Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (January 2024)
32 slides from Equinox Gold's investor presentation, January 2024
Slide 1: Creating the Premier Americas Gold Producer
Creating the Premier Americas Gold Producer CORPORATE PRESENTATION JANUARY 2024
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local statements within the meaning of applicable securities legislation
Slide 3: Creating the Premier Americas Gold Producer
Creating the Premier Americas Gold Producer In its first six years, Equinox Gold has grown from a single-asset developer to a diversified gold producer. We acquired one mine and two companies, built three mines, sold two mines, created three new companies and are nearing construction completion of o
Slide 4: Delivering on Promises
Delivering on Promises 2023 TARGETS ACCOMPLISHMENTS Construct Greenstone Greenstone remains on budget and on schedule for first gold pour in H1 2024 on time and on budget Installation activities effectively complete, tailings facility ready for use, commissioning underway Achieve guidance Achieved p
Slide 5: Delivering on Promises (cont.)
Delivering on Promises (cont.) 2023 TARGETS ACCOMPLISHMENTS Fund Greenstone Protected balance sheet with new convertible note, gold pre-pay arrangements, gold collar contracts construction Ended 2023 with ~$192 M in cash1, $265 M in available debt2, $123 M in equity investments3 Shareholder returns
Slide 6: Seven Operating Mines: Produced ~564,500 oz in 2023
Seven Operating Mines: Produced ~564,500 oz in 20231 LOS FILOS AURIZONA MESQUITE FAZENDA Guerrero, Mexico Maranhão, Brazil California, USA Bahia, Brazil ~159,100 oz of gold ~120,600 oz of gold ~87,800 oz of gold ~66,400 oz of gold SANTA LUZ RDM CASTLE MOUNTAIN 2023 GUIDANCE Bahia, Brazil Minas Gerai
Slide 7: Greenstone Mine On Budget, On Schedule for H1 2024 Gold Pour
Greenstone Mine On Budget, On Schedule for H1 2024 Gold Pour Progress at December 31, 2023 Overall project Installation activities effectively complete, commissioning underway Crushing circuit and Wet commissioning substantially ore storage dome complete Ball mills, HPGR, Wet commissioning thickener
Slide 8: Greenstone Will Be One of Canada's Largest Gold Mines
Greenstone Will Be One of Canada’s Largest Gold Mines ~400,000 oz gold EXPECTED PER YEAR1,2 14+ year 1.27 g/t gold INITIAL MINE LIFE AVERAGE GRADE ~5.5 Moz ~2.6 Moz P&P RESERVES1 M&I RESOURCES1 1. Average annual production for the first five years, of which 60% is attributable to Equinox Gold. 2. Se
Slide 9: Opportunities to Extend Greenstone Mine Life, Increase Production
Opportunities to Extend Greenstone Mine Life, Increase Production Greenstone underground • 9.79 Mt at 3.93 g/t gold (1.2 Moz Indicated) and 24.59 Mt at 3.87 g/t gold (3.1 Moz Inferred)1 • Not included in current mine life – analysis to be advanced through 2024 Greenstone open pit Western-most hole (
Slide 10: Growth Potential: ~575,000 oz From Existing Assets
Growth Potential: ~575,000 oz From Existing Assets ~240,000 oz/year average Production in H1 2024, GREENSTONE MINE additional growth in annual production (EQX + 240 koz Ontario, Canada 2025 with a full year of share), 14-year mine life1 production ~137,000 oz/year average Mining of underground AURIZ
Slide 11: Strong Financial Position
Strong Financial Position1 AVAILABLE LIQUIDITY RESILIENCE DEBT Unrestricted cash2 Equity investments5 Drawn debt3 ~$192 M ~$123 M $535 M Undrawn credit facility3 Ongoing cash flow from Convertible notes6 $165 M seven operating mines $451 M ($6.44/share avg.) Undrawn accordion4 $100 M ~$192 M + ~$123
Slide 12: Peer-leading Growth Profile
Peer-leading Growth Profile P/NAV1 (x) 2025E Production1 (Moz Au) 2023E - 2025E Prod. Growth1 (%) Total Reserves1,2 (Moz Au) Regis 1.30x Northern Star 1.9 Equinox 67% Northern Star 20.2 Northern Star 1.28x Endeavour 1.4 New Gold 55% Equinox 16.9 Evolution 1.20x B2Gold 1.1 Eldorado 30% Endeavour 14.5
Slide 13: Revaluation As Production Grows Toward 1+ Moz
Revaluation As Production Grows Toward 1+ Moz 1 Moz = Scale, Diversification, Liquidity, Cash Flow Revalue as a Senior Producer as Production Grows2 1.3x Enhanced Average mine Increased diversification life of 12 years production 0.95x across four at flagship and cash flow countries projects1 0.68x
