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Greenstone Project

Building one of the largest gold mines in Canada

On budget and on track to pour gold in the first half of 2024.

View our Construction Photo Gallery

Snapshot

Ownership

60% (40% Orion Mine Finance)

Location

Ontario, Canada

Production estimate1

~400,000 oz/year (100% basis)

Cost estimate2

~$850/oz AISC (LOM average)

Reserves

5,539 Koz @ 1.27 g/t gold

M&I Resources3

6,868 Koz @ 1.51 g/t gold

Mining and processing

Open-pit / CIL plant

Targeted start date

First half of 2024

1. Based on production estimates in the 2020 feasibility study. See Cautionary Notes.
2. Based on costs outlined in the 2020 feasibility study with rough adjustments for inflation. Costs will be updated closer to the project commencing production. See Cautionary Notes.
3. M&I Mineral Resources are inclusive of Mineral Reserves. Shown at 100%, of which 60% is attributable to Equinox Gold. See Operations / Reserves & Resources and Cautionary Notes.

Overview

Greenstone is a multi-million-ounce gold project located in the top-tier mining jurisdiction of Ontario, Canada. With 400,000 ounces of gold to be produced annually for the first five years (60% attributable to Equinox Gold), Greenstone will be a cornerstone asset in the Company’s portfolio.

Greenstone is located in Geraldton, Ontario, approximately 275 km northeast of Thunder Bay. In December 2020, Premier Gold completed a feasibility study for Greenstone (previously known as Hardrock) outlining the design of an open-pit mine that will produce more than 5 million ounces of gold over an initial 14-year mine life. Equinox Gold acquired Premier Gold and a 50% interest in Greenstone in April 2021, and then acquired another 10% to establish its current 60% interest.

On October 27, 2021, Equinox Gold announced groundbreaking for full-scale construction, with first gold pour targeted for the first half of 2024.

The Greenstone team is constructing a 27,000 tonnes-per-day leach/carbon-in-pulp processing facility with recoveries expected to average 91%. An owner-mined open-pit operation is planned with a life-of-mine strip ratio of 5.1:1. Gold production during the first five years is expected to average more than 400,000 ounces per year, with life-of-mine production averaging more than 360,000 ounces of gold per year. With an initial 14-year mine life, the project will produce more than 5 million ounces of gold with all-in sustaining costs in the lowest industry quartile.

Construction Progress

Construction is progressing well and remains on budget and on track to pour first gold in the first half of 2024. At the end of December 2022:

  • $883 million (71%) of the total construction budget had been contracted
  • $656 million (54%) of the total construction budget had been spent (100% basis)
  • Overall project was 66% complete
  • Detailed engineering was 100% complete
  • Construction was 56% complete
  • Procurement was 75% complete
  • Earthworks was 73% complete
  • Concrete was 75% complete
  • Structural steel was 58% complete
  • Process plant was 41% complete
  • Power plant was 49% complete
  • Tailings facility was 47% complete


Construction photos are uploaded weekly to the photo gallery to track progress.

Pre-construction readiness

On October 27, 2021, Equinox Gold released an updated construction capital estimate of $1.23 billion reflecting firm supplier quotes following detailed engineering, a schedule review to consider supply chain constraints, and a review and update of capital costs with an increased contingency to account for inflation. The $1.23 billion initial capital estimate (100% basis) includes:

  • An update from the 2020 feasibility to account for cost inflation, supply chain constraints and market trends
  • $177 M contingency (~14% of initial capital)
  • $125 M for the mining fleet, of which $53 M has been leased to reduce upfront cash spend
  • Excludes up to $70 M of pre-production revenue

The project was well advanced before construction began, with:

  • 85% complete detailed engineering
  • Multiple reviews of engineering and capital cost (capex) estimates
  • Self assessment and external independent construction readiness review
  • An Independent Quantitative Risk Analysis of capex and schedule
  • Multiple geotechnical foundation drilling programs and independent technical reviews of the tailings storage facility design
  • Geotechnical drilling for pit designs
  • Orders for long-lead items to reduce supply chain risk
  • $50 million spent during early works activities from Q1-Q3 2021, including initial investment in long-lead equipment, site clearing and initial earthworks, a lodging facility, and a temporary effluent water treatment plant


These pre-construction activities have been integral to the project’s success. Equinox Gold, Orion and the Greenstone team knew exactly what was being built, had detailed estimates for material quantities and offtakes, and had already placed orders for long-lead equipment items to ensure timely delivery of these critical path components.  

Indigenous Partnerships

Greenstone is located on the traditional territories of four First Nations – the Animbiigoo Zaagi’igan Anishinaabek (AZA), the Aroland First Nation (AFN), the Ginoogaming First Nation (GFN) and the Long Lake #58 First Nation (LL58) – and is home to the citizens of the Métis Nation of Ontario (MNO).

Greenstone’s Indigenous partners have been involved with the project since the outset. Long-term relationship agreements are in place with a combined group of three First Nations (AZA, AFN and GFN), with LL58 and with MNO. These agreements include a range of commitments and shared responsibilities associated with environmental management, the use of traditional knowledge and heritage resources, employment and training, business and contracting opportunities, and financial participation.

The groundbreaking ceremony included remarks from the project’s five Indigenous partners and the Mayor of the Municipality of Greenstone. Highlights from the ceremony can be viewed in the video below.

Committees have been formed with representation from Greenstone and our Indigenous partners dedicated to ensuring compliance with the agreements as the project moves through the construction phase and prepares for operations. Greenstone’s Indigenous partners are also involved in procurement and contracting through various joint venture partnership arrangements, including the lodging facility, tailings management facility construction, Highway 11 construction, electrical installations, tree clearing, earthworks, site security, medical services and waste management. Over 60% of the site contracts include Indigenous partnerships.

Each Indigenous community has an environmental monitor representative as part of the Greenstone environmental team to undertake site monitoring and sampling activities. The Greenstone project team meets regularly with the Indigenous communities to discuss employment, training and procurement opportunities through the Implementation Committees.

Growth projects

Equinox Gold is advancing expansion projects at three of its operating mines.

Learn More