by an additional seven years, now projected to last until 2033. This extension is attributed to a dramatic 142% increase in proven and probable mineral reserves, which now total 763,000 ounces of contained gold. The revised estimate reflects continued growth in gold reserves, despite 242,000 ounces being mined since the last reserve update in 2021. The updated reserve base is based on 13.2 million tonnes of ore.

Expansion in Resources

Alongside the increase in reserves, Equinox Gold also reported substantial growth in mineral resources at the Fazenda mine. Measured and indicated resources have surged by 418%, now standing at 1.524 million ounces of gold, while inferred resources have risen by 68%, reaching 266,000 ounces. This growth is supported by 197,098 meters of drilling, covering 1,599 drill holes completed between January 2021 and December 2023.

Exploration and Future Expansion

The impressive growth in reserves and resources follows three years of focused exploration at Fazenda. These efforts have laid a solid foundation for future expansion opportunities at the mine. The company plans to continue exploration, including evaluating underground and open-pit potential near the Fazenda mine and expanding into the regional greenstone belt extending to its Santa Luz Mine to the north. A 60,000-meter diamond drilling program is also scheduled for 2025 to further enhance the exploration work.

Mining Plan and Key Deposits

The current operational plan includes nine open-pit and three underground mining areas. Key deposits, such as CLX and Canto 2, account for a significant portion of the total mineral reserves and resources, contributing to 75% of the reserves and 85% of the resources. New open-pit areas like Barrocas Southwest, Papagaio, and Raminhos are also part of the updated mining plan.