Equinox Gold ( NYSE: EQX ) -6.1% in Wednesday's trading after saying it recorded its strongest gold production quarter for the year with 150,439 oz in Q4 2022.
But the miner said full-year production of 532,319 oz of gold came in below the lower end of production guidance of 550K-615K oz due to operational challenges earlier in the year at the Los Filos and Aurizona mines that continued to affect production in Q4.
The Los Filos mine in Mexico produced 133,723 oz of gold in the year, below the company's target of 155K-170K oz, and the Aurizona mine in Brazil delivered 102,368 oz of gold, below expected production of 120K-130K oz.
While operations largely improved during Q4, including at Los Filos and Aurizona, Equinox ( EQX ) said it continues to work on improving recoveries at Santa Luz and managing costs across the operations.
Equinox ( EQX ) shares are sharply lower Wednesday but have gained 11.7% YTD as gold prices have climbed to their best levels in more than six months .
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Equinox Gold reports higher Q4 production but full year misses targets