Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Technical Presentation (September 2023)
77 slides from Equinox Gold's technical presentation, Sep 7, 2023
Slide 1: Greenstone Mine Site Tour
Greenstone Mine Site Tour September 7 and 8, 2023 All $ figures shown in USD unless stated otherwise All figures shown at 100% unless stated otherwise All project expenditures shown to June 30, 2023 All project milestones shown to August 25, 2023 1 1
Slide 2: Presentation Deck
Presentation Deck 2
Slide 3: Building One of Canada's Largest Gold Mines
Building One of Canada’s Largest Gold Mines P&P Reserves1 Average Grade M&I Resources1 5.5 Moz 1.27 g/t Gold 1.5 Moz First Production First Five Years LOM Production H1 2024 ~400,000 oz/yr ~360,000 oz/yr 1. See Mineral Reserves & Resources and Cautionary Statements. 3
Slide 4: Site Tour Personnel: Equinox Gold & Orion
Site Tour Personnel: Equinox Gold & Orion GREG SMITH DOUG REDDY PETER HARDIE GORDANA VICENTIJEVIC RHYLIN BAILIE President & CEO COO CFO SVP Project Development VP Investor Relations ISTVAN ZOLLEI AARON SCHNEIDER Portfolio Manager Investment Professional 4
Slide 5: Site Tour Personnel: Greenstone Gold Mines (GGM)
Site Tour Personnel: Greenstone Gold Mines (GGM) Operations Team ERIC LAMONTAGNE DAVID NEWHOOK KERRI CHABOYER-JEAN CORY LIGHTFOOT JASON RICKARD General Manager Director, Operations Director, Finance Mill Manager Exploration & Geology Manager Construction Team BERTHO CARON CHRISTINE PETCH DANY FORTIN
Slide 6: Indigenous Partnerships
Indigenous Partnerships • Greenstone is located on the traditional territories of Animbiigoo Zaagi’igan Anishinaabek, Aroland First Nation, Ginoogaming First Nation, Long Lake #58 First Nation and the Métis Nation of Ontario • Long-Term Relationship Agreements are in place with a combined group of t
Slide 7: Construction: On Schedule for H1 2024 Gold Pour
Construction: On Schedule for H1 2024 Gold Pour Project 90% complete, pre-commissioning underway Power Plant Process Plant Tailings Facility Additional Infrastructure • 99.7% complete, • 84% complete • 88% complete • Truck shop, warehouse, ahead of plan • Both ball mills • South portion of TMF water
Slide 8: Budget: On Track for $1.225 B Total Spend
Budget: On Track for $1.225 B Total Spend $937 M spent to June 2023 (76% total budget) Capital Expenditures ($M) $400 $1,250 Half Year / Quarterly Expenditures ($M) $1,000 Cumulative Expenditures ($M) $300 $750 $200 $500 $100 $250 $0 $0 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 Q3 2023 Q4 2023 Q1 2024
Slide 9: Completion Milestones: Construction & Commissioning
Completion Milestones: Construction & Commissioning Key milestones to H1 2024 gold pour Q3 2023 Q4 2023 H1 2024 Highway 11 open to traffic • Mechanical, piping and electrical • Commence hot commissioning • Power plant commissioning installation complete • First gold pour complete • Commence proces
Slide 10: Mining
Mining Mining • 12.2 Mt mined to date, on track to meet pre-production target of 30 Mt • Mining to date has focused on construction waste rock - All TMF and construction requirements achieved with waste rock mined on site • Ore stockpiling will begin in Q4 2023 - 800 kt for start-up and 2 Mt by end
Slide 11: Production Schedule
Production Schedule Average annual production: ~400,000 oz first five years, ~360,000 oz LOM Mine plan under review to smooth production profile 11
Slide 12: Project Upside
Project Upside Multiple opportunities to extend mine life and add to production profile 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) • Not included in current mine life – desktop study planned for 2024 Greenstone open pit • Po
Slide 13: Project Upside
Project Upside Near-mine, regional and belt-scale potential Brookbank project • Undeveloped high-grade gold deposit potentially within trucking distance to Greenstone plant • Both open-pit (83 koz Indicated) and underground (517 koz Indicated) potential Other projects • Multiple near-mine exploratio
Slide 14: Health & Safety
Health & Safety • Strong health and safety record - One lost-time injury since start of Project, with more than 4.7 million hours worked (August 2023) • Safety Recognition Program rewards safe behaviour and reinforces safety culture • Key leading indicators are tracked and monitored with management
