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Equinox Gold - Corporate Presentation.pdf
Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth.
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Equinox Gold - Corporate Presentation.pdf
- 1. Date X, 2025 Deliveringa Top Quartile Gold Producer CORPORATE PRESENTATION DECEMBER 2025 TSX: EQX NYSE-A: EQX
- 2. 2 Forward-looking Statements. Thispresentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this presentation relates to, among other things: 2025 production and cost guidance; the expected benefits of the business combination with Calibre Mining (the “Transaction”) and the attributes of Equinox Gold post- Transaction; the strategic vision for Equinox Gold, and expectations regarding exploration potential, production capabilities, future financial or operating performance, investment returns and share price performance; expectations for the operation of Greenstone, including future financial or operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design capacity; expectations for completing construction and commissioning at Valentine; expectations for the timing and advancement of the Company’s growth and development projects, including the expansions at Castle Mountain and Aurizona; the ability to successfully renegotiate new long-term agreements at Los Filos and the duration of the suspension of operations at Los Filos if those negotiations are unsuccessful; balance sheet strength, liquidity and future cash requirements; the ability to convert Mineral Resources to Mineral Reserves; and expectations for future success of the combined management team. Forward-looking Information is generally identified by the use of words like “believe”, “will”, “achieve”, “strategy”, “plan”, “vision”, “improve”, “intend”, “anticipate”, “expect”, “estimate”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, but undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct. Forward-looking information is based on Equinox Gold’s current expectations for future events and these assumptions include: the ability to successfully combine the assets and teams of Equinox Gold and Calibre; the ability to meet exploration, production, cost and development goals, including expected completion of Valentine construction and commissioning and the successful ramp-up to design capacity at Valentine and Greenstone; gold prices remaining as estimated; no unplanned delays or interruptions; ore grades and recoveries remain consistent with expectations; expectations regarding the financial impact of tariffs; expectations for the impact of macroeconomic factors on the Company’s operations, share price performance and gold price; currency exchange rates remaining as estimated; availability of funds for projects and future cash requirements; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the accuracy of Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; and the ability of Equinox Gold to work productively with its Indigenous partners at Greenstone and its community partners at Los Filos. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox Gold as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward- looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include, without limitation, risks relating to: changes in the gold price; Canadian and United States sanctions on Nicaraguan operations; the financial impact that tariffs placed on Canada or Mexico by the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; new members of management and the board of Equinox Gold; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, geotechnical failures, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding, fire and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; relationships with, and claims by, local communities and Indigenous populations; Equinox Gold’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including mining laws, and the factors identified in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section titled “Risk Factors” in Calibre’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox Gold’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox Gold assumes no obligation to update or to publicly announce the results of any change to any Forward- looking Information to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Equinox Gold updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to that or other Forward- looking Information. All Forward-Looking Information contained in this presentation is expressly qualified in its entirety by this cautionary statement. Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, sustaining capital and EBITDA (earnings before interest, taxes, depreciation and amortization) which are measures with no standardized meaning under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures presented by other companies. Their measurement and presentation are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are widely used in the mining industry as measurements of performance and the Company believes that they provide further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. Refer to the “Non-IFRS measures” section of the Equinox Gold’s MD&A for the year ended December 31, 2024, and the “Non-IFRS measures” section of Calibre’s MD&A for the year ended December 31, 2024, for a more detailed discussion of these non-IFRS measures and their calculation. Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources. Disclosure regarding mineral properties included in this presentation, was prepared in accordance with National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (NI 43-101). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the SEC) generally applicable to U.S. companies. Accordingly, information contained in this presentation is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. Numbers may not sum due to rounding. All dollar amounts in USD unless otherwise noted. Information in this presentation is shown pro forma the merger with Calibre Mining, which closed on June 17, 2025, unless otherwise noted. Cautionary Notes
- 3. 3 50% 21% 13% 12% 4% Equinox Gold: Buildinga Top Quartile Gold Company Components to deliver top quartile valuation Quality high-margin gold assets, Located in Tier 1 jurisdictions, That deliver into expectations. Q3 was a key inflection point • Meaningful operational improvements at Greenstone Gold Mine • First production ahead of schedule at Valentine Gold Mine • First full quarter of production from Calibre assets • Strengthened balance sheet: - Retired $139 M of debt - Sold non-core Nevada assets for $115 M • Advanced development pipeline: - Castle Mountain: Fast-41 acceptance - Valentine: Phase 2 studies underway • Resource expansion and discovery drilling across the portfolio Diversified Portfolio Weighted to Canada (Consensus Analyst NAV by Region)1 Brazil Mexico USA Canada Nicaragua 1. Based on analyst consensus estimates at November 15, 2025.
