Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (May 2023)
32 slides from Equinox Gold's investor presentation, May 2023
Slide 1: Creating the Premier Americas Gold Producer
equinoxgold.com Creating the Premier Americas Gold Producer CORPORATE PRESENTATION May 2023
Slide 2: Equinox Gold: Creating the Premier Americas Gold Producer
Equinox Gold: Creating the Premier Americas Gold Producer In its first five years Equinox Gold has grown from a single-asset developer to a diversified gold producer with the assets in place to produce more than 1 Moz of gold annually1 2018 2019 2020 2021 2022 20232 25,601 oz 201,017 oz 477,186 oz 6
Slide 3: Diversified Gold Producer: 7 Mines, 4 Countries, 1 New Mine in 2024
Diversified Gold Producer: 7 Mines, 4 Countries, 1 New Mine in 2024 7 1 3 Producing Mine in Expansion Mines Construction Projects Greenstone (60%) Castle Mountain / Expansion 17 Moz 16 Moz Mesquite P&P Gold M&I Gold Reserves Resources1 Los Filos / Expansion Aurizona / Expansion Santa Luz ~590 Koz ~$
Slide 4: Operating Mines: USA and Mexico
Operating Mines: USA and Mexico Mesquite Mine, California, USA 2023 guidance: 80,000-90,000 oz of gold Stripping Brownie and Vista East pits to provide ore for remainder of 2023 Q1 2023: 16,405 oz of gold at $1,780/oz AISC1, $10.2M of sustaining capital spend Castle Mountain Mine, California, USA 20
Slide 5: Operating Mines: Brazil
Operating Mines: Brazil Aurizona Mine, Maranhão Fazenda Mine, Bahia 2023 guidance: 120,000-130,000 oz 2023 guidance: 60,000-65,000 oz Improved access to higher-grade ore in Achieved higher grades from open pit during rainy season, higher underground mine, drilled 11,000 m for stockpile grades Minera
Slide 6: Greenstone: On Budget and On Track for H1 2024 Production
Greenstone: On Budget and On Track for H1 2024 Production ~400,000 oz gold per year1 $260 M remaining spend2 1.27 g/t gold average grade 5.5 Moz P&P Reserves 2.6 Moz M&I Resources 1. 100% basis, of which 60% is attributable to Equinox Gold. 2. Equinox Gold’s 60% share. 6
Slide 7: Greenstone: Building one of Canada's Largest Gold Mines
Greenstone: Building one of Canada’s Largest Gold Mines ~360,000 oz of gold per year, 14+ year mine life • Developed by Equinox Gold (60%) and Orion (40%) • More than 5 Moz of gold produced over initial 14-year mine life1 • Expansion and extension potential from additional deposits • Excellent infra
Slide 8: Greenstone: On Budget and On Track for H1 2024 Production
Greenstone: On Budget and On Track for H1 2024 Production Progress at March 31, 2023 • Overall project 73% complete • Construction 65% complete • Procurement 83% complete • Concrete 87% complete • Structural steel 78% complete • Capital spend 65% complete Leach tanks and mill building • Value contra
Slide 9: Organic Growth: Expansion Projects
Organic Growth: Expansion Projects Castle Mountain Mine, California, USA Increase mining to stack over 45,000 t/d on heap leach pads Phase 2 permitting underway, application submitted in March 2022 ~218,000 oz/year average annual production, 14-year mine life1 Aurizona Mine, Maranhão, Brazil Mining
Slide 10: Peer-leading Growth Profile: Organic Growth from Existing Assets
Peer-leading Growth Profile: Organic Growth from Existing Assets P/NAV1 (x) 2025E Production1 (Moz Au) 2022E - 2025E Prod. Growth1 (%) Total Reserves2 (Moz Au) Alamos 1.23x Northern Star 2.0 Equinox Equinox Gold 71% Northern Star 20.6 Northern Star 1.23x Endeavour 1.6 New Gold 51% Equinox Gold Equin
Slide 11: Investing in Growth: Assets in Place for 1+ Moz Annual Production
Investing in Growth: Assets in Place for 1+ Moz Annual Production ~575 Koz incremental growth from existing assets1 Revaluation potential with growth2 • Enhanced scale and diversity with Greenstone • Increased production, higher cash flow, lower costs • Catalyst rich investment plans • Enhanced dive
Slide 12: Financial Strength: Funded to Deliver Growth
Financial Strength: Funded to Deliver Growth Cash 1 Debt Available 2 Investments 4 Resilience Unrestricted cash Corporate revolver Equity investments $75 M available through ~$285 M $127 M ~$165 M ATM facility pursuant to $500 M base shelf Ongoing cash flow Accordion prospectus 5 from seven $100 M 3
Slide 13: ESG: Committed to Responsible and Ethical Mining
ESG: Committed to Responsible and Ethical Mining ENVIRONMENT SOCIAL GOVERNANCE • Beat 2022 environmental • Beat 2022 health and safety • Expanded ESG disclosure incident target by 61% target by 36% and performance metrics • Improved environmental • Improved health and safety • Updated and expanded p
Slide 14: Aligned with Investors: Peer-leading Insider Ownership
Aligned with Investors: Peer-leading Insider Ownership 7.7% 0.4% Insider Ownership2 Ross Beaty Equinox Gold Endeavour Mining 19.9% 13% Other Insiders Shareholders1 Equinox EquinoxGold Gold 8.1% High Net Worth B2Gold 1.3% 61% Retail/Other 16% Evolution 1.1% Corporate Eldorado 0.7% 2% Institutional SS
