Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Q3 2025 Earnings Presentation
15 slides from Equinox Gold's earnings presentation, Nov 6, 2025
Slide 1: Canadian Mine Ramp-ups Gaining Momentum into Q4 and 2026
Canadian Mine Ramp-ups Gaining Momentum into Q4 and 2026 Q3 2025 RESULTS & CORPORATE UPDATE NOVEMBER 6, 2025 Date X, 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, cash costs per ounce statements within the meaning of applicable securities le
Slide 3: Equinox Gold: Building a Top Quartile Gold Company
Equinox Gold: Building a Top Quartile Gold Company Components to Deliver Top Quartile Valuation Diversified Portfolio Weighted to Canada (Consensus Analyst NAV by Region)1 Quality high-margin gold assets, Located in Tier 1 jurisdictions, That deliver into expectations. Brazil Q3 was a Key Infl
Slide 4: Equinox Gold: Q3 2025 Performance
Equinox Gold: Q3 2025 Performance 2025 Production Guidance (100%) Q3 Financial Results 785,000 - 915,000 ozs2 (Including Calibre assets from Jan 1, 2025) • Produced 236,382 oz (including Castle Mountain and Valentine) (Excluding Los Filos, Castle Mountain and Valentine) • Sold 239,311 oz at a realiz
Slide 5: Greenstone: Operational Improvements Yielding Positive Results
Greenstone: Operational Improvements Yielding 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
Slide 6: Valentine: Ramp-up Ahead of Schedule
Valentine: Ramp-up Ahead of Schedule 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
Slide 7: Equinox Gold: Building a Top Quartile Gold Company
Equinox Gold: Building a Top Quartile Gold Company On Track for Strong Q4 and Further Improvements in 2026 Greenstone, Canada Diversified Portfolio Weighted to Canada (Consensus Analyst NAV by Region)1 • Continued operational improvements Valentine, Canada Brazil • Continued ramp-up of production an
Slide 8: Appendix
Appendix
Slide 9: 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 Sept 30, 2025) 6 ~$348.5 M Restricted Share Units 3 4.9 M Debt (at Sept 30, 2025) 7 Drawn ~$1,469 M, Available ~$320 M Potential Shares from Convert
Slide 10: 2025 Guidance
2025 Guidance CANADA 2025 GUIDANCE1,3 Greenstone, Valentine Production Total Cash Costs2 All-in Sustaining Cost2 Growth Capital2 Exploration (ounces) ($/ounce) ($/ounce) ($ million) ($ million) Greenstone 220,000 – 260,000 $1,275 – $1,375 $1,700 – $1,800 $80 – $85 $2 – $3 BRAZIL Aurizona, RDM, Brazi
Slide 11: 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) Greenstone 6,817 1.16 255 137,846 1.23 5,445 144,662 1.23 5,700 Valentine 23,400 1
Slide 12: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources1 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 5.45 600
Slide 13: Inferred Mineral Resources
Inferred Mineral Resources1 Inferred Inferred (cont.) Mine/Project Tonnes Grade Contained Mine/Project Tonnes Grade Contained (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Greenstone 26,371 3.26 2,763 Los Filos 135,935 0.74 3,237 Brookbank 751 3.30 80 El Limon 6,332 4.43 902 Kailey 4,858 0.87 136 La L
Slide 14: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or Readers are reminded that results outlined in the technical reports for some of these projects are extracted from the “Updated Technical Report for th
Slide 15: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 15