Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Merger or Acquisition (February 2025)
36 slides from Equinox Gold's merger presentation, Feb 24, 2025
Slide 1: Equinox Gold & Calibre Mining Combine to Create Major Americas Gold Producer
Equinox Gold & Calibre Mining Combine to Create Major Americas Gold Producer February 24, 2025 TSX: CXB OTCQX: CXBMF
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, sustaining capital statements within the meaning of applicable securities legi
Slide 3: Transaction Highlights
Transaction Highlights TIER 1 LOCATION Creates a Canadian gold powerhouse with complementary mines throughout the Americas SCALE Enhanced critical mass and capital markets profile with improved significance for investors GROWTH Immediate increase in production and cash flow from a larger asset portf
Slide 4: Transaction Summary
Transaction Summary Transaction • Equinox Gold (“Equinox”) and Calibre Mining (“Calibre”) to merge via a Plan of Arrangement • Combined company will remain named Equinox Gold, headquartered out of Vancouver, Canada Structure • Unanimously recommended by the Board of Directors of both Equinox and Cal
Slide 5: Diversified Americas Portfolio with a Canadian Focus
Diversified Americas Portfolio with a Canadian Focus Equinox Producing Mine Calibre Producing Mine Equinox Expansion / Development Project Calibre Development Project 9 1 5 PRODUCING MINES IN CONSTRUCTION EXPANSION / GREENSTONE DEVELOPMENT PROJECTS GOLDEN EAGLE VALENTINE LAKE ~24 ~22 IN CONSTRUCTION
Slide 6: Increased Portfolio Production & Cash Flow
Increased Portfolio Production & Cash Flow New Equinox offers significant production and cash flow in an unprecedented gold price environment, delivering investors substantial upside beyond current analyst expectations Annual Gold Production Estimated Annual EBITDA1,2 (Analyst Estimates) (Analyst Es
Slide 7: Canadian Powerhouse Gold Producer
Canadian Powerhouse Gold Producer At full ramp-up of the Canadian mines, New Equinox would be the second-largest Canadian gold producer 2,940 Top 15 Canadian Gold Producers 590 (2025F Average Annual Production - koz) 470 465 1 400 390 2 345 3 In-Construction / Ramp-up 315 3101 4 270 220 1 200 200 20
Slide 8: Enhanced Critical Mass & Capital Market Profile
Enhanced Critical Mass & Capital Market Profile New Equinox Gold would breakout from the intermediates and be positioned as a top 10 primary gold producer listed on a North American exchange and top 15 gold producer globally Significant scale benefits increased index inclusion, trading liquidity,
Slide 9: Substantial Growth, Attractive Valuation
Substantial Growth, Attractive Valuation Price to NAV (x) Total Reserves (Moz Au) 2026E Production (Moz Au) ’24A1-’26E Prod. Growth (%) (Analyst estimates) (Company reports) (Analyst estimates) (Analyst estimates) 2 Lundin Gold 1.4x Gold Fields 47.7 Gold Fields 2.4 New EQX New EQX 60% Gold Fields 1.
Slide 10: Significant Canadian Gold Exposure Drives Re-Rate
Significant Canadian Gold Exposure Drives Re-Rate Strong re-rate potential exists with Canadian Peer Analyst P/NAVs1 improved Canadian gold exposure 2025F Canadian Production (koz) • Canadian production rewarded in the market with premium valuation 1.2x 1.2x • With Greenstone + Valentine at full 590
Slide 11: Deleveraging Plan
Deleveraging Plan New Equinox will reduce leverage faster from increased cash flow and the current gold price market <1.0x debt to EBITDA ratio goal expected to be achieved in 2025 Investment Focus Deleverage (EQX Standalone) (New EQX) $2,000 $1,800 Last 12 months EBITDA Leverage Ratio1 3.75x $1,600
Slide 12: Greenstone: A Canadian Cornerstone Asset
Greenstone: A Canadian Cornerstone Asset ~390,000 oz gold EXPECTED PER YEAR1 15+ year 1.23 g/t gold INITIAL MINE LIFE2 AVERAGE GRADE2 ~5.7 Moz ~2.2 Moz P&P RESERVES2 M&I RESOURCES2 1. Average annual production for the first five years based on the 2024 technical report. See Technical Disclosure and
Slide 13: Greenstone: Ramping up to Capacity
Greenstone: Ramping up to Capacity May 22, 2024 Production Q2 2024: 16,247 oz First gold pour Q3 2024: 42,448 oz Q4 2024: 53,022 oz FY costs: Cash costs $970/oz, AISC $1,025/oz1 Milling Multiple days operating at capacity2 November 6, 2024 Recovery has achieved daily highs over 90% Commercial produc
Slide 14: Valentine: A Second Canadian Cornerstone Asset
Valentine: A Second Canadian Cornerstone Asset ~195,000 oz gold EXPECTED PER YEAR1 14 year 1.62 g/t gold INITIAL MINE LIFE1 AVERAGE GRADE1 2.7 Moz 4.0 Moz P&P RESERVES1 M&I RESOURCES1 1. Refer to Marathon Gold December 7, 2022 News Release, NI 43-101 effective November 30, 2022 Feasibility Study. Se
Slide 15: Valentine: Finalizing Construction
Valentine: Finalizing Construction Finalizing • Primary crusher installation complete, Fully Funded Construction commissioning has commenced Project remains fully funded • Mills motors to be set during Q1 and advance towards pre-commissioning • ADR plant and gravity circuit are nearing mechanical co
Slide 16: Nicaragua Operations Overview
Nicaragua Operations Overview Established Operating History • Limon and Libertad are prolific mining districts with >6 Moz of historical gold production • Consistent reserve replacement, increased gold reserves >1.1Moz1 Operating Strategy • Debottlenecking operations and developing satellite deposit
