Investments in Associates (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Significant Investments in Associates

Details of the Company’s investments in associates as at December 31, 2022 and 2021 are as follows:

Associate

Principal
Activity

Principal Place of
Business

Ownership
Interest (%)

2022

2021

i-80 Gold(1)

Production

USA

25.3

25.5

Sandbox(2)

Royalties

Americas and Europe

34.4

—

(1)At December 31, 2022, the quoted fair value of the Company’s investment in i-80 Gold was $169.9 million (2021 – $148.6 million) based on the quoted market price of the underlying shares of C$3.78 per share (2021 – C$3.09), which is a Level 1 fair value measurement.

(2)At December 31, 2022, there is no quoted fair value for the Company’s investment in Sandbox as Sandbox is not publicly listed.

Summary of Significant Changes in Carrying Amount of Investment Associates

The following table summarizes the changes in the carrying amounts of the Company’s investments in associates during the years ended December 31, 2022 and 2021:


	i-80 Gold(a)		Sandbox(b)		Solaris		Total
Balance – December 31, 2020	$	—	$	—	$	22,287	$	22,287
Acquired in Premier Acquisition (note 5(c))	79,001		—		—		79,001
Additional shares acquired	40,111		—		—		40,111
Dilution gain	2,067		—		—		2,067
Share of net income (loss)	4,134		—		(3,399)		735
Sale of partial interest (note 5(f))	—		—		(7,318)		(7,318)
Reclassification of retained interest (note 5(f))	—		—		(11,570)		(11,570)
Balance – December 31, 2021	125,313		—		—		125,313
Received as consideration in Sandbox Transaction (note 5(b))	—		28,356		—		28,356
Additional shares acquired	—		3,343		—		3,343

Share of net loss	(5,446)		(732)		—		(6,178)
Balance – December 31, 2022	$	119,867	$	30,967	$	—	$	150,834

Disclosure of Summarized Financial Information of Associates


	i-80 Gold				Sandbox
At December 31	2022		2021		2022
Cash and cash equivalents	$	75,987	$	51,627	$	3,811
Other current assets	34,555		55,606		2,804
Non-current assets	567,403		131,426		71,993
Total assets	677,945		238,659		78,608
Current liabilities	48,837		12,956		86
Non-current liabilities	232,455		18,493		15,975
Total liabilities	281,292		31,449		16,061
Net assets (100%)	396,653		207,210		62,547
Equinox Gold’s share of net assets	100,319		52,814		21,528
Adjustments to Equinox Gold’s share of net assets	19,548		72,499		9,439
Carrying amount	$	119,867	$	125,313	$	30,967


	i-80 Gold				Sandbox
Years ended December 31	2022		2021		2022
Revenue	$	25,311	$	—	$	532
Operating expense	(75,517)		(19,574)		(640)
Loss from operations	(50,206)		(19,574)		(108)
Other income (expense)	10,752		(5,332)		(788)
Income tax recovery (expense)	17,920		(200)		(1,232)
Net loss from continuing operations (100%)	(21,534)		(25,106)		(2,128)
Net income from discontinued operations (100%)	49		11,554		—
Net loss and total comprehensive loss (100%)	$	(21,485)	$	(13,552)	$	(2,128)



Equinox Gold’s share of net loss and total comprehensive loss	$	(5,446)	(3,454)		$	(732)
Adjustments to Equinox Gold’s share of net loss and total comprehensive loss	—		7,588		—
Equinox Gold’s total share of net (loss) income and total comprehensive (loss) income	$	(5,446)	$	4,134	$	(732)