Equinox Gold Corp. ( EQX ) shares are trading lower premarket on Thursday. On Wednesday, the company lowered FY24 production guidance at Greenstone Gold Mine.

In the third quarter, Greenstone produced around 42,500 ounces of gold, up 162% Q/Q.

Since the first gold pour on May 22, total production has reached around 59,000 ounces as of Sept. 30.

In the third quarter, mining rates rose from an average of 76,000 tonnes per day (tpd) in July to 125,000 tpd in September, with peaks exceeding 180,000 tpd.

This trend has continued into October, with daily rates averaging 145,000 tpd, nearing the Q4 target of 170,000 tpd.

In Q3, the plant’s crushing and grinding circuits averaged 14,300 tpd, with a peak of 17,500 tpd in August, and a total of 1.3 million tonnes processed.

The company focuses on ramping up mining rates and plant throughput in the fourth quarter to achieve design capacity.

The average processed grade was 1.15 grams per tonne, with an 80% recovery rate. August’s recovery was affected by operational adjustments and temporary shutdowns. Issues were resolved, leading to improved recovery rates in September and October.

Consequently, Equinox Gold ( EQX ) has revised its 2024 production guidance for Greenstone from 175,000-205,000 ounces to 110,000-130,000 ounces.

Greg Smith, CEO of Equinox Gold ( EQX ), praised the Greenstone Mine for demonstrating progress during Q3 and into October.

“The Greenstone team is focused on systematically ramping up both mining rates and plant throughput during the fourth quarter as the mine continues to progress toward design capacity,” he said.

”With approximately 42,500 ounces of gold produced in Q3 and 59,000 ounces produced since pouring first gold in May, we estimate 2024 production for Greenstone at 110,000 to 130,000 ounces.”

Price Action: EQX shares are down 4.25% at $5.630 premarket at the last check Thursday.

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