Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (September 2025)
34 slides from Equinox Gold's investor presentation, September 2025
Slide 1: Delivering a Top Quartile Gold Producer
TSX: EQX NYSE-A: EQX Delivering a Top Quartile Gold Producer CORPORATE PRESENTATION SEPTEMBER 2025 Date X, 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking obtain insurance to cover these risks and hazards; relationships with, and claims by, local communities and Indigenous statements within the meaning of applicable securitie
Slide 3: Equinox Gold: Building a Top Quartile Gold Company
Equinox Gold: Building a Top Quartile Gold Company Components to deliver top quartile valuation Quality high-margin gold assets, 65% of Consolidated NAV: Canada & US (Consensus Analyst NAV by Region)1 Located in Tier 1 jurisdictions, That deliver into expectations. Brazil Why Equinox Gold Cana
Slide 4: 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 2025E production 78% of 2025E production 52% of 2026E production 90% of consensus NAV 89% of consensus NAV 65% of consensus NAV Substantial long-life assets 64% of production from 3 mines 78% of
Slide 5: Key Opportunity: Potential for Significant Shareholder Returns
Key Opportunity: Potential for Significant Shareholder Returns Price to NAV (x) EV/2025-2027 Production ($/oz) 2025-2027 EBITDA Growth (%)1 (Analyst estimates) (Analyst estimates) (Analyst estimates) Lundin Gold 1.90x Lundin Gold $27,080 Equinox EQXQX 95% Gold Fields 1.67x Alamos $18,150 Eldorado 64
Slide 6: Catching Up to Peers: 2022 – YTD Performance
Catching Up to Peers: 2022 – YTD Performance Lundin Gold 800.2% New Gold 362.4% Alamos 358.2% Kinross Gold 317.3% Equinox Gold at an inflection point Oceana Gold 303.8% Top Transitioned from growth to cash flow Torex Resources 285.6% Quartile: IAMGOLD 248.5% 507% Optimized portfolio in Tier 1 ju
Slide 7: Equinox Gold: Diversified Americas Portfolio with a Canadian Focus
Equinox Gold: Diversified Americas Portfolio with a Canadian Focus 4 PRODUCTION REGIONS 3 GROWTH OPPORTUNITIES GREENSTONE GOLDEN EAGLE ~23 Moz ~22 Moz MESQUITE CASTLE MOUNTAIN VALENTINE First gold Q3 2025 P&P RESERVES M&I GOLD RESOURCES1 785,000 – 915,000 oz LOS FILOS LIMON / LIBERTAD $1,800 – $1,90
Slide 8: Greenstone: Ontario, Canada
Greenstone: Ontario, Canada ~240 Koz ~$1,750 /oz GUIDANCE 20251 AISC GUIDANCE 20251 ~5.7 Moz 15+ year P&P RESERVES2 INITIAL MINE LIFE 330,000 oz GOLD PER YEAR, LIFE OF MINE2 1. Mid-point of consolidated 2025 guidance reported on June 11, 2025. 2. As reported in the 2024 technical report. See Caution
Slide 9: Greenstone: Ramp-up Progress
Greenstone: Ramp-up Progress We have focused on: Expanded site team and expertise • New senior leads for Operations, Supply Chain and Operating Efficiencies • Two senior load/haul advisors with 35+ yrs experience each Alignment with vendors and service providers • Komatsu, SMS – shovel availability
Slide 10: Valentine: Newfoundland, Canada
Valentine: Newfoundland, Canada ~180 Koz gold ANNUAL AVG. LIFE OF MINE PRODUCTION1 ~2.7 Moz 14+ year P&P RESERVES1 INITIAL MINE LIFE FIRST GOLD POUR ON TRACK FOR END OF Q3 2025 1. As reported in the 2022 feasibility study. See Cautionary Notes, Appendix slides and Technical Disclosure. 10
Slide 11: Valentine: Processing Ore, First Gold on Track for September
Valentine: Processing Ore, First Gold on Track for September Construction and commissioning materially complete • Electrical and Instrumentation, ball mill, SAG mill, inching drive rotated successfully • Mill motors, leaching circuit, ADR plant, electrical substation, control systems and majority of
Slide 12: Inflection Point: Near-term Production & Cash Flow Growth
Inflection Point: Near-term Production & Cash Flow Growth 2025-2027 Production & AISC 2025-2027 Operating Cash Flow Significant free cash flow growth (Analyst estimates)1 (Analyst estimates)1 • Increasing production outlook 1,250 $2,000 $1,800 • Deliver Greenstone & Valentine $1,500 • Decreasing cos
Slide 13: Growth Pipeline: Organic Growth Potential
Growth Pipeline: Organic Growth Potential Path to top quartile valuation High-quality pipeline VALENTINE MINE CASTLE MOUNTAIN LOS FILOS MINE Newfoundland, Canada California, USA Guerrero, Mexico for organic growth Additional Tier 1 jurisdictional exposure ~180,000 oz/year1 ~220,000 oz/year2 ~280
Slide 14: Equinox Gold: Building a Top Quartile Gold Company
Equinox Gold: Building a Top Quartile Gold Company EV/2025-2027 Production ($/oz)1 Components to deliver top quartile valuation (Analyst estimates) Quality high-margin gold assets, Lundin Gold $27,080 Located in Tier 1 jurisdictions, Alamos $18,150 That deliver into expectations. Evolution $15