Slide 15: Human Resources
Human Resources Operations team • All senior operations positions are filled • More than 245 positions recruited to date, on track to fill remainder by end of 2023 - 43% from local communities (within boundaries of Greenstone Municipality) - 35% from region (within 500 km, excluding local communitie
Slide 16: Indigenous Partnerships
Indigenous Partnerships • Currently 24 contracts have joint venture agreements with Indigenous groups, representing over $180 M in commitments (20% of the Project’s contracted value), with certain services and logistics joint ventures expected to continue into the operations phase • Regular meetings
Slide 17: Site Layout
Site Layout N 5 Pit 4 4 1 4 Plant Site 3 2 New Highway 11 2 3 4 4 4 4 Waste Rock 4 Storage Area 5 5 5 6 6 ~200m 17
Slide 18: Plant Site Tour
Plant Site Tour Coarse Ore Stockpile & Reclaim ROM Pad & Primary Crusher Leach Tanks Power Plant Pre-leach Detox Thickener Secondary Crusher Grinding HPGR Reagent Storage Admin Effluent Building Treatment Truck Shop Plant 18
Slide 19: Site Tour Safety Guidelines
Site Tour Safety Guidelines Personal protection equipment (PPE) Safety requirements • Steel toe boots • Remain with the group at all times • Safety vest • Observe safety signage • Long pants and long-sleeve shirt • Keep a safe distance from machinery • Hard hat • Watch for uneven ground • Safety gla
Slide 20: Supplemental Information
Supplemental Information 20 20
Slide 21: Cautionary Statements
Cautionary Statements Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information. Forward-looking statements and forward-lookin
Slide 22: Greenstone Project Overview
Greenstone Project Overview An Equinox Gold / Orion Joint Venture 22 22
Slide 23: Site Layout
Site Layout TMF Temporary Inner Service Road 23 23
Slide 24: Project History
Project History 1930 - 1970 Hardrock deposit mined by underground mines by the former Hard Rock, MacLeod- Cockshutt and Mosher companies 2008 - 2012 Premier Gold acquires Hardrock deposit and completes drill program, resulting in mineral resource 2014 Preliminary Economic Assessment 2015 Centerra ac
Slide 25: Project Overview
Project Overview Ownership • Joint venture between Equinox Gold (60%) and Orion Mine Finance Group (40%) • Greenstone Board approves all major decisions and Project expenditures Location • Located in Beardmore-Geraldton greenstone belt • 4 km south of Geraldton in the Municipality of Greenstone • 27
Slide 26: Key Project Parameters (based on Dec 2020 Feasibility)
Key Project Parameters (based on Dec 2020 Feasibility) Tonnage mined Mt 824.9 Ore milled Mt 135.3 Total P&P Reserves1 Moz 5.5 Total M&I Resources1 (exclusive) Moz 1.5 Total Inf Resources1 (including underground) Moz 3.1 Head grade / reserve cut-off grade g/t 1.27 / 0.35 Strip ratio 5.1:1 Throughput
Slide 27: Greenstone Project: Benchmarking
Greenstone Project: Benchmarking One of the highest-grade open-pit gold mines of scale in Canada Reserve Grade and Estimated Annual Production of Open-pit Gold Projects in Canada1 2.0 Producing Development Valentine Lake 1.6 Reserve Grade (g/t Gold) Lynn Lake Rainy River Greenstone 1.2 Magino Canadi
Slide 28: Project Construction Progress (as of August 25, 2023)
Project Construction Progress (as of August 25, 2023) 90% 89% ~$937 M ~$1.225 B Project completion Construction progress Spent1 Cost at completion Safety • One LTI since the start of Project, with more than 4.7 million hours worked (August 2023) • Total Recordable Injury Frequency Rate of 3.38 per 1
Slide 29: Environment, Social & Governance
Environment, Social & Governance 29 29
Slide 30: Health & Safety
Health & Safety Health & Safety • Strong health and safety record since the start of construction: One lost-time injury (LTI) since the start of the Project, with more than 4.7 million hours worked (August 2023) • Safety Recognition Program rewards safe behaviour and reinforces safety culture • Key
Slide 31: Environment & Permitting
