Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Merger or Acquisition (June 2026)
40 slides from Equinox Gold's merger presentation, Jun 24, 2026
Slide 1: Equinox Gold & Orla Mining: North America's New Senior Gold Producer
Equinox Gold & Orla Mining North America’s New Senior Gold Producer Built to Grow, Built to Last June 24, 2026 TSX: EQX NYSE-A: EQX TSX: OLA NYSE-A: ORLA
Slide 2: Cautionary Notes
Cautionary Notes Reliance. This presentation is for informational purposes only and must not be used or relied upon for any other purposes. This presentation is not and does not Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, sustaining capital, free cas
Slide 3: Creating a Stronger, Growth-Oriented Senior Gold Producer
Creating a Stronger, Growth-Oriented Senior Gold Producer IMMEDIATE SCALE Highly complementary portfolio producing 1.1 Moz of gold with significant reserve endowment GROWTH Advanced low-risk growth profile with clear path to more than 1.9 Moz production TIER-1 LOCATION Second largest producer of Can
Slide 4: Canada-Focused, North American Portfolio
Canada-Focused, North American Portfolio 1.1 Moz +1.9 Moz VALENTINE Path to Achieve 2026 COMBINED GOLD PRODUCTION1 >800 Koz4 POTENTIAL ANNUAL GOLD PRODUCTION MUSSELWHITE ORGANIC GROWTH GREENSTONE IN NORTH AMERICA 6 4 4 SOUTH CARLIN COMPLEX CASTLE MOUNTAIN MESQUITE OPERATING MINES COUNTRIES GROWTH PR
Slide 5: A Leading Canadian Gold Producer
A Leading Canadian Gold Producer Equinox Gold to become the second-largest producer of Canadian gold Top 15 Canadian Gold Producers 2,955 Run-rate (2026 Annual Guidance Midpoint– koz Au) production2 778 685 475 450 410 323 295 280 278 248 235 200 193 193 148 Agnico MergeCo MergeCo Alamos Equinox IAM
Slide 6: Substantial Excess Free Cash Flow to Fund Shareholder Returns
Substantial Excess Free Cash Flow to Fund Shareholder Returns Growing annual production to more than 1.9 million ounces while generating excess cash flow Production Growth Organic Growth Pipeline Capex Requirements >1.9 Moz vs. FCF Generation >800 koz1 $9.9 B Valentine Phase 2 South Railroad Castle
Slide 7: Clear Near-Term, Low-Risk Path to +1.9 Moz of Production
Clear Near-Term, Low-Risk Path to +1.9 Moz of Production More than 800 koz of organic growth potential in North America VALENTINE1 Newfoundland, Canada • Phase 2 construction anticipated to begin in Q3 2026 to double throughput to ~5.0 Mtpa ~48 koz 2.7 Moz Reserves • Phase 2 ramp-up targeted for H2
Slide 8: Combines Two High-Quality, Low-Risk North American Portfolios
Combines Two High-Quality, Low-Risk North American Portfolios Maintains ~70% Canada/USA mining NPV weighting and same number of operating jurisdictions EV/Avg. ‘26E-’29E Production ($/oz AuEq) 1 Size Denotes 2026E Au Production (Analyst Estimates) (Analyst Estimates) # of Unique Operating Jurisdicti
Slide 9: Significant Re-Rate Potential Based on Valuation of Peers
Significant Re-Rate Potential Based on Valuation of Peers 2026E Production (Moz Au) ’26E-’29E Prod. Growth (%) Total Reserves (Moz Au) Price to NAV (ratio) Market Cap ($B) (Analyst estimates) (Analyst estimates) (Company reports) (Analyst estimates) Gold Fields 2.5 Alamos 65% Gold Fields 48.3 Coeur
Slide 10: Creating a Stronger, Growth-Oriented Senior Gold Producer
Creating a Stronger, Growth-Oriented Senior Gold Producer IMMEDIATE SCALE Highly complementary portfolio producing 1.1 Moz of gold with significant reserve endowment GROWTH Advanced low-risk growth profile with clear path to more than 1.9 Moz production TIER-1 LOCATION Second largest producer of Can
Slide 11: Appendix
Appendix
Slide 12: Transaction Summary
Transaction Summary • Orla shareholders to receive 1.00 Equinox share and $0.0001 in cash for each Orla share held Consideration • Transaction structured as an at-market merger • Pro-forma ownership: 67% Equinox Gold and 33% Orla, on a fully-diluted ITM basis • Orla will require a shareholder vote w
Slide 13: Indicative Transaction Timeline
Indicative Transaction Timeline TODAY JUNE JULY SEPTEMBER Merger Mail Special Shareholder Votes1 Anticipated Announcement Meeting Materials Regulatory Approval Closing2 2026 1.Final meeting dates to be confirmed, but are expected to occur before July 31, 2026. 2. Assuming all regulatory, court and s
Slide 14: Combined Leadership Team with Proven Track Records
