Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (January 2025)
28 slides from Equinox Gold's investor presentation, January 2025
Slide 1: Creating the Premier Americas Gold Producer
Creating the Premier Americas Gold Producer CORPORATE PRESENTATION JANUARY 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking forward-looking statements and information contained in this presentation and the Company has made statements within the meaning of applicable securities legislation and ma
Slide 3: Equinox Gold's mission: superior leverage to gold
Equinox Gold’s mission since inception is 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 20241 25,601 oz 201,017 oz 477,186 oz 602,110 oz 532,319 oz 564,458
Slide 4: Equinox Gold: A Diversified Gold Producer
Equinox Gold: A Diversified Gold Producer Path to achieve 7 PRODUCING MINES 3 EXPANSION PROJECTS 1+ Moz ANNUAL GOLD PRODUCTION4 GREENSTONE ~20 ~18 CASTLE MOUNTAIN EXPANSION Moz Moz MESQUITE P&P GOLD RESERVES1 M&I GOLD RESOURCES1,2 LOS FILOS / EXPANSION AURIZONA / EXPANSION 2024 PRODUCTION: ~621,870
Slide 5: In May EQX Acquired the Additional 40% of Greenstone
In May EQX Acquired the Additional 40% of Greenstone • Increased gold production – Adds 156,000 oz of gold per year for first five years (132,000 per year LOM)1 • Improved cost structure – Greenstone will contribute ~45% of EQX’s annual production at AISC less than $950/oz2 • Increased cash flow – M
Slide 6: Greenstone: A New Cornerstone Asset for Equinox Gold
Greenstone: A New Cornerstone Asset for Equinox Gold ~390,000 oz gold EXPECTED PER YEAR1 15+ year 1.23 g/t gold INITIAL MINE LIFE1 AVERAGE GRADE1 ~5.7 Moz ~2.2 Moz P&P RESERVES1 M&I RESOURCES1 1. Average annual production for the first five years based on the 2024 technical report. See Technical Dis
Slide 7: Greenstone is One of Canada's Largest Gold Mines
Greenstone is One of Canada’s Largest Gold Mines… … And One of Canada’s Highest Grade Open-pit Gold Mines 750,000 3.50 2024F / Long-Term Gold Production (oz) Primary Open-pit Gold Mine 3.00 Open-Pit Reserve Grade (g/t gold) 600,000 Primary Underground Gold Mine 2.50 450,000 Open-pit Gold Grade 2.00
Slide 8: Greenstone Will Be One of the World's Lowest-Cost Gold Mines
Greenstone Will Be One of the World’s Lowest-Cost Gold Mines Global Gold Mines Total Cash Cost Curve ($/oz)1 $2,500 $2,000 Greenstone will be in Cash Costs ($/oz of Gold Sold) the lower quartile of global cash costs2 $1,500 $1,000 $500 $0 Labor Energy Reagents Other Onsite TCRC+Shipment Royalty 1. S
Slide 9: Opportunities to Extend Greenstone Mine Life, Increase Production
Opportunities to Extend Greenstone Mine Life, Increase Production Au grade Resource Shell (g/t) 2024, $1,700 Au Historical Underground Depletion Greenstone Mine Geology Looking North Westernmost drill hole (MM170) 500 m intersected 20.5 m @ 18.49 g/t Au *blocks filtered for Inferred classification a
Slide 10: Greenstone Near-mine & Belt-scale Exploration Potential
Greenstone Near-mine & Belt-scale Exploration Potential Beardmore Greenstone Excellent discovery and growth potential within the Beardmore-Geraldton Belt including: • Two past-producing targets with combined 700 koz of resources1 within trucking distance • Brookbank Deposit hosts 680 koz1 high-grade
Slide 11: Inflection Point: Increasing Production, Lower Costs, North America Focus
Inflection Point: Increasing Production, Lower Costs, North America Focus Increasing Production, Lower Costs1 Consensus NAV by Region; $1,900 Top-Tier Mining Jurisdictions2 1,000,000 $1,700 (Actual / Consensus Estimates $/oz) Brazil (Actual / Consensus Estimates, oz) 800,000 $1,500 23% All-in Sustai
Slide 12: Deleveraging Plan
Deleveraging Plan Increased EBITDA and cash flow from 100% of Greenstone coupled with high gold prices should allow Equinox Gold to attain its target of <1.0x debt to EBITDA ratio in 2026 Investment Focus Deleverage $1,400 Last 12 months EBITDA Leverage Ratio $1,200 3.75x 3.47x 3.02x $1,000 2.90x 2.
