Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (March 2021)
41 slides from Equinox Gold's investor presentation, Mar 22, 2021
Slide 1: The Premier Americas Gold Producer
equinoxgold.com The Premier Americas Gold Producer CORPORATE PRESENTATION March 22, 2021 1
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements obligation to update or to publicly announce the results of any change to any forward-looking statement or information contained within the meaning of appli
Slide 3: Equinox Gold: The Premier Americas Gold Producer
Equinox Gold: The Premier Americas Gold Producer 8 4 Producing Growth Mines1 Projects2 Hardrock (60%) Castle Mountain / Expansion 16.4 Moz 30.6 Moz Mesquite P&P Gold M&I Gold Reserves3 Resources3 Mercedes ~640 Koz ~$1,200/oz Aurizona Santa Luz Los Filos / Expansion Gold Production All-in-Sustaining
Slide 4: Equinox Gold: Existing Assets
Equinox Gold: Existing Assets Los Filos Mine, Guerrero, Mexico (100%) • Up to 200,000 oz annual production expandable to 350,000+ oz • 58,500 oz of gold produced in 2020 in truncated year1 • Significant investment in 2021 to advance expansion projects, access Mexico higher-grade ore • 2021 guidance:
Slide 5: Equinox Gold: Existing Assets
Equinox Gold: Existing Assets 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 Mina, Bahia, Brazil (10
Slide 6: Equinox Gold: Existing Growth and Development Projects
Equinox Gold: Existing Growth and Development Projects Los Filos Expansion, Guerrero, Mexico (100%) • Expansion projects to achieve 350,000+ oz per year target • Developing additional open-pit and underground mines • Finalizing study for new 8,000 t/d carbon-in-leach plant for high-grade ore Mexico
Slide 7: 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 8: Premier Gold Acquisition Highlights
Premier Gold Acquisition Highlights Equinox Gold acquiring outstanding shares of Premier Gold at 0.1967 Equinox Gold shares per Premier share • Equinox Gold acquiring Premier’s interest in: - Hardrock Project (50%), Ontario, Canada (permitted for construction) - Mercedes Mine, Mexico (~50,000 oz/yea
Slide 9: Premier Gold’s Hardrock Project: Permitted and Construction Ready
Premier Gold’s Hardrock Project: Permitted and Construction Ready The Hardrock Project is one of the most attractive development assets in Canada • Large-scale with over 5.5 Moz in reserves1 • Average annual gold production of 414,000 oz for first five years, 358,000 oz life of mine1 • Excellent inf
Slide 10: Other Premier Gold Assets
Other Premier Gold Assets Mercedes Mine, Sonora, Mexico (100%) • 2,000 t/d underground gold and silver mine • Currently operating at 1,200 t/d for ~50,000 ounces of gold production per year • Potential to increase throughput toward 80,000 to 90,000 ounces per year Acquiring producing and Hasaga Proj
Slide 11: Proforma Asset Diversification Across Four Countries
Proforma Asset Diversification Across Four Countries Canada USA 5.5 Moz Reserves (60% attributable to EQX)1 ~400 Koz annual production (60% attributable to EQX)1,2 4.8 Moz Reserves First production in 2024 ~180 Koz annual production >300 Koz with expansions2 Mexico Brazil 4.7 Moz Reserves1 3.4 Moz R
Slide 12: Equinox Gold: Well Positioned Within Peer Group
Equinox Gold: Well Positioned Within Peer Group P/NAV1 (x) 2024E Production1 (Moz Au) 2021E - 2024E Prod. Growth1 (%) Total Reserves3 (Moz Au) 2 Evolution 1.04x Northern Star 2.1 Pro Forma PF Equinox Equinox 75% 75% Northern Star 19.4 Northern Star 0.89x Pro Forma Equinox2 PFEquinox 1.3 1.2 IAMGOLD
Slide 13: Peer-leading Growth Profile
Peer-leading Growth Profile The Premier Americas Gold Producer 1,500,000 Existing Production Castle Mountain Mercedes* Sequential 1,200,000 Santa Luz – Restart Annual Gold Production (oz) Los Filos – Expansion development of Hardrock* projects to achieve 900,000 Castle Mtn – Expansion more than 1 Mo
Slide 14: Re-rate Potential as Production Continues to Grow
Re-rate Potential as Production Continues to Grow 1.25x Kirkland Market Lake cap: Evolution US$1 B 1.00x B2Gold P / NAV (ratio) Endeavour Yamana Sibanye- Mining Stillwater 0.75x SSR Mining Eldorado Alamos Centerra EQX EQX EQX 0.50x 2021E 2022E 2024E Torex OceanaGold IAMGOLD 0.25x 400 800 1,200 1,600
Slide 15: 2021 Catalysts: Investing for Growth
2021 Catalysts: Investing for Growth The Premier Americas Gold Producer Operations & • Produce 600,000-665,000 oz of gold at $1,190-$1,275 per oz AISC Development Complete Castle Mountain expansion feasibility study Significant 2021 • Advance Los Filos expansion projects investment = 2022 • Comple
