Equinox Gold Corp. (TSX: EQX) reported on Wednesday its financial and operational results for Q3 2021, which highlighted revenue of US$245.1 million. This is an increase from last quarter’s US$226.2 million and last year’s US$215.4 million.
But the company posted a US$5.2 million net loss which is a notable increase from last quarter’s US$325.7 net income and from last year’s US$3.2 million net income. The quarterly loss translates to US$0.02 per share.
However, the firm’s adjusted EBITDA for the quarter came in at US$62.0 million, up from last quarter’s US$52.4 million but down from last year’s US$89.2 million.
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The mining firm’s gold production and sales for the quarter increased to 139,758 ounces and 137,144 ounces from last quarter’s 122,656 ounces and 124,712 ounces, respectively.
“Production continues to increase as we see the benefits of investment at the mine sites during the first half of the year. While increased production from Los Filos and the Brazil mines anchored a strong third quarter for Equinox Gold, approximately one-third of 2021 production will come in the fourth quarter, with more than 65,000 ounces of gold already produced during the month of October,” said Equinox Gold CEO Christian Milau.
The company ended the quarter with a cash and cash equivalents balance of US$300.3 million, putting the balance of current assets at US$759.7 million. Current liabilities came in at US$284.3 million.
The mining firm reiterated that it is on track to meet its 2021 production guidance of 560,000 – 625,000 gold ounces. To date, the firm has produced 391,678 gold ounces for the year.
Equinox Gold last traded at $9.16 on the TSX.
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