Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (September 2026)
30 slides from Equinox Gold's investor presentation, September 2026
Slide 1: North America's New Senior Gold Producer
TSX: EQX NYSE-A: EQX North America’s New Senior Gold Producer CORPORATE PRESENTATION SEPTEMBER 2026 Date X, 2025
Slide 2: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward- Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, cash costs per looking statements within the meaning of applicable securities legisla
Slide 3: Equinox Gold: A Canada-Focused, North American Portfolio
Equinox Gold: A Canada-Focused, North American Portfolio MERGER WITH ORLA MINING CREATED… +1Moz 2 Moz MUSSELWHITE VALENTINE ANNUAL Path to Achieve POTENTIAL ANNUAL GREENSTONE PRODUCTION1 GOLD PRODUCTION3 ORGANIC GROWTH IN NORTH AMERICA SOUTH CARLIN COMPLEX 7 4 4 MESQUITE CASTLE MOUNTAIN OPERATING MI
Slide 4: Portfolio in Place: Executing to deliver a Top Tier Gold Company
Portfolio in Place: Executing to deliver a Top Tier Gold Company PATH TO TOP-TIER VALUATION RE-RATE 70% of Value from Canada & USA (Consensus Analyst NAV by Region)1 ✓ Premier Jurisdictions with Proven Geological Potential • 70% of NAV in Canada / USA • Building scale with regional focus = manageabl
Slide 5: Canadian Production Platform: Stability, Scale & Visible Growth
Canadian Production Platform: Stability, Scale & Visible Growth GROWING CANADIAN GOLD PRODUCTION TO +775,000 oz S TABLE PRODUCT I ON SCALE VISIBLE GROWTH MUSSELWHITE GREENSTONE VALENTINE WELL-ESTABLISHED HIGH-GRADE LARGEST PRODUCING OPEN-PIT MINE IN NEW OPEN-PIT MINE POSITIONED FOR UNDERGROUND MINE
Slide 6: A Leading Canadian Gold Producer
A Leading Canadian Gold Producer EQUINOX GOLD IS NOW THE SECOND-LARGEST PRODUCER OF CANADIAN GOLD Top 12 Producers of Canadian Gold Run-rate 2,955 production3 2026 Annual Gold Production Guidance for Canadian Operations (Midpoint [koz])1 778 ~650 410 410 295 280 278 265 248 193 193 185 2 Source: Com
Slide 7: USA Assets: ~75,000 oz Gold Today, Growth to +400,000 oz/year
USA Assets: ~75,000 oz Gold Today, Growth to +400,000 oz/year South Carlin Complex2 Castle Mountain1 Mesquite1 Nevada, USA California, USA California, USA • 1.5 Moz P&P Reserves, 2.5 Moz M&I • 4.1 Moz P&P Reserves, 1.5 Moz M&I • Open-pit heap leach mine Resources Resources • More than 5 Moz gold pro
Slide 8: Mexico Assets: ~115,000 oz Gold Today, Growth to +495,000 oz/year
Mexico Assets: ~115,000 oz Gold Today, Growth to +495,000 oz/year Camino Rojo Los Filos Zacatecas, Mexico1 Guerrero, Mexico2 • Open-pit gold-silver heap leach mine • 5.4 Moz P&P Reserves, 7.9 Moz M&I Resources • 2026 full-year guidance: ~115,000 oz3 • ~280,000 oz/year production for 14 years from •
Slide 9: Unmatched Growth: Clear Path to 2 Million Ounces of Production
Unmatched Growth: Clear Path to 2 Million Ounces of Production OVER 800 Koz OF ORGANIC GROWTH IN NORTH AMERICA VALENTINE1 Newfoundland, Canada • Phase 2 construction approved in August → double throughput to ~5.0 Mtpa ~50 koz 2.7 Moz Reserves • Construction to be completed in late 2028; average annu
Slide 10: Updated 2026 Guidance: Growing Production and Cash Flow
Updated 2026 Guidance: Growing Production and Cash Flow 2026 GUIDANCE* 5 Months (August to December) of contribution from Musselwhite and Camino Rojo +1.1 Moz of full year production from all assets Greenstone Musselwhite Valentine Nicaragua Camino Rojo Mesquite Project Pipeline (Jan - Dec) (Aug - D
Slide 11: Re-Rate Potential: Compelling Valuation Upside Versus Peers
Re-Rate Potential: Compelling Valuation Upside Versus Peers Market Cap (US$ B) 2027E Production (Moz Au) Price to NAV (ratio) EV / ‘27E Production ($/oz) (Analyst estimates) (Analyst estimates) (Analyst estimates) Top-Tier: 1.4x1 Top-Tier: $24,7341 Average: 1.1x Average:$19,419 Gold Fields $38.2 Gol
Slide 12: Value Opportunity: Peer ladder to Top-tier valuation – Re-Rate Potential
Value Opportunity: Peer ladder to Top-tier valuation – Re-Rate Potential ENTERPRISE VALUE (US$) / CANADIAN PRODUCER ANNUAL GOLD PRODUCTION (Oz) VALUATION BENCHMARK 1 Consensus Average Production $29,700/oz Agnico & Alamos Valuation Highlights 2027-2029e EQX’s Re-Rating Potential 3.4 Moz Re-Rate to a
Slide 13: Equinox Gold: A Stronger, Growth-Oriented Senior Gold Producer
