Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (December 2024)
32 slides from Equinox Gold's investor presentation, December 2024
Slide 1: Creating the Premier Americas Gold Producer
Creating the Premier Americas Gold Producer Corporate Presentation December 2024 Greenstone Gold Mine
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements those expressed or implied by such forward-looking statements and information contained in this presentation and the within the meaning of applicable securities
Slide 3: Equinox Gold: A Diversified Gold Producer
Equinox Gold: A Diversified Gold Producer 7 3 GREENSTONE PRODUCING MINES EXPANSION PROJECTS CASTLE MOUNTAIN EXPANSION ~19 ~17 MESQUITE Moz Moz P&P GOLD RESERVES M&I GOLD RESOURCES1 LOS FILOS / EXPANSION AURIZONA / EXPANSION Path to achieve SANTA LUZ 1+ Moz FAZENDA ANNUAL GOLD PRODUCTION2 RDM 1. M&I
Slide 4: 2024 Guidance: ~630,000 oz of Gold
2024 Guidance: ~630,000 oz of Gold1 LOS FILOS AURIZONA BAHIA COMPLEX GREENSTONE Guerrero, Mexico Maranhão, Brazil Bahia, Brazil Ontario, Canada ~165,000 oz ~75,000 oz ~142,500 oz ~120,000 oz of gold1 of gold1 of gold1 of gold1 MESQUITE, RDM AND 2024 GUIDANCE CASTLE MOUNTAIN PRODUCTION CASH COSTS AIS
Slide 5: Greenstone: A New Cornerstone Asset for Equinox Gold
Greenstone: A New Cornerstone Asset for Equinox Gold ~390,000 oz gold EXPECTED PER YEAR1,2 15+ year 1.23 g/t gold INITIAL MINE LIFE AVERAGE GRADE ~5.7 Moz ~2.2 Moz P&P RESERVES2 M&I RESOURCES2 1. Average annual production for the first five years. 2. See Technical Disclosure. 5
Slide 6: Greenstone is One of Canada's Largest Gold Mines
Greenstone is One of Canada’s Largest Gold Mines… … And One of Canada’s Highest Grade Open-pit Gold Mines 750,000 3.50 2024F / Long-Term Gold Production (oz) Primary Open-pit Gold Mine 3.00 Open-Pit Reserve Grade (g/t gold) 600,000 Primary Underground Gold Mine 2.50 450,000 2.00 1.50 300,000 1.00 15
Slide 7: Greenstone Will Be One of the World's Lowest-Cost Gold Mines
Greenstone Will Be One of the World’s Lowest-Cost Gold Mines Global Gold Mines Total Cash Cost Curve ($/oz)1 $2,500 $2,000 Greenstone will be in Cash Costs ($/oz of Gold Sold) the lower quartile of global cash costs2 $1,500 $1,000 $500 $0 Labor Energy Reagents Other Onsite TCRC+Shipment Royalty 1. S
Slide 8: Greenstone in Commercial Production
Greenstone in Commercial Production Commercial production announced November 6 Ramp-up First ore into circuit on April 6 progress First gold pour on May 22 Produced 16,247 oz in Q2 Produced 42,448 oz in Q3 Mining Mining rates increased from 125,000 tpd in September to 145,000 tpd in October Target o
Slide 9: Opportunities to Extend Greenstone Mine Life, Increase Production
Opportunities to Extend Greenstone Mine Life, Increase Production Au grade Resource Shell (g/t) 2024, $1,700 Au Historical Underground Depletion Greenstone Mine Geology Looking North Westernmost drill hole (MM170) 500 m intersected 20.5 m @ 18.49 g/t Au *blocks filtered for Inferred classification a
Slide 10: Greenstone Near-mine & Belt-scale Exploration Potential
Greenstone Near-mine & Belt-scale Exploration Potential Belt-scale potential Near-mine potential 1 10km 1 Hosts the unexploited Kailey Deposit) • 700 koz within trucking distance1 • 680 koz high-grade Brookbank deposit1 2km • Exploration potential 1. See Measured & Indicated Mineral Resources, Infer
Slide 11: Production Growth From Mine Expansions
Production Growth From Mine Expansions GREENSTONE With a full year MINE ~390,000 oz/year1 + 390 koz1 of production Ontario, Canada 15-year mine life AURIZONA MINE ~140,000 oz/year2 + 20 koz Mining of underground and Maranhão, Brazil 11-year mine life open-pit deposits concurrently CASTLE Increase mi
Slide 12: Financial Position at September 30, 2024
Financial Position at September 30, 20241 AVAILABLE LIQUIDITY RESILIENCE DEBT Unrestricted cash Ongoing cash flow from Drawn debt2 ~$168 M seven operating mines3 $1,095 M Undrawn credit facility2 Undrawn accordion4 Convertible notes5 $105 M $100 M $312 M ($6.40/share avg.) ~$168 M + ~$105 M CASH & E
Slide 13: Inflection Point: Increasing Production, Lower Costs, North America Focus
Inflection Point: Increasing Production, Lower Costs, North America Focus Increasing Production, Lower Costs1 Consensus NAV by Region; Top-Tier Mining Jurisdictions1,2 $1,900 1,000,000 $1,700 Brazil 23% (Actual / Consensus Estimates $/oz) (Actual / Consensus Estimates, oz) 800,000 $1,500 Annual Gold
Slide 14: Deleveraging Plan
Deleveraging Plan Focus on funding growth through 2024, with a shift in focus to debt reduction 2025+ through significantly increased EBITDA and cash flow from owning 100% of Greenstone Investment focus Deleverage 1,400 EBITDA 1,200 3.75x Consolidation and Production 3.47x Acquired Premier Gold 3.02
Slide 15: Substantial Growth, Attractive Valuation
