Equinox Gold (EQX) investor relations material

Strategic positioning and growth outlook

• Focused on becoming a top quartile gold producer with high-margin, long-life assets in Tier 1 jurisdictions, mainly Canada and the US.

• Recently completed a merger with Calibre Mining, resetting expectations and providing new production guidance of 785,000–915,000 ounces for the year, excluding the new Valentine Gold Mine.

• Transitioning from capital investment to cash harvest and deleveraging, aiming to return capital to shareholders within 12–24 months, depending on gold prices and operational delivery.

• Trades at a significant discount to peers on price-to-NAV and EV/production metrics, presenting a rerating opportunity as new assets ramp up.

Asset performance and operational updates

• Valentine Gold Mine began production a month ago, ramping up successfully and expected to add 15,000–30,000 ounces in Q4, with full annualized production of 175,000–200,000 ounces from 2026.

• Greenstone Mine is tracking at the lower end of 220,000–260,000 ounces guidance, with improving grades and positive momentum into Q4.

• Valentine has a 14-year reserve life, with 2.7 million ounces in reserves and 4 million ounces in pit resources, and ongoing exploration with five diamond rigs.

• Los Filos in Mexico is on care and maintenance, with ongoing land negotiations and exploration; it holds over 15 million ounces in reserves and resources.

Financial and capital allocation plans

• Net debt stands at $1.3 billion, with a rapid deleveraging plan supported by higher gold prices and increased production.

• Plans to spend $80–$100 million on exploration in 2026, with continued investment in mine development and equipment.

• Considering future capital returns to shareholders via dividends or buybacks, without compromising asset investment or exploration.

• Only a small portion of gold production is hedged, around 3,000 ounces per month.