By Adriano Marchese
Equinox Gold shares were lower Thursday after it said the gold output from its new Ontario mine missed expectations and has lowered its production guidance.
Shares are down 7.1% at 7.51 Canadian dollars ($5.46).
The Canadian miner said that it has produced about 42,500 ounces of gold produced in the third quarter from its Greenstone mine and 59,000 ounces produced since pouring first gold in May.
The third quarter's results were an increase of 162% from the previous quarter.
According to Scotiabank's Ovais Habib, Equinox missed the bank's estimates of 56,500 ounces for the period.
For the full year, Equinox estimates that 2024 production for Greenstone at 110,000 to 130,000 ounces, which Habib said was a downgrade from its previous guidance of between 175,000 and 205,000 ounces.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 17, 2024 12:04 ET (16:04 GMT)
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