Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (February 2026)
29 slides from Equinox Gold's investor presentation, February 2026
Slide 1: Delivering a Top Quartile Gold Producer
TSX: EQX NYSE-A: EQX Delivering a Top Quartile Gold Producer CORPORATE PRESENTATION FEBRUARY 2026 Date X, 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward- announce the results of any change to any Forward-looking Information contained or incorporated by looking statements within the meaning of applicable securities legislation and m
Slide 3: Equinox Gold's mission at inception: major Americas-focused gold producer
Equinox Gold’s mission at inception was to deliver superior leverage to gold by creating a major Americas focused gold producer with a large gold endowment and more than 1 Moz annual gold production 2018 2019 2020 2021 2022 2023 2024 20251 20262 25,601 oz 201,017 oz 477,186 oz 602,110 oz 532,319 oz
Slide 4: Equinox Gold: A Major Americas-Focused Gold Producer
Equinox Gold: A Major Americas-Focused Gold Producer 3 PRODUCTION REGIONS 3 GROWTH OPPORTUNITIES GREENSTONE GOLDEN EAGLE ~19 ~18 VALENTINE + PHASE 2 EXPANSION Moz Moz MESQUITE CASTLE MOUNTAIN P&P RESERVES1 M&I GOLD RESOURCES1 LOS FILOS 700,000 – 800,000 OZ LIMON / LIBERTAD 2026 PRODUCTION2 PRODUCTIO
Slide 5: New Mission: Delivering a Top Quartile Gold Company
New Mission: Delivering a Top Quartile Gold Company Positioned to deliver top quartile valuation Diversified portfolio weighted to Canada (Consensus Analyst NAV by Region)2 Substantial, long-life assets: 70% of consensus production from three mines with average 13-year mine life1 Tier 1 jurisdic
Slide 6: 2025 Report Card: Market Outperformance
2025 Report Card: Market Outperformance 2025 Performance H1 & H2 2025 Performance 200% 160% EQX GDX 145% H1 2025 175% 140% Gold Price Peers H2 2025 Post Calibre Merger 150% with New Management 120% 125% 100% 100% 80% 70% 65% 75% 60% 57% 54% 50% 40% 30% 26% 25% 20% 9% 0% 0% Jan Feb Mar Apr May Jun Ju
Slide 7: Catching Up to Peers: Jan 2022 – Dec 2025 Performance
Catching Up to Peers: Jan 2022 – Dec 2025 Performance1 Lundin Gold 994.2% Oceana Gold 489.4% IAMGOLD 474.9% Alamos 444.7% Kinross Gold 426.7% Equinox Gold is at an inflection point Eldorado 315.9% Top Quartile Optimized portfolio in Tier 1 jurisdictions 652% Gold Fields 297.3% New leadership tea
Slide 8: Key Opportunity: Potential for Significant Shareholder Returns
Key Opportunity: Potential for Significant Shareholder Returns Price to NAV (x) EV/2026-2028 Production ($/oz)1 2026-2028 EBITDA Growth (%)1 (Analyst estimates) (Analyst estimates) (Analyst estimates) Lundin Gold 2.13x Lundin Gold $42,245 Northern Star 63% Coeur Mining 1.91x Pan American $29,340 B2G
Slide 9: Leadership Team: Aligned With Investors
Leadership Team: Aligned With Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership1 4.4% Endeavour 14.8% Ross Beaty / Insiders 59% Equinox Gold EQX 4.4% 17% Indices Northern Star 3.7% Retail/Other Coeur Mining 1.5% Institutional Evolution 1.1% 19% IAMGOLD 0.9% B2Gold 0.8% Geographic L
Slide 10: Greenstone: Ontario, Canada
Greenstone: Ontario, Canada ~330,000 oz gold AVERAGE ANNUAL PRODUCTION, LIFE OF MINE1 ~5.7 Moz 15+ year P&P RESERVES1 INITIAL MINE LIFE RAMPING UP TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 1. As reported in the 2024 technical report. See Cautionary Notes, Appendix slides and Technical Disclosure. 1
Slide 11: Greenstone: Operational Improvements Yielding Positive Results
Greenstone: Operational Improvements Yielding Positive Results Q4 2025 performance Greenstone 2025 Performance • Produced 72,091 ounces, 29% increase vs Q3 6 1.29 g/t 80,000 • Mining exceeded 198,000 tpd, 9% increase vs Q3 and 31% increase 1.06 g/t 1.05 g/t vs H1 2025 5 70,000 0.92 g/t Ounces Produc
Slide 12: 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 13: 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 14: Valentine: Newfoundland, Canada
