Investments in Associates (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Significant Investments in Associates

Details of the Company’s investments in associates as at December 31, 2023 and 2022 are as follows:

Associate

Principal
activity

Principal place of
business

Ownership
interest (%)

2023

2022

Sandbox(1)

Royalties

Americas and Europe

20.3

34.4

i-80 Gold(2)

Production

USA

—

25.3

(1)There is no quoted fair value for the Company’s investment in Sandbox at December 31, 2023 and 2022 as Sandbox is not publicly listed.

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

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, 2023 and 2022:


	Note	i-80 Gold		Sandbox		Total
Balance – December 31, 2021		$	125,313	$	—	$	125,313
Received as consideration in Sandbox Transaction	5(b), 10(a)	—		28,356		28,356
Additional shares acquired	10(a)	—		3,343		3,343
Share of net loss		(5,446)		(732)		(6,178)
Balance – December 31, 2022		119,867		30,967		150,834
Dilution gain		953		—		953
Share of net loss		(15,761)		(1,704)		(17,465)
Sale of partial interest	10(b)	(20,053)		—		(20,053)
Reclassification of retained interest to marketable securities	10(b)	(85,006)		—		(85,006)
Balance – December 31, 2023		$	—	$	29,263	$	29,263

Disclosure of Summarized Financial Information of Associates


	Sandbox				i-80 Gold
At December 31	2023		2022		2022
Cash and cash equivalents	$	6,034	$	3,811	$	75,987
Other current assets	315		2,804		34,555
Non-current assets	69,756		71,993		567,403
Total assets	76,105		78,608		677,945
Current liabilities	414		86		48,837
Non-current liabilities	16,039		15,975		232,455
Total liabilities	16,453		16,061		281,292
Net assets (100%)	$	59,652	$	62,547	$	396,653

Equinox Gold’s share of net assets(1)	$	20,531	$	21,528	$	100,319
Adjustments to Equinox Gold’s share of net assets	8,732		9,439		19,548
Carrying amount	$	29,263	$	30,967	$	119,867

(1)At December 31, 2023, the Company’s share of net assets of Sandbox is based on its 34.4% equity interest in Sandbox as of September 30, 2023 (2022 – 34.4% equity interest as of September 30, 2022).

10. INVESTMENTS IN ASSOCIATES (CONTINUED)


	Sandbox				i-80 Gold
Years ended December 31	2023		2022		2022
Revenue	$	1,845	$	532	$	25,311
Operating expense	(4,620)		(640)		(75,517)
Loss from operations	(2,775)		(108)		(50,206)
Other (expense) income	(819)		(788)		10,752
Income tax recovery (expense)	696		(1,232)		17,920
Net loss from continuing operations (100%)	(2,898)		(2,128)		(21,534)
Net income from discontinued operations (100%)	—		—		49
Net loss and total comprehensive loss (100%)	$	(2,898)	$	(2,128)	$	(21,485)

Equinox gold’s share of net loss and total comprehensive loss(1)	$	(997)	$	(732)	$	(5,446)
Adjustments to Equinox Gold’s share of net loss and total comprehensive loss	(707)		—		—
Equinox Gold’s share of net loss and total comprehensive loss	$	(1,704)	$	(732)	$	(5,446)

(1)The Company’s share of net loss and total comprehensive loss of Sandbox for the twelve months ended September 30, 2023 is based on its 34.4% equity interest in Sandbox during such period (2022 – 34.4%).