Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (January 2026)
31 slides from Equinox Gold's investor presentation, Jan 8, 2026
Slide 1: Delivering a Top Quartile Gold Producer
TSX: EQX NYSE-A: EQX Delivering a Top Quartile Gold Producer INVESTOR RECEPTION 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's mission at inception: superior leverage to gold
Equinox Gold’s mission at inception was to deliver superior leverage to gold by creating a major Americas focused gold producer with a large gold endowment and more than 1 Moz annual gold production 2018 2019 2020 2021 2022 2023 2024 20251 20262 25,601 oz 201,017 oz 477,186 oz 602,110 oz 532,319 oz
Slide 4: 2025 Merger: Equinox Gold + Calibre Creates Major Gold Producer
2025 Merger: Equinox Gold + Calibre Creates Major Gold Producer Created a Canadian gold powerhouse with complementary mines in the Americas Valentine in Newfoundland poured first gold in September, commercial production in November Immediate increase in production and cash flow from larger ass
Slide 5: Equinox Gold Today: A Major Americas-Focused Gold Producer
Equinox Gold Today: 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 PRODUCTION (AFT
Slide 6: 2025 Report Card: Delivering on Commitments
2025 Report Card: Delivering on Commitments 2025 TARGETS ACCOMPLISHMENTS Increase production, Greenstone: New team and operational improvements deliver operational Valentine: Production and ramp-up ahead of schedule stability Brazil, Nicaragua, Mesquite: Stable operations Advance growth Castle Mount
Slide 7: 2025 Report Card: Committed to Responsible Mining
2025 Report Card: Committed to Responsible Mining 2025 TARGETS ACCOMPLISHMENTS2 Safety Total recordable injury frequency rate1 of ~1.8, a 25% reduction over 2024 Environment Zero significant environmental incidents during 2025 Initiated review of climate strategy based on changes to the business por
Slide 8: 2025 Report Card: Market Outperformance
2025 Report Card: Market Outperformance 2025 Performance H1 & H2 2025 Performance 200% 160% EQX GDX 145% H1 2025 175% 140% Gold Price Peers H2 2025 Post Calibre Merger 150% with New Management 120% 125% 100% 100% 80% 70% 65% 75% 60% 57% 54% 50% 40% 30% 26% 25% 20% 9% 0% 0% Jan Feb Mar Apr May Jun Ju
Slide 9: Catching Up to Peers: Jan 2022 – Dec 2025 Performance
Catching Up to Peers: Jan 2022 – Dec 2025 Performance1 Lundin Gold 994% New Gold 533% Oceana Gold 489% IAMGOLD 475% Alamos 445% Equinox Gold is at an inflection point Kinross Gold 427% Torex Resources 398% Top Quartile Transitioned from growth to cash flow 625% Eldorado 316% Optimized portfolio
Slide 10: Gaining Momentum: Continued Growth from Tier One Portfolio
Gaining Momentum: Continued Growth from Tier One Portfolio Greenstone, Canada 1,000,000 • Continued operational improvements + 500,000 oz organic growth potential 4 Valentine, Canada — Excluding Brazil Operations1 — • Continued ramp-up of production and cash flow 700,000 – 800,000 oz 3 750,000 • Ach
Slide 11: New Mission: Delivering a Top Quartile Gold Company
New Mission: Delivering a Top Quartile Gold Company Key metrics in place 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-
Slide 12: Greenstone: Ontario, Canada
Greenstone: Ontario, Canada ~330,000 oz gold AVERAGE ANNUAL PRODUCTION, LIFE OF MINE1 ~5.7 Moz 15+ year P&P RESERVES1 INITIAL MINE LIFE RAMPING UP TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 1. As reported in the 2024 technical report. See Cautionary Notes, Appendix slides and Technical Disclosure. 1
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: Gold Price: Outperformed Again in 2025
Gold Price: Outperformed Again in 2025 Gold had a great year in 2025, Gold Above $4,000/oz Since October rising 70% and outperforming most other $4,500 markets and commodities. $4,000 Why? $3,500 • Continuing strong central bank demand (approx. 1,000 tonnes) • Strong retail demand, including for phy
Slide 19: Gold Price: Outlook for 2026 is Positive
Gold Price: Outlook for 2026 is Positive Bank Estimates Average $4,216/oz for 20261 • Inflation – Mixed outlook. US inflation likely to move higher, Bank of America: $4,538/oz but the Fed will keep easing as well. The rest of world has muted growth outlook with low inflation. Should be net good Bank
Slide 20: Gold Price: Are We Still Early in a Multi-year Rally?
Gold Price: Are We Still Early in a Multi-year Rally? Despite 2025 interest, gold remains underowned Gold remains underowned1 • In late 1970s gold represented 8% of global assets and central banks held 60% of total reserves, vs 3% and 25% in 2025 • Entire gold-mining sector is worth just over $1T, c
Slide 21: Gold Equities: Promising Outlook for Foreseeable Future
Gold Equities: Promising Outlook for Foreseeable Future 2026 Outlook Gold Equities Finally Making Their Move • 1950-2022 direct correlation of gold price : gold equities has returned $4,500 $90 • Key drivers/catalysts for continued equity outperformance $80 $4,000 - Higher gold prices $70 - Delevera
Slide 22: 2025 Was Transformative for EQX … 2026 Should be Even Better
2025 Was Transformative for EQX … 2026 Should be Even Better Merger with Calibre and sale of Brazil Operations has solidified Equinox Gold as a major Americas gold producer Production growth from two Canadian world class mines at the beginning of their mine lives in one of the world’s best mining ju
Slide 23: 2026 Targets
2026 Targets Greenstone Process plant ramp up to design capacity in mid-2026 Valentine Process plant ramp up to design capacity by Q2 2026 Nicaragua & Mesquite Steady operations Exploration Replace reserves, grow resources, continue regional exploration to identify new targets Growth Pipeline Castle
Slide 24: Appendix
Appendix
Slide 25: 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 Sept 30, 2025) 6 ~$440 M Restricted Share Units 3 4.9 M Debt (at Sept 30, 2025) 7 ~$1,495 M, Available ~$320 M Potential Shares from Convertible Not
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: Ryan King, EVP Capital Markets
TSX: EQX NYSE-A: EQX Ryan King EVP Capital Markets T: +1 778.998.3700 E: ryan.king@equinoxgold.com E: ir@equinoxgold.com www.equinoxgold.com 31