Combined Leadership Team with Proven Track Records Darren Hall Ross Beaty Chuck Jeannes Jason Simpson Special Advisor to Chair CEO President the Board Cornerstone Shareholders: Insider/Strategic Ownership of Pierre Lassonde, Prem Watsa / Combined Company: Fairfax, Ross Beaty ~11% 1 1. Assumes conver
Slide 15: Pro Forma Capitalization
Pro Forma Capitalization Equinox Orla MergeCo Share Price1 (C$/share) C$13.31 C$13.34 C$13.31 Basic Market Capitalization1 (C$ B / US$ B) C$10.5 / US$7.4 C$4.6 / US$3.2 C$15.1 / US$10.6 2 F.D. ITM Market Capitalization1 (C$ B / US$ B) C$11.1 / US$7.8 C$5.5 / US$3.9 C$16.6 / US$11.6 2 Basic Common Sh
Slide 16: Pro Forma Financial Position
Pro Forma Financial Position AVAILABLE LIQUIDITY RESILIENCE DEBT Cash1 Ongoing cash flow from Debt1,2 $790 M producing mines $597 M Undrawn credit facility3 Undrawn accordion Convertible notes4 $650 M $500 M $388 M ($6.22/share weighted average conversion price) ~$790 M + ~$650 M + ~$500 M CASH & EQ
Slide 17: Combination Significantly Increases Production Scale and Cash Flow
Combination Significantly Increases Production Scale and Cash Flow Annual Gold Production Annual EBITDA1 Annual Free Cash Flow1 (Analyst Estimates) (Analyst Estimates) (Analyst Estimates) $3.9 B 1.1 Moz 1.1 Moz $3.4 B 0.8 Moz $2.3 B $1.3 B $1.4 B $1.0 B Equinox MergeCo MergeCo MergeCo Equinox MergeC
Slide 18: Attractively Positioned Relative to Peers
Attractively Positioned Relative to Peers Avg. ‘26E-’29E Gold Production (Moz) ‘26E-’29E Au Prod. Growth (%) ‘26E-’29E Avg. FCF1 Yield (%) (Analyst Estimates) (Analyst Estimates) (Analyst Estimates) 65% 2.5 16.1% 14.7% 2.0 13.2% 11.6% 10.8% 22% 9.6% 1.3 0.8 2% 1% 0.7 0.7 (3%) (21%) Gold Fields Kinro
Slide 19: Attractively Positioned Relative to Peers
Attractively Positioned Relative to Peers ‘26E-’29E Avg. FCF1 ($ B) EV / ‘26E-’29E Avg. EBITDA1 Avg. ‘26E-’29E OCF ($ B) (Analyst Estimates) (Analyst Estimates) (Analyst Estimates) $3.8 $5.9 $3.3 6.6x $4.7 $2.6 4.7x 4.5x $1.8 4.3x $3.0 $1.7 $2.8 $1.4 3.3x $2.2 $2.1 2.7x Gold Fields Kinross Coeur Pan
Slide 20: Equinox Gold's Evolution into a North American Senior Producer
Equinox Gold’s Evolution into a North American Senior Producer 2025 Equinox MergeCo (Pre-Calibre Merger) In less than 2 years, Equinox more than doubled its Canadian production while enhancing its portfolio in tier-1 jurisdictions VALENTINE Equinox GREENSTONE (Pre-Calibre) MergeCo MUSSELWHITE GREENS
Slide 21: Robust Financial Position and Free Cash Flow Profile
Robust Financial Position and Free Cash Flow Profile Substantial FCF generation to fund both organic growth pipeline and ongoing return of capital • Equinox Gold is committed to allocating capital in a disciplined and balanced manner across the portfolio, sustaining investment and shareholder return
Slide 22: Combining Three Canadian Cornerstone Assets
Combining Three Canadian Cornerstone Assets Greenstone Musselwhite Valentine ~320,000 oz gold ~235,000 oz gold ~223,000 oz gold AVG. ANNUAL PRODUCTION (2026-2036)1 ANNUAL PRODUCTION3 AVG. ANNUAL PRODUCTION (2026-2036)5 14+ year ~5.3 Moz ~28 years ~1.5 Moz 11+ year ~2.7 Moz INITIAL MINE LIFE P&P RESE
Slide 23: Greenstone: A Canadian Cornerstone Asset
Greenstone: A Canadian Cornerstone Asset ~320,000 oz gold AVERAGE ANNUAL PRODUCTION 2026-20361 14+ year ~5.3 Moz INITIAL MINE LIFE P&P RESERVES2 RAMPING UP TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 250,000-300,000 oz 1. Average annual production from 2026-2036 based on the 2026 techn
Slide 24: 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 25: Valentine: A Second Canadian Cornerstone Asset
Valentine: A Second Canadian Cornerstone Asset ~223,000 oz gold AVERAGE ANNUAL PRODUCTION 2026-20361 11+ year ~2.7 Moz INITIAL MINE LIFE P&P RESERVES2 RAMPING UP TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 150,000-200,000 oz 1. Assuming successful completion of the Phase 2 expansion, a
Slide 26: Valentine Upside: Phase 2 Expansion, District-Scale Exploration
Valentine Upside: Phase 2 Expansion, District-Scale Exploration Phase 2 expansion1 District-scale exploration potential • Increasing throughput from 2.5 to 5 Mtpa • Frank Zone discovery along trend from existing Reserves • $414 M capital cost for mill, fleet and infrastructure indicates additional o
Slide 27: Musselwhite: Third Mine Cements Canadian Focus
