Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its first quarter 2025 summary financial and operating results. The Company’s unaudited condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) will be available for download on the Company’s profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on the Company’s website at www.equinoxgold.com. The Company will host a conference call and webcast on May 8, 2025 commencing at 7:30 am Pacific Time to discuss first quarter results and activities underway at the Company. Further details are provided later in this news release.

Greg Smith, President and CEO of Equinox Gold, commented: “Equinox Gold delivered the highest first-quarter production in the Company’s history, producing more than 145,000 ounces of gold, with production expected to increase each quarter through the year. At Greenstone, we successfully navigated our first winter in operation and remained focused on increasing mining and processing rates. Both continue to improve and we are pleased with ramp-up progress as Greenstone advances toward steady-state performance.

“We also look forward to closing our pending merger with Calibre Mining during the second quarter. This combination will create a diversified, Americas-focused gold producer anchored by Greenstone and Valentine — two long-life Canadian gold mines — and supported by a robust pipeline of development and expansion projects. With increased scale, enhanced cash flow, and significant long-term growth potential, the combined company is well positioned to deliver meaningful value for all stakeholders.”

HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025

Operational

• Produced 145,290 ounces of gold⁽¹⁾
• Sold 147,920 ounces of gold⁽¹⁾ at an average realized gold price of $2,858 per oz
• Total cash costs of $1,769 per oz and AISC of $2,065 per oz⁽²⁾
  • Total cash costs of $1,637 per oz and AISC of $1,979 per oz, excluding the results from Los Filos that were excluded from 2025 Guidance
• Two lost-time injuries and a total recordable injury frequency rate⁽³⁾ of 1.95 for the rolling 12-month period (1.07 for the Quarter)
• No significant environmental incidents during the Quarter

Earnings

• Income from mine operations of $33.7 million
• Net loss of $75.5 million or $0.17 per share (basic)
• Adjusted net loss of $36.6 million or $0.08 per share⁽²⁾

Financial

• Cash flow from operations before changes in non-cash working capital of $73.3 million ($54.5 million after changes in non-cash working capital)
• Mine-site free cash flow before changes in non-cash working capital of $57.7 million ($38.8 million after changes in non-cash working capital)
• Adjusted EBITDA of $137.9 million⁽²⁾
• Sustaining expenditures of $42.9 million and non-sustaining expenditures of $49.4 million
• Cash and equivalents (unrestricted) of $172.9 million at March 31, 2025
• Net debt⁽²⁾ of $1,220.0 million at March 31, 2025

Corporate

• On February 23, 2025, the Company entered into a definitive arrangement agreement for a business combination with Calibre Mining Corp. (“Calibre”) (TSX: CXB, OTCQX: CXBMF), as amended on April 23, 2025 (the “Arrangement Agreement”), whereby Equinox Gold will acquire 100% of the issued and outstanding common shares of Calibre (the “Transaction”). The Transaction will create an Americas-focused diversified gold producer with a portfolio of mines and projects in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines. Under the terms of the Arrangement Agreement, Calibre shareholders will receive 0.35 of an Equinox Gold common share for each Calibre common share held immediately prior to closing of the Transaction. Closing of the Transaction is subject to certain regulatory approvals and other customary closing conditions.
  
  Concurrent with the Arrangement Agreement, the Company entered into a subscription agreement to participate in Calibre’s private placement convertible note financing. The private placement closed on March 4, 2025 with the Company purchasing a convertible note with a principal amount of $40.0 million and a maturity date of March 4, 2030 (the “Calibre Convertible Note”). If the Arrangement Agreement is terminated prior to closing of the Transaction, the maturity date of the Calibre Convertible Note will be accelerated to January 31, 2026.

• Provided 2025 production and cost guidance of 635,000 to 750,000 ounces of gold at cash costs of $1,075 to $1,175 per oz and AISC of $1,455 to $1,550 per oz⁽²⁾. Guidance does not include any production from Los Filos or Castle Mountain.
• Provided 2025 sustaining and non-sustaining expenditure guidance of $412 million, comprising $310 million of sustaining expenditures and $102 million of non-sustaining expenditures.
• In January 2025, following negotiations that began in November 2023 with the three communities that host Los Filos, the Company reached consensus on terms for new agreements with all three communities. Two communities signed new long-term agreements. One community did not sign the long-term agreement and instead requested to resume negotiation, independent of the other two communities. The Company has been clear with its position that long-term agreements with all three communities are essential to provide the economic and investment conditions necessary for continued operations. The existing agreement with the outstanding community expired on March 31, 2025. Accordingly, the Company announced on April 1, 2025 that operations at Los Filos are suspended indefinitely. The Company has not included any production from Los Filos in its 2025 Guidance. Layoffs at Los Filos have been proceeding; however, the Company will retain the staff required to maintain its environmental obligations and secure the Company-owned infrastructure at the mine site. Commencing April 1, 2025, Los Filos is being reported as a development project.

