CAPITAL MARKETS

'Graduating to the TSX is another important milestone for Equinox Gold'

Producer Equinox Gold is set to graduate from the TSX Venture Exchange to the Toronto Stock Exchange today, just over two years since the Ross Beaty-backed company formed via the merger of three juniors.

Staff reporter
 Equinox Gold’s Mesquite mine in California

Equinox Gold’s Mesquite mine in California

"Graduating to the Toronto Stock Exchange is another important milestone for Equinox Gold, reflecting the company's growth over the last two years from a single-asset developer to a multi-mine producer," CEO Christian Milau said.

"Completing both TSX and NYSE American stock exchange listings achieves the company's objective of increasing market visibility and enhancing trading flexibility for investors."

Equinox is aiming to produce 200,000-235,000 ounces of gold this year, with about 63% expected from its Mesquite mine in California and the remainder from its Aurizona mine in Brazil, which achieved commercial production in July.

The company has also started construction at its Castle Mountain project in California and is aiming for the first gold pour there in the third quarter of 2020.

Milau told Mining Journal in September the company was aiming to produce 1 million ounces a year by the end of 2023. 

Equinox had cash and equivalents of US$45.5 million at the end of September and said it repaid in full a $20 million short-term loan from chairman Ross Beaty.

The company completed a five-for-one share consolidation in the September quarter to pursue its US stock exchange listing.

Its TSXV-quoted share price has ranged from C$4.25-$8.90 over the past year and closed at $7.88 on Friday, capitalising it at $893.8 million (US$672 million).

Equinox's Toronto ticker symbol will remain EQX.

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