Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (May 2024)
38 slides from Equinox Gold's investor presentation, May 24, 2024
Slide 1: Creating the Premier Americas Gold Producer
Creating the Premier Americas Gold Producer CORPORATE PRESENTATION May 24, 2024
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local statements within the meaning of applicable securities legislation
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 PRODUCING MINE IN EXPANSION MINES COMMISSIONING PROJECTS CASTLE MOUNTAIN / EXPANSION ~19 ~17 MESQUITE Moz Moz P&P GOLD RESERVES M&I GOLD RESOURCES1 LOS FILOS / EXPANSION AURIZONA / EXPANSION Path to achieve SANTA LUZ 1+ Moz FAZE
Slide 5: Consolidating Greenstone Ownership
Consolidating Greenstone Ownership Equinox Gold acquired the remaining 40% interest in Greenstone Gold Mine GP Inc. from Orion Mine Finance, Transaction consolidating 100% ownership of the Greenstone Mine to Equinox Gold Equinox Gold paid $995 million to acquire Orion’s 40% interest in the Greenston
Slide 6: Consolidating Greenstone Brings Significant Benefits
Consolidating Greenstone Brings Significant Benefits Acquiring the additional 40% interest in Greenstone gives EQX • Increased gold production – Additional 160,000 oz of gold per year for first five years (144,000 per year LOM)1 • Improved cost structure – Greenstone will contribute ~40% of EQX annu
Slide 7: Additional Low-cost Gold Production Increases Cash Flow
Additional Low-cost Gold Production Increases Cash Flow Increased Production, Reduced Costs1 Increased EBITDA2 1,200 $1,800 $1,000 $800 Equinox Gold Anticipated Annual EBITDA Anticipated Annual Gold Production 900 $1,350 Anticipated All-in Sustaining Costs (Consensus Estimates ‘000 oz) (Consensus Es
Slide 8: Enhanced Diversification into Top-tier Mining Jurisdiction
Enhanced Diversification into Top-tier Mining Jurisdiction Current Consensus Net Asset Value Pro Forma Consensus Net Asset Value by Region by Region1 with Additional 40% of Greenstone1 Brazil Brazil 28% 22% Canada 39% Canada 52% 15% USA 19% 11% 14% USA Mexico Mexico 1. Based on analyst consensus dat
Slide 9: Pro Forma 2024 Guidance: 780,000 oz of Gold
Pro Forma 2024 Guidance: 780,000 oz of Gold1, 2 PREVIOUS GUIDANCE PRO FORMA GUIDANCE 660,000 – 750,000 oz of gold 730,000 – 830,000 oz of gold $1,340 - $1,445 cash costs per oz $1,285 - $1,390 cash costs per oz $1,630 - $1,740 AISC per oz $1,565 - $1,675 AISC per oz 1. Equinox Gold’s 2024 guidance p
Slide 10: Peer-leading Growth Profile
Peer-leading Growth Profile Price to NAV (x) Total Reserves (Moz Au) 2025E Production (Moz Au) ’23A-’25E Prod. Growth (%) Alamos 1.27x Northern Star 20.2 Northern Star 1.9 PFPF EQX Equinox 78% Northern Star 1.23x PFPF EQX Equinox 19.1 Endeavour 1.4 IAMGOLD 68% Evolution 1.18x EQX Equinox 16.9 B2Gold
Slide 11: Greenstone Will Be One of Canada's Largest Gold Mines
Greenstone Will Be One of Canada’s Largest Gold Mines… … And One of Canada’s Highest Grade Open-pit Gold Mines 750,000 2.50 2024F / Long-Term Gold Production (oz) 600,000 2.00 Open-Pit Reserve Grade (g/t gold) 450,000 1.50 300,000 1.00 150,000 0.50 -- -- Source: CapIQ and publicly available informat
Slide 12: Greenstone Will Be a Cornerstone Asset for Equinox Gold
Greenstone Will Be a Cornerstone Asset for Equinox Gold ~400,000 oz gold EXPECTED PER YEAR1,2 14+ year 1.27 g/t gold INITIAL MINE LIFE AVERAGE GRADE ~5.5 Moz ~2.6 Moz P&P RESERVES2 M&I RESOURCES2 1. Average annual production for the first five years. 2. See Technical Disclosure. 12
Slide 13: Greenstone Will Be One of the World's Lowest-Cost Gold Mines
Greenstone Will Be One of the World’s Lowest-Cost Gold Mines Global Gold Mines Total Cash Cost Curve ($/oz)1 $2,500 $2,000 Greenstone will be in Cash Costs ($/oz of Gold Sold) the lowest quartile of global cash costs2 $1,500 $1,000 $500 $0 Labor Energy Reagents Other Onsite TCRC+Shipment Royalty 1.
