Equinox Gold (EQX) investor relations material

Strategic direction and growth plans

• Targeting organic growth from 1 million to 2 million ounces annually, focused in Canada, U.S., Mexico, and Nicaragua.

• Nearly 50 million ounces of resources support long-term value creation and expansion.

• Growth pipeline includes new mines in Canada and the U.S., with expansions underway in Newfoundland and Nevada.

• Two major heap leach projects in Mexico could double production from that region over time.

• Emphasis on execution and delivery, with reduced appetite for further M&A and focus on maximizing existing assets.

Capital allocation and shareholder returns

• Dividend increased by 50% last quarter, with plans to expand the share buyback program next year.

• Capital allocation prioritizes growth investment, debt reduction, and shareholder returns through dividends and buybacks.

• Free cash flow will be balanced between growth, reducing cost of capital, and returns, adjusting pace as needed for market conditions.

Portfolio management and jurisdictional focus

• Portfolio now concentrated in North America after divesting Brazilian assets to reduce debt and management strain.

• 70% of net asset value centered in Canada and the U.S., with continued investment in Mexico and Nicaragua where risk-reward is favorable.

• Divestments considered only when they enhance value; current core regions are Canada, U.S., Mexico, and Nicaragua.