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Brazil

Riacho dos Machados (RDM) Mine

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Summary

Mine TypeOpen Pit
StatusActive
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Production Start... Lock
Mine Life... Lock
SnapshotIn 2022, Riacho dos Machados (RDM) mine switched to processing low-grade stockpiles and owner mining to reduce costs, rather than continuing a multi-year waste stripping program with a contract miner.

In the year ended December 31, 2024, higher productivity was driven by the rental of new mining equipment, following the replacement of the previous rental and owner-operated fleet.

At the RDM mine, sustaining capital expenditures during 2025 were primarily related to Phase 2 construction of the dry stack TSF.

On December 13, 2025, Equinox Gold agreed to sell its Brazilian operations, including RDM mine, to CMOC Group Ltd. The transaction closed on January 23, 2026. Consequently, RDM’s 2025 results were not disclosed individually, but reported within consolidated discontinued operations.

Owners

SourceSource
CompanyInterestOwnership
Mineracao Riacho dos Machados (operator) 100 % Direct
CMOC Group Ltd. 100 % Indirect
On December 15, 2025, CMOC Group Ltd. announced the acquisition of 100% equity interests in the Aurizona Gold Mine from Equinox Gold Corp. The acquisition was completed on 23 January 2026.

Equinox Gold owned 100% of the Riacho dos Machados Mine (RDM) through its subsidiary Mineração Riacho Dos Machados Ltda.

Contractors

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Deposit type

  • Mesothermal
  • Orogenic

Summary:

The Riacho dos Machados gold deposit is considered to be a classic mesothermal orogenic gold deposit in a sheared and deformed Archean to Proterozoic age greenstone belt sequence. It is comprised of metamorphosed volcanic-sedimentary rock units intruded by slightly younger post-tectonic igneous bodies.

The principal host for the gold mineralization is the quartz-muscovite schist of the RMG. The mineralization occurs in a belt of hydrothermally altered rock developed along a district-scale shear zone that extends almost 30 km along a N20°E strike direction and dips 40° to 45° east. The mineralization has a typical amphibolite facies mineral association which is progressively altered to greenschist facies assemblage. The gold mineralization occurs as “stacked” tabular horizons that are mostly concordant with the principal rock foliation (shear zone). These tabular zones typically consist of a main zone which may be sided by a thinner footwall or hanging wall zones, separated by three meters to ten meters of unmineralized rock. Continuity along strike and at depth is good with gold mineralization occurring continuously over a 2,000 m strike length and up to 1,000 m down dip.

Gold grades in the mineralized zone are closely related to sulphide content, especially arsenopyrite. Gold occurs as microscopic native-gold grains typically finer than 400 mesh (37 µm). The gold grains occur interstitial to quartz grains, muscovite grains, and sulphide grains, and also as inclusions in arsenopyrite, and less commonly in pyrrhotite, quartz-veinlets, tourmaline, and pyrite.

The following minerals and features, listed from high to low importance, are noted as indicators of gold mineralization:
- Arsenopyrite (both anhedral and euhedral needles);
- Pyrrhotite;
- Abundant quartz veinlets (sheared into foliation plane);
- Pyrite;
- Crenulation folding;
- Tourmaline veins (fine-grained massive intergrown).

The arsenic content of the mineralization is relatively high, with an average of approximately 4,000 ppm for samples greater than 1.0 g/t Au. Silver content is very low, with the average Ag/Au ratio of 0.5:1.0 for samples with a gold concentration of greater than 1.0 g/t. Antimony, copper, lead, and zinc are not commonly anomalous.

The gold mineralization is closely related to the structural fabric. The mineralizing fluid was probably channelled upward in the thrust-related shear zones with minor or local lateral escape into intersecting shear zones. Brittle deformation at the RDM deposit is limited to poorly defined cross-faults that may have anomalous geochemistry but do not host gold mineralization.

The area presents the occurrence of graphite, which influences the metallurgical behaviour of the ore. Graphite occurs in shear zones filling intrafolial planes, ranging from 2 to 20 cm thick, and in the form of boulders, with lenticular geometry or symmetrical boudins associated with quartz veins, with thicknesses of up to 1.5 m. They have dark grey and black coloration and low hardness, and due to graphite's lubricating characteristics, act as zones of geomechanical weakness. Graphite is in nonmineralized areas, associated with domains of marginal or waste contents, or in mineralized areas with the presence of high sulphidation.

Reserves

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Mining Methods

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Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Water usage

Parameter202420232022
Water use efficiency 5.85 m3/oz17.3 m3/oz6.5 m3/oz
Fresh water 220,109 m3
Surface water 209,629 m3

Commodity Production

On December 13, 2025, Equinox Gold agreed to sell its Brazilian operations, including RDM mine, to CMOC Group Ltd. The transaction closed on January 23, 2026. Consequently, RDM’s 2025 results were not disclosed individually, but reported within consolidated discontinued operations.

RDM had a temporary suspension of operations in 2022 that affected gold production for that year.
CommodityUnits202420232022202120202019201820172016
Gold oz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 62,634 57,190 43,116 48,246
All production numbers are expressed as metal in doré.

Operational metrics

Metrics202420232022202120202019201820172016
Stripping ratio  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Ore tonnes mined  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 2,458,895 t 1,390 kt 1,723,506 t 1,054,574 t
Waste  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Total tonnes mined  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Tonnes processed  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 2,548,393 t 1,958 kt 1,253,329 t 850,029 t
Daily processing capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 7,000 t 7,000 t
Annual processing capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 2.55 Mt 2.55 Mt

Production Costs

CommodityUnits2024202320222021202020182017
Cash costs (sold) Gold USD  ....  Subscribe  ....  Subscribe 946 / oz  
Cash costs Gold USD 814 / oz  
Cash costs (sold) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe
All-in sustaining costs (sold) Gold USD  ....  Subscribe  ....  Subscribe 1,009 / oz  
All-in sustaining costs (AISC) Gold USD 989 / oz  
All-in sustaining costs (sold) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe
** Net of By-Product.

Operating Costs

Currency2024202320222021202020192018
OP mining costs ($/t mined) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe

Mine Financials

Units202520242023202220212020
Capital expenditures (planned) M USD  ....  Subscribe
Sustaining costs M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Capital expenditures M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Revenue M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Operating Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 8, 2026
....................... Subscription required ....................... Subscription required Subscription required Apr 8, 2026
....................... Subscription required ....................... Subscription required Subscription required Apr 8, 2026
....................... Subscription required ....................... Subscription required Subscription required Apr 8, 2026

Workforce

EmployeesContractorsTotal WorkforceYear
...... Subscription required ...... Subscription required ...... Subscription required 2024
...... Subscription required ...... Subscription required ...... Subscription required 2020
...... Subscription required ...... Subscription required ...... Subscription required 2018

Aerial view:

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