Slide 16: Appendix
Appendix 16
Slide 17: Equinox Gold: Pro Forma Capitalization
Equinox Gold: Pro Forma Capitalization (as at Dec 15, 2020 unless otherwise noted) Millions (except share price) Equinox Gold Premier Gold Pro Forma 6 Share Price (C$ / US$) 1 $10.40 / $8.30 $2.89 $10.54 / $8.28 Market Cap (C$ / US$) 1 $2.5 B / $2.0 B $680 M $3.0 B / $2.4 B Shares Outstanding 242.4
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 ($/oz)1 FY 2020 Q4 2020 Q3 2020 FY 2020 Q4 2020 Q3 2020 FY 2020 Q4 2020 Q3 2020 Mesquite 141,270 33,717 31,024 899 894 917 1,091 1,225 1,172 Aurizona 130,237 37,438 33,248 716 610 675 926 901 968 Fazenda2 51,611 18,196 15,118 737
Slide 20: 2021 Guidance: Existing Assets
2021 Guidance: Existing Assets Non- Production Cash Costs1 AISC1,2 Sustaining sustaining (ounces) ($/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 USA production growth to ~900,000 oz with Mesquite
Slide 21: Funded to Execute on Growth
Funded to Execute on Growth The Premier Americas Gold Producer Cash1 Drawn Bank Debt3 Operating Strong balance $400 M $300 M Cash Flow4 sheet and cash Unrestricted cash on flow funds hand plus C$75 M Term loan 2020 operating growth financing $100 M cash flow $400 M $217 M5 Corporate revolver Availab
Slide 22: Peer-leading Insider Ownership
Peer-leading Insider Ownership Insider Ownership2 Endeavour Mining 24.1% 8% 0.5% Equinox Gold Equinox 8.5% Equinox Gold Ross Beaty B2Gold 1.8% Shareholders1 17% Other Insiders Evolution 1.0% High Net Worth Northern Star 0.9% 55% Retail/Other IAMGOLD 0.7% 15% Corporate OceanaGold 0.7% Institutional T
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: Hardrock: One of the Highest-grade Open-pit Gold Projects in Canada
Hardrock: 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 Hardrock Reserve Grade (g/t Au) Valentine Lake Canadian Malartic Moose River Magino Rainy River 1.0 Dublin Gu
Slide 26: Hardrock Project: Feasibility Highlights
Hardrock Project: Feasibility Highlights Feasibility Study Highlights (base case $1,400/oz Au)1 Permitted for Stage construction • Project is currently owned and managed by Greenstone Gold, a 50/50 joint venture company Mine type Open pit between Premier and Orion Mine Finance Group Throughput 27,00
Slide 27: Hardrock Project: Production and Cost Profile
Hardrock 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/oz1 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: Hardrock Project: Upside in Greenstone Gold District
Hardrock Project: Upside in Greenstone Gold District Upside from underground and satellite deposits Hardrock Mineral Resource Estimate1,2 (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 15.
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 Q3 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 • Pr
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 and 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 Moun
Slide 36: Equinox Gold: Measured & Indicated Mineral Resources
Equinox Gold: Measured & Indicated Mineral Resources Measured Indicated Measured and 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 Cast
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 Pilar 20,399 3.21 2,108 Santa Luz 7,265 2.07 483 Tota
Slide 38: Premier Gold: Mineral Reserves
Premier Gold: Mineral Reserves GOLD (Au) PROVEN RESERVES PROBABLE RESERVES PROVEN+PROBABLE RESERVES Grade Tonnes Grade Au Ounces Tonnes Grade PROPERTY Tonnes Mt Au Ounces 000's Au Ounces 000's g/t Au Mt g/t Au 000's Mt g/t Au Greenstone (50% Hardrock)* 2.81 1.28 116 64.85 1.27 2,654 67.66 1.27 2,770
Slide 39: Premier Gold: Mineral Resources
Premier Gold: Mineral Resources GOLD (Au) MEASURED RESOURCES INDICATED RESOURCES MEA+IND RESOURCES INFERRED RESOURCES Tonnes Grade Au Ounces Tonnes Grade Au Ounces Tonnes Grade Au Ounces Tonnes Grade Au Ounces PROPERTY Mt g/t Au 000's Mt g/t Au 000's Mt g/t Au 000's Mt g/t Au 000's Greenstone Proper
Slide 40: Technical Disclosure
Technical Disclosure National Instrument 43-101 Project update. An NI 43-101 technical report titled “NI 43-101 Technical Report, Hardrock Project, Ontario, Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or extracted Canada” detailing the project u
Slide 41: ir@equinoxgold.com www.equinoxgold.com
+1 604.558.0560 ir@equinoxgold.com www.equinoxgold.com 41 TSX: EQX | NYSE-A: EQX