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Castle Mountain (Au)

LOCATION: California, United States
OPERATOR: Equinox Gold Corp.

The Castle Mountain mining property is located in California, close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. The project is being advanced by Equinox Gold, which also owns the Mesquite mine described on page 41. Equinox Gold was formed in 2017 following the combination of NewCastle Gold Ltd. (“NewCastle”), Trek Mining and Anfield Gold. NewCastle was the previous owner. In April 2016, Franco-Nevada agreed with NewCastle to restructure the existing royalties into a single 2.65% NSR royalty covering a larger property. The Castle Mountain land holdings total greater than 40 km2 of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 million ounces of gold over a 10 year mine life with residual mining through 2004. Equinox Gold completed a prefeasibility study in 2018 which anticipates producing 45,000 ounces of gold per year during Phase 1 (years 1-3) and more than 200,000 ounces of gold per year during Phase 2 (years 4-16). For 2019, Equinox Gold will focus on completing engineering and final permitting for Phase 1 in order to commence construction around mid-year with objective to achieve first gold production in 2020. In addition, Equinox Gold will continue to advance the Phase 2 expansion with aim of completing a feasibility study by year-end 2019. In February 2019, Equinox secured $130 million in convertible notes financing, a part of which will be used to fund construction of Phase 1 at Castle Mountain.