- 4. 4 Corporate Mission: KeyMetrics to Achieve Top Quartile Valuation KEY METRICS Tier-1 jurisdictions Substantial long-life assets Free cash flow Organic growth pipeline EV / 25E-27E production1 Return capital to shareholders P / NAV1 91% of 2025E production 90% of consensus NAV Avg 25E-27E FCF ~$6.4B 64% of production from 3 mines 20-yr average mine life $24,312/oz Dividends since 1983 NCIB in place 1.55x 78% of 2025E production 89% of consensus NAV Avg 25E-27E FCF ~$780M 78% of production from 2 mines 20-yr average mine life $21,781/oz Dividends since 2010 NCIB in place 1.05x 52% of 2026E production 65% of consensus NAV 61% of production from 3 mines 13-yr average mine life $12,049/oz Returning capital to shareholders is a focus Near-term free cash flow growth 0.86x Operational track record New operating team 1. Source: Refinitiv, available analyst consensus estimates, company filings. Based on analyst consensus estimates at November 15, 2025.
- 5. 5 0.63x 0.69x 0.83x 0.86x 1.00x 1.04x 1.04x 1.05x 1.10x 1.17x 1.54x 1.63x 2.09x B2Gold Eldorado Endeavour Equinox New Gold Northern Star IAMGOLD Alamos Kinross OceanaGold Evolution GoldFields Lundin Gold 23% 26% 27% 31% 38% 51% 55% 58% 73% 74% 78% 124% 134% Lundin Gold Kinross Gold Fields Endeavour OceanaGold B2Gold Evolution IAMGOLD Alamos Northern Star New Gold Eldorado Equinox Price to NAV (x) (Analyst estimates) EQXQX 2025-2027 EBITDA Growth (%)1 (Analyst estimates) EQXQX EV/2025-2027 Production ($/oz)1 (Analyst estimates) Top Quartile: 1.75x Average: 1.13x Source: Company filings, FactSet, S&P Capital IQ Pro, street research 1. EV = enterprise value. Production estimates and other calculations shown using analyst consensus estimates available at November 15, 2025. Key Opportunity: Potential for Significant Shareholder Returns $5,634 $9,259 $9,531 $10,083 $11,373 $11,589 $12,175 $14,103 $15,243 $15,872 $19,316 $21,781 $37,467 B2Gold Endeavour Eldorado OceanaGold New Gold IAMGOLD Equinox Northern Star Kinross Gold Fields Evolution Alamos Lundin Gold Average: $14,869 Top Quartile: $26,188 EQXQX
- 6. 6 29% 41% 132% 132% 140% 160% 160% 187% 189% 248% 274% 292% 305% 401% 436% 445% 446% 451% 528% 1015% B2Gold SSR Mining Gold Price EquinoxGold Endeavour Mining GDX GDXJ Evolution Mining Northern Star Perseus Mining Eldorado Gold Fields Orla Mining Torex Resources Alamos Oceana Gold Kinross Gold IAMGOLD New Gold Lundin Gold Catching Up to Peers: 2022 – YTD Performance Source: Company filings, FactSet, S&P Capital IQ Pro, street research at November 30, 2025. Equinox Gold is at an inflection point Transitioned from growth to cash flow Optimized portfolio in Tier 1 jurisdictions New leadership team focused on execution Reduced development risk with Greenstone and Valentine in production Multiple near-term revaluation catalysts Growth pipeline delivers sustainable production EQXQX Top Quartile: 610% Average: 340%
- 7. 7 1. See Appendixslides, Cautionary Notes and Technical Disclosure. M&I Resources are exclusive of Reserves. 2. Consolidated guidance as announced on June 11, 2025. Consolidated guidance is for full-year 2025 production and cost performance, including from Calibre Mining’s assets from January 1, 2025. Consolidated guidance does not include any production from Valentine, Los Filos or Castle Mountain. On August 7, 2025, Equinox Gold announced an agreement to sell Pan, Gold Rock and another Nevada asset for US$115 M. The transaction closed on October 1, 2025. RDM CASTLE MOUNTAIN AURIZONA Equinox Gold: Diversified Americas Portfolio with a Canadian Focus GREENSTONE 4PRODUCTION REGIONS 3GROWTH OPPORTUNITIES ~23 P&P RESERVES Moz ~22 M&I GOLD RESOURCES1 Moz BAHIA COMPLEX 785,000 – 915,000oz $1,800 – $1,900/oz AISC 2025 GOLD PRODUCTION & COST GUIDANCE2 VALENTINE MESQUITE GOLDEN EAGLE LOS FILOS LIMON / LIBERTAD PRODUCTION COMPLEX GROWTH OPPORTUNITIES Building a Top Quartile Value Gold Company