Environment & Permitting Ongoing activities Mitigating historical mining impacts • Independent Tailings Review Board in place • Relocating 2 million m3 of historical tailings since 2017 to provide oversight for design, to the TMF facility, which is expected to construction and management of the tail
Slide 32: Indigenous Communities
Indigenous Communities • The mine is located on the traditional territories of four First Nations – Animbiigoo Zaagi’igan Anishinaabek, Aroland First Nation, Ginoogaming First Nation and Long Lake #58 First Nation – and home to the citizens of the Métis Nation of Ontario • Long-Term Relationship Agr
Slide 33: Indigenous Partnerships
Indigenous Partnerships • Currently 24 contracts active at site have joint venture agreements with Indigenous groups, representing over $180 M in commitments, or 20% of the Project’s contracted value, with certain services and logistics joint ventures expected to continue into operations phase • Ken
Slide 34: Other Community Relationships
Other Community Relationships • Strong relationships with the community of Geraldton, the Municipality of Greenstone and key stakeholders, including OPP and emergency services such as fire and paramedics, and training agencies • Community Sustainability Committee established in August 2022 allows co
Slide 35: Human Resources
Human Resources Operations • All senior operations positions are filled, more than 245 positions recruited to date - 43% local employees (within the boundary of the Greenstone Municipality) - 35% regional area employees (within 500 km from our regional point of pick up) - 11% from Ontario (outside t
Slide 36: Mining
Mining 36 36
Slide 37: Mining: Overview
Mining: Overview • Engineering and geology departments are fully staffed. Recruitment efforts are on track and workforce has been available to execute the plan • Minimal overburden and pioneer blasting activities were required prior to start of full production, and all set-up activities have been se
Slide 38: Greenstone: Pre-Production Mining
Greenstone: Pre-Production Mining Quarterly tonnage (kt) 38
Slide 39: Mine Development
Mine Development Current Open-pit Plan – Feasibility Length - 1,800 m Width - 875 m Depth - 600 m 135.3 Mt processed at 1.27 g/t Au Potential Pit Expansion 5.54 Moz in Reserves 5.05 Moz recovered 39
Slide 40: Mining Schedule
Mining Schedule Total life-of-mine tonnage of 825 Mt mined at a strip ratio of 5.1:1 Mining Schedule (ex. pit) 80,000 70,000 60,000 50,000 40,000 kt 30,000 20,000 10,000 - 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Ore Waste Overburden Historical Tailings 40
Slide 41: Production & Grade Profile
Production & Grade Profile Average annual gold production: ~400,000 oz first five years, ~360,000 oz life of mine Mine plan under review to assess the possibility of smoothing production profile and limiting grade drop 41
Slide 42: Void Management & Mining
Void Management & Mining Safety Plan View N • Procedure in place for working above or adjacent to historical mine workings Void model historical UG • All work around voids requires a work-specific Job Safety Analysis • Ongoing and updated risk assessments for working around voids with full participa
Slide 43: Mine Equipment
Mine Equipment LOM Requirement Ready to Work Start of Equipment Supplier (excludes End of 2023 Q3 2024 replacement units) Truck 793F / 793 Cat 14 25 31 Shovel PC5500 Komatsu/SMS 2 4 4 Komatsu/Joy Loader LT-1850 1 1 1 Global 3 5 6 Drill PV235 Epiroc (+2 D65 drills) (+2 D65 drills) (+2 D65 drills) Doz
Slide 44: Processing
Processing B1 Pond M1 Pond Truck Shop B1 Pond Rom Pad & HPGR Secondary Truck Shop Primary Crusher Crusher HPGR Admin Effluent M1 Building Treatment Plant Secondary Grinding Pond ROM Pad & Admin Primary Crusher Crusher Grinding Effluent Building Treatment Plant Pre-leach Thickener West Power Plant Pl
Slide 45: Process Plant Design
Process Plant Design Process plant • 9.9 Mt/y or 27,000 tpd processing capacity • Availability 92% • HPGR F80 = 31 mm • HPGR P80 = 16 mm • Two parallel ball mills, P80 = 90 µm • Gravity concentration with intensive leach reactor • Leach residence time = 28 hours • Leach/CIP with Zadra elution circui
Slide 46: Operational Readiness: Status