Valentine: Newfoundland, Canada ~180,000 oz gold AVERAGE ANNUAL PRODUCTION, LIFE OF MINE1 ~2.7 Moz 14+ year P&P RESERVES1 INITIAL MINE LIFE RAMPING UP FIRST GOLD POUR SEPTEMBER 14, COMMERCIAL PRODUCTION NOVEMBER 18 WITH TARGET TO ACHIEVE DESIGN CAPACITY BY Q2 2026 1. As reported in the 2022 feasibil
Slide 15: Valentine: Ramping up to Capacity
Valentine: Ramping up to Capacity 2025 commissioning • First ore introduced on August 27 • First gold pour ahead of schedule on September 14 • Commercial production announced November 18 Q4 2025 performance • Throughput averaged 90% of nameplate in Q4 • Produced 23,207 ounces in Q4 Momentum into 202
Slide 16: Valentine Upside: Multi-kilometre Shear Zone with Multiple New Discoveries
Valentine Upside: Multi-kilometre Shear Zone with Multiple New Discoveries • Discovery of new high-grade gold trending southwest towards new Frank Zone1 • Frank Zone discovery indicates additional open pit potential1 - 2.43 g/t Au over 172.8 metres - 2.26 g/t Au over 78.3 metres, 3.08 g/t Au over 48
Slide 17: Valentine Gold Mine: Property Overview
Valentine Gold Mine: Property Overview 17
Slide 18: Castle Mountain Phase 2: Core Development Asset in California, USA
Castle Mountain Phase 2: Core Development Asset in California, USA ~220,000 oz gold AVERAGE ANNUAL PRODUCTION, LIFE OF MINE1 ~4.1 Moz 12+ year P&P RESERVES1 INITIAL MINE LIFE PERMITTING EXPECT TO RECEIVE FEDERAL DECISION DEC 2026 1. Based on the 2021 technical report. See Cautionary Notes and 0Techn
Slide 19: Los Filos: Core Development Asset in Mexico
Los Filos: Core Development Asset in Mexico ~280,000 oz gold AVERAGE ANNUAL PRODUCTION, LIFE OF MINE1 ~5.4 Moz 14+ year P&P RESERVES1 INITIAL MINE LIFE ENGINEERING AND EXPLORATION UNDERWAY TO SUPPORT EXPANSION 1. Based on the 2022 technical report. See Cautionary Notes and Technical Disclosure. 19
Slide 20: Growth Pipeline: +500,000 oz of Organic Growth Potential
Growth Pipeline: +500,000 oz of Organic Growth Potential VALENTINE1 ~225,000 oz/year With Phase 2 expansion ~225 koz Newfoundland, Canada 2.7 Moz Reserves to 4.5-5 Mtpa throughput CASTLE MOUNTAIN2 ~220,000 oz/year ~220 koz Heap leach California, USA 4.1 Moz Reserves LOS FILOS3 ~280,000 oz/year Heap
Slide 21: Equinox Gold: Delivering a Top Quartile Gold Company
Equinox Gold: Delivering a Top Quartile Gold Company Key metrics in place to deliver top quartile valuation 1,000,000 Quality long life, high margin gold assets + 500,000 oz organic growth potential 4 Located in Tier 1 jurisdictions That deliver into expectations 700,000 – 800,000 oz 3 750,000
Slide 22: Appendix
Appendix
Slide 23: Capital Structure
Capital Structure 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 Dec 31, 2025) 6 ~$430 M Restricted Share Units 3 4.9 M Debt (at January 23, 2026) 7 ~$580 M, Available ~$625 M Potential Shares from Convertible Not
Slide 24: 2026 Guidance
2026 Guidance CANADA 2026 GUIDANCE1 Greenstone Valentine Nicaragua Greenstone Mesquite Consolidated Newfoundland, Ontario, Canada Complex California, USA Canada Gold Production 700,000 - 800,000 250,000 - 300,000 150,000 - 200,000 200,000 - 250,000 70,000 - 80,000 (ounces) CANADA Valentine Cash Cost
Slide 25: Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves1,2 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) Greenstone 6,817 1.16 255 137,846 1.23 5,445 144,662 1.23 5,700 Valentine 23,400
Slide 26: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources1,2,3 Measured Indicated Measured & Indicated 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) Greenstone 29,967 2.30 2,218 29,967 2.30 2,218 Brookbank 3,428 5.45
Slide 27: Inferred Mineral Resources
Inferred Mineral Resources1 Inferred Mine/Project Tonnes Grade Contained Gold (kt) (g/t) (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 Go
Slide 28: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, Readers are reminded that results outlined in the technical reports for some of these projects derived, or extracted from the “Updated Technical Report for the Lo
Slide 29: Ryan King, EVP Capital Markets
TSX: EQX NYSE-A: EQX Ryan King EVP Capital Markets T: +1 778.998.3700 E: ryan.king@equinoxgold.com E: ir@equinoxgold.com www.equinoxgold.com 29