Equinox Gold Corp. · AMEX:EQX
Equinox Gold — Investor Presentation (November 2020)
31 slides from Equinox Gold's investor presentation, Nov 26, 2020
Slide 1: The Premier Americas Gold Producer
equinoxgold.com The Premier Americas Gold Producer CORPORATE PRESENTATION November 26, 2020
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements. This presentation contains certain forward-looking information and events and speak only as of the date they are made. Except as required by applicable law, the forward-looking statements within the meaning of applicable securities legislation and ma
Slide 3: The Premier Americas Gold Producer
The Premier Americas Gold Producer 7 3 Castle Mountain Phase 1 & 2 Producing Growth UNITED STATES Mines Projects Mesquite MEXICO Aurizona 12.1 Moz 22.4 Moz P&P Gold M&I Gold Reserves Resources1 Santa Luz Los Filos / Expansion Pilar BRAZIL ~450 Koz ~$1,000/oz Gold Production All-in-Sustaining in 2020
Slide 4: Q3 2020 Operating & Financial Results
Q3 2020 Operating & Financial Results Health & Safety • Two lost-time injuries over 3.2 M hours worked in Q3 2020 • No COVID-19 related restrictions during Q3 • Proactively testing at each site – identify and isolate early 128,437 oz Gold Sold Consolidated operating and financial results $1,035/oz •
Slide 5: Peer-leading Growth Pipeline
Peer-leading Growth Pipeline Organic growth towards 1 Moz annual production -25% -15% -5% 5% 15% 25% 1,200,000 Equinox Equinox Gold Regis Castle Mountain Alamos Annual Gold Production (oz) 1,000,000 Evolution Santa Luz – Restart Northern Star Los Filos – Expansion Eldorado 800,000 Castle Mtn – Expan
Slide 6: Los Filos: Expansion Project Underway
Los Filos: Expansion Project Underway Current Expansion ~180,000 oz/yr 350,000+ oz/yr Production Avg. annual production 3.2 Moz life-of-mine production2 • 4.5 Moz Reserves with upside • Expansion project • Open-pit and underground mining - Additional open-pit and • Heap leach processing underground
Slide 7: Aurizona: Potential for Expansion and Mine Life Extension
Aurizona: Potential for Expansion and Mine Life Extension Current Expansion 120-130,000 oz Upside Potential 2020 production1 Mine life, production, underground • ~1 Moz Reserves with upside • Near-mine extension along strike • Replaced 2019 mining depletion • Regional targets • New Tatajuba resource
Slide 8: Mesquite: Outperforming Expectations
Mesquite: Outperforming Expectations Current Extension 130-140,000 oz Upside Potential 2020 production1 Historical dumps, new deposits • Open-pit heap leach since 1985 • Significant ore-grade oxide material • Replacing mining depletion with remaining in historical dumps exploration success and stack
Slide 9: Castle Mountain: Long-life Low-Cost Mine
Castle Mountain: Long-life Low-Cost Mine 3.6 Moz gold reserves, average AISC ~$763/oz over initial 16-year mine life1 Current Expansion ~40,000 oz ~200,000 oz Avg. annual production1 Avg. annual production1 • First gold pour October 15, 2020 • Phase 2 feasibility targeted for end of 2020 • Phase 1 m
Slide 10: Santa Luz: Full Construction Underway
Santa Luz: Full Construction Underway Restart Project Highlights ($1,500/oz gold) 1 Avg. annual gold production (2022 - 2026) 110,500 oz Avg. annual gold production (Life of Mine) 95,000 oz Total gold production (LOM) 903,000 oz Average gold recovery 84% Initial mine life 9.5 years Initial capex $10
Slide 11: Other Assets in the Americas
Other Assets in the Americas Fazenda (Brazil) • Avg. 75,000 oz/year gold, operating since 1990s • 2020 guidance: 50-55,000 oz at AISC of $925-$975/oz1,2 • Primarily underground operation with some small open pits • Consistent reserve replacement with exploration success • District potential with San
Slide 12: Strong Balance Sheet
Strong Balance Sheet Capital Structure at September 30, 2020 Cash & Equivalents1 $310 M ~$300 M Cash on Hand Potential Proceeds from ITM Warrants2 $200 M $200 M Undrawn from Revolving Credit Facility $200 M Drawn from Revolving Credit Facility $200 M Undrawn Revolver Amortizing Credit Facility – ful
Slide 13: Aligned with Shareholders
Aligned with Shareholders Insider Ownership1 Incentive to Outperform Endeavour Mining 24.1% Equinox Gold Equinox 8.5% Performance B2Gold 1.8% Bonus Stock Units 30% 20% Evolution 1.0% Northern Star 0.9% CEO Pay IAMGOLD 0.7% Structure Restricted OceanaGold 0.7% Stock Units 20% Torex 0.6% Eldorado 0.5%
Slide 14: Compelling Valuation