Substantial Growth, Attractive Valuation Price to NAV (x) Total Reserves (Moz Au) 2026E Production (Moz Au) ’23A-’26E Prod. Growth (%) Regis 1.3x Northern Star 20.9 Northern Star 2.0 IAMGOLD 82% Evolution 1.2x EQX Equinox 19.3 Endeavour 1.3 EQX Equinox 71% Northern Star 1.1x Alamos 16.2 B2Gold 1.0 E
Slide 16: Revaluation As Production Grows Toward 1+ Moz
Revaluation As Production Grows Toward 1+ Moz Scale, Liquidity, Cash Flow, Diversified Revalue toward a Senior Producer1 1.1x Increased Increased Long reserve production cash flow life 0.8x 0.6x Reduced Reduced Top mining costs execution risk jurisdictions EQUINOX INTERMEDIATE SENIOR GOLD PRODUCERS
Slide 17: Aligned With Investors
Aligned With Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership2 6.6% Endeavour Mining 18.5% 13% Ross Beaty / Insiders Equinox 6.6% 80% Retail/Other SSR Mining 1.1% Institutional Evolution 1.0% B2Gold 0.8% Eldorado 0.5% Torex 0.4% Geographic Location1 12% OceanaGold 0.3% USA Alamos
Slide 18: Q3 Inflection Point: Accelerating Sales and EBITDA Growth
Q3 Inflection Point: Accelerating Sales and EBITDA Growth Quarterly Gold Sales and Adjusted EBITDA 180,000 180,000 160,000 160,000 Quarterly Adjusted EBITDA (thousands $) 140,000 140,000 Quarterly Gold Sales (oz) 120,000 120,000 100,000 100,000 80,000 80,000 60,000 60,000 40,000 40,000 20,000 20,000
Slide 19: 2024: A Transformative Year for Equinox Gold
2024: A Transformative Year for Equinox Gold Exposure to strong and rising gold prices Near-term, low-cost production growth from a world-class mine at the beginning of its mine life in one of the world’s best mining jurisdictions Increased cash flow with lower consolidated operating costs Greenston
Slide 20: Appendix
TSX: EQX NYSE-A:EOX IX Append
Slide 21: Corporate Summary
Corporate Summary Common Shares 1 455.4 M Avg. Daily Shares Traded 5 TSX: 1.2 M + NYSE-A: 2.4 M Options @ avg. C$6.19 1,2 0.5 M Cash (at Sept 30, 2024) ~$168 M Restricted Share Units 3 7.4 M Debt (at Sept 30, 2024) 6 Drawn $1,095 M, Available $105 M Potential Shares from Convertible Notes 4 48.8 M C
Slide 22: 2024 Production and Cost Guidance
2024 Production and Cost Guidance Production Cash Costs1,2 AISC1,2 Sustaining Non-sustaining (ounces) ($/ounce) ($/ounce) Expenditures ($M) 1,2 Expenditures ($M)2 Greenstone3 110,000 - 130,000 $850 - $950 $1,050 - $1,150 $9 $199 Mesquite 55,000 - 65,000 $1,345 - $1,445 $1,410 - $1,510 $5 $60 Castle
Slide 23: Permitting Castle Mountain Phase 2
Permitting Castle Mountain Phase 2 Castle Mountain Phase 2 expansion will be contained within existing approved mine boundary but requires modifications to the Mine and Castle Mountain Reclamation Plan and an updated Environmental Impact Statement due to increased land disturbance within mine bounda
Slide 24: Bahia: District-scale Potential Between Fazenda and Santa Luz Mines
Bahia: District-scale Potential Between Fazenda and Santa Luz Mines 24
Slide 25: Aurizona: Advancing an Underground Expansion
Aurizona: Advancing an Underground Expansion1 Extend mine life and increase production by mining underground deposit and satellite open- pit deposits concurrently with existing open pit Permits in place for three portal locations Advancing feasibility study Starting portal development in 2025 1. See
Slide 26: Aurizona: Mine Life Extension Along Strike and to North
Aurizona: Mine Life Extension Along Strike and to North2 Numerous deposits within trucking distance of existing plant and surface infrastructure Unexplored structure north of existing Piaba open pit 1. Exploration composites are calculated on uncapped assay values. The samples are from the saprolite
Slide 27: Aurizona: District-scale Potential on EQX Land Package
Aurizona: District-scale Potential on EQX Land Package Numerous regional targets on ~1,100 km2 land package with potential to establish a mining district 27
Slide 28: Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves1 Proven Probable Proven & Probable Mine/Project Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Mesquite 34 0.79 1 30,264 0.48 470 30,298 0.48 471 Castle Mountain 84,910 0.55 1,4
Slide 29: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources1,2 Measured Indicated Measured & Indicated Mine Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Mesquite 81 0.77 2 104,910 0.41 1,382 104,991 0.41 1,384 Castle Mountain 781 0
Slide 30: Inferred Mineral Resources
Inferred Mineral Resources1 Tonnes Grade Contained Mine (kt) (g/t) Gold (koz) Mesquite 84,030 0.34 912 Castle Mountain 69,890 0.63 1,422 Los Filos 135,935 0.74 3,237 Aurizona 12,689 2.19 895 Fazenda 3,283 1.50 158 RDM 3,614 1.95 226 Santa Luz 7,254 2.09 490 Greenstone 26,371 3.26 2,763 Brookbank 751
Slide 31: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or Scientific and technical information concerning the Santa Luz Project is summarized, derived, or extracted from the “Updated Technical Report for the
Slide 32: Contact
+1 604.558.0560 x 119 ir@equinoxgold.com TSX: EQX | NYSE-A: EQX www.equinoxgold.com