Development and Exploration

• Issued an updated technical report for Fazenda that includes an updated Mineral Reserve and Mineral Resource estimate, demonstrating mine life extension to 2033.

RECENT DEVELOPMENTS

• On May 1, 2025, Equinox Gold shareholders and Calibre securityholders voted in favour of the Calibre Transaction, authorizing Equinox Gold to issue up to 296,838,303 shares to acquire the outstanding shares of Calibre at the exchange ratio of 0.35 Equinox Gold shares for every Calibre share. The Transaction is expected to close during the second quarter of 2025.
• On May 1, 2025, Equinox Gold shareholders approved all matters of business at the adjourned annual and special meeting of shareholders, including setting the size of the board of directors (“Board”), electing the director nominees, appointing KPMG LLP as Equinox Gold’s auditor, and approving amendments to the Company’s restricted share unit plan.
• On April 14, 2025, the Company drew down $45.0 million on the Revolving Facility.

_______________________________

1. Gold production includes 31,518 and 3,222 ounces from Los Filos and Castle Mountain, respectively; gold sold includes 32,133 and 3,222 ounces from Los Filos and Castle Mountain, respectively, which were not included in the Company’s 2025 Guidance.
2. Cash costs per oz sold, AISC per oz sold, adjusted net income (loss), adjusted EPS, adjusted EBITDA and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
3. Total recordable injury frequency rate (“TRIFR”) is reported per million hours worked. TRIFR is the total number of injuries excluding those requiring simple first aid treatment.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS

		Three months ended
Operating data	Unit	March 31, 2025	December 31, 2024	March 31, 2024
Gold produced(4)	oz	145,290	213,964	111,725
Gold sold(4)	oz	147,920	217,678	116,504
Average realized gold price	$/oz	2,858	2,636	2,066
Cash costs per oz sold(1)(2)	$/oz	1,769	1,458	1,567
Cash costs per oz sold(1)(2) – excluding Los Filos(3)	$/oz	1,637	1,265	1,511
AISC per oz sold(1)(2)	$/oz	2,065	1,652	1,950
AISC per oz sold(1)(2) – excluding Los Filos(3)	$/oz	1,979	1,487	1,812
Financial data
Revenue	M$	423.7	575.0	241.3
Income from mine operations	M$	33.7	170.1	11.4
Net income (loss)	M$	(75.5)	28.3	(42.8)
Earnings (loss) per share (basic)	$/share	(0.17)	0.06	(0.13)
Adjusted EBITDA(1)	M$	137.9	218.2	52.2
Adjusted net income (loss)(1)	M$	(36.6)	77.5	(14.4)
Adjusted EPS(1)	$/share	(0.08)	0.17	(0.04)
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)	M$	172.9	239.3	125.3
Net debt(1)	M$	1,220.0	1,108.5	803.9
Operating cash flow before changes in non-cash working capital	M$	73.3	212.7	47.7

1. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net loss, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Consolidated cash cost per oz sold and AISC per oz sold for the three months ended March 31, 2025 and December 31, 2024 exclude Castle Mountain results after August 31, 2024 when residual leaching commenced and in addition, the three months ended December 31, 2024 exclude Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production on November 6, 2024. Consolidated AISC per oz sold excludes corporate general and administration expenses. 
3. Consolidated cash cost per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which was excluded from 2025 Guidance.
4. Gold produced includes 31,518 and 3,222 ounces produced at Los Filos and Castle Mountain, respectively; gold sold includes 32,133 and 3,222 ounces sold at Los Filos and Castle Mountain, respectively.
5. Numbers in tables throughout this news release may not sum due to rounding.

Operating Data

Gold ounces sold in Q1 2025 were higher compared to Q1 2024 primarily due to production at Greenstone, which was not in production in Q1 2024, offset partially by lower production at Mesquite due to mine sequencing and fewer tonnes processed at Aurizona.

