Trident announces first gold pour at Greenstone mine

24th May 2024 12:19

(Sharecast News) - Trident Royalties announced a significant milestone at Equinox Gold's Greenstone Gold Mine in Ontario, Canada on Friday, with the inaugural gold pour at the mine producing 1,800 ounces of gold.

The AIM-traded firm said the achievement marked the start of full recovery circuit operations, with all equipment performing as expected.

Trident holds an offtake agreement for 100% of the gold produced at Greenstone, up to 58,500 ounces annually, until 1 March 2027.

The Greenstone mine was poised to become Equinox's flagship asset and its largest, lowest-cost producer.

At full capacity, the open-pit mine was projected to produce around 400,000 ounces of gold annually for the first five years and average 360,000 ounces per year over its initial 14-year mine life, positioning it as one of Canada's largest gold mines.

"We are very pleased to see our investment in Greenstone coming to fruition with the first gold pour," said chief executive officer Adam Davidson.

"To build a mine with the various inflationary and supply chain pressures experienced during recent years is a great achievement by the Equinox team that demonstrates excellent focus, skill, and discipline.

"We look forward to continued shared success as the mine ramps up into the second half of the year."

At 1234 BST, shares in Trident Royalties were up 0.32% at 39.63p.

Reporting by Josh White for Sharecast.com.