Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (February 2026)
30 slides from Equinox Gold's investor presentation, Feb 19, 2026
Slide 1: Delivering a Top Quartile Gold Producer
TSX: EQX NYSE-A: EQX Delivering a Top Quartile Gold Producer CORPORATE PRESENTATION FEBRUARY 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: 2025 Was a Transformational Year
Equinox Gold: 2025 Was a Transformational Year Merger with Calibre Mining Reset the Foundation of the Business Improving Financial Metrics and Marked the Beginning of a New Chapter $600 $0.60 Building confidence: Delivered 2025 production and cost guidance • Record full year production of 922,827 ou
Slide 4: Equinox Gold: Delivering a Top Quartile Gold Company
Equinox Gold: Delivering a Top Quartile Gold Company Positioned to deliver top quartile valuation Diversified portfolio weighted to Canada (Consensus Analyst NAV by Region)2 Substantial, long-life assets: 70% of consensus production from three mines with average 13 year mine life1 Tier 1 jurisdi
Slide 5: Corporate Mission: Key Metrics to Achieve Top Quartile Valuation
Corporate Mission: Key Metrics to Achieve Top Quartile Valuation KEY METRICS Tier 1 jurisdictions 91% of 2026E production 78% of 2026E production 70% of 2026E production1 90% of consensus NAV 89% of consensus NAV 80% of consensus NAV Substantial long-life assets 64% of production from 3 mines 78% of
Slide 6: Key Opportunity: Potential for Significant Shareholder Returns
Key Opportunity: Potential for Significant Shareholder Returns Price to NAV (x) EV/2026-2028 Production ($/oz)1 2026-2028 Ops Cash Flow Growth (%)1 (Analyst estimates) (Analyst estimates) (Analyst estimates) Gold Fields 1.88x Lundin Gold $37,180 Northern Star 76% Lundin Gold 1.70x Pan American $30,1
Slide 7: Catching Up to Peers: Jan 2022 – Feb 2026 Performance
Catching Up to Peers: Jan 2022 – Feb 2026 Performance1 Lundin Gold 935% Oceana Gold 697% IAMGOLD 662% Alamos 532% Kinross Gold 522% Eldorado 441% Equinox Gold is at an inflection point Orla Mining 391% Top Quartile Optimized portfolio in Tier 1 jurisdictions Torex Resources 386% 710% Gold Fields 3
Slide 8: 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 9: Canadian Production: Continued Momentum
Canadian Production: Continued Momentum Q4 2025 Greenstone Performance • Produced 72,091 ounces, 29% increase vs Q3 • Mining exceeded 198,000 tpd, 9% increase vs Q3 • Mill throughput averaged 23,859 tpd, 15% increase vs Q3 • Plant averaged nameplate of 27,000 tpd for 30 consecutive days ending Decem
Slide 10: Greenstone: Ontario, Canada
Greenstone: Ontario, Canada +300,000 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 11: 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 12: 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 TARGET TO ACHIEVE DESIGN CAPACITY BY Q2 2026 1. As reported in the 2022 feasibility st
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 8km 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 m
Slide 14: Growth Pipeline: +500,000 oz of Organic Growth Potential
Growth Pipeline: +500,000 oz of Organic Growth Potential VALENTINE1 ~225,000 oz/year With Phase 2 expansion ~225 koz Newfoundland, Canada 2.7 Moz Reserves to 4.5-5 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
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 1 788.3 M Avg. Daily Shares Traded 5 TSX: 4.7 M + NYSE-A: 12.4 M Options and warrants @ avg. C$5.91 2 10.4 M Cash (at Dec 31, 2025) 6 ~$430 M Restricted Share Units 3 4.3 M Net Debt (at Feb 18, 2026) 7 ~$75 M Potential Shares from Convertible Notes 4 31.5 M 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: Responsible Mining: Committed to Excellence
Responsible Mining: Committed to Excellence1 SAFETY ENVIRONMENT SOCIAL REPORTING TRIFR2 of 1.69 in 2025, Zero significant 99% of employees are from Publish annual ESG report below the 2.85 target and environmental incidents country of operations based on GRI and SASB 25% better than 2024 in 2025 ind
Slide 21: Valentine Gold Mine: Property Overview
Valentine Gold Mine: Property Overview View VRIFY 3D images 21
Slide 22: 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 23: 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 24: 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. 24
Slide 25: 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 26: 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) Greenstone 6,817 1.16 255 137,846 1.23 5,445 144,662 1.23 5,700 Valentine 23,400 1
Slide 27: 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 28: 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 29: 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 30: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 30