Slide 14: Greenstone is in Production! First Gold Pour May 22, 2024
Greenstone is in Production! First Gold Pour May 22, 2024 Progress at May 22, 2024 Commissioning First ore introduced into grinding progress circuit on April 6 Production First gold pour achieved May 22nd targets Commercial production in Q3 2024 More than 1.5 M tonnes of ore Ore stockpile stockpiled
Slide 15: 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 16: 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. • 680 koz high-grade Brookbank deposit1 2km • Explo
Slide 17: Additional ~740,000 oz Production Growth From Cornerstone Assets
Additional ~740,000 oz Production Growth From Cornerstone Assets With a full year GREENSTONE MINE ~400,000 oz/year1 + 400 koz1 of production, post Ontario, Canada 14-year mine life consolidation AURIZONA MINE ~140,000 oz/year2 Mining of underground and + 20 koz Maranhão, Brazil 11-year mine life ope
Slide 18: Financial Position at May 13, 2024
Financial Position at May 13, 20241 AVAILABLE LIQUIDITY RESILIENCE DEBT Unrestricted cash Equity investments4 Drawn debt3 ~$250 M2 ~$100 M $1,095 M Undrawn credit facility3 Ongoing cash flow from Convertible notes6 $105 M seven operating mines $451 M ($6.04/share avg.) Undrawn accordion5 $100 M ~$25
Slide 19: Deleveraging Plan
Deleveraging Plan Focus on funding growth through 2024, with a shift in focus to debt reduction 2025+ through significantly increased EBITDA and cash flow from owning 100% of Greenstone Investment focus Deleverage Consolidation & Production at Greenstone Mine3 EBITDA Acquired Premier Gold >$1B Comme
Slide 20: 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 0.74x Reduced Reduced Enhanced costs execution risk diversification EQUINOX INTERMEDIATE SENIOR GOL
Slide 21: 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, low-cost production growth from a world-class mine in one of the world’s best mining jurisdictions at the beginning of its mine life Increased cash flow with lower consolidated operating costs Gr
Slide 22: Appendix
TSX:EQX NYSE-A:EQX 1X Append
Slide 23: Corporate Summary
Corporate Summary Common Shares 1 428.4 M Avg. Daily Shares Traded 5 TSX: 1.1 M + NYSE-A: 2.2 M Options @ avg. C$6.04 1,2 0.6 M Cash (at May 13, 2024) 6 ~$260 M Restricted Share Units 3 7.8 M Debt (at May 13, 2024) 7 Drawn $1,095 M, Available $105 M Potential Shares from Convertible Notes 4 75.4 M C
Slide 24: 2024 Production and Cost Guidance
2024 Production and Cost Guidance Production Cash Costs1,2 AISC1,2 Sustaining Non-sustaining (ounces) ($/ounce) ($/ounce) Expenditures ($M) 1,2 Expenditures ($M)2 Greenstone3 175,000 - 195,000 $690 - $790 $840 - $940 $42 $158 Mesquite 75,000 - 85,000 $1,345 - $1,445 $1,410 - $1,510 $5 $82 Castle Mou
Slide 25: Aligned With Investors
Aligned With Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership2 6.3% 0.3% Endeavour Mining 18.1% 9% Ross Beaty Equinox 6.6% Other Insiders High Net Worth Evolution 1.0% 53% 20% Retail/Other B2Gold 0.9% Corporate Institutional Eldorado 0.8% 12% SSR Mining 0.7% Geographic Location1 A
Slide 26: 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 27: 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 Jan 202
Slide 28: Gold Demand: Growing Gold Supply: Constrained
Gold Demand: Growing Gold Supply: Constrained • No major new discoveries in industry, total gold Gold at All-time Highs supply flat since 2014 $2,400 • Despite interest rates, gold outperformed bonds, commodities and stock markets during 2023 $2,200 • Gold trading volumes increasing, yield drop will
Slide 29: 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 29
Slide 30: Bahia: District-scale Potential Between Fazenda and Santa Luz Mines
Bahia: District-scale Potential Between Fazenda and Santa Luz Mines 30
Slide 31: 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 32: 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 33: 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 33
Slide 34: 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 35: 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 36: Inferred Mineral Resources
Inferred Mineral Resources1 Tonnes Grade Contained Mine (kt) (g/t) Gold (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 Greenstone 24,949 3.83 3,072 Brookbank 751
Slide 37: 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 38: Contact: ir@equinoxgold.com
+1 604.558.0560 x 119 ir@equinoxgold.com TSX: EQX | NYSE-A: EQX www.equinoxgold.com