Canadian Miner Targets Initial Gold Pour by Year-End

Haywood Securities analyst Kerry Smith provided a construction update on one of this firm's projects.

In an April 25 research note, analyst Kerry Smith with Haywood Securities reported that Equinox Gold Corp. (EQX:TSX.V) is on track to begin ore mining in Q3/18 and to pour first gold at its Aurizona gold mine in Brazil by year-end.

Full-scale construction at this Brazil asset is in progress. Most recently, in April, efforts to remove waste from two areas in the Piaba pit began, as did building of access roads.

As of March 31, Equinox spent $43 million ($43M) of the $146M budgeted for the project. "Construction was 44% complete, and engineering, procurement, construction and management activities were 61% complete," Smith indicated. Plant construction was about one-fourth done. Refurbishment of pumps, motors, agitators and screens and upgrades to two substations were more than halfway finished.

Work that was already accomplished at that time included awarding of all contracts, refurbishing the carbon-in-pulp circuit and detox tanks, manufacturing the semi-autogenous grinding and balls mill and constructing the foundations for it.

Haywood has a Buy rating and a CA$2.80 per share target price on Equinox, whose stock is currently trading at around CA$1.10 per share.

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Disclosures from Haywood Securities, Equinox Gold Corp., Radar Flash, Apr. 25, 2018

Haywood Securities, or certain of its affiliated companies, may from time to time receive a portion of commissions or other fees derived from the trading or financings conducted by other affiliated companies in the covered security. Haywood analysts are salaried employees who may receive a performance bonus that may be derived, in part, from corporate finance income.

Haywood Securities, Inc., and Haywood Securities (USA) Inc. do have officers in common however, none of those common officers affect or control the ratings given a specific issuer or which issuer will be the subject of Research coverage. In addition, the firm does maintain and enforce written policies and procedures reasonably designed to prevent influence on the activities of affiliated analysts.

Analyst Certification: I, Kerry Smith, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer's shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures
Of the companies included in the report the following Important Disclosures apply:

The Analysts(s) preparing this report (or a member of the Analysts' households) have a financial interest in this company.

At the end of the month immediately preceding this publication either Haywood Securities, Inc., one if its subsidiaries, its officers or directors beneficially owned 1% or more of this company.

Haywood Securities Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.

Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has reason to know at the time of publication or at the time of public appearance: n/a