Slide 13: Substantial Growth, Attractive Valuation
Substantial Growth, Attractive Valuation Price to NAV (x) Total Reserves (Moz Au) 2026E Production (Moz Au) ’24E-’26E Prod. Growth (%) Regis 1.29x Northern Star 26.9 Northern Star 2.0 SSR Mining 79% Evolution 1.21x Equinox EQX 19.7 Endeavour 1.3 EQX Equinox 58% Alamos 1.12x Alamos 16.2 B2Gold 1.0 Ne
Slide 14: Production Growth From Mine Expansions
Production Growth From Mine Expansions GREENSTONE With a full year MINE ~390,000 oz/year1 + 280 koz5 of production Ontario, Canada 15-year mine life AURIZONA MINE ~140,000 oz/year2 + 70 koz5 Mining of underground and Maranhão, Brazil 11-year mine life open-pit deposits concurrently CASTLE Increase m
Slide 15: Revaluation As Production Grows Toward 1+ Moz
Revaluation As Production Grows Toward 1+ Moz Portfolio in Place for 1+ Moz Production Revalue Toward a Senior Producer1 Ramping up Greenstone and completing the Aurizona, 1.1x Castle Mountain and Los Filos expansion projects delivers: • Increased production 0.8x • Increased cash flow • Reduced cost
Slide 16: Gold Price: Outperformed in 2024
Gold Price: Outperformed in 2024 As expected, gold had a great year in 2024, rising 27% and Gold Above $2,600/oz Since Q3 2024 outperforming most other markets and commodities. $2,700 Why? $2,500 • Continuing strong central bank demand (approx. 700 t or 24 Moz) $2,300 • Strong Asian retail demand, e
Slide 17: Gold Price: Outlook for 2025 is Positive
Gold Price: Outlook for 2025 is Positive • Inflation – Mixed outlook. Trump will likely drive US inflation Bank Estimates Average $2,743/oz for 20251 higher, but can the Fed tighten much given US debt levels? Rest of world has muted growth outlook with low inflation. Should be Bank of America: $2,75
Slide 18: Gold Equities: Lackluster in 2024
Gold Equities: Lackluster in 2024 2024 Performance Gold Equities Highly Undervalued • Unprecedented disconnect between gold price and gold $2,800 $60 equities • Gold finished 2024 up 27% while GDX up only 9.3% and $2,500 $50 GDXJ up 12.6% - But Feb-Oct 2024 gold was up 20% while GDX up 52% and GDXJ
Slide 19: Gold Equities: Promising in 2025
Gold Equities: Promising in 2025 2025 Outlook EQX at an Inflection Point with • 1950-2022 direct correlation of gold price:gold equities Accelerating Sales and EBITDA Growth should return, as markets usually revert to mean $450 450 • Key drivers/catalysts Adjusted EBITDA Gold Sales (oz) - Higher gol
Slide 20: Why Invest in Equinox Gold?
Why Invest in Equinox Gold? Exceptional leverage to strong and rising gold prices Near-term, low-cost production growth from a world-class mine at the beginning of its mine life in one of the world’s best mining jurisdictions Increased cash flow, lower consolidated operating costs, strengthening bal
Slide 21: Appendix
Appendix *xXSL ‘V-HSAN
Slide 22: Corporate Summary
Corporate Summary Common Shares 1 455.4 M Avg. Daily Shares Traded 5 TSX: 1.2 M + NYSE-A: 2.4 M Options @ avg. C$6.19 1,2 0.5 M Cash (at Dec 31, 2024) ~$240 M Restricted Share Units 3 7.4 M Debt (at Dec 31, 2024) 6 Drawn $1,095 M, Available $105 M Potential Shares from Convertible Notes 4 48.8 M Con
Slide 23: Aligned With Investors
Aligned With Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership2 6.6% Endeavour Mining 17.3% 13% Ross Beaty / Insiders Equinox 6.6% 80% Retail/Other SSR Mining 1.1% Institutional Evolution 1.0% B2Gold 0.8% Eldorado 0.5% Torex 0.4% Geographic Location1 OceanaGold 0.3% USA Alamos 0.3%
Slide 24: 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 25: 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 26: 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 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 Brookbank 751
Slide 27: Technical Disclosure
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 Report for the
Slide 28: Contact: ir@equinoxgold.com
+1 604.558.0560 x 119 ir@equinoxgold.com TSX: EQX | NYSE-A: EQX www.equinoxgold.com