Slide 17: Brazil Assets Overview
Brazil Assets Overview AURIZONA BAHIA COMPLEX 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 Expansion potential to ~140,000
Slide 18: A Win for All Shareholders
A Win for All Shareholders The combination of Equinox Gold and Calibre Mining unlocks benefits for both sets of shareholders unavailable on a standalone basis Enhanced capital markets profile via the creation of a ~$5B+ market Diversified Portfolio Weighted to Canada cap Americas gold producer (Co
Slide 19: Transaction Highlights
Transaction Highlights TIER 1 LOCATION Creates a Canadian Gold Powerhouse with complementary mines throughout the Americas SCALE Enhanced critical mass and capital markets profile with improved significance for investors GROWTH Immediate increase in production and cash flow from a larger asset portf
Slide 20: Appendix
Appendix
Slide 21: Indicative Transaction Timeline
Indicative Transaction Timeline TODAY MARCH APRIL MAY Merger Mail Special Shareholder Votes1 Anticipated Announcement Meeting Materials Regulatory Approval Closing2 2025 1. Final meeting dates to be confirmed, but are expected to occur before May 31, 2025. 2. Assuming all regulatory, court and share
Slide 22: Pro-Forma Capitalization
Pro-Forma Capitalization Equinox Calibre New Equinox Share Price1 C$9.69/share C$3.09/share C$9.69/share Market Cap. (Basic)1 C$4.4 B / US$3.1 B C$2.6 B / US$1.9 B C$7.0 B / US$4.9 B Market Cap. (Fully Diluted In-the-Money)1 C$5.0 B / US$3.5 B C$2.8 B / US$2.0 B C$7.7 B / US$5.4 B Common Shares (Bas
Slide 23: Pro Forma Financial Position at December 31, 2024
Pro Forma Financial Position at December 31, 2024 AVAILABLE LIQUIDITY RESILIENCE DEBT Cash1 Ongoing cash flow from Drawn debt3,4 ~$451 M producing mines $1,432 M Convertible Financing2 Undrawn accordion Convertible notes2,5 $35 M $100 M $347 M ($6.72/share weighted average conversion price) Undrawn
Slide 24: New Equinox Gold Leadership Team
New Equinox Gold Leadership Team Ross Beaty, Chair, Equinox Gold Blayne Johnson, Chair, Calibre Mining 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 C
Slide 25: Track Record of Value Creation
Track Record of Value Creation Both Equinox and Calibre have followed a similar trajectory of growth and value creation for their shareholders $4.0B EQX Market Cap. Dec. 16th: Acquisition of Premier Dec. 22nd: initial merger of 3 Gold Mines $3.1B $3.0B companies to form Equinox Gold $2.0B Sep. 19th:
Slide 26: Castle Mountain: Cornerstone Development Asset in California, USA
Castle Mountain: Cornerstone Development Asset in California, USA ~220,000 oz gold EXPECTED PER YEAR1 14+ year 0.51 g/t gold INITIAL MINE LIFE1 AVERAGE GRADE1 ~4.2 Moz ~1.5 Moz P&P RESERVES1 M&I RESOURCES1 1. See Technical Disclosure and Cautionary Notes. 26
Slide 27: Equinox Gold: Proven & Probable Mineral Reserves
Equinox Gold: 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 8
Slide 28: Equinox Gold: Measured & Indicated Mineral Resources
Equinox Gold: 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
Slide 29: Equinox Gold: Inferred Mineral Resources
Equinox Gold: 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 4,681 1.77 266 RDM 3,614 1.95 226 Santa Luz 7,254 2.09 490 Greenstone 26,371 3.26 2,763
Slide 30: Equinox Gold: Technical Disclosure
Equinox Gold: Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or Scientific and technical information concerning the Santa Luz Project is summarized, derived, or extracted from the “Updated Technical R
Slide 31: Calibre: Proven & Probable Mineral Reserves
Calibre: 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) Limon 3,377 5.89 639 3,377 5.89 639 Libertad 3,445 4.39 487 3,445 4.39 48
Slide 32: Calibre: Measured & Indicated Mineral Resources
Calibre: 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) Limon 12,861 3.05 1,259 12,861 3.05 1,259 Libertad 4,472 4.18 602 4,4
Slide 33: Calibre: Inferred Mineral Resources
Calibre: Inferred Mineral Resources1 Tonnes Grade Contained Mine (kt) (g/t) Gold (koz) Limon 1,566 4.46 224 Libertad 3,992 4.06 520 Cerro A. (April 11, 2011) 6,052 3.64 708 Primavera (January 31, 2017) 44,974 0.54 782 Pan 1,479 0.37 18 Gold Rock (Mar 2020) 3,027 0.87 84 Golden Eagle (Mar 2020) 5,400
Slide 34: Calibre Mining Cautionary Note
Calibre Mining Cautionary Note Forward-Looking Information This presentation includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news relea
Slide 35: Calibre Technical Disclosure
Calibre Technical Disclosure Qualified Persons & Technical Disclaimers for the December 31, 2023 Nicaraguan, Nevada and Newfoundland, Canada Mineral Reserves and Resources All estimates have been prepared using CIM (2014) definitions. Mineral resources that are not mineral reserves do not have demon
Slide 36: Equinox Gold and Calibre Mining Combine to Create a Major Americas Gold Producer
Equinox Gold and Calibre Mining Combine to Create a Major Americas Gold Producer TSX: EQX | NYSE-A: EQX TSX: CXB | OTCQX: CXBMF Greg Smith, President & CEO Darren Hall, President & CEO Rhylin Bailie, VP Investor Relations Ryan King, SVP Corp Dev & IR Tel: +1 604.260.0516 Tel: +1 778.998.3700 Email: