Equinox Gold provides Greenstone update

Recent highlights (at 22 July 2022 unless otherwise noted)

• On schedule: The Greenstone Project is 35% complete and on schedule to pour gold in 1H24.
• On budget: The Greenstone Project remains on budget. At 30 June 2022, 56% of total capital costs had been contracted and Greenstone had spent CAN$315 million (26%) of its CAN$1.23 billion construction budget (100% basis).
• Positive results from independent quantitative risk assessment: An independent quantitative risk assessment confirmed the validity of the schedule and construction budget based on detailed engineering and construction progress and concluded the Greenstone Project remains on schedule and on budget.
• Earthworks 48% complete: Overall, earthworks are well advanced and slightly ahead of schedule. Plant site earthworks are 76% complete, tailings facility earthworks are 29% complete and the Highway 11 realignment earthworks are 39% complete.
• Structural concrete 37% complete and structural steel 21% complete: Structural concrete and structural steel are ahead of schedule and on track to have the majority of buildings essentially complete and ready to enclose by year end so work can continue indoors during the winter months.
• Pre-production mining commencing 4Q22: Four CAT 793 (250 t) haul trucks have been delivered and are being assembled, and the first Komatsu PC-5500 excavator will be assembled during 3Q22.

   

Christian Milau, CEO of Equinox Gold, stated: “The Greenstone team has done great work staying on schedule and on budget, despite the challenges of starting construction during COVID and dealing with inflationary and supply chain issues. The independent quantitative risk assessment of our schedule and construction budget has provided additional comfort that we’re on track to deliver the project as planned in 1H24.

“Excellent earthworks progress during the winter months means we can focus on concrete foundations and steel structures during the summer and fall and enclose the majority of buildings before year end, which will allow us to maintain productivity during the winter months. We look forward to hosting an investor and analyst tour in September to showcase construction progress.”

Important milestones

Construction activities during the summer and fall will be focused on earthworks, concrete foundations and steel structures with the intention of having the majority of buildings essentially complete by year end. Process and power plant equipment will be delivered and installed through the remainder of the year and into 1H23.

Important construction milestones include:

• Independent QRA review of schedule and budget: June 2022.
• Process plant steel erection underway: June 2022.
• Administration building complete: July 2022.
• Delivery and assembly of pre-production fleet of four trucks and excavators: 2Q22 – 3Q22.
• Permanent water effluent treatment plant ready for use: 3Q22.
• Commence installation of gensets in power plant, power building enclosed: 3Q22.
• Start of pre-production mining: 4Q22.
• Truck shop, warehouse, process plant (HPRG, crushing and main buildings) ready to enclose: 4Q22.
• Leach tanks installed: 4Q22.
• Ball mills received: 1Q23.
• Crushers installed: 3Q23.
• TSF complete: 4Q23.
• Highway 11 realignment complete: 4Q23.
• Commissioning: 1Q22 – 2Q24.
• Gold pour: 2Q24.

Read the article online at: https://www.globalminingreview.com/exploration-development/28072022/equinox-gold-provides-greenstone-update/