Equinox Gold Corp. EQX announced fourth-quarter 2024 gold production of 213,960 ounces, marking the company’s strongest quarterly production. EQX’s record gold production in the fourth quarter was driven by several of its mines seeing their strongest quarter in the company's history.
Equinox Gold reported a preliminary annual gold production of a record 621,870 ounces for 2024. The figure came within the company’s provided guidance of 590,000-675,000 ounces.
Equinox Gold’s Preliminarily Financial Position
At the end of 2024, the company had cash and equivalents of around $240 million. It currently has $105 million available to draw on its revolving credit facility, along with a $100-million undrawn accordion feature.
Equinox Gold paid the final $40 million due to Orion Mine Finance for the purchase of its 40% interest in Greenstone in the fourth quarter of 2024. The company also made a conversion of $140 million in convertible notes into equity. These moves reduced its debt by $180 million.
EQX’s Other Updates
In 2024, Equinox Gold acquired full ownership of the Greenstone mine and achieved commercial production. In its first partial year of operations at the mine, EQX produced around 111,700 ounces of gold. The mine is now ramping up for full-capacity operations.
Equinox Gold Stock’s Price Performance
In the past year, shares of the company have gained 26.9% compared with the industry’s 24.3% growth.
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EQX’s Zacks Rank
Equinox Gold currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q4 & FY24 Preliminary Performances of Other Gold Stocks
Sandstorm Gold Ltd. SAND disclosed a few details regarding the sale of attributable gold equivalent ounces (GEOs), preliminary revenues, and cash operating margins for the fourth quarter and 2024. Fourth-quarter preliminary revenues rose 7% year over year to $47.4 million. However, SAND witnessed a 2% dip in 2024 preliminary revenues to $176 million, which fell short of the Zacks Consensus Estimate of $179.65 million. The cash operating margin was $2,397 per attributable GEO in the quarter under review, rising 38% year over year.
Sandstorm Gold sold nearly 17,700 attributable GEOs in the fourth quarter. This marks a 24% decline from the 23,250 ounces of GEOs sold in fourth-quarter 2023. Through 2024, Sandstorm Gold sold nearly 72,800 attributable GEOs, a 25% year-over-year decline. The cash operating margin increased 23% year over year to $2,097 per attributable GEO in 2024.
Osisko Gold Royalties OR reported 20,005 attributable gold equivalent ounces for the fourth quarter of 2024. This brings the total GEOs for 2024 to 80,740, within the company’s guided 77,000-83,000 GEOs.
Preliminary revenues from royalties and streams for the fourth quarter were C$79.3 million ($56.7 million). Preliminary cost of sales (excluding depletion) came in at C$3.1 million ($2.2 million) in the quarter. OR reported a record quarterly cash margin of C$76.3 million ($54.6 million). The cash margin was 96.2%.
For 2024, preliminary revenues from royalties and streams reached a record C$262.2 million ($191.2 million). The company reported revenues of C$247.3 million ($171.8 million) from royalties and streams in 2023. The impacts of the year-over-year decline in GEOs on Osisko Gold’s revenues were offset by higher gold, silver and copper prices.
Another Stock to Consider
Another top-ranked stock from the basic materials space is Carpenter Technology Corporation CRS, which sports a Zacks Rank #1 at present.
Carpenter Technology has an average trailing four-quarter earnings surprise of 14.1%. The Zacks Consensus Estimate for CRS’s fiscal 2025 earnings is pegged at $6.77 per share, suggesting 42.8% year-over-year growth. Its shares have skyrocketed 187% in a year.
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