- 8. 8 Greenstone: Ontario, Canada 1.Mid-point of consolidated 2025 guidance reported on June 11, 2025. 2. As reported in the 2024 technical report. See Cautionary Notes, Appendix slides and Technical Disclosure. 15+ year INITIAL MINE LIFE ~240 Koz GUIDANCE 20251 ~5.7 Moz P&P RESERVES2 ~$1,750 /oz AISC GUIDANCE 20251 330,000 oz GOLD PER YEAR, LIFE OF MINE2
- 9. 9 Greenstone: Operational ImprovementsYielding Positive Results Q3 performance • Mining exceeded 185,000 tpd, 10% increase vs Q2 - Improved cycle times, equipment maintenance, shift transitions and implemented hot seating - Implemented additional grade control protocols and tracking systems • Process grades averaged 1.05 g/t gold, 13% increase vs Q2 - 6% increase in tonnes processed per hour vs Q2 - Recovery averaged 85.8% October performance • Mining exceeded 205,000 tpd, with daily record of 247,000 tpd • Process grade averaged 1.34 g/t gold, 27% increase vs Q3 average - 15% increase in throughput tonnes per day vs Q3 average - Recovery averaged 88.4%
- 10. 10 Valentine: Newfoundland, Canada 1.As reported in the 2022 feasibility study. See Cautionary Notes, Appendix slides and Technical Disclosure. 14+ year INITIAL MINE LIFE RAMPING UP FIRST GOLD POUR SEPT 14, COMMERCIAL NOV 18 ~2.7 Moz P&P RESERVES1 ~180 Koz gold ANNUAL AVG. LIFE OF MINE PRODUCTION1
- 11. 11 Valentine: Commissioning ExceedingExpectations Commissioning progress • First ore introduced on August 27 • First gold pour ahead of schedule on September 14 • Throughput averaged 4,992 tpd or 73% of nameplate (6,850 tpd) for the first 66 days of operations October mill performance • Throughput averaged 6,222 tpd (91% of nameplate) • 58% of days exceeded nameplate • Recoveries exceeded 93% Continued momentum Q4 and 2026 • Commercial production announced November 18 • Anticipating the upper end of 15,000 - 30,000 ounces in Q4 • Expect to reach nameplate capacity by Q2 2026 • On track for 150,000 - 200,000 ounces in 2026 • Phase 2 expansion studies targeting 4.5 – 5.0 Mtpa throughput • Significant exploration drilling underway
- 12. 12 1. Average annualproduction when operating at capacity, as outlined in the 2022 feasibility study. 3. March 2021 feasibility study showed average annual production of 218,000 oz per year. Permitting and optimization studies underway. 3. October 2022 feasibility study showed 280,000 oz average annual production. Timeline for construction not yet determined. Los Filos was suspended indefinitely on April 1, 2025 pending finalization of new community agreements. Growth Pipeline: Organic Growth Potential VALENTINE MINE Newfoundland, Canada ~180,000 oz/year1 14-year mine life CASTLE MOUNTAIN California, USA ~220,000 oz/year2 12-year mine life LOS FILOS MINE Guerrero, Mexico ~280,000 oz/year3 14-year mine life Ramp-up underway, targeting nameplate capacity by Q2 2026 Federal record of decision expected in December 2026 Advancing two-community development plan Path to top quartile valuation High-quality pipeline for organic growth Additional Tier 1 jurisdictional exposure Significant exploration upside across the portfolio investing $90 M in 2025
- 13. 13 Gaining Momentum: OnTrack for Strong Q4 and Further Progress in 2026 Greenstone, Canada • Continued operational improvements Valentine, Canada • Continued ramp-up of production and cash flow • Achieve design capacity by Q2 2026 • Exploration continues in Frank Zone and new discoveries • Phase 2 expansion studies underway Strategic opportunities and organic growth • Assess further opportunities to streamline the portfolio • Castle Mountain: Advance engineering to prepare for Federal Record of Decision in December 2026 • Los Filos: Exploration and engineering to support expansion project 1. Guidance reiterated, even after divestment of Pan Mine. Equinox Gold’s 2025 production and cost guidance includes the Calibre assets from January 1, 2025, but excludes production and costs associated with Castle Mountain, Los Filos and Valentine. 401,212 oz H1 2025 H2 2025 2025 Production Guidance (100%) 785,000 - 915,000 ozs1 (Excluding Los Filos, Castle Mountain and Valentine) 425,000 - 475,000 oz
