Equinox Gold (EQX) investor relations material

Strategic overview and transformation

• Founded in 2017, the company has evolved into a diversified North American-focused gold producer, targeting 700,000–800,000 ounces of gold production this year.

• Underwent a major transformation with the merger with Calibre Mining, bringing in a new senior management team and optimizing asset quality.

• Portfolio shifted from mature, lower-quality assets to high-quality, long-life Canadian assets with strong margins and exploration upside.

• Divested Brazilian assets, simplifying the portfolio and enabling over $1 billion in debt repayment.

Growth projects and development pipeline

• Two major Canadian assets, Greenstone and Valentine, are ramping up, expected to jointly produce 500,000–540,000 ounces annually at nameplate by 2026.

• Valentine Phase II expansion is under technical review, with Board approval anticipated soon and a $400 million capital cost to double processing capacity.

• Castle Mountain in California is advancing through permitting, with a record of decision expected by December 2026 and potential construction start in mid-2027.

• Los Filos in Mexico remains suspended; efforts focus on securing long-term land access agreements and evaluating mill expansion scenarios.

• Growth projects likely to proceed sequentially, depending on permitting and social license progress.

Operational performance and ramp-up

• Greenstone is in ramp-up, currently operating near 25,000 tons/day, aiming for 27,000 tons/day and potentially 30,000 tons/day post-equipment upgrades.

• Trommel installation in Q3 2024 is expected to improve plant utilization and throughput, with H2 production weighted higher.

• Valentine faced a harsh first winter but is ramping up, with throughput rates approaching or exceeding nameplate and higher grades expected in H2.

• Both Greenstone and Valentine are expected to continue ramping up through 2026, with seasonality impacting operations.