Slide 15: Equinox Gold: Creating the Premier Americas Gold Producer
Equinox Gold: Creating the Premier Americas Gold Producer USA Canada 4.6 Moz Reserves 3.3 Moz Reserves2 ~120 Koz annual production ~240 Koz annual production2 ~300 Koz with expansion1 First production in H1 20241 Mexico Brazil 5.4 Moz Reserves 3.6 Moz Reserves ~170 Koz annual production ~325 Koz ann
Slide 16: Appendix
Appendix 16
Slide 17: Equinox Gold: Corporate Summary
Equinox Gold: Corporate Summary Common Shares 1 312.7 M Avg. Daily Shares Traded 5 TSX: 1.5 M + NYSE-A: 2.3 M Unlisted Warrants @ avg. C$5.30 1,2 0.2 M Cash 6 ~ US$285 M Options @ avg. C$5.61 1,2 1.2 M Net Debt 7 ~ US$550 M Restricted Share Units 3 7.1 M Convertible Notes @ avg. US$6.52 8 US$278.9 M
Slide 18: 2023 Plan: Production and Cost Guidance
2023 Plan: Production and Cost Guidance Sustaining Growth Production Cash Costs1,2 AISC1,2 Expenditure Expenditure (ounces) ($/ounce) ($/ounce) 70,000 ounces more ($M)1,2 ($M)2 than normalized Mesquite 80,000-90,000 $1,345-$1,410 $1,415-$1,480 $5 $16 2022 production6 Castle Mountain 25,000-30,000 $1
Slide 19: 2023 Plan: Cost Guidance
2023 Plan: Cost Guidance Investing for long-term growth Sustaining Expenditure Sustaining Non-Sustaining • Mesquite: Open-pit waste stripping ($4 M), infrastructure ($1 M) Expenditure (M$) Expenditure (M$) • Castle Mountain: Infrastructure ($2 M) Mesquite $5 $16 • Los Filos: Open-pit waste stripping
Slide 20: Highly Leveraged to Gold: EQX Outperforms With Rising Gold Prices
Highly Leveraged to Gold: EQX Outperforms With Rising Gold Prices Highest leverage to gold Gold equities undervalued Equinox Gold’s operating margins increase ~33% with a Gold equities remain highly undervalued compared to 5% increase in gold price 1 historical gold : equity ratios Market Performanc
Slide 21: Non-core Assets: Bringing Value to Equinox Gold
Non-core Assets: Bringing Value to Equinox Gold Divest: Mercedes & Pilar Launch: Solaris Create: i-80 Gold Create: Sandbox Royalties Sold non-core assets Spin-out to shareholders Spinco from Premier acquisition Spin-out non-core royalties ~$175 M (Total value) $640 M (Current market cap) $630 M (Cur
Slide 22: Greenstone: Building one of Canada's Largest Gold Mines
Greenstone: Building one of Canada’s Largest Gold Mines1 P&P Reserves Average Grade Annual Production 5.5 Moz 1.27 g/t Gold ~400,000 oz Gold M&I Resources2 Initial Capex First Production 2.6 Moz $1.225 B H1 2024 1. 100% basis of which 60% is attributable to Equinox Gold. 2. M&I Resources are exclusi
Slide 23: Greenstone: Construction Milestones
Greenstone: Construction Milestones Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q2 2024 All buildings enclosed Mechanical, piping and Pre-commissioning TSF complete Commissioning Commence ball mill electrical installations of power plant and Hwy relocation complete First gold pour installation All equipment
Slide 24: Greenstone: Cornerstone Asset for Equinox Gold
Greenstone: Cornerstone Asset for Equinox Gold One of the highest-grade open-pit gold mines of scale in Canada 2.0 Lynn Lake 1.6 Valentine Lake Greenstone Reserve Grade (g/t Au) Rainy River Development 1.2 Canadian Malartic Magino Production Moose River Cote 0.8 Dublin Gulch Blackwater Bubble Size =
Slide 25: Greenstone: Near-Mine & Belt-Scale Exploration Potential
Greenstone: Near-Mine & Belt-Scale Exploration Potential Belt-scale potential Near-mine potential 1 10km 1 Hosts the unexploited Kailey Deposit) 1. Northern Empire, Sand River and Greenstone Satellite Mineral Resource Estimate Leitch held 100%(Exclusive by Equinox Gold. of Mineral Reserves) Deposit
Slide 26: Bahia: District-scale Potential Between Fazenda – Santa Luz Mines
Bahia: District-scale Potential Between Fazenda – Santa Luz Mines 26
Slide 27: Equinox Gold: Proven & Probable Mineral Reserves
Equinox Gold: 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 8
Slide 28: Equinox Gold: Measured & Indicated Mineral Resources
Equinox Gold: 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
Slide 29: Equinox Gold: Inferred Mineral Resources
Equinox Gold: Inferred Mineral Resources1 Contained Gold Mine Tonnes (kt) Grade (g/t) (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 3,283 1.50 158 RDM 3,614 1.95 226 Santa Luz 7,254 2.09 490 2 Greenstone 14,969 3.88 1,8
Slide 30: Equinox Gold: Technical Disclosure
Equinox Gold: 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 Hasaga Property is summarized, derived, or extracted extracted from the “Updated Tec
Slide 31: Cautionary Notes
Cautionary Notes Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks statements within the meaning of applicable securiti
Slide 32: ir@equinoxgold.com www.equinoxgold.com
+1 604.558.0560 ir@equinoxgold.com www.equinoxgold.com 32 TSX: EQX | NYSE-A: EQX