Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (April 2021)
39 slides from Equinox Gold's investor presentation, Apr 18, 2021
Slide 1: The Premier Americas Gold Producer
equinoxgold.com The Premier Americas Gold Producer CORPORATE PRESENTATION April 18, 2021 1
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement or within the meaning of applicable secur
Slide 3: Equinox Gold: The Premier Americas Gold Producer
Equinox Gold: The Premier Americas Gold Producer 7 4 Producing Growth Mines Projects Greenstone (60%) Castle Mountain / Expansion 16.1 Moz 29.4 Moz Mesquite P&P Gold M&I Gold Reserves Resources1 Mercedes ~640 Koz ~$1,200/oz Aurizona Santa Luz Los Filos / Expansion Gold Production All-in-Sustaining i
Slide 4: Equinox Gold: Operating Mines
Equinox Gold: Operating Mines Mesquite Mine, California, USA (100%) • 141,300 oz of gold produced in 2020 • Significant investment and exploration planned for 2021 focused on mine life extension, testing new targets, accessing higher-grade ore • 2021 guidance: 130,000 - 140,000 oz at AISC of $1,275
Slide 5: Equinox Gold: Operating Mines
Equinox Gold: Operating Mines Aurizona Mine, Maranhão, Brazil (100%) • 130,300 oz of gold produced in 2020 • Near-mine and regional exploration, advancing PFS for potential underground mine • 2021 guidance: 120,000 - 130,000 oz at AISC of $1,075 - $1,125 per oz Brazil Fazenda Mine, Bahia, Brazil (10
Slide 6: Equinox Gold: Growth and Development Projects
Equinox Gold: Growth and Development Projects Santa Luz Construction, Bahia, Brazil (100%) • Average 110,500 oz annual production for first five years • Initial 9.5-year mine life, expansion potential from underground resources Sequential • $362 M after-tax NPV5% and 67% IRR at $1,600/oz gold develo
Slide 7: Santa Luz Project: Full Construction Underway
Santa Luz Project: Full Construction Underway First gold pour targeted for Q1 2022 • Past producing mine: refurbishing existing infrastructure and retrofitting processing plant • $103 M initial capex • $21 M sustaining capex • After-tax NPV5% $420 M (at $1,700/oz gold) • After-tax IRR 75% (at $1,700
Slide 8: Greenstone Project: Permitted and Construction Ready
Greenstone Project: Permitted and Construction Ready Greenstone is one of the most attractive development assets in Canada1 • Large-scale with over 5.5 Moz in reserves • After-tax NPV5% $1.1 B ($1.8 B at $1,800/oz gold)2 • After-tax IRR 20% (29% at $1,800/oz gold)2 • Average 414,000 oz/year gold pro
Slide 9: Castle Mountain: Phase 2 Expansion Highlights
Castle Mountain: Phase 2 Expansion Highlights1 Average 218,000 oz gold per year at $858/oz AISC, generates ~$2 B net cash flow at current prices • After-tax NPV5% $640 M ($1.1 B at $1,800/oz gold) • After-tax IRR 18% (25% at $1,800/oz gold) • $1.3 B cumulative net cash flow ($2.0 B at $1,800/oz gold
Slide 10: Exploration Projects & Investments
Exploration Projects & Investments Hasaga Project, Red Lake, Ontario (100%) • Historic mining district in the heart of the Red Lake gold camp • 1.1 Moz in M&I open-pit resources at 0.83 g/t gold Two exploration- • More than 23,000 m drilled in 2020 confirming substantial underground potential stage
Slide 11: Diversified Asset Portfolio Across Four Countries
Diversified Asset Portfolio Across Four Countries Canada USA 5.5 Moz Reserves (60% attributable to EQX) ~400 Koz annual production (60% attributable to EQX)1 4.8 Moz Reserves First production in 2024 ~180 Koz annual production >300 Koz with expansions1 Mexico Brazil 4.7 Moz Reserves 3.1 Moz Reserves
Slide 12: Well Positioned Within Peer Group
Well Positioned Within Peer Group P/NAV1 (x) 2024E Production1,2 (Moz Au) 2021E - 2024E Prod. Growth1,2 (%) Total Reserves (Moz Au) 16.1 Greenstone is expected to add more than 240 koz/yr to Equinox Gold’s production profile Source: Thomson One Analytics, FactSet, BMO and company disclosure as at Ma
Slide 13: Peer-leading Growth Profile
Peer-leading Growth Profile 1,500,000 Existing Production Castle Mountain Mercedes Sequential 1,200,000 Santa Luz – Restart Annual Gold Production (oz) Los Filos – Expansion development of Greenstone projects to achieve 900,000 Castle Mtn – Expansion more than 1 Moz annual gold production 600,000 30