- 14. 14 $5,634 $9,259 $9,531 $10,083 $11,373 $11,589 $12,175 $14,103 $15,243 $15,872 $19,316 $21,781 $37,467 B2Gold Endeavour Eldorado OceanaGold New Gold IAMGOLD Equinox Northern Star Kinross GoldFields Evolution Alamos Lundin Gold Equinox Gold: Building a Top Quartile Gold Company EV/2025-2027 Production ($/oz)1 (Analyst estimates) 1. EV = enterprise value. Based on analyst consensus estimates at November 15, 2025. Components to deliver top quartile valuation Quality high-margin gold assets, Located in Tier 1 jurisdictions, That deliver into expectations. Why Equinox Gold Established a foundation for market credibility Experienced leadership, proven track record of execution and delivery Two new long-life high-margin Canadian assets Growing cashflow from higher quality assets Deleveraging progressing Plan to return capital to shareholders within the next 18-24 months Additional organic growth: Valentine Phase 2 (Canada), Castle Mountain (USA), Los Filos (Mexico) Average: $14,869 Top Quartile: $26,188 EQXQX
- 15.
- 16. 16 Capital Structure ANALYST COVERAGE BMOCapital Markets, Canaccord Genuity, CIBC World Markets, Cormark Securities, Global Mining Research, Haywood Securities, National Bank Financial, RBC Capital Markets, Scotiabank, Stifel Nicolaus, TD Securities Common Shares 1 784.8 M Avg. Daily Shares Traded 5 TSX: 4.6 M + NYSE-A: 13.2 M Options and warrants @ avg. C$5.91 1,2 12.6 M Cash (at Sept 30, 2025) 6 ~$348.5 M Restricted Share Units 3 4.9 M Debt (at Sept 30, 2025) 7 ~$1,495 M, Available ~$320 M Potential Shares from Convertible Notes 4 31.5 M Convertible Notes @ avg. $6.73 8 $208 M Fully Diluted Shares 4 833.8 M Market Cap (at Nov 15, 2025) 9 ~C$15.0 B / US$10.9 B 1. Basic common shares outstanding at November 4, 2025. 2. Weighted average exercise price shown is the price that would be paid to Equinox Gold to receive one full Equinox Gold common share. Option and warrant numbers are shown as the number of common shares that would be issued upon exercise of the securities. 3. Restricted Share Units are shares committed to management and directors that are issued subject to time-based and performance-based vesting terms, as part of equity-based compensation. 4. Fully diluted shares outstanding includes the common shares issued should the convertible notes be converted. See footnote 8. 5. Average daily shares traded since January 2025. 6. Equinox Gold cash on hand at September 30, 2025, as reported in the Company’s Q3 financial results. 7. At September 30, 2025, Equinox Gold had an $850 M Revolving Credit Facility of which $680 M was drawn, a $500 M Term Loan that was fully drawn, a $312 M Sprott Loan and a $3 M Lafise Bank Loan. Equinox Gold also has a $350 M accordion feature of which $150 M is available prior to full repayment and cancellation of the Term Loan. On October 31, 2025, the Company repaid $25 M of the outstanding principal of the Revolving Credit Facility. 8. Face value of two convertible notes: $172.5 M note convertible at US$6.30 per common share expiring in October 2028 and a $35 M note convertible at C$12.14 per common shares expiring in March 2030. If both notes were fully converted, Equinox Gold would issue 31.5 M common shares. 9. Calculated using the November 30, 2025 share price for Equinox Gold.
