Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (May 2026)
28 slides from Equinox Gold's investor presentation, May 2026
Slide 1: Delivering a Top Quartile Gold Producer
TSX: EQX NYSE-A: EQX Delivering a Top Quartile Gold Producer CORPORATE PRESENTATION MAY 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: 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/2026-2029 Production ($/oz)1 2026-2029 Production Growth (%)1 (Analyst estimates) (Analyst estimates) (Analyst estimates) Gold Fields 1.19x Lundin Gold $30,354 SSR Mining 101% Lundin Gold 1.18x Pan American $29,770 Al
Slide 6: Catching Up to Peers: January 2022 – April 2026 Performance
Catching Up to Peers: January 2022 – April 2026 Performance1 Lundin Gold 776% Oceana Gold 537% IAMGOLD 480% Alamos Gold 457% Kinross Gold 461% Equinox Gold is at an inflection point Torex Resources 325% Gold Fields 287% Top Quartile Optimized portfolio in Tier 1 jurisdictions Orla Mining 269% 550%
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 ~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 8: Canadian Production: Driving Quarter-over-Quarter Growth in 2026
Canadian Production: Driving Quarter-over-Quarter Growth in 2026 Q1 2026 Greenstone Performance Production and Cash Flow Expected to • Produced 60,338 oz Increase Quarter-over-Quarter in 2026 • Mining exceeded 180,000 tpd, 32% increase vs Q1 2025 $600 $0.30 • Mill throughput averaged 24,544 tpd, 33%
Slide 9: 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 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 ~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 12: 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 13: 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 14: 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 15: 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 16: Appendix
Appendix
Slide 17: Capital Structure
Capital Structure Common Shares 1 789.1 M Avg. Daily Shares Traded 5 TSX: 4.7 M + NYSE-A: 12.4 M Options and warrants @ avg. C$5.91 2 9.6 M Cash (at Mar 31, 2026) 6 ~$360 M Restricted Share Units 3 4.0 M Debt / Available Liquidity (at Apr 30, 2026) 7 ~$440 M / $923 M Potential Shares from Convertibl
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: 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 430 koz of M&I resources1 within trucking distance • Brookbank Deposit hosts 700 k
Slide 21: 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 22: 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. 22
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 28