Slide 14: Re-rate Potential as Production Continues to Grow
Re-rate Potential as Production Continues to Grow 1.20x Market Evolution Kirkland cap: Sibanye- Lake US$1 B Stillwater B2Gold 0.90x Endeavour P / NAV (ratio) Pretium Yamana Mining SSR Mining Alamos Oceana Regis 0.60x Gold Eldorado EQX EQX EQX St Barbara 2022E 2021E Centerra 2024E Torex IAMGOLD 0.30x
Slide 15: 2021 Catalysts: Investing for Growth
2021 Catalysts: Investing for Growth Operations & • Produce 600,000-665,000 oz of gold at $1,190-$1,275 per oz AISC Development Complete Castle Mountain expansion feasibility study Significant 2021 • Advance Los Filos expansion projects investment = 2022 • Complete Santa Luz construction productio
Slide 16: Appendix
Appendix Los Filos Mine – picture taken in August 2017 16
Slide 17: Equinox Gold: Corporate Summary
Equinox Gold: Corporate Summary Common Shares 1 297.1 M Fully Diluted Shares 4 324.2 M Listed Warrants @ C$15.00 2 16.0 M Avg. Daily Trading Value 5 ~ C$22 M + US$16 M Unlisted Warrants @ avg C$8.65 1,2 3.0 M Cash / Net Debt 6 $460 M / $200 M Options @ avg C$9.06 1,2 5.7 M Convertible Notes @ avg. $
Slide 18: Q4 and Full-year 2020 Highlights
Q4 and Full-year 2020 Highlights Three months ended Year ended Dec 31, Dec 31, Dec 31, Dec 31, Unit 20201 2019 2020 1 2019 Operating Data Gold produced2 oz 136,352 80,176 477,186 201,017 Achieved 2020 Gold sold oz 134,895 80,330 471,786 196,803 revised production Average realized gold price $/oz 1,8
Slide 19: 2020 Quarterly Results by Mine
2020 Quarterly Results by Mine Production Cash Cost AISC (oz) ($/oz)1 ($/oz)1 FY 2020 Q4 2020 Q3 2020 FY 2020 Q4 2020 Q3 2020 FY 2020 Q4 2020 Q3 2020 Mesquite 141,270 33,717 31,024 899 894 917 1,091 1,225 1,172 Aurizona 130,237 37,438 33,248 716 610 675 926 901 968 Fazenda2 51,611 18,196 15,118 737
Slide 20: 2021 Guidance: To be Updated in Q2 2021
2021 Guidance: To be Updated in Q2 2021 Non- Production Cash Costs1 AISC1,2 Sustaining sustaining (ounces) ($/ounce) ($/ounce) Capital1 Capital1 Mexico Significant 2021 Los Filos 170,000 - 190,000 $1,125 - $1,200 $1,330 - $1,390 $38 M $95 M investment = 2022 Mercedes Added to Equinox Gold’s portfoli
Slide 21: Funded to Execute on Growth
Funded to Execute on Growth Operating Cash1 Bank Debt3 Strong balance Cash Flow4 sheet and cash Unrestricted cash on flow funds hand plus C$82 M Term loan 2020 operating growth from Solaris shares $100 M drawn cash flow $460 M $217 M Corporate revolver Available liquidity $200 M drawn >$650 M2 $200
Slide 22: Peer-leading Insider Ownership
Peer-leading Insider Ownership Insider Ownership2 Endeavour Mining 20.2% 8% 0.5% Equinox Gold Equinox 8.5% Equinox Gold Ross Beaty Northern Star 1.4% Shareholders1 17% Other Insiders B2Gold 1.3% High Net Worth Evolution 1.0% 55% Retail/Other IAMGOLD 0.8% 15% Corporate Torex 0.5% Institutional Torex
Slide 23: Aligned with Shareholders
Aligned with Shareholders Performance Stock Units Bonus 20% Executive compensation 30% Incentive to CEO Pay Restricted • CEO and Executive compensation heavily weighted toward Outperform Structure Stock corporate and market performance Units 20% • Individual and corporate objectives with defined tar
Slide 24: Committed to Responsible and Ethical Mining: Strong ESG Commitment
Committed to Responsible and Ethical Mining: Strong ESG Commitment Health and safety Air quality (incl. vibration and noise) Waste and tailings facility management Community engagement and development Water management Human rights and diversity Energy and greenhouse gas emissions Human resources and
Slide 25: Greenstone: One of the Highest-grade Open-pit Gold Projects in Canada
Greenstone: One of the Highest-grade Open-pit Gold Projects in Canada Reserve Grade and Estimated Annual Production of Open-pit Gold Projects in Canada1 Producing Development 2.0 Lynn Lake 1.5 Greenstone Hardrock Reserve Grade (g/t Au) Valentine Lake Canadian Malartic Moose River Magino Rainy River
