Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (June 2025)
32 slides from Equinox Gold's investor presentation, Jun 17, 2025
Slide 1: Creating the Premier Americas Gold Producer
TSX: EQX NYSE-A: EQX Creating the Premier Americas Gold Producer CORPORATE PRESENTATION JUNE 2025 Date X, 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking inability to obtain insurance to cover these risks and hazards; relationships with, and claims by, local communities and statements within the meaning of applicable securit
Slide 3: Equinox Gold: New Focus, New Opportunity
Equinox Gold: New Focus, New Opportunity New high-quality, long-life gold mines in Canada Diversified Portfolio Weighted to Canada provide tier-1 foundation to drive free cash flow (Consensus Analyst NAV by Region)1 generation and valuation Exceptional jurisdictional risk profile with +65% NAV i
Slide 4: Equinox Gold: Diversified Americas Portfolio with a Canadian Focus
Equinox Gold: Diversified Americas Portfolio with a Canadian Focus 7 PRODUCING MINES 6 ORGANIC GROWTH OPPORTUNITIES GREENSTONE GOLDEN EAGLE ~23 Moz ~22 Moz MESQUITE PAN GOLD ROCK CASTLE MOUNTAIN PHASE 2 VALENTINE First gold Q3 2025 P&P RESERVES M&I GOLD RESOURCES1 785,000 – 915,000 oz LOS FILOS LIMO
Slide 5: Attractive Valuation: Peer-leading Growth and Gold Endowment
Attractive Valuation: Peer-leading Growth and Gold Endowment Price to NAV (x) EV / ‘25E-’26E Prod. ($M)1 ‘25E-’27E Prod. Growth (%)1 Total Reserves (Moz Au) (Analyst estimates) (Analyst estimates) (Analyst estimates) (Company reports) Lundin Gold 1.93x Lundin Gold $23,395 Eldorado 41% Gold Fields 44
Slide 6: Greenstone: A Canadian Cornerstone Asset
Greenstone: A Canadian Cornerstone Asset ~240 Koz ~$1,750 /oz GUIDANCE 20251 AISC GUIDANCE 20251 ~5.7 Moz 15+ year P&P RESERVES2 INITIAL MINE LIFE 330,000 oz GOLD PER YEAR, LIFE OF MINE2 1. Mid-point of proforma consolidated 2025 guidance reported on June 11, 2025. 2. As reported in the 2024 technic
Slide 7: Valentine: A Second Canadian Cornerstone Asset
Valentine: A Second Canadian Cornerstone Asset ~180 Koz gold ANNUAL AVG. LIFE OF MINE PRODUCTION1 ~2.7 Moz 14+ year P&P RESERVES1 INITIAL MINE LIFE FIRST GOLD POUR ON TRACK FOR END OF Q3 2025 1. As reported in the 2022 feasibility study. See Cautionary Notes, Appendix slides and Technical Disclosure
Slide 8: Re-rate Potential: New Mine Ramp-ups Bring Re-rate Opportunity
Re-rate Potential: New Mine Ramp-ups Bring Re-rate Opportunity EQUINOX GOLD: NEAR-TERM MILESTONES $12.50 Greenstone: Ramping to name plate capacity Valentine: First gold Q3 2025 IAMGOLD, Coté Gold Mine First gold pour to current 108% share price increase $10.00 (IAMGOLD C$/share) $7.50 $5.00 2-Aug-2
Slide 9: Re-rate Potential: New Mine Ramp-ups Bring Re-rate Opportunity (cont.)
Re-rate Potential: New Mine Ramp-ups Bring Re-rate Opportunity (cont.) Malartic (US$M) Detour (US$M) +190% +179% +84% +77% $5,084 $4,321 $4,155 $4,894 $2,347 $1,754 Gold $939/oz Gold $1,457/oz Gold $1,492/oz Gold $1,348/oz Gold $1,610/oz Gold $1,335/oz Construction Decision First Gold Pour Commercia
Slide 10: Two Long-life Mines: Canadian Powerhouse Gold Producer
Two Long-life Mines: Canadian Powerhouse Gold Producer At full ramp-up of Canadian mines, Equinox Gold will be the second-largest Canadian gold producer 2,940 Top 15 Canadian Gold Producers (Greenstone and Valentine ramped up to capacity) (Peer 2025F Average Annual Production - koz) 510 470 465 400
Slide 11: Market Premium: Significant Canadian Exposure Drives Re-rate
Market Premium: Significant Canadian Exposure Drives Re-rate Canadian Peer Analyst P/NAVs1 Strong re-rate potential exists with 2025F Canadian Production (koz) improved Canadian gold exposure • Canadian production rewarded in the 1.2x 1.2x market with premium valuation Peer Group Avg: 1.1x 1.1x • Eq
Slide 12: Corporate Mission: Key Drivers to Achieve Top-tier Valuation
Corporate Mission: Key Drivers to Achieve Top-tier Valuation KEY DRIVERS Tier-1 jurisdictions 91% of 2025E production 78% of 2025E production 58% of 2026E production 90% of consensus NAV 89% of consensus NAV 63% of consensus NAV Substantial long-life assets 64% of production from 3 mines 78% of prod
Slide 13: Inflection Point: Revaluation Potential as Equinox Gold Delivers Canadian Mines
Inflection Point: Revaluation Potential as Equinox Gold Delivers Canadian Mines Ramping up Greenstone and Valentine delivers Revalue as a Senior Producer1 • Enhanced diversification in top mining jurisdictions • Increased production 1.3x • Increased cash flow 1.1x • Longer average mine life • Reduce
Slide 14: Why Invest in Equinox Gold?