Slide 14: Aligned with Investors
Aligned with Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership2 8.2% 0.4% Endeavour Mining 18.1% 12% Ross Beaty Other Insiders Equinox 8.6% High Net Worth Evolution 1.0% 12% Retail/Other 65% Corporate B2Gold 0.9% Institutional 3% Eldorado 0.8% SSR Mining 0.7% Alamos 0.4% Geographic
Slide 15: Equinox Gold Outperforms With Rising Gold Prices
Equinox Gold Outperforms With Rising Gold Prices EQX offers highest leverage to gold Gold equities undervalued Equinox Gold’s operating margins increase ~30% with a Gold equities remain highly undervalued compared to 5% increase in gold price1 historical gold:equity ratios Market Performance 2023 Go
Slide 16: 2024 Will Be a Transformative Year for Equinox Gold
2024 Will Be a Transformative Year for Equinox Gold Exposure to strong and rising gold prices Near-term production growth from a world-class mine in one of the world’s best mining jurisdictions Increased cash flow with lower consolidated operating costs Successful Greenstone build pivots EQX to a ca
Slide 17: Equinox Gold: Mines, Countries, New Mine in 2024
Equinox Gold: 7 Mines, 4 Countries, 1 New Mine in 2024 7 1 3 GREENSTONE (60%) PRODUCING MINE IN EXPANSION MINES COMMISSIONING PROJECTS CASTLE MOUNTAIN / EXPANSION ~17 ~16 MESQUITE Moz Moz P&P GOLD RESERVES M&I GOLD RESOURCES1 LOS FILOS / EXPANSION AURIZONA / EXPANSION ~565 ~$360 SANTA LUZ Path to ac
Slide 18: Appendix
Appendix XSL 'V-3SAN
Slide 19: Corporate Summary
Corporate Summary Common Shares 1 313.0 M Avg. Daily Shares Traded 5 TSX: 1.3 M + NYSE-A: 2.2 M Options @ avg. C$5.62 1,2 1.2 M Cash (at Dec 31, 2023) 6 ~$192 M Restricted Share Units 3 6.9 M Debt (at Dec 31, 2023) 7 Drawn $535 M, Available $265 M Potential Shares from Convertible Notes 4 71.8 M Con
Slide 20: 2023 Production and Cost Guidance
2023 Production and Cost Guidance Actual1 Production Cash Costs2,3 AISC2,3 Sustaining Growth (ounces) (ounces) ($/ounce) ($/ounce) Capital ($M)2,3 Capital ($M)3 Mesquite ~87,800 80,000-90,000 $1,345-$1,410 $1,415-$1,480 $5 $16 Castle Mountain ~20,800 25,000-30,000 $1,765-$1,850 $1,865-$1,950 $2 $11
Slide 21: Diversified Producer Operating in Mining Friendly Jurisdictions
Diversified Producer Operating in Mining Friendly Jurisdictions FIRST GOLD 3.3 Moz Reserves3 Canada IN H1 20241 ~240 koz annual production3 ~300 koz WITH 4.6 Moz Reserves USA EXPANSION2 ~110 koz annual production1 ~300 koz WITH 5.4 Moz Reserves Mexico EXPANSION2 ~160 koz annual production1 Average 1
Slide 22: Gold Demand: Growing Gold Supply: Constrained
Gold Demand: Growing Gold Supply: Constrained • No major new discoveries, total gold supply flat Gold is Solidly Above $2,000/oz since 2014 $2,200 • Despite interest rates, gold outperformed bonds, commodities and stock markets during 2023 $2,000 • Gold trading volumes increasing, yield drop will $1
Slide 23: Committed to Responsible Mining
Committed to Responsible Mining 2023 TARGETS ACCOMPLISHMENTS Safety Total recordable injury frequency rate (TRIFR)1 of 1.40 is in lower third of industry average Improved TRIFR by 37% compared to 2022; four sites had no lost-time injuries in 2023 Greenstone has completed 5.9 million hours project-to
Slide 24: 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) Greenstone Satellite Mineral Resource Estimate (Exclusive of Mineral Reserves) (100% basis, with 60% attributable to EQX) Deposit Mining Category Gold Grad
Slide 25: Bahia: District-scale Potential Between Fazenda and Santa Luz Mines
Bahia: District-scale Potential Between Fazenda and Santa Luz Mines 25
Slide 26: 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 H2 2024 1.
Slide 27: 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 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 Gold Mine (kt) (g/t) (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 Greenstone2 14,969 3.83 1,843 Brookbank2 4
Slide 31: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Hasaga Property is summarized, derived, or Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or extracted from the “National Instrument 43-101 Technica
Slide 32: +1 604.558.0560 x 119 ir@equinoxgold.com TSX: EQX | NYSE-A: EQX
+1 604.558.0560 x 119 ir@equinoxgold.com TSX: EQX | NYSE-A: EQX www.equinoxgold.com