Slide 26: Greenstone Project: Feasibility Highlights
Greenstone Project: Feasibility Highlights Feasibility Study Highlights (base case $1,400/oz Au)1 Permitted for Stage construction • The project is managed by Greenstone Gold Mines, a 60/40 joint venture company between Equinox Mine type Open pit Gold and Orion Mine Finance Group Throughput 27,000 t
Slide 27: Greenstone Project: Production and Cost Profile
Greenstone Project: Production and Cost Profile Annual Gold Production and AISC (100%) 500 $1,000 Production (koz Gold) 400 $800 14-year initial mine AISC ($/oz) 300 $600 life with average AISC of $618/oz 200 $400 100 $200 0 $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Production(koz) Production (000's) AISC
Slide 28: Greenstone Project: Upside in Greenstone Gold District
Greenstone Project: Upside in Greenstone Gold District Upside from underground and satellite deposits Greenstone Mineral Resource Estimate1 (100% basis) (exclusive of Mineral Reserves) In-Pit Underground Category Units Total (>0.3 g/t Au) (>2.0 g/t Au) Western-most hole MM170 Tonnes (Mt) 5.97 9.97 1
Slide 29: Mercedes Mine: Sonora, Mexico
Mercedes Mine: Sonora, Mexico New optimization plan yields positive Q3 2020 results Key Metrics Mine Ownership 100% • 100% owned producing underground gold-silver mine Mine Type Underground • Located in Sonora, Mexico 2,000 t/d Plant Throughput Capacity • Strong H2 2020 performance (operating at 1,2
Slide 30: Red Lake Properties: Red Lake, Ontario
Red Lake Properties: Red Lake, Ontario Quality exploration assets to drive future growth Hasaga Two High-quality Exploration Assets within the Historic Red Lake Gold District Hasaga (100% owned) • Hasaga was the first mine developed in the Red Lake camp, with only minimal exploration since 1952 • Op
Slide 31: Hasaga: Red Lake, Ontario
Hasaga: Red Lake, Ontario Hasaga, Ontario HMP155-W1 11.8 m of 2.66 g/t Au HMP167-W1 Incl. 3.5 m of 6.01 g/t Au 3.5 m of 76.12 g/t Au Incl. 0.6 m of 455.00 g/t Au A promising Hasaga Mine (1938-52) 218k Oz Au @ 4.94 g/t Howey Mine (1930-52) 422k Oz Au @ 3.12 g/t discovery in the Buffalo O/P Howey HMP1
Slide 32: Aurizona: Mine Life Extension Along Strike
Aurizona: Mine Life Extension Along Strike PIABA NORTH Numerous TREND deposits within Tatajuba grades similar GENIPAPO MESTRE or higher than Piaba: CHICO trucking • 13.74 g/t Au/ 35 m distance of • 2.71 g/t Au/ 56 m PIABA MICOTE • 2.47 g/t Au/ 69 m existing plant • 1.42 g/t Au/ 34 m and surface • 1.
Slide 33: Aurizona: District-scale Potential on EQX Land Package
Aurizona: District-scale Potential on EQX Land Package Numerous regional targets within ~1,100 km2 land package 33
Slide 34: Castle Mountain: Easy Site Access in Safe Jurisdiction
Castle Mountain: Easy Site Access in Safe Jurisdiction Synergies with Mesquite Mine 200 miles south Castle Mountain Phase 2 expansion will be contained within existing approved mine boundary Mesquite 34
Slide 35: Equinox Gold: Proven & Probable Mineral Reserves
Equinox Gold: Proven & Probable Mineral Reserves 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) Aurizona 12,399 1.51 600 7,379 1.51 358 19,778 1.51 958 Castle Mounta
Slide 36: Equinox Gold: Measured & Indicated Mineral Resources
Equinox Gold: Measured & Indicated Mineral Resources1 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) Aurizona 14,264 1.52 697 20,066 1.70 1,097 34,330 1.62 1,793 Castl
Slide 37: Equinox Gold: Inferred Mineral Resources
Equinox Gold: Inferred Mineral Resources Contained Gold Mine Tonnes (kt) Grade (g/t) (koz) Aurizona 17,267 1.98 1,100 Castle Mountain 86,271 0.58 1,608 Mesquite 73,980 0.32 752 Los Filos 98,204 0.83 2,633 RDM 8,305 1.50 401 Fazenda 6,040 2.45 476 Santa Luz 7,265 2.07 483 1 Greenstone 15,300 3.78 1,8
Slide 38: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or summarized, derived, or extracted from the “NI 43-101 Technical Report Mercedes Gold-Silver Mine, extracted from the “Independent Technical Report for
Slide 39: ir@equinoxgold.com www.equinoxgold.com
+1 604.558.0560 ir@equinoxgold.com www.equinoxgold.com 39 TSX: EQX | NYSE-A: EQX