- 17. 17 Leadership Team: AlignedWith Investors Ross Beaty, Chair Geologist and resource company entrepreneur with over 50 years of experience in the international minerals and renewable energy industries. Founded and is Chair Emeritus of Pan American Silver and since 1985 has successfully founded and divested a number of other public mineral resource companies. Past President of the Silver Institute in Washington, DC, a Fellow of the Geologist Association of Canada and the Canadian Institute of Mining, and a recipient of the Institute’s Past President’s Memorial Medal. Blayne Johnson, Director Co-founded and helped lead numerous successful companies, including Calibre Mining, Newmarket Gold and Terrane Metals. Brings over 38 years of experience in the investment community and currently serves as Chair of Featherstone Capital and Calibre Mining. Darren Hall, CEO & Director More than 35 years of experience in the mining industry. Previously served as Chief Operating Officer of Kirkland Lake Gold, which acquired Newmarket Gold, where he also served as Chief Operating Officer. Held roles of increasing responsibility for Newmont Corporation, where he worked for nearly 30 years. Graduated with a Bachelor of Mining Engineering (Hons) from the Western School of Mines in Kalgoorlie. Douglas Forster, Director More than 40 years of experience in the mining industry and capital markets, having acted as a geologist, founder, director, senior executive and financier. Mr. Forster was Founder, President & CEO of Newmarket Gold Inc. which operated three gold mines in Australia with annual production of over 225 koz/year. Newmarket was acquired by Kirkland Lake Gold in a $1 billion transaction in 2016. Mr. Forster holds a B.Sc. and M.Sc. In geological sciences from the University of British Columbia. 17.3% 4.5% 1.1% 1.0% 0.8% 0.5% 0.4% 0.3% 0.3% 0.2% 0.2% 0.1% 0.1% 0.1% Endeavour Mining #N/A SSR Mining Evolution B2Gold Eldorado Torex OceanaGold Alamos Centerra Regis IAMGOLD New Gold Northern Star Peer-leading Insider Ownership2 Equinox Gold
- 18. 18 2025 GUIDANCE1,3 2025 Guidance 1.Consolidated guidance as announced on June 11, 2025. Guidance is for full-year 2025 production and cost performance, including from Calibre Mining’s assets from January 1, 2025. 2. Total cash costs, all-in sustaining costs and growth capital (non-sustaining capital) are non-IFRS measures. See Cautionary Notes. 3. The Company may revise guidance during the year to reflect changes to expected results. Guidance does not include production from Valentine, which is on track to pour gold around the end of Q3 2025; from Castle Mountain, which is in residual leaching; or from Los Filos, at which operations were suspended indefinitely on April 1, 2025. 4. On August 7, 2025, Equinox Gold announced an agreement to sell Pan, Gold Rock and another Nevada asset for US$115 M. The transaction closed on October 1, 2025. CANADA Greenstone, Valentine BRAZIL Aurizona, RDM, Bahia Complex NICARAGUA Limon, Libertad UNITED STATES Mesquite, Pan4 Guidance does not include production from Valentine, Los Filos or Castle Mountain Production (ounces) Total Cash Costs2 ($/ounce) All-in Sustaining Cost2 ($/ounce) Growth Capital2 ($ million) Exploration ($ million) Greenstone 220,000 – 260,000 $1,275 – $1,375 $1,700 – $1,800 $80 – $85 $2 – $3 Brazil 250,000 – 270,000 $1,725 – $1,825 $2,275 – $2,375 $35 – $40 $21 – $24 Mesquite 85,000 – 95,000 $1,200 – $1,300 $1,800 – $1,900 $10 – $15 $2 – $3 Nicaragua 200,000 – 250,000 $1,200 – $1,300 $1,400 – $1,500 $60 – $70 $25 – $30 Pan4 30,000 – 40,000 $1,600 – $1,700 $1,600 – $1,700 $5 – $10 $5 – $10 Newfoundland N/A N/A N/A N/A $15 – $20 Consolidated 785,000 – 915,000 $1,400 – $1,500 $1,800 – $1,900 $190 – $220 $70 – $90
- 19. 19 SAFETY TRIFR2 of 2.21in 2024, 30% better than target Ten lost-time injuries, one fatality in 2024 Four sites had no lost-time injuries in 2024 Greenstone transitioned into operations and had no lost-time injuries in 2024 1. Equinox Gold 2024 ESG performance. 2. Total recordable injury frequency rate per million hours worked. 3. Significant environmental incident frequency rate (as defined by Equinox Gold’s reporting standards, which are outlined in the Company’s ESG Report) per million hours worked. 4. Greenhouse gas emissions. Responsible Mining: Committed to Excellence1 ENVIRONMENT SEIFR13 of 0.20 in 2024, 84% better than target No significant incidents in Q2-Q4 2024 Strategy to reduce GHG4 emissions by 25% by 2030 compared to “business as usual” SOCIAL 99% of employees are from country of operations 70% of direct employees are from local communities Significant community investment focused on education, health and culture programs REPORTING Publish annual ESG report based on GRI and SASB indicators that includes updates on the Company’s management of tailings and heap leach facilities, water stewardship initiatives and GHG reduction initiatives Improved S&P Corporate Sustainability Assessment score by 13% vs 2023
