Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (August 2026)
28 slides from Equinox Gold's investor presentation, August 2026
Slide 1: North America's New Senior Gold Producer
TSX: EQX NYSE-A: EQX North America’s New Senior Gold Producer CORPORATE PRESENTATION AUGUST 2026 Date X, 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward- Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, cash costs per looking statements within the meaning of applicable securities legisla
Slide 3: Equinox Gold: A Canada-Focused, North American Portfolio
Equinox Gold: A Canada-Focused, North American Portfolio JULY 2026 MERGER WITH ORLA MINING CREATED… 1.1 Moz +1.9 Moz MUSSELWHITE VALENTINE ANNUAL Path to Achieve POTENTIAL ANNUAL GREENSTONE PRODUCTION1 GOLD PRODUCTION >800 Koz3 ORGANIC GROWTH IN NORTH AMERICA SOUTH CARLIN COMPLEX 6 4 4 MESQUITE CAST
Slide 4: Portfolio in Place: Delivering a Top Tier Gold Company
Portfolio in Place: Delivering a Top Tier Gold Company POSITIONED TO DELIVER TOP TIER VALUATION 75% Value-Weighted in Canada & USA (Consensus Analyst NAV by Region)1 Tier-1 Jurisdictions • 75% of NAV in Canada and the USA • 70% of production from Tier-1 jurisdictions Substantial and Growing Cana
Slide 5: Re-Rate Potential: Compelling Valuation Upside Versus Peers
Re-Rate Potential: Compelling Valuation Upside Versus Peers Market Cap ($B) 2026E Production (Moz Au) Price to NAV (ratio) EV / ‘26E Production ($/oz) (Analyst estimates) (Analyst estimates) (Analyst estimates) Gold Fields $36.6 Gold Fields 2.5 Coeur 1.2x Pan American $30,098 Kinross $32.9 Kinross 2
Slide 6: A Leading Canadian Gold Producer
A Leading Canadian Gold Producer EQUINOX GOLD IS NOW THE SECOND-LARGEST PRODUCER OF CANADIAN GOLD Run-rate Top 15 Producers of Canadian Gold production2 2026 Annual Guidance Midpoint (koz) 2,955 778 685 475 410 323 295 280 278 248 200 193 193 148 1 Source: Company filings, S&P Capital IQ Pro 1. Priv
Slide 7: Re-Rate Opportunity: Closing the Valuation Gap
Re-Rate Opportunity: Closing the Valuation Gap 2026E Gold Production (koz Au) ALAMOS ENTERPRISE VALUE TO PRODUCTION $13.6B ÷ 570 koz = $23,821 / oz +89% 2,000 ~$26B implied value for Equinox Gold +900 koz 1,500 +530 koz EQUINOX GOLD ENTERPRISE VALUE TO PRODUCTION $13.9B ÷ 1,100 koz = $12,609 / oz 1,
Slide 8: Updated 2026 Guidance: Growing Production and Cash Flow
Updated 2026 Guidance: Growing Production and Cash Flow 2026 GUIDANCE* 5 Months (August to December) of contribution from Musselwhite and Camino Rojo +1.1 Moz of full year production from all assets Greenstone Musselwhite Valentine Nicaragua Camino Rojo Mesquite Project Pipeline (Jan - Dec) (Aug - D
Slide 9: Leading Canadian Producer: Three Cornerstone Assets
Leading Canadian Producer: Three Cornerstone Assets Greenstone, Ontario Musselwhite, Ontario Valentine, Newfoundland ~320,000 oz gold ~235,000 oz gold ~223,000 oz gold AVG. ANNUAL PRODUCTION (2026-2036)1 ANNUAL PRODUCTION AVG. ANNUAL PRODUCTION (2026-2036)4 14+ year ~5.3 Moz ~28 years ~1.5 Moz 11+ y
Slide 10: USA Assets: ~75,000 oz Gold Today, Growth to +400,000 oz/year
USA Assets: ~75,000 oz Gold Today, Growth to +400,000 oz/year South Carlin Complex2 Castle Mountain1 Mesquite Mine1 Nevada, USA California, USA California, USA • 1.5 Moz P&P Reserves, 2.5 Moz M&I • 4.1 Moz P&P Reserves, 1.5 Moz M&I • Open-pit heap leach mine Resources Resources • More than 5 Moz gol
Slide 11: Mexico Assets: ~115,000 oz Gold Today, Growth to +495,000 oz/year
Mexico Assets: ~115,000 oz Gold Today, Growth to +495,000 oz/year Camino Rojo, Zacatecas, Mexico1 Los Filos, Guerrero, Mexico2 • Open-pit gold-silver heap leach mine • 5.4 Moz P&P Reserves, 7.9 Moz M&I Resources • 2026 full-year guidance: ~115,000 oz3 • ~280,000 oz/year production for 14 years from
Slide 12: Unmatched Growth: Clear Near-Term Path to 1.9 Moz of Production
Unmatched Growth: Clear Near-Term Path to 1.9 Moz of Production OVER 800 Koz OF ORGANIC GROWTH IN NORTH AMERICA VALENTINE1 Newfoundland, Canada • Phase 2 construction anticipated to begin in Q3 2026 double throughput to ~5.0 Mtpa ~48 koz 2.7 Moz Reserves • Construction to be completed in late 2028
Slide 13: Equinox Gold: A Stronger, Growth-Oriented Senior Gold Producer
