Equinox Gold Corp.




2022 / 08 / 15




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 project is located approximately 275 km northeast of the city of Thunder Bay and 4 km south of the town of Geraldton, Ontario and is owned jointly by Equinox Gold Corp. (60%) and Orion Mine Finance (40%). This development stage project 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 135.3 Mt at 1.27 g/t containing 5.54 Moz of gold, based on a cut-off grade of 0.35 g/t.

A Feasibility Study was released in December 2020 outlining the design of an open-pit mine producing more than 5 Moz over an initial 14-year mine life. Mining of the Hardrock main pit will occur in five main phases preceded by a starter pit. The open pit generates 689.6 Mt of overburden and waste rock (inclusive of historic tailings and underground backfill) for an average life-of-mine strip ratio of 5.1:1.

Full-scale construction of a 27,000 tonnes-per-day leach/carbon-in-pulp processing facility began at the project in October 2021. It is expected that gold production during the first five years will average more than 400,000 oz gold per year, with life-of-mine production averaging more than 360,000 oz gold per year. The project is anticipated to operate with all-in sustaining costs in the lowest industry quartile. First gold pour is currently targeted for the first half of 2024.

The project 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 the project 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.

Recent Activity

    November 2023

    With the Greenstone Project 96% complete and power plant fully operational, the priority is now on completion and commissioning of the process plant, commissioning of the tailings storage facility and ramp up of mining and operations. Greenstone continues to advance on budget and on schedule.

    The remaining milestones for the project include:

    • Tailings storage facility complete and ready for use in Dec 2023
    • Process plant hot commissioning: Q1-Q2 2024
    • Gold pour: H1 2024

    August 2023

    As of August 25, the Greenstone project is approximately 90% complete and on track to pour gold in the first half of 2024. Detailed engineering is complete, while other construction milestones including procurement and construction are both 89% complete. Earthworks, concrete, and structural steel are all more than 95% complete. The project remains on budget and on schedule to begin commissioning in the first half of 2024.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

Investor Presentation

Download the latest Investor Presentation to learn why Sandstorm is a gold investment that stands out from the rest.


Asset Handbook

With 250 royalties acquired since 2009, we offer an exciting investment opportunity in a diverse portfolio of royalty assets. Discover all of Sandstorm’s royalties around the globe.


Annual Report

Our 2023 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.


Sustainability Report

Learn more about Sandstorm’s approach to sustainability including our due diligence process, mining partnerships, and employee engagement.