Financial Data

Revenue was 76% higher in Q1 2025 compared to Q1 2024, due to a 38% increase in the realized gold price per ounce sold and a 27% increase in gold ounces sold in Q1 2025 compared to Q1 2024. The Company realized $2,858 per ounce sold in Q1 2025 generating $423.7 million in revenue, compared to $2,066 per ounce sold in Q1 2024 generating $241.3 million in revenue.

Cash costs per oz sold and AISC per oz sold was 13% and 6% higher in Q1 2025 compared to Q1 2024, respectively, mainly due to increased unit costs in Brazil being offset partially by a weaker Brazilian Réal (“BRL”). Cash costs per oz sold and AISC per oz sold excludes the cash portion of the $26.1 million write-down of heap leach inventories at Los Filos to net realizable value (“NRV”) in Q1 2025 as a result of using a long-term gold price to reflect the reclassification of heap leach inventories from current to non-current due to the indefinite suspension of operations on April 1, 2025, as it is considered a non-recurring item that is not reflective of the underlying performance of the operation.

In Q1 2025, income from mine operations was $33.7 million (Q1 2024 – $11.4 million). Income from mine operations for the three months ended March 31, 2025 includes income from Greenstone of $24.4 million, which was not in production in Q1 2024. In addition to the impact of Greenstone’s operations in 2025, income from mine operations was higher in Q1 2025 compared to Q1 2024 due to the increase in the average realized gold price per ounce sold. These increases were partially offset by the write-down of heap leach inventories to net realizable value at Los Filos of $28.6 million in the Quarter. 

Net loss for Q1 2025 was $75.5 million (Q1 2024 – net loss of $42.8 million). The higher net loss in Q1 2025 compared to Q1 2024 is mainly driven by an increase in finance expense in Q1 2025 due to an increase in the amount drawn on the Company’s credit facility and the cessation of capitalizing interest at Greenstone following commercial production in November 2024; unfavorable changes in the fair value of gold contracts and Greenstone contingent consideration driven by increases in the forward gold price; and care and maintenance expense at Los Filos resulting from the commencement of layoffs and other suspension activities in January 2025. These changes were offset partially by higher income from mine operations and favorable changes in the fair value of foreign exchange contracts.  

In Q1 2025, adjusted EBITDA was $137.9 million (Q1 2024 – $52.2 million). In Q1 2025, adjusted net loss was $36.6 million (Q1 2024 – adjusted net loss $14.4 million).

The increase in adjusted EBITDA in Q1 2025 was primarily due to the impact of Greenstone’s operations in 2025 and the increase in the average realized gold price. The increase in adjusted net loss is due to higher finance expense in 2025, higher realized losses on foreign exchange contracts and care and maintenance expenses at Los Filos, offset partially by higher income from mine operations.

Since November 2023, the Company has been renegotiating its land access agreements with the three communities where Los Filos is located. In January 2025, the Company reached consensus on terms for new agreements with all three communities. New agreements were signed with two of the communities during the three months ended March 31, 2025. On March 31, 2025, the Company’s land access agreement with the third community expired and the Company announced on April 1, 2025 that operations at Los Filos have been suspended. The expiration of the land access agreement with the third community without a new long-term agreement in place and announcement of suspension of operations were determined to be an indicator of impairment and accordingly, the Company estimated the recoverable amount of the Los Filos cash generating unit (“CGU”) and performed an impairment test as at March 31, 2025. The Company determined that the recoverable amount of the Los Filos CGU at March 31, 2025 was more than the carrying amount and that no impairment loss was required to be recognized.

Sustaining and non-sustaining expenditures totaled $42.9 million and $49.4 million, respectively, for the three months ended March 31, 2025. Sustaining and non-sustaining expenditures are broken down by mine site in the MD&A.

SELECTED FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2025 and 2024

$ amounts in millions, except per share amounts	Three months ended
	March 31, 2025	March 31, 2024
Revenue	$               423.7	$               241.3
Cost of sales
Operating expense	(292.6)	(183.8)
Depreciation and depletion	(97.4)	(46.2)
Income from mine operations	33.7	11.4
Care and maintenance expense	(9.9)	—
Exploration and evaluation expense	(1.8)	(2.5)
General and administration expense	(17.7)	(14.1)
Income from operations	4.3	(5.3)
Finance expense	(48.3)	(17.4)
Finance income	2.1	2.0
Other income (expense)	(22.9)	(13.5)
Net income (loss) before taxes	(64.9)	(34.2)
Income tax recovery (expense)	(10.6)	(8.5)
Net income	$               (75.5)	$               (42.8)
Net income per share attributable to Equinox Gold shareholders
Basic	$               (0.17)	$               (0.13)
Diluted	$               (0.17)	$               (0.13)

Additional information regarding the Company’s financial and operating results is available in the Company’s Q1 2025 Financial Statements and accompanying MD&A for the three months ended March 31, 2025, which will be available for download on the Company’s website at www.equinoxgold.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and webcast on Thursday, May 8, 2025, commencing at 7:30 am PT (10:30 am ET) to discuss first quarter results.