Equinox Gold: A Stronger, Growth-Oriented Senior Gold Producer +800,000 oz 2026-2027 Catalysts & Value Drivers 1,500,000 organic growth 4 ❑ Production and cash flow growth from Musselwhite, Camino Rojo, and Nicaragua 1,250,000 Proforma Annualized ❑ Complete Los Filos land agreements, initiate restar
Slide 14: EQX Value Proposition: Five Key Takeaways
EQX Value Proposition: Five Key Takeaways EQUINOX GOLD IS A SENIOR PRODUCER 1 1.1 Moz Annual Pro-Forma Production1, Seven Mines, 60% Canadian Production, Index-Relevant Scale, Dividend Increased by 50% in August, Share Repurchase Program. MUSSELWHITE PROVIDES STABLE PRODUCTION 2 25+ Years in Continu
Slide 15: Appendix
Appendix
Slide 16: Capital Structure
Capital Structure Common Shares 1 1,167.5 M Avg. Daily Shares Traded 5 TSX: 5.3 M + NYSE-A: 12.2 M Options and warrants 2 42.3 M Cash (at Jul 31, 2026) 6 ~$729 M Restricted Share Units 3 6.3 M Debt / Available Liquidity (at Jul 31, 2026) 7 ~$515 M / ~$1.2 B Potential Shares from Convertible Notes 4
Slide 17: Robust Mineral Inventory: Multi-decade geological potential
Robust Mineral Inventory: Multi-decade geological potential Extension & Growth Opportunities Within Existing Asset Base Gold Reserves1 Gold Resources1 (Moz) (Moz) Growth Opportunities 2P M&I Inferred • Mine-life extension through underground development optionality Greenstone 5.3 3.0 1.7 • Near-mine
Slide 18: 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 19: 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 20: Musselwhite Upside: Mill Capacity Improvements
Musselwhite Upside: Mill Capacity1 Improvements Leverage Untapped Excess Mill Capacity 180 Day Moving Average Milled Tonnes • Nameplate mill capacity of 1.5 Mtpa with ~1.0 Mtpa current First Year under EQX/Orla Ownership utilization 4,500 - 0.5 Mtpa excess mill capacity • Fleet modernization and imp
Slide 21: Musselwhite Upside: Significant Opportunity for Resource Growth, Exploration Along Trend
Musselwhite Upside: Significant Opportunity for Resource Growth, Exploration Along Trend1 2km confirmed mine trend extension • 12,553 m drilled in 2025; 15,600 m drilling planned in 2026 (3 rigs) • Drilling indicates stacked mineralized zones: • 2km mine trend extension confirmed with extended geolo
Slide 22: Valentine Phase 2 Expansion: 25% Production Increase
Valentine Phase 2 Expansion: 25% Production Increase1 Phase 2 expansion2 • Increasing throughput from 2.5 Mtpa to 5.0 Mtpa • $436 million capital cost for mill expansion, fleet expansion and on- site infrastructure expansion, including $54 million contingency • Construction anticipated to begin Q3 2
Slide 23: Valentine Gold Mine: Property Overview
Valentine Gold Mine: Property Overview View VRIFY 3D images 23
Slide 24: Valentine Upside: Multi-kilometre Shear Zone with Significant New Discoveries
Valentine Upside: Multi-kilometre Shear Zone with Significant New Discoveries • Discovery of new high-grade Minotaur Zone 8 km north of the mill • Frank Zone discovery along trend from existing Reserves indicates additional open pit potential1 - 2.43 g/t Au over 172.8 metres - 2.26 g/t Au over 78.3
Slide 25: 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 26: Proven & Probable Gold Mineral Reserves
Proven & Probable Gold Mineral Reserves1 Proven Probable Proven & Probable Mine/Project, Location 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, Canada 6,900 0.75 164 172,500 0.93 5,169 179,300 0.93 5
Slide 27: Measured & Indicated Gold Mineral Resources
Measured & Indicated Gold Mineral Resources1,2,3 Measured Indicated Measured & Indicated Mine/Project, Location 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, Canada 22 0.51 0 53,949 1.71 2,966 53,970
Slide 28: Inferred Mineral Resources
Inferred Mineral Resources1 Inferred Mine/Project, Location Tonnes (kt) Grade (g/t) Contained Gold (koz) Greenstone, Canada 31,182 1.66 1,663 Brookbank, Canada 1,491 2.36 113 Kailey, Canada 7,758 0.55 138 Key Lake, Canada 4,905 1.00 158 Hasaga, Canada 2,059 7.31 484 Valentine, Canada 31,989 1.10 1,1
Slide 29: Technical Disclosure
Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Greenstone Gold Mine is summarized, derived, dated March 29, 2022 with an effective date of December 31, 2021. Scientific and technical or extracted from the “NI 43-101 Technical Report, Greenstone Pr
Slide 30: ir@equinoxgold.com www.equinoxgold.com
TSX: EQX NYSE-A: EQX +1 604.260.0516 ir@equinoxgold.com www.equinoxgold.com 30
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