Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (January 2026)
29 slides from Equinox Gold's investor presentation, Jan 19, 2026
Slide 1: Delivering a Top Quartile Gold Producer
TSX: EQX NYSE-A: EQX Delivering a Top Quartile Gold Producer CORPORATE PRESENTATION JANUARY 2026 Date X, 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward- announce the results of any change to any Forward-looking Information contained or incorporated by looking statements within the meaning of applicable securities legislation and m
Slide 3: 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 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 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 5: Key Opportunity: Potential for Significant Shareholder Returns
Key Opportunity: Potential for Significant Shareholder Returns Price to NAV (x) EV/2026-2028 Production ($/oz)1 2026-2028 EBITDA Growth (%)1 (Analyst estimates) (Analyst estimates) (Analyst estimates) Lundin Gold 2.13x Lundin Gold $42,245 Northern Star 63% Coeur Mining 1.91x Pan American $29,340 B2G
Slide 6: Catching Up to Peers: Jan 2022 – Dec 2025 Performance
Catching Up to Peers: Jan 2022 – Dec 2025 Performance1 Lundin Gold 994.2% Oceana Gold 489.4% IAMGOLD 474.9% Alamos 444.7% Kinross Gold 426.7% Equinox Gold is at an inflection point Eldorado 315.9% Top Quartile Optimized portfolio in Tier 1 jurisdictions 652% Gold Fields 297.3% New leadership tea
Slide 7: 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 ~18 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 8: Greenstone: Ontario, Canada
Greenstone: Ontario, Canada ~330,000 oz gold AVERAGE ANNUAL LIFE OF MINE PRODUCTION1 ~5.7 Moz 15+ year P&P RESERVES1 INITIAL MINE LIFE RAMPING UP TARGET TO ACHIEVE DESIGN CAPACITY DURING 2026 1. As reported in the 2024 technical report. See Cautionary Notes, Appendix slides and Technical Disclosure.
Slide 9: Greenstone: Operational Improvements Yielding Positive Results
Greenstone: Operational Improvements Yielding Positive Results Q4 2025 performance Greenstone 2025 Performance • Produced 72,091 ounces, 29% increase vs Q3 6 1.29 g/t 80,000 • Mining exceeded 198,000 tpd, 9% increase vs Q3 and 31% increase 1.06 g/t 1.05 g/t vs H1 2025 5 70,000 0.92 g/t Ounces Produc
Slide 10: 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 11: Valentine: Newfoundland, Canada
Valentine: Newfoundland, Canada ~180,000 oz gold AVERAGE ANNUAL PRODUCTION, LIFE OF MINE1 ~2.7 Moz 14+ year P&P RESERVES1 INITIAL MINE LIFE RAMPING UP FIRST GOLD POUR SEPTEMBER 14, COMMERCIAL PRODUCTION NOVEMBER 18 WITH TARGET TO ACHIEVE DESIGN CAPACITY BY Q2 2026 1. As reported in the 2022 feasibil
Slide 12: Valentine: Ramping up in 2026
Valentine: Ramping up in 2026 2025 commissioning • First ore introduced on August 27 • First gold pour ahead of schedule on September 14 • Commercial production announced November 18 Q4 2025 performance • Throughput averaged 90% of nameplate in Q4 • Produced 23,207 ounces in Q4 Momentum into 2026 •
Slide 13: 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 Zone1 • Frank Zone discovery indicates additional open pit potential1 - 2.43 g/t Au over 172.8 metres - 2.26 g/t Au over 78.3 metres, 3.08 g/t Au over 4
Slide 14: Growth Pipeline: +500,000 oz of Organic Growth Potential
Growth Pipeline: +500,000 oz of Organic Growth Potential +225,000 oz/year VALENTINE1 14 year mine life +225 koz With Phase 2 expansion Newfoundland, Canada to 4.5-5 Mtpa throughput 2.7 Moz Reserves ~220,000 oz/year CASTLE MOUNTAIN2 12 year mine life ~220 koz Heap leach California, USA 4.1 Moz Reserv
Slide 15: Equinox Gold: Delivering a Top Quartile Gold Company
Equinox Gold: Delivering a Top Quartile Gold Company Key metrics in place to deliver top quartile valuation 1,000,000 Quality long life, high margin gold assets + 500,000 oz organic growth potential 4 Located in Tier 1 jurisdictions That deliver into expectations 700,000 – 800,000 oz 3 750,000
Slide 16: Appendix
Appendix
Slide 17: 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 Dec 31, 2025) 6 ~$430 M Restricted Share Units 3 4.9 M Debt (at Dec 31, 2025) 7 ~$1,415 M, Available ~$395 M Potential Shares from Convertible Notes
Slide 18: 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 19: 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 20: Responsible Mining: Committed to Excellence
Responsible Mining: Committed to Excellence1 SAFETY ENVIRONMENT SOCIAL REPORTING TRIFR2 of 1.8 in 2025, Zero significant 99% of employees are from Publish annual ESG report 25% better than 2024 environmental incidents country of operations based on GRI and SASB in 2025 indicators 70% of direct emplo
Slide 21: 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 22: 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 23: 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. 23
Slide 24: 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 25: Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves1,2 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
Slide 26: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources1,2,3 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
Slide 27: Inferred Mineral Resources
Inferred Mineral Resources1 Inferred Mine/Project Tonnes Grade Contained Gold (kt) (g/t) (koz) Greenstone 26,371 3.26 2,763 Brookbank 751 3.30 80 Kailey 4,858 0.87 136 Key Lake 1,839 1.39 82 Hasaga 2,059 7.31 484 Valentine 20,312 1.65 1,079 Mesquite 5,683 0.30 55 Castle Mountain 68,980 0.63 1,422 Go
Slide 28: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, Readers are reminded that results outlined in the technical reports for some of these projects derived, or extracted from the “Updated Technical Report for the Lo
Slide 29: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 29