- 20. 20 Core Development Asset:Castle Mountain in California, USA 1. See Technical Disclosure. 0.51 g/t gold AVERAGE GRADE ~220,000 oz gold EXPECTED PER YEAR ~4.2 Moz P&P RESERVES1 ~1.5 Moz M&I RESOURCES1 14+ year INITIAL MINE LIFE
- 21. 21 ~100 km Established operatinghistory • Limon and Libertad are prolific mining districts with >6 Moz of historical gold production • Consistent reserve replacement, increased gold reserves >1.1 Moz1 Operating strategy • 2.7 Mt of total installed mill capacity, ~70% utilized • Excellent infrastructure: highway haulage costs ~$0.12 per tonne-km Consistent exploration success • Year-over-year reserve and resource expansion • New high-grade discoveries at both Limon and Libertad Platform for growth • Achieved permit-to-plant mine development in less than 18 months • More than 100 km of exploration drilling underway 1. Refer to the Calibre news release dated May 7, 2025. Nicaragua Operations: Cash-flowing Business Unit
- 22. 22 1. Aurizona commencedproduction in Q3 2019 and has consistently produced 100-120,000 oz of gold until 2024, when a geotechnical event in the main Piaba pit affected mining and production for three months. Guidance for 2025 is 70-90,000 oz of gold as Equinox Gold mines from a lower-grade pit and completes remediation work in the Piaba pit. 2. September 2021 pre-feasibility study showed 137,000 average annual production with 160,000 oz for three years. See Technical Disclosure and Cautionary Notes. 3. Mid-point of pro forma consolidated 2025 guidance. Brazil Operations: Cash-flowing Business Unit Aurizona Mine, Maranhão, Brazil Open-pit mine with 8,000 tpd CIL plant Production ~100,000 oz per year1 Expansion potential to ~140,000 oz per year with development of underground deposit and additional near-mine open-pit deposits2 Underground portal and decline will begin in late 2025 Near-mine and regional exploration potential Bahia Complex, Bahia, Brazil Combined unit with two processing plants - Santa Luz, open-pit with resin-in leach plant - Fazenda, open-pit/underground with CIL plant Combined production ~135,000 oz per year3 Upside potential with higher grades at Fazenda and improved recoveries at Santa Luz Significant exploration potential along the 70-km greenstone belt that hosts the two mines BAHIA COMPLEX AURIZONA ~1,000 km RDM
- 23. 23 RDM CASTLE MOUNTAIN AURIZONA + EXPANSION ExplorationUpside: Exploration Success a Significant Value Driver GREENSTONE Mine life extension, new discoveries, value creation BAHIA COMPLEX VALENTINE MESQUITE GOLDEN EAGLE LOS FILOS LIMON / LIBERTAD PRODUCING MINE ORGANIC GROWTH OPPORTUNITY Resource expansion & Discovery drilling $70 – $90 M Multi-rig New discovery >$15M drilling Resource expansion >$20M drilling Resource expansion, Regional exploration >$20M drilling
- 24. 24 1. Refer tothe Calibre news releases November 25, 2024, February 5, 2025 and February 11, 2025. Valentine Upside: Multi-kilometre Shear Zone with Significant New Discovery • Discovery of new high-grade gold trending southwest towards new Frank Zone discovery indicates strong resource expansion potential1 • Frank Zone discovery indicates potential for additional open pit1 - 2.43 g/t Au over 172.8 metres, including 3.84 g/t Au over 90.9 metres and 2.12 g/t Au over 95.4 metres - 2.26 g/t Au over 78.3 metres, 3.08 g/t Au over 48.2 metres, 1.94 g/t Au over 36.4 metres, 1.62 g/t Au over 44.6 metres
- 25. 25 1. See Measured& Indicated Resources, Inferred Resources, Technical Disclosure and Cautionary Notes. Greenstone Upside: Extend Mine Life, Increase Production Expand throughput • Power and equipment available and designed to support 30 ktpd throughput Greenstone open pit • Potential expansion of the open-pit to the west • Convert inferred resources within the pit 500 m Looking North Greenstone Mine Geology Resource Shell 2024, $1,700 Au Historical Underground Depletion Au grade (g/t) *blocks filtered for Inferred classification and ≥2 g/t Au Westernmost drill hole (MM170) intersected 20.5 m @ 18.49 g/t Au Greenstone underground • 10.96 Mt at 4.20 g/t gold (1.5 Moz Indicated) and 19.48 Mt at 3.88 g/t gold (2.4 Moz Inferred)1 • Not included in current mine life economics
