Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (March 2024)
36 slides from Equinox Gold's investor presentation, March 2024
Slide 1: Creating the Premier Americas Gold Producer
Creating the Premier Americas Gold Producer CORPORATE PRESENTATION March 2024
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, statements within the meaning of applicable securities l
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 commissioning one of Canada’s larges
Slide 4: 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 ~705 ~$360 SANTA LUZ Path to ac
Slide 5: 2024 Guidance: 705,000 oz of Gold From Eight Operating Mines
2024 Guidance: 705,000 oz of Gold From Eight Operating Mines1 LOS FILOS AURIZONA BAHIA COMPLEX GREENSTONE Guerrero, Mexico Maranhão, Brazil Bahia, Brazil Ontario, Canada ~165,000 oz ~115,000 oz ~142,500 oz ~115,000 oz of gold1 of gold1 of gold1 of gold1,2 MESQUITE, RDM AND 2024 GUIDANCE CASTLE MOUNT
Slide 6: Greenstone Will Be a Cornerstone Asset for Equinox Gold
Greenstone Will Be a Cornerstone Asset for Equinox Gold ~400,000 oz gold EXPECTED PER YEAR (with 60% to EQX)1,2 14+ year 1.27 g/t gold INITIAL MINE LIFE AVERAGE GRADE ~5.5 Moz ~2.6 Moz P&P RESERVES2 M&I RESOURCES2 1. Average annual production for the first five years, of which 60% is attributable to
Slide 7: Greenstone Will Be One of Canada's Largest Open-pit Gold Mines
Greenstone Will Be One of Canada’s Largest Open-pit Gold Mines Average Annual Life-of-Mine Gold Production and Reserve Grade 800,000 1.7 Ounces of Gold Produced per Year Reserve grade (g/t gold) 600,000 1.4 400,000 1.1 200,000 0.8 0 0.5 Detour Malartic Cote Greenstone Blackwater Rainy River Dublin V
Slide 8: Greenstone Will Be One of the World's Lowest-Cost Gold Mines
Greenstone Will Be One of the World’s Lowest-Cost Gold Mines Global Gold Mines Total Cash Cost Curve ($/oz)1 $2,500 $2,000 Greenstone will be Cash Costs ($/oz of Gold Sold) in the lower quartile of global cash costs2 $1,500 $1,000 $500 $0 Labor Energy Reagents Other Onsite TCRC+Shipment Royalty 1. S
Slide 9: Greenstone Commissioning Underway
Greenstone Commissioning Underway Progress at February 20, 2024 Crushing circuit, Hot commissioning ore storage dome complete Ball mills, HPGR, Wet commissioning leach tanks, thickener underway Tailings facility Permitted and ready for use Mining Mining 90,000 tonnes per day Stockpile for startup Mo
Slide 10: Greenstone Hot Commissioning Complete in Crushing Circuit
Greenstone Hot Commissioning Complete in Crushing Circuit Haul truck dumping ore into crusher Conveyor with ore Crushed ore stockpile 10
Slide 11: Greenstone On Schedule for H1 2024 Gold Pour
Greenstone On Schedule for H1 2024 Gold Pour Ball mills High pressure grinding rolls HPGR – high-pressure grinding rolls 11
Slide 12: 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 economics – analysis to be advanced through 2024 Western-most hole (MM170) 18.