Why Invest in Equinox Gold? Exceptional leverage Near-term production Increased cash flow, Greenstone + to strong and rising growth from two lower consolidated Valentine makes gold prices world-class mines at operating costs, Equinox Gold a the beginning of their stronger Canadian gold mine lives in
Slide 15: Appendix
Appendix
Slide 16: Capital Structure
Capital Structure Common Shares 1 756.2 M Avg. Daily Shares Traded 5 TSX: 2.0 M + NYSE-A: 5.5 M Options and warrants @ avg. C$7.16 1,2 19.7 M Cash 6 ~$376 M Restricted Share Units 3 10.3 M Debt (at Mar 31, 2025) 7 Drawn $1,449 M, Available $105 M Potential Shares from Convertible Notes 4 52.9 M Conv
Slide 17: Financial Position
Financial Position1 AVAILABLE Cash1 Undrawn credit facility2 LIQUIDITY ~$376 M $65 M ~$376 M CASH1 RESILIENCE Ongoing cash flow from operating mines Undrawn accordion3 $100 M + ~$65 M Drawn debt4 Convertible notes5 AVAILABLE CREDIT2 DEBT $1,499 M $347 M ($6.61/share avg.) 1. Equinox Gold’s cash and
Slide 18: 2025 Guidance
2025 Guidance CANADA 2025 GUIDANCE1,3 Greenstone, Valentine Production Total Cash Costs2 All-in Sustaining Cost2 Growth Capital2 Exploration (ounces) ($/ounce) ($/ounce) ($ million) ($ million) Greenstone 220,000 – 260,000 $1,275 – $1,375 $1,700 – $1,800 $80 – $85 $2 – $3 BRAZIL Aurizona, RDM, Brazi
Slide 19: Significant Insider Ownership: Aligned with Investors
Significant Insider Ownership: Aligned with Investors Equinox Gold Shareholders1 Peer-leading Insider Ownership2 4.7% Endeavour Mining 17.3% 17% Ross Beaty / Insiders #N/A Pro Forma EQX 4.7% Indices Retail / Other SSR Mining 1.1% 58% Institutional Evolution 1.0% 20% B2Gold 0.8% Eldorado 0.5% Torex 0
Slide 20: Responsible Mining: Committed to Excellence
Responsible Mining: Committed to Excellence1 SAFETY ENVIRONMENT SOCIAL REPORTING TRIFR2 of 2.21 in 2024, SEIFR13 of 0.20 in 2024, 99% of employees are from Publish annual ESG report 30% better than target 84% better than target country of operations based on GRI and SASB indicators that includes Ten
Slide 21: 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 22: Brazil Operations: Cash-flowing Business Unit
Brazil Operations: Cash-flowing Business Unit AURIZONA BAHIA COMPLEX RDM Aurizona Mine, Maranhão, Brazil Bahia Complex, Bahia, Brazil Open-pit mine with 8,000 tpd CIL plant Combined unit with two processing plants Production ~100,000 oz per year1 - Santa Luz, open-pit with resin-in leach plant Expan
Slide 23: Greenstone Upside: Extend Mine Life, Increase Production
Greenstone Upside: Extend 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 and ≥2 g/t
Slide 24: 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 25: 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 Zone discovery indicates strong resource expansion potential1 • Frank Zone discovery indicates potential for additional open pit1 - 2.43 g/t Au over 172
Slide 26: Exploration Upside: Demonstrated Track Record of Exploration Success
Exploration Upside: Demonstrated Track Record of Exploration Success 2025 Exploration Strategy1 GREENSTONE 2025 Exploration Strategy1 GOLDEN EAGLE Pan Greenstone $5-$10 M, deep targets VALENTINE $2 M, resource expansion PAN GOLD ROCK $1 M, regional exploration Mesquite CASTLE MOUNTAIN $2-$3 M, resou
Slide 27: Core Development Asset: Castle Mountain in California, USA
Core Development Asset: Castle Mountain in California, USA ~220,000 oz gold EXPECTED PER YEAR 14+ year 0.51 g/t gold INITIAL MINE LIFE AVERAGE GRADE ~4.2 Moz ~1.5 Moz P&P RESERVES1 M&I RESOURCES1 1. See Technical Disclosure. 27
Slide 28: 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 29: Measured & Indicated Mineral Resources
Measured & Indicated Mineral Resources1 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 5.45 600
Slide 30: Inferred Mineral Resources
Inferred Mineral Resources1 Inferred Inferred (cont.) Mine/Project Tonnes Grade Contained Mine/Project Tonnes Grade Contained (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Greenstone 26,371 3.26 2,763 Los Filos 135,935 0.74 3,237 Brookbank 751 3.30 80 El Limon 6,332 4.43 902 Kailey 4,858 0.87 136 La L
Slide 31: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or White Pine County, Nevada” dated March 16, 2023 with an effective date of December 31, 2022. Each extracted from the “Updated Technical Report for the
Slide 32: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 32