Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (April 2026)
31 slides from Equinox Gold's investor presentation, April 2026
Slide 1: Delivering a Top Quartile Gold Producer
TSX: EQX NYSE-A: EQX Delivering a Top Quartile Gold Producer CORPORATE PRESENTATION APRIL 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 looking statements within the meaning of applicable securities legislation
Slide 3: Equinox Gold: 2025 Was a Transformational Year
Equinox Gold: 2025 Was a Transformational Year MERGER WITH CALIBRE MINING RESET THE FOUNDATION OF Improving Financial Metrics THE BUSINESS, MARKED THE BEGINNING OF A NEW CHAPTER $600 $0.60 Building confidence: Delivered 2025 production and cost guidance • Record full year production of 922,827 ounce
Slide 4: Equinox Gold: Delivering a Top Quartile Gold Company
Equinox Gold: Delivering a Top Quartile Gold Company POSITIONED TO DELIVER TOP QUARTILE VALUATION Diversified portfolio weighted to Canada (Consensus Analyst NAV by Region)2 Substantial, long-life assets: 70% of consensus production from three mines with average 13 year mine life1 Tier 1 jurisdi
Slide 5: Corporate Mission: Key Metrics to Achieve Top Quartile Valuation
Corporate Mission: Key Metrics to Achieve Top Quartile Valuation KEY METRICS Tier 1 jurisdictions 91% of 2026E production 78% of 2026E production 70% of 2026E production1 90% of consensus NAV 89% of consensus NAV 80% of consensus NAV Substantial long-life assets 64% of production from 3 mines 78% of
Slide 6: Key Opportunity: Potential for Significant Shareholder Returns
Key Opportunity: Potential for Significant Shareholder Returns Price to NAV (x) EV/2026-2029 Production ($/oz)1 2026-2029 Production Growth (%)1 (Analyst estimates) (Analyst estimates) (Analyst estimates) Lundin Gold 1.45x Lundin Gold $33,123 SSR Mining 58% Gold Fields 1.19x Alamos 54% Pan American
Slide 7: Catching Up to Peers: January 2022 – March 2026 Performance
Catching Up to Peers: January 2022 – March 2026 Performance1 Lundin Gold 918% Oceana Gold 565% IAMGOLD 561% Alamos 532% Kinross Gold 475% Torex Resources 384% Equinox Gold is at an inflection point Orla Mining 362% Top Quartile Optimized portfolio in Tier 1 jurisdictions Gold Fields 311% 644% Eldo
Slide 8: 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 ~19 VALENTINE + PHASE 2 EXPANSION Moz Moz CASTLE MOUNTAIN MESQUITE P&P RESERVES1 M&I GOLD RESOURCES1 LOS FILOS 700,000 – 800,000 OZ LIMON / LIBERTAD 2026 PRODUCTION2 PRODUCTIO
Slide 9: Canadian Production: Continued Momentum
Canadian Production: Continued Momentum CANADIAN PRODUCTION: 543,000 oz/YEAR 2026-20361 Q4 2025 Greenstone performance • Produced 72,091 ounces, 29% increase vs Q3 • Mining exceeded 198,000 tpd, 9% increase vs Q3 • Mill throughput averaged 23,859 tpd, 15% increase vs Q3 • Averaged 27,000 tpd for 30
Slide 10: Greenstone: Ontario, Canada
Greenstone: Ontario, Canada ~320,000 oz gold AVERAGE ANNUAL PRODUCTION 2026-20361 ~5.3 Moz 14+ year P&P RESERVES1 INITIAL MINE LIFE RAMPING UP TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 250,000-300,000 oz 1. As reported in the 2026 technical report. See Cautionary Notes, Appendix slid
Slide 11: 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 12: Valentine: Newfoundland, Canada
Valentine: Newfoundland, Canada ~223,000 oz gold AVERAGE ANNUAL PRODUCTION 2026-20361 ~2.7 Moz 11+ year P&P RESERVES1 INITIAL MINE LIFE RAMPING UP TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 150,000-200,000 oz 1. Assuming successful completion of the Phase 2 expansion, as reported in t
Slide 13: 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 • $414 million capital cost for mill expansion, fleet expansion and on-site infrastructure expansion, including 20% contingency • 24-month construction anticipated to begin Q3 20
Slide 14: 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 15: Growth Pipeline: +500,000 oz of Organic Growth Potential
Growth Pipeline: +500,000 oz of Organic Growth Potential VALENTINE1 ~223,000 oz/year With Phase 2 expansion ~223 koz Newfoundland, Canada 2.7 Moz Reserves to 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 leac
Slide 16: Equinox Gold: Continued Momentum and Value Creation
Equinox Gold: Continued Momentum and Value Creation Key metrics in place to deliver top quartile valuation 1,000,000 Quality long life, high margin gold assets Located in Tier 1 jurisdictions + 500,000 oz organic growth potential 4 That deliver into expectations Organic growth pipeline 750,0
Slide 17: Appendix
Appendix
Slide 18: Capital Structure
Capital Structure Common Shares 1 788.3 M Avg. Daily Shares Traded 5 TSX: 4.7 M + NYSE-A: 12.4 M Options and warrants @ avg. C$5.91 2 10.4 M Cash (at Jan 30, 2026) 6 ~$430 M Restricted Share Units 3 4.3 M Debt Drawn / Available (at Jan 30, 2026) 7 ~$515 M / $685 M Potential Shares from Convertible N
Slide 19: 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 20: Leadership Team: Aligned With Investors
Leadership Team: Aligned With Investors Ross Beaty, Chair Darren Hall, CEO & Director Geologist and resource company entrepreneur with over 50 years More than 35 years of experience in the mining industry. of experience in the international minerals and renewable energy Previously served as Chief Op
Slide 21: Responsible Mining: Committed to Excellence
Responsible Mining: Committed to Excellence1 SAFETY ENVIRONMENT SOCIAL REPORTING TRIFR2 of 1.69 in 2025, Zero significant 99% of employees are from Publish annual ESG report below the 2.85 target and environmental incidents country of operations based on GRI and SASB 25% better than 2024 in 2025 ind
Slide 22: Valentine Gold Mine: Property Overview
Valentine Gold Mine: Property Overview View VRIFY 3D images 22
Slide 23: 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 24: 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 25: 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. 25
Slide 26: 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 27: Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves1 Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Mine/Project, Location (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 5,334
Slide 28: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources1 Measured Indicated Measured & Indicated Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Mine/Project, Location (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 1.71 2,9
Slide 29: Inferred Mineral Resources
Inferred Mineral Resources1 Inferred Tonnes Grade Contained Gold Mine/Project, Location (kt) (g/t) (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 30: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Greenstone Gold Mine is summarized, Technical reports for all of Equinox Gold’s projects are available on Equinox Gold’s website at derived, or extracted from the “NI 43-101 Technical Report, Greensto
Slide 31: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 31