Slide 15: Appendix
Appendix
Slide 16: Exploration Upside: Exploration Success a Significant Value Driver
Exploration Upside: Exploration Success a Significant Value Driver Resource expansion & GREENSTONE Discovery drilling GOLDEN EAGLE New discovery >$15M drilling VALENTINE First gold Q3 2025 CASTLE MOUNTAIN MESQUITE Multi-rig LOS FILOS LIMON / LIBERTAD AURIZONA $70 – $90 M + EXPANSION Resource expansi
Slide 17: Tier 1 Jurisdiction: Substantial Long-life Canadian Assets
Tier 1 Jurisdiction: Substantial Long-life Canadian Assets At full ramp-up of Canadian mines, Equinox Gold will be the second-largest Canadian gold producer 2,940 Top 15 Canadian Gold Producers (Greenstone and Valentine ramped up to capacity) (Peer 2025F Average Annual Production - koz) 510 470 465
Slide 18: Responsible Mining: Committed to Excellence
Responsible Mining: Committed to Excellence1 SAFETY ENVIRONMENT SOCIAL REPORTING TRIFR2 of 2.21 in 2024, SEIFR13 of 0.20 in 2024, 99% of employees are from Publish annual ESG report 30% better than target 84% better than target country of operations based on GRI and SASB indicators that includes Ten
Slide 19: 2025 Guidance
2025 Guidance CANADA 2025 GUIDANCE1,3 Greenstone, Valentine Production Total Cash Costs2 All-in Sustaining Cost2 Growth Capital2 Exploration (ounces) ($/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 20: Leadership Team
Leadership Team Ross Beaty, Chair Blayne Johnson, Director Geologist and resource company entrepreneur with over 50 years Co-founded and helped lead numerous successful companies, of experience in the international minerals and renewable energy including Calibre Mining, Newmarket Gold and Terrane Me
Slide 21: Significant Insider Ownership: Aligned with Investors
Significant Insider Ownership: Aligned with Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership2 4.5% Endeavour Mining 17.3% 17% Ross Beaty / Insiders #N/A Equinox Gold 4.5% Indices Retail / Other SSR Mining 1.1% 58% Institutional Evolution 1.0% 20% B2Gold 0.8% Eldorado 0.5% Torex 0.
Slide 22: Capital Structure
Capital Structure Common Shares 1 777.6 M Avg. Daily Shares Traded 5 TSX: 4.3 M + NYSE-A: 12.5 M Options and warrants @ avg. C$7.16 1,2 19.7 M Cash (at Jun 30, 2025) 6 ~$406 M Restricted Share Units 3 10.3 M Debt (at Jun 30, 2025) 7 Drawn ~$1,500 M, Available ~$20 M Potential Shares from Convertible
Slide 23: Financial Position
Financial Position AVAILABLE Cash1 Undrawn credit facility2 LIQUIDITY ~$406 M $170 M ~$406 M CASH1 RESILIENCE Ongoing cash flow from operating mines Undrawn accordion3 $350 M + ~$170 M Drawn debt4 Convertible notes5 AVAILABLE CREDIT2 DEBT ~$1,500 M $208 M ($6.73/share avg.) 1. Equinox Gold’s cash an
Slide 24: Core Development Asset: Castle Mountain in California, USA
Core Development Asset: Castle Mountain in California, USA ~220,000 oz gold EXPECTED PER YEAR 14+ year 0.51 g/t gold INITIAL MINE LIFE AVERAGE GRADE ~4.2 Moz ~1.5 Moz P&P RESERVES1 M&I RESOURCES1 1. See Technical Disclosure. 24
Slide 25: 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 26: Brazil Operations: Cash-flowing Business Unit
Brazil Operations: Cash-flowing Business Unit AURIZONA BAHIA COMPLEX RDM Aurizona Mine, Maranhão, Brazil Bahia Complex, Bahia, Brazil Open-pit mine with 8,000 tpd CIL plant Combined unit with two processing plants Production ~100,000 oz per year1 - Santa Luz, open-pit with resin-in leach plant Expan
Slide 27: Valentine Upside: Multi-kilometre Shear Zone with Significant New Discovery
Valentine Upside: Multi-kilometre Shear Zone with Significant New Discovery • Discovery of new high-grade gold trending southwest towards new Frank Zone discovery indicates strong resource expansion potential1 • Frank Zone discovery indicates potential for additional open pit1 - 2.43 g/t Au over 172
Slide 28: Greenstone Upside: Extend Mine Life, Increase Production
Greenstone Upside: Extend 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 and ≥2 g/t
Slide 29: 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 30: 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 31: 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 32: 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 33: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or White Pine County, Nevada” dated March 16, 2023 with an effective date of December 31, 2022. Each extracted from the “Updated Technical Report for the
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TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 34
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