Equinox Gold: A Stronger, Growth-Oriented Senior Gold Producer Key Metrics in Place to Deliver Top Quartile Valuation 1,500,000 Quality long-life, high-margin gold assets + 800,000 oz organic growth pipeline 4 Located in Tier 1 jurisdictions – over 60% of production in Canada Track record of d
Slide 14: Appendix
Appendix
Slide 15: Capital Structure
Capital Structure Common Shares 1 1,167.5 M Avg. Daily Shares Traded 5 TSX: 5.3 M + NYSE-A: 12.2 M Options and warrants 2 42.3 M Cash (at Jul 31, 2026) 6 ~$729 M Restricted Share Units 3 6.3 M Debt / Available Liquidity (at Jul 31, 2026) 7 ~$515 M / ~$1.2 B Potential Shares from Convertible Notes 4
Slide 16: Greenstone Upside: Extend Mine Life, Increase Production
Greenstone Upside: Extend Mine Life, Increase Production Greenstone Mine Geology Open pit Isometric view looking Northeast • Potential expansion of the open pit to the west Red blocks show ore above 1 g/t Au • Convert inferred resources within the open pit 500 m Expand throughput • Power and equipme
Slide 17: Greenstone Upside: Near-mine and Belt-scale Exploration Potential
Greenstone Upside: Near-mine and Belt-scale Exploration Potential Beardmore Greenstone 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 k
Slide 18: Musselwhite Upside: Excess Mill Capacity
Musselwhite Upside: Excess Mill Capacity1 Leverage Untapped Excess Mill Capacity • Nameplate mill capacity of 1.5 Mtpa with ~1.0 Mtpa current utilization - 0.5 Mtpa excess mill capacity • Fleet modernization and improved ore flow have driven higher utilization • Untapped mill capacity provides near-
Slide 19: Musselwhite Upside: Significant Opportunity for Resource Growth, Exploration Along Trend
Musselwhite Upside: Significant Opportunity for Resource Growth, Exploration Along Trend1 2km confirmed mine trend extension • 12,553 m drilled in 2025; 15,600 m drilling planned in 2026 (3 rigs) • Drilling indicates stacked mineralized zones: • 2km mine trend extension confirmed with extended geolo
Slide 20: Valentine Phase 2 Expansion: 25% Production Increase
Valentine Phase 2 Expansion: 25% Production Increase Phase 2 expansion1 • Increasing throughput from 2.5 Mtpa to 5.0 Mtpa • $436 million capital cost for mill expansion, fleet expansion and on- site infrastructure expansion, including $54 million contingency • Construction anticipated to begin Q3 20
Slide 21: Valentine Gold Mine: Property Overview
Valentine Gold Mine: Property Overview View VRIFY 3D images 21
Slide 22: Valentine Upside: Multi-kilometre Shear Zone with Significant New Discoveries
Valentine Upside: Multi-kilometre Shear Zone with Significant New Discoveries • Discovery of new high-grade Minotaur Zone 8 km north of the mill • Frank Zone discovery along trend from existing Reserves indicates additional open pit potential1 - 2.43 g/t Au over 172.8 metres - 2.26 g/t Au over 78.3
Slide 23: Nicaragua Operations: Cash-flowing Business Unit
Nicaragua Operations: Cash-flowing Business Unit Established operating history • 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
Slide 24: Proven & Probable Gold Mineral Reserves
Proven & Probable Gold Mineral Reserves1 Proven Probable Proven & Probable Mine/Project, Location Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Greenstone, Canada 6,900 0.75 164 172,500 0.93 5,169 179,300 0.93 5
Slide 25: Measured & Indicated Gold Mineral Resources
Measured & Indicated Gold Mineral Resources1,2,3 Measured Indicated Measured & Indicated Mine/Project, Location Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Greenstone, Canada 22 0.51 0 53,949 1.71 2,966 53,970
Slide 26: Inferred Mineral Resources
Inferred Mineral Resources1 Inferred Mine/Project, Location Tonnes (kt) Grade (g/t) Contained Gold (koz) Greenstone, Canada 31,182 1.66 1,663 Brookbank, Canada 1,491 2.36 113 Kailey, Canada 7,758 0.55 138 Key Lake, Canada 4,905 1.00 158 Hasaga, Canada 2,059 7.31 484 Valentine, Canada 31,989 1.10 1,1
Slide 27: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Greenstone Gold Mine is summarized, derived, dated March 29, 2022 with an effective date of December 31, 2021. Scientific and technical or extracted from the “NI 43-101 Technical Report, Greenstone Pr
Slide 28: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 28