Operational Readiness: Status Progress & • BBA is providing operational readiness management support; Soutex is supporting Schedule procedure development and training delivery • Overall operational readiness activities at 33%, slightly ahead of plan • Detailed schedule in place, resource loaded Hiri
Slide 47: Tailings Management Facility (TMF)
Tailings Management Facility (TMF) 47 47
Slide 48: Tailings Management Facility: Overview
Tailings Management Facility: Overview Independent oversight • Independent Tailings Review Board established in late 2017, in place for full detailed design phase • Designer of record: WSP (previously Golder) • Engineer of record: WSP (previously Golder) • Construction contractor: Fournier Fils Key
Slide 49: Tailing Management Facility: Status
Tailing Management Facility: Status Status • Tailings management facility (TMF) earthworks and construction on schedule at 88% complete • Construction of the sand blanket in the southeast creek dam area has been finalized with the elevation raised to 339.0, achieving complete enclosure of the south
Slide 50: Tailings Management Facility: Design
Tailings Management Facility: Design 50
Slide 51: Tailings Management Facility
Tailings Management Facility SW 51
Slide 52: Water Management
Water Management 52 52
Slide 53: Water Management Overview
Water Management Overview Effluent Water • All collected water being treated through the Treatment permanent effluent water treatment plant Plant • Can process up to 19,000 m3 of water per day • Discharges to Kenogamisis Lake via diffuser Water • Installation of the historical MacLeod high tailings
Slide 54: Construction & Commissioning
Construction & Commissioning 54 54
Slide 55: Project Schedule (as of August 25, 2023)
Project Schedule (as of August 25, 2023) Actual/ Variance Progress to Milestone Plan Category Weight Forecast (Months) Date Initial investment in early works Engineering 10% 100% Jan-21 Jan-21 (A) - construction commitments Procurement 25% 89% Initial investment in remaining Feb-21 Feb-21 (A) - Cons
Slide 56: Project Timeline
Project Timeline EQUINOXGOLD GREENSTONE MINE Greenstone Mine Project Level-1 Schedule Dave: 25-Aug-2023 Description Early Major tial Mine Goldfield ‘Natural Gas Highway 11 ‘Commence Works Constructo Equipment Creek Available Turnover Commissioning Project Milestones ry rs ry ry rs o i i Engineering
Slide 57: Overall Project Progress
Overall Project Progress 90% complete at August 25, 2023 Project Progress 40% 100% Half Year / Quarterly Progress 30% 75% Cumulative Progress 20% 50% 10% 25% 0% 0% H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Actual Forecast Cumulative • Overall progress to August 25th is
Slide 58: Plant Site Progress
Plant Site Progress West end mill building Pre-leach, leach and detox tanks HPGR Ore storage dome Conveyors, crushers and MSE (mechanically stabilized earth) wall 58
Slide 59: Process Plant
Process Plant Specs • Designed to operate at a throughput of 27,000 tpd / 9.9 Mt pa • Consists of a crushing circuit, grinding circuit, pre-leach thickening and leaching, carbon-in- pulp circuit, carbon elution and regeneration, electrowinning and gold refining Status • Process plant is 84% complete
Slide 60: Power Plant
Power Plant Specs • Base load of approximately 35 MWe with peak load at 40 MWe • 6 natural gas-powered piston engines • Recover thermal energy from the engines, a glycol distribution loop will provide heat to all process buildings and the truck shop Status • Power plant 99.7% complete and ahead of p
Slide 61: Site Infrastructure
Site Infrastructure Truck Shop & • Complete, handed over to operations Warehouse - 4x haul truck bays, 2x mobile equipment bays, 1 drill bay and 1 wash bay with drive- in sump • Warehouse, office, lunchroom, lubrication system Site Mixed • Complete, handed over to operations Emulsion • Contractor Dy
Slide 62: Site Infrastructure
Site Infrastructure Natural Gas • Enbridge Gas constructed 14-km-long Pipeline high-pressure natural gas pipeline from TC Energy Mainline north of Geraldton to a metering station at mine site entrance • 2.1 km private pipeline segment • In service on schedule in June 2023 • Delivery pressure: 125 ps
Slide 63: Infrastructure Repositioning
