Acquisition:
2022 / 08 / 15
Agreement:
Stream
Terms:
2.375% Au on 100% basis until 120,333 oz delivered; then 1.583% thereafter
Additional payment up to $30/oz in ESG contributions
Ongoing Payment:
20% of spot
The Greenstone gold mine is located approximately 275 km northeast of the city of Thunder Bay and 4 km south of the town of Geraldton, Ontario. Greenstone is centered on the historic Hardrock Gold Mine and consolidates four historic underground gold mines into one giant open pit mine development. Current open pit reserves total 144.7 Mt at 1.23 g/t containing 5.7 Moz of gold, based on a cut-off grade of 0.30 g/t gold.
An updated technical report was released in October 2024 for Greenstone outlining the design of an open-pit mine producing more than 5 Moz over an initial 15-year mine life. Mining of the Hardrock main pit will occur in five main phases preceded by a starter pit. The open pit generates 788.6 Mt of overburden and waste rock (inclusive of historic tailings and underground backfill) for an average life-of-mine strip ratio of 5.5:1.
Full-scale construction of a 27,000 tonnes-per-day leach/carbon-in-pulp processing facility began at Greenstone in October 2021 and was completed in 2024. It is expected that gold production during the first five years will average more than 390,000 oz gold per year, with life-of-mine production averaging more than 330,000 oz gold per year. Greenstone is anticipated to operate with all-in sustaining costs in the lowest industry quartile. Equinox announced the first gold pour at Greenstone took place in May 2024 and achieved commercial production in October 2024.
Greenstone is located on the traditional territories of four First Nations—the Animbiigoo Zaagi’igan Anishinaabek, the Aroland First Nation, the Ginoogaming First Nation and the Long Lake #58 First Nation—and is home to the citizens of the Métis Nation of Ontario. The Indigenous partners have been involved with Greenstone from the beginning. Long-term relationship agreements are in place which cover 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.