- 26. 26 1. See Measured& Indicated Mineral Resources, Inferred Mineral Resources, Technical Disclosure and Cautionary Notes. Greenstone Upside: Near-mine and Belt-scale Exploration Potential Excellent discovery and growth potential within the Beardmore-Geraldton Belt including: • Two past-producing targets with combined 500 koz of M&I resources1 within trucking distance • Brookbank Deposit hosts 600 koz M&I resources1 in high-grade open-pit and underground deposit • Beardmore Property hosts three past-producing mines with historical production of >1 Moz at grades >10 g/t gold with no modern exploration • 396 km2 land package with little to no modern exploration and >4 Moz gold historical production Greenstone Beardmore
- 27. 27 1. See CautionaryNotes and Technical Disclosure. Numbers may not sum due to rounding. Proven & Probable Mineral Reserves1 Mine/Project Proven Probable Proven & Probable Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz) Greenstone 6,817 1.16 255 137,846 1.23 5,445 144,662 1.23 5,700 Valentine 23,400 1.89 1,400 28,200 1.40 1,300 51,600 1.62 2,700 Mesquite 5,045 0.77 125 5,045 0.77 125 Castle Mountain 81,398 0.57 1,485 162,410 0.50 2,620 243,808 0.52 4,105 Los Filos 35,453 0.77 877 157,773 0.88 4,477 193,226 0.86 5,354 El Limon 4,312 5.03 697 4,312 5.03 697 La Libertad 3,733 3.59 431 3,733 3.59 431 Aurizona 16,581 1.39 740 15,749 1.82 920 32,330 1.60 1,660 Santa Luz 21,578 1.39 966 3,361 1.01 109 24,939 1.34 1,075 Fazenda 12,293 1.82 719 868 1.60 45 13,161 1.80 763 RDM 3,670 0.97 114 8,866 0.91 261 12,536 0.93 375 Total Proven & Probable 6,456 16,430 22,985
- 28. 28 1. Resources areexclusive of Reserves. 2. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding. Measured & Indicated Mineral Resources1 Mine/Project Measured Indicated Measured & Indicated Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz) Greenstone 29,967 2.30 2,218 29,967 2.30 2,218 Brookbank 3,428 5.45 600 3,428 5.45 600 Kailey 11,276 0.96 348 11,276 0.96 348 Key Lake 3,761 1.16 141 3,761 1.16 141 Hasaga 1,470 8.64 408 1,470 8.64 408 Valentine 9,968 1.50 480 18,546 1.42 846 28,513 1.45 1,327 Mesquite 6,716 0.66 143 69,197 0.42 945 75,913 0.45 1,088 Castle Mountain 781 0.68 17 73,452 0.62 1,453 74,234 0.62 1,470 Golden Eagle 30,700 1.49 1,500 14,700 1.16 500 45,400 1.37 2,000 Los Filos 47,306 1.15 1,757 278,020 0.69 6,140 325,326 0.75 7,897 El Limon 8,530 1.85 507 8,530 1.85 507 La Libertad 2,909 2.95 276 2,909 2.95 276 Aurizona 3,505 1.45 163 14,612 1.50 704 18,117 1.49 868 Santa Luz 10,107 1.23 398 6,475 2.41 502 16,582 1.69 900 Fazenda 18,418 2.28 1,348 3,000 1.83 176 21,418 2.21 1,524 RDM 351 0.69 8 1,609 1.09 57 1,960 1.02 64 Total Measured & Indicated 5,814 15,821 21,636
- 29. 29 1. See CautionaryNotes and Technical Disclosure. Numbers may not sum due to rounding. Inferred Mineral Resources1 Mine/Project Inferred Tonnes (kt) Grade (g/t) Contained Gold (koz) Greenstone 26,371 3.26 2,763 Brookbank 751 3.30 80 Kailey 4,858 0.87 136 Key Lake 1,839 1.39 82 Hasaga 2,059 7.31 484 Valentine 20,312 1.65 1,079 Mesquite 5,683 0.30 55 Castle Mountain 68,980 0.63 1,422 Golden Eagle 5,400 0.90 200 Mine/Project Inferred (cont.) Tonnes (kt) Grade (g/t) Contained Gold (koz) Los Filos 135,935 0.74 3,237 El Limon 6,332 4.43 902 La Libertad 3,391 3.09 337 Cerro Aeropuerto 6,052 3.64 708 Primavera 44,974 0.54 782 Aurizona 12,689 2.19 895 Santa Luz 7,254 2.09 490 Fazenda 4,681 1.77 266 RDM 199 0.95 6