Infrastructure Repositioning Highway 11 • Realigned 4.7 km of Highway 11 (TransCanada) north of mine site • Work completed ahead of schedule, opened for traffic in early August 2023 • Move provides operational flexibility for pit work and ability to start dewatering Mosher Shaft Patrol Yard • Reloca
Slide 64: Commissioning: Plan & Status
Commissioning: Plan & Status Progress & • Detailed pre-commissioning, wet commissioning and hot commissioning schedules Schedule in place, resource loaded • All facilities except Process Plant and TMF (minor piping commissioning activities) have been successfully commissioned Resources & • Overall c
Slide 65: Commissioning Phases
Commissioning Phases Pre-Commissioning Wet Commissioning Hot Commissioning Construction Team Commissioning Team Operations Team • Begins during late stage of • Motor run-ups • Introduction of chemicals, mechanical completion • Vibration/temperature monitoring reagents and ore • Installation complete
Slide 66: Financials
Financials 66 66
Slide 67: Construction Budget
Construction Budget • Project remains on track to achieve budgeted spend of $1.225 B • At June 30, 2023, 76% of total cost had been spent ($937 M) • All purchase order and construction contracts for project completion in place • Inflationary pressures have been mitigated through favourable exchange
Slide 68: Construction Budget
Construction Budget $937 M spent to June 2023 (76% total budget) Capital Expenditures ($M) $400 $1,250 Half Year / Quarterly Expenditures ($M) $1,000 Cumulative Expenditures ($M) $300 $750 $200 $500 $100 $250 $0 $0 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Actual Foreca
Slide 69: Geology & Exploration
Geology & Exploration 69 69
Slide 70: Regional Geology
Regional Geology • The Archean-aged Beardmore-Geraldton Greenstone Belt stretches >100 km east to west. The 2.73 Ga metavolcanic rocks are bounded to the south by a package of younger metasedimentary rocks that host most gold deposits. The intrusive porphyritic rocks have a crystallization age of 2.
Slide 71: Geology: Greenstone Mine
Geology: Greenstone Mine Archean orogenic gold deposit with iron formation associations • Gold hosted within greywacke, iron formation and Drill porphyry 2019 Holes Design • Lithostructural controls on distribution of Pit mineralization, plunging shallowly to the west • Gold mineralization occurs pr
Slide 72: Geology: Greenstone Mine
Geology: Greenstone Mine Metasediments - Greywacke Banded Iron Formation Mineralized Au Domains Porphyry 72
Slide 73: Gold Mineralization
Gold Mineralization Deportment study: Host mineral association with gold Metasediments - Greywacke Au Porphyry Au • Majority of gold associated with pyrite Massive Sulphide Semi-massive Sulphide • Lesser association of gold with BIF arsenopyrite • Coarse gold typically as free gold within quartz-car
Slide 74: Mineral Reserves & Mineral Resources
Mineral Reserves & Mineral Resources1 Greenstone Mineral Reserves Estimate Category Diluted Ore Gold Grade Contained Tonnage (kt) (g/t Au) Gold (koz Au) Geraldton Proven 5,623 1.28 232 Probable 129,700 1.27 5,307 Total P&P 135,323 1.27 5,539 Notes: 1. CIM definitions were followed for Mineral Reserv
Slide 75: Exploration Upside
Exploration Upside Geraldton area Regional potential • Greenstone underground: Significant gold • Brookbank Project: Undeveloped high-grade resource down-plunge from the open pit remains gold deposit that is potentially within trucking open; desktop study planned for 2024 distance to the Greenstone
Slide 76: Greenstone Underground & Pit Expansion Potential
Greenstone Underground & Pit Expansion Potential Greenstone Underground • Potential is not considered in current economic models and mine life • 9.79 Mt at 3.93 g/t Au for 1.237 Moz Indicated1 ~West ~East Reserve Pit Shell - Feasibility • 24.59 Mt at 3.87 g/t Au for 3.059 Moz Potential OP Expansion
Slide 77: Near-Mine & Belt-Scale Exploration Potential
Near-Mine & Belt-Scale Exploration Potential • District-scale exploration potential with numerous past-producing mines • Consolidated land package with limited modern exploration Belt-scale potential Near-mine potential 1 10km 1 1. Northern Empire, Sand River and Leitch held 100% by Equinox Gold. Gr
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