Slide 13: 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) • 700 koz within trucking distance1 1. Northern Empire, Sand River and Leitch held 100% by Equinox Gold. • 700 koz high-grade Brookbank deposit1 2km • Explo
Slide 14: Additional ~580,000 oz Production Growth From Cornerstone Assets
Additional ~580,000 oz Production Growth From Cornerstone Assets GREENSTONE MINE ~240,000 oz/year (EQX)1 With a full year + 240 koz Ontario, Canada 14-year mine life of production AURIZONA MINE ~140,000 oz/year2 Mining of underground and + 20 koz Maranhão, Brazil 11-year mine life open-pit deposits
Slide 15: Peer-leading Growth Profile
Peer-leading Growth Profile Price to NAV1 (x) Total Reserves1,2 (Moz Au) 2023E-2025E Prod. Growth1 (%) Alamos 1.10x Northern Star 20.2 IAMGOLD 66% Northern Star 1.07x Equinox 16.9 Equinox 48% Regis 1.04x Endeavour 14.5 Evolution 29% Evolution 0.86x Eldorado 11.7 OceanaGold 27% B2Gold 0.75x Evolution
Slide 16: Revaluation As Production Grows Toward 1+ Moz
Revaluation As Production Grows Toward 1+ Moz 1 Moz = Scale, Diversified, Liquidity, Cash Flow Revalue as a Senior Producer2 1.3x Increased Increased 13-year avg. production cash flow mine life1 0.95x 0.62x Reduced Reduced Enhanced costs execution risk diversification EQUINOX INTERMEDIATE SENIOR GOL
Slide 17: Strong Financial Position
Strong Financial Position1 AVAILABLE LIQUIDITY RESILIENCE DEBT Unrestricted cash Equity investments3 Drawn debt2 ~$192 M ~$100 M $535 M Undrawn credit facility2 Ongoing cash flow from Convertible notes5 $165 M seven operating mines $451 M ($6.44/share avg.) Undrawn accordion4 $100 M ~$192 M + ~$100
Slide 18: Committed to Responsible Mining
Committed to Responsible Mining SAFETY ENVIRONMENT SOCIAL Improved TRIFR1 by 31% Improved SEIFR2 by 54% 99% of employees are from compared to 2022 compared to 2022 country of operations Four sites had no lost-time Five sites had no significant 72% of direct employees are injuries in 2023 incidents i
Slide 19: Aligned with Investors
Aligned with Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership2 8.2% 0.4% Endeavour Mining 18.1% Ross Beaty Equinox 8.6% 12% Other Insiders High Net Worth Evolution 1.0% 12% Retail/Other B2Gold 0.9% 65% Corporate Institutional Eldorado 0.8% 3% SSR Mining 0.7% Geographic Location1 A
Slide 20: 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 21: Appendix
TSX:EQX NYSE-A:EQX 1X Append
Slide 22: Corporate Summary
Corporate Summary Common Shares 1 323.6 M Avg. Daily Shares Traded 5 TSX: 1.3 M + NYSE-A: 2.2 M Options @ avg. C$5.66 1,2 1.0 M Cash (at Dec 31, 2023) 6 ~$192 M Restricted Share Units 3 7.8 M Debt (at Dec 31, 2023) 7 Drawn $535 M, Available $265 M Potential Shares from Convertible Notes 4 71.8 M Con
Slide 23: 2024 Production and Cost Guidance
2024 Production and Cost Guidance Production Cash Costs1,2 AISC1,2 Sustaining Non-sustaining (ounces) ($/ounce) ($/ounce) Expenditures ($M) 1,2 Expenditures ($M)2 Greenstone3 105,000 - 125,000 $690 - $790 $840 - $940 $25 $95 Mesquite 75,000 - 85,000 $1,345 - $1,445 $1,410 - $1,510 $5 $82 Castle Moun
Slide 24: 2023 Results: Seven Operating Mines, Produced 564,458 oz of Gold
2023 Results: Seven Operating Mines, Produced 564,458 oz of Gold LOS FILOS FAZENDA MESQUITE 2023 GUIDANCE Guerrero, Mexico Bahia, Brazil California, USA Production: 555,000 - 625,000 oz Cash costs: $1,355 - $1,460/oz1 159,071 oz of gold 66,375 oz of gold 87,753 oz of gold AISC: $1,575 - $1,695/oz1 A
Slide 25: 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 26: 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 27: Synergies Between Mesquite and Castle Mountain
Synergies Between Mesquite and Castle Mountain Castle Mountain Phase 2 expansion will be contained within existing approved mine Castle boundary Mountain Castle Mountain Phase 2 permitting underway Castle Mountain Phase 1 loaded carbon is processed Mesquite at Mesquite 27
Slide 28: Bahia: District-scale Potential Between Fazenda and Santa Luz Mines
Bahia: District-scale Potential Between Fazenda and Santa Luz Mines 28
Slide 29: 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 30: 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 31: Aurizona: District-scale Potential on EQX Land Package
Aurizona: District-scale Potential on EQX Land Package Numerous regional targets on ~1,100 km2 land package with potential to establish a mining district 31
Slide 32: 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 33: 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 34: 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 35: 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 36: Contact: ir@equinoxgold.com
+1 604.558.0560 x 119 ir@equinoxgold.com TSX: EQX | NYSE-A: EQX www.equinoxgold.com