Conference Call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast
www.equinoxgold.com/financials

ABOUT EQUINOX GOLD

Equinox Gold is a growth-focused Canadian mining company with operating gold mines in Canada, the USA and Brazil and a path to achieve more than one million ounces of annual gold production from a pipeline of expansion projects. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.

EQUINOX GOLD CONTACTS

Greg Smith, President & Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

NON-IFRS MEASURES

This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Numbers presented in the tables below may not sum due to rounding.

Cash Costs and Cash Costs per oz Sold

Cash costs is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs, net of non-recurring items that are not reflective of the underlying operating performance of the Company, and are net of silver revenue. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts silver revenue as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

AISC per oz Sold

The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating AISC was developed internally and is outlined below. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. The Company believes the AISC measure provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. AISC includes cash costs (described above) and also includes sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization and exploration and evaluation costs.

This measure seeks to reflect the full cost of gold production from current operations, therefore, expansionary capital and non-sustaining expenditures are excluded. The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold sold to the most directly comparable IFRS measure on an aggregate basis:

$’s in millions, except ounce and per oz figures	Three months ended
	March 31, 2025	December 31, 2024	March 31, 2024
Operating expenses	292.6	333.4	183.8
Silver revenue	(0.9)	(1.3)	(0.6)
Fair value adjustment on acquired inventories	(3.6)	(4.9)	(0.6)
Non-recurring charges recognized in operating expenses	(26.1)	—	—
Pre-commercial production and development stage operating expenses(1)	(6.0)	(37.8)	—
Total cash costs	$             256.0	$             289.4	$             182.6
Sustaining capital	37.5	34.9	39.0
Sustaining lease payments	1.9	1.6	2.6
Reclamation expense	3.6	3.2	2.8
Sustaining exploration expense	—	0.2	0.2
Pre-commercial production and development stage sustaining expenditures(1)	(0.2)	(1.4)	—
Total AISC	$             298.8	$             327.9	$             227.2
Gold oz sold	147,920	217,678	116,504
Gold oz sold from entities during pre-commercial production or development stages(1)	(3,222)	(19,161)	—
Adjusted gold oz sold	144,698	198,517	116,504
Cash costs per gold oz sold	1,769	$             1,458	$             1,567
AISC per oz sold	$             2,065	$             1,652	$             1,950

1. Consolidated cash cost per oz sold and AISC per oz sold for the three months ended March 31, 2025 and December 31, 2024 exclude Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, the three months ended December 31, 2024 exclude Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production November 6, 2024.

Sustaining Capital and Sustaining Expenditures

Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary. Sustaining capital expenditures can include, but are not limited to, capitalized stripping costs at open pit mines, underground mine development, mining and milling equipment and TSF raises.

The following table provides a reconciliation of sustaining capital expenditures to the Company’s total capital expenditures for continuing operations:

	Three months ended
$’s in millions	March 31, 2025	December 31, 2024	March 31, 2024
Capital additions to mineral properties, plant and equipment(1)	$               92.7	$             103.3	$             134.4
Less: Non-sustaining capital at operating sites	(41.1)	(34.6)	(10.0)
Less: Non-sustaining capital for projects and pre-commercial production and development stages	(1.7)	(11.6)	(64.1)
Less: Capital expenditures – corporate	—	—	—
Less: Other non-cash additions(2)	(12.4)	(22.2)	(21.4)
Sustaining capital	$                37.5	$               34.9	$               39.0
Add: sustaining lease payments(3)	1.8	1.6	2.6
Add: reclamation expense(3)	3.5	3.2	2.8
Add: sustaining exploration expense(3)	—	0.2	0.2
Sustaining expenditures	$               42.8	$               39.9	$               44.6

1. Per note 7 of the consolidated financial statements. Capital additions exclude non-cash changes to reclamation assets arising from changes in discount rate and inflation rate assumptions in the reclamation provision.
2. Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping activities, and capitalized non-cash share-based compensation.
3. Excludes Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, the three months ended December 31, 2024 exclude Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production November 6, 2024.