Compelling Valuation 2021E Au Production (koz) EV/AuEq Resources ($/oz) Consensus P/NAV 200 500 800 1,100 1,400 1,700 $0 $100 $200 $300 0.2x 0.6x 1.0x 1.4x Endeavour Mining B2Gold Evolution Northern Star Northern Star Northern Star Sibanye-Stillwater Evolution B2Gold B2Gold Regis Yamana Senior Avera
Slide 15: Re-rate Potential as Production Continues to Grow
Re-rate Potential as Production Continues to Grow 1.50x Market cap: US$1 B Kirkland 1.25x Lake Evolution Northern B2Gold Star 1.00x Pretium Yamana P / NAV (ratio) SSR Mining Endeavour Sibanye- Regis Mining Stillwater Centerra 0.75x Eldorado St Barbara Alamos Equinox Gold Equinox Gold 0.50x Torex (Cu
Slide 16: Path to One Million Ounces of Production
Path to One Million Ounces of Production Near-term Catalysts Operations & Castle Mountain Phase 1 gold pour Development Santa Luz construction start Commence Aurizona underground prefeasibility study • Los Filos restart • Los Filos Bermejal Underground and CIL construction start • Castle Mount
Slide 17: Appendix
Appendix 17
Slide 18: Equinox Gold Corporate Summary
Equinox Gold Corporate Summary Common Shares 1 242.0 M Fully Diluted Shares 4 310.8 M Listed Warrants @ C$15.00 2 16.0 M Avg. Daily Trading Value 5 ~ C$22.1 M + US$13.8 M Unlisted Warrants @ avg C$8.64 1,2 3.1 M Cash / Net Debt 6 $311 M / $232 M Options @ avg C$6.86 1,2 3.2 M Convertible Notes @ avg
Slide 19: 2020 Production and Cost Guidance
2020 Production and Cost Guidance 1 Production AISC3,4 (oz) ($/oz) Los Filos1,2 44,837 oz $1,047 Mesquite 130,000 - 140,000 $975 - $1,025 Aurizona 120,000 - 130,000 $1,000 - $1,050 Fazenda1 50,000 - 55,000 $925 - $975 RDM1 50,000 - 55,000 $1,000 - $1,050 Pilar1 25,000 - 30,000 $1,200 - $1,300 Castle
Slide 20: Comparative Quarterly Highlights
Comparative Quarterly Highlights Three months ended Sep 30, Jun 30, Mar 31, Operating data Units 2020 2020(1) 2020(1) Gold produced oz 124,867 127,016 88,951 Gold sold oz 128,437 125,824 82,629 Realized gold price $/oz 1,899 1,712 1,574 AISC per oz sold (2,3) $/oz 1,035 950 994 Financial data Revenu
Slide 21: COVID-19 Response
COVID-19 Response Protecting our workforce, our communities and our business Test – Trace – Isolate Health & Safety Business Continuity Workforce Support Travel restrictions Government engagement Regular communication Remote work policies Contingency plan with suppliers Job protection Restrictions t
Slide 22: Committed to Continuous Improvement and Responsible Mining
Committed to Continuous Improvement and Responsible Mining Environment Social Governance Equinox Gold is a signatory to Aurizona received Excellence in Insiders have personally the World Gold Council, the Mining & Metallurgy Industry invested to own ~9% of Mining Association of Canada, award in 2018
Slide 23: Aurizona: Mine Life Extension Along Strike
Aurizona: Mine Life Extension Along Strike PIABA NORTH TREND Tatajuba grades similar GENIPAPO MESTRE or higher than Piaba: CHICO • 13.74 g/t Au/ 35 m • 2.71 g/t Au/ 56 m PIABA MICOTE • 2.47 g/t Au/ 69 m • 1.42 g/t Au/ 34 m • 1.14 g/t Au/ 120 m TATAJUBA BOA High-grade near-surface PIABA TREND ESPERAN
Slide 24: Aurizona: PEA Results for Underground Mine
Aurizona: PEA Results for Underground Mine1 Potential to increase production and extend mine life 741 Koz $925/oz GOLD PRODUCTION ALL-IN-SUSTAINING COSTS2 $228 M 38% IRR NPV5% at $1,620/oz At $1,620/oz 2.8 g/t 2,800 t/d AVG. GOLD GRADE UNDERGROUND MILL FEED $70 M $1.2 B INITIAL CAPEX REVENUE at $1,6
Slide 25: 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 25
Slide 26: Castle Mountain: Easy Site Access in Safe Jurisdiction
Castle Mountain: Easy Site Access in Safe Jurisdiction Castle Mountain Mesquite 26
Slide 27: Proven & Probable Mineral Reserves
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 Mountain 136,611 0
Slide 28: Measured & Indicated Mineral Resources
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 Castle Mountain 16
Slide 29: Inferred Mineral Resources
Inferred Mineral Resources Contained Gold Mine Tonnes (kt) Grade (g/t) (koz) Aurizona 17,267 1.98 1,100 Castle Mountain 171,395 0.40 2,210 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 Total Inferred 40
Slide 30: Technical Disclosure
Technical Disclosure Qualified Persons Unless otherwise stated, scientific and technical information concerning the Aurizona Mine is summarized, derived, or extracted from the “Technical Report on the The technical information in this document has been reviewed and approved by Doug Aurizona Gold Min
Slide 31: ir@equinoxgold.com www.equinoxgold.com
+1 604.558.0560 ir@equinoxgold.com www.equinoxgold.com TSX: EQX | NYSE-A: 31 EQX