- 30. 30 National Instrument 43-101 Scientificand technical information concerning the Los Filos Mine Complex is summarized, derived, or extracted from the “Updated Technical Report for the Los Filos Mine Complex, Mexico” dated June 30, 2022 with an effective date of October 19, 2022. Scientific and technical information concerning the Greenstone Gold Mine is summarized, derived, or extracted from the “Technical Report on the Greenstone Gold Mine, Geraldton, Ontario” dated October 1, 2024 with an effective date of June 30, 2024. Scientific and technical information concerning the Mesquite Mine is summarized, derived, or extracted from the “Technical Report on the Mesquite Gold Mine, Imperial County, California, U.S.A.” prepared by AGP Mining Consultants Inc. dated April 27, 2020 with an effective date of December 31, 2019. Mesquite Mineral Reserve and Mineral Resources were updated at June 30, 2020 with the results announced in a news release dated October 8, 2020. Scientific and technical information concerning the Aurizona Mine is summarized, derived, or extracted from the “Technical Report on the Aurizona Gold Mine Expansion Pre- Feasibility Study” prepared by AGP Mining Consultants Inc. dated November 4, 2021 with an effective date of September 20, 2021. Scientific and technical information concerning the Fazenda Mine is summarized, derived, or extracted from the “Technical Report on the Fazenda Gold Mine, Bahia State, Brazil” prepared by Equinox Gold Corp. dated January 31, 2025 with an effective date of June 30, 2024. Scientific and technical information concerning the RDM Mine is summarized, derived, or extracted from the “NI 43-101 Technical Report on the Riacho dos Machados Gold Mine, Minas Gerais, Brazil” prepared by Equinox Gold Corp. dated October 22, 2021 with an effective date of December 31, 2020. Scientific and technical information concerning the Castle Mountain Mine is summarized, derived, or extracted from the “Technical Report on the Castle Mountain Project Feasibility Study” prepared by M3 Engineering & Technology Corp. dated March 17, 2021 with an effective date of February 26, 2021. Each of these Technical Reports has been filed with Canadian securities regulatory authorities and is available for review on Equinox Gold’s website at www.equinoxgold.com, on Equinox Gold’s profile on SEDAR+ at www.sedarplus.ca and on Equinox Gold’s profile on EDGAR at www.sec.gov/edgar. Scientific and technical information concerning the Valentine Mine is summarized, derived, or extracted from the “Valentine Gold Project NI 43-101 Technical Report and Feasibility Study, Newfoundland and Labrador, Canada” dated December 20, 2022 with an effective date of November 30, 2022. Scientific and technical information concerning the La Libertad Complex is summarized, derived, or extracted from the “Technical Report on La Libertad Complex, Nicaragua, Report for NI 43-101” dated March 29, 2022 with an effective date of December 31, 2021. Scientific and technical information concerning the El Limon Mine is summarized, derived, or extracted from the “Technical Report on El Limon Complex, Leon and Chinandego Departments, Nicaragua, Report for NI 43-101” dated March 30, 2021 with an effective date of December 31, 2020. Each of these Technical Reports has been filed with Canadian securities regulatory authorities and is available for review on Equinox Gold’s website at www.equinoxgold.com and on Calibre Mining’s profile on SEDAR+ at www.sedarplus.ca. Readers are reminded that results outlined in the technical reports for some of these projects are preliminary in nature and may include Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the mine plans and economic models contained in any of the reports will be realized. Readers are further cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Readers are also advised to refer to the latest annual information form and technical reports of the Companies as well as other continuous disclosure documents filed by the Companies, which are available on SEDAR+, for detailed information (including qualifications, assumptions and notes set out accordingly) regarding the Mineral Reserve and Mineral Resource information contained in this document. Technical Information The scientific and technical information contained in this presentation related to the Greenstone, Castle Mountain, Mesquite, Los Filos, Aurizona, Bahia Complex (Santa Luz and Fazenda), RDM, Kailey, Key Lake, Hasaga and Brookbank properties was reviewed by Philippe LeBleu, P.Eng., VP Mining Engineering and a "Qualified Person" for Equinox Gold under National Instrument 43-101. The scientific and technical information related to the Valentine, El Limon, La Libertad and Golden Eagle properties was reviewed by David Schonfeldt, P.Geo., VP Mine Geology and a "Qualified Person" for Equinox Gold under National Instrument 43-101. Technical Disclosure
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