Musselwhite: Third Mine Cements Canadian Focus ~235,000 oz gold ANNUAL PRODUCTION (2026 GUIDANCE MIDPOINT) ~28 years ~1.5 Moz IN PRODUCTION P&P RESERVES1 GROWTH POTENTIAL ADDITIONAL MILL CAPACITY, NEAR-MINE DEPOSITS EXTENSION OF UNDERGROUND DEPOSIT ALONG TREND 1. As of December 31, 2025. See Orla: T
Slide 28: Musselwhite Upside: Exploration Along Trend & Excess Mill Capacity
Musselwhite Upside: Exploration Along Trend & Excess Mill Capacity1 2-km confirmed mine trend extension 0.5 Mtpa available mill capacity • 12,553 m drilled in 2025; 15,600 m drilling planned in 2026 (3 rigs) • 1.5 Mtpa nameplate mill capacity • 2 km mine trend extension confirmed with extended geolo
Slide 29: 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 Mesquite Mine1 South Carlin Complex2 Castle Mountain1 California, USA Nevada, USA California, USA • Open-pit heap leach mine • 1.5 Moz P&P Reserves, 2.5 Moz M&I • 4.1 Moz P&P Reserves, 1.5 Moz M&I • More than 5 Moz production since 1986 R
Slide 30: 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, Zacatecas, Mexico1 Los Filos, Guerrero, Mexico2 • Open-pit gold-silver heap leach mine • 5.4 Moz P&P Reserves, 7.9 Moz M&I Resources • 2026 guidance: ~115,000 oz • ~280,000 oz/year production for 14 years from • Expansion
Slide 31: Nicaragua Assets: ~225,000 oz/year
Nicaragua Assets: ~225,000 oz/year La Libertad & El Limon Operating Complex, Nicaragua • Operated using “hub-and-spoke” strategy with numerous mines feeding two mills • Combined processing capacity of 2.7 Mtpa, currently more than 1 Mtpa excess capacity • Prolific mining districts with >6 Moz histor
Slide 32: Equinox: Proven & Probable Mineral Reserves
Equinox: Proven & Probable Mineral Reserves1 Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Mine/Project, Location (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.
Slide 33: Equinox: Measured & Indicated Mineral Resources
Equinox: Measured & Indicated Mineral Resources1,2 Measured Indicated Measured & Indicated Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Mine/Project, Location (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 53,9
Slide 34: Equinox: Inferred Mineral Resources
Equinox: Inferred Mineral Resources1 Inferred Tonnes Grade Contained Gold Mine/Project, Location (kt) (g/t) (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
Slide 35: Equinox: Cautionary Notes and Technical Disclosure
Equinox: Cautionary Notes and Technical Disclosure National Instrument 43-101 Scientific and technical information concerning the Greenstone Gold Mine is summarized, derived, or Technical reports for all of Equinox Gold’s projects are available on Equinox Gold’s website at extracted from the “NI 43-
Slide 36: Orla: Proven & Probable Mineral Reserves
Orla: Proven & Probable Mineral Reserves1 Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Mine/Project, Location (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Camino Rojo (Oxide), Mexico 2,920 0.73 68 28,794 0.75 690 31,714 0
Slide 37: Orla: Measured & Indicated Mineral Resources
Orla: Measured & Indicated Mineral Resources1 Measured Indicated Measured & Indicated Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Mine/Project, Location (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) (kt) (g/t) Gold (koz) Camino Rojo (Oxide), Mexico 3,261 0.73 76 38,778 0.85 1,
Slide 38: Orla: Inferred Mineral Resources
Orla: Inferred Mineral Resources1 Inferred Mine/Project, Location Tonnes Grade Contained Gold (kt) (g/t) (koz) Camino Rojo (Oxide), Mexico 1,636 0.95 50 Camino Rojo (Sulphide), Mexico 4,045 2.48 323 South Railroad (Oxide), USA 26,845 0.32 278 South Railroad (Sulphide), USA 28,869 0.79 735 Total Infe
Slide 39: Orla: Technical Disclosure
Orla: Technical Disclosure National Instrument 43-101 Certain scientific and technical information relating to the: Camino Rojo Project is based on and derived There is no certainty that the mine plans and economic models contained in any of the reports from the NI 43-101 report prepared for Orla en
Slide 40: Equinox Gold & Orla Mining
Equinox Gold & Orla Mining North America’s New Senior Gold Producer Built to Grow, Built to Last TSX: EQX | NYSE-A: EQX TSX: OLA | NYSE-A: ORLA Darren Hall, CEO Jason Simpson, President & CEO Ryan King, EVP Capital Markets Andrew Bradbury, VP Investor Relations & Corporate Development Tel: +1 604.55