Total Mine-Site Free Cash Flow

Mine-site free cash flow is a non-IFRS financial performance measure. The Company believes this measure is a useful indicator of its ability to operate without reliance on additional borrowing or usage of existing cash. In calculating total mine-site free cash flow, the Company excludes the impact of fair value adjustments on acquired inventories as these adjustments do not impact cash flow from operating mine sites. Mine-site free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Mine-site free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The following table provides a reconciliation of mine-site free cash flow to the most directly comparable IFRS measure on an aggregate basis:

	Three months ended
$’s in millions	March 31, 2025	December 31, 2024	March 31, 2024
Operating cash flow before non-cash changes in working capital	$               73.3	$             212.7	$                47.7
Fair value adjustments on acquired inventories	3.6	4.9	0.6
Non-recurring charges recognized in operating expenses	26.1	—	—
Operating cash flow (generated) used by non-mine site activity(1)	39.9	12.6	7.3
Cash flow from operating mine sites	$             142.9	$             230.1	$               55.7
Mineral property, plant and equipment additions	$                92.7	103.3	134.4
Capital expenditures relating to development projects and corporate and other non-cash additions	(14.1)	(34.9)	(85.5)
Capital expenditure from operating mine sites	78.6	68.4	49.0
Lease payments related to non-sustaining capital items	4.8	11.6	7.5
Non-sustaining exploration expense	1.8	1.7	2.3
Total mine-site free cash flow before changes in non-cash working capital	$                57.7	$             148.4	$                (3.0)
(Increase) decrease in non-cash working capital	$              (18.8)	$                35.2	$             (29.8)
Total mine site free cash flow after changes in non-cash working capital	$                38.8	$             183.6	$              (32.8)

1. Includes taxes paid that are not factored into mine-site free cash flow and is included in operating cash flow before non-cash changes in working capital in the statement of cash flows. Also includes operating cash flow for projects in pre-commercial production, including Greenstone while the mine was in pre-commercial production up until the achievement of commercial production on November 6, 2024 and Castle Mountain results after August 31, 2024 when residual leaching commenced.

AISC Contribution Margin, EBITDA and Adjusted EBITDA

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and other stakeholders use AISC contribution margin, AISC contribution margin per gold ounce sold and adjusted EBITDA to evaluate the Company’s performance and ability to generate cash flows and service debt. AISC contribution margin is defined as revenue less AISC. EBITDA is defined as earnings before interest, tax, depreciation and amortization.

Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortization, adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as the impact of fair value changes of warrants, foreign exchange contracts and gold contracts; unrealized foreign exchange gains and losses, transaction costs, and non-cash share-based compensation expense. It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets.

The following tables provide the calculation of AISC contribution margin, EBITDA and adjusted EBITDA, as calculated by the Company:

AISC Contribution Margin

	Three months ended
$’s in millions	March 31, 2025	December 31, 2024	March 31, 2024
Revenue	$             423.7	$             575.0	$             241.3
Less: silver revenue	(0.9)	(1.3)	(0.6)
Less: AISC	(298.8)	(327.9)	(227.2)
Less: revenue from entities during pre-commercial production or development stages(1)	$                (9.2)	$              (50.1)	$                   —
AISC contribution margin	$             114.8	$             195.7	$                13.6
Gold ounces sold	147,920	217,678	116,504
Less: gold oz sold from entities during pre-commercial production or development stages(1)	(3,222)	(19,161)	—
Adjusted gold ounces sold	144,698	198,517	116,504
AISC contribution margin per oz sold	$                793	$                 986	$                 116

1. AISC contribution margin for the three months ended March 31, 2025 and December 31, 2024 excludes Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, the three months ended December 31, 2024 excludes Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production on November 6, 2024.

EBITDA and Adjusted EBITDA

	Three months ended
$’s in millions	March 31, 2025	December 31, 2024	March 31, 2024
Net (loss) income	$              (75.5)	28.3	(42.8)
Income tax (recovery) expense	10.6	47.9	8.5
Depreciation and depletion	97.6	72.6	46.4
Finance expense	48.3	37.6	17.4
Finance income	(2.1)	(1.8)	(2.0)
EBITDA	$                78.9	$             184.5	$                27.7
Non-cash share-based compensation expense	2.9	2.0	2.4
Unrealized (gain) loss on gold contracts	27.1	(11.9)	10.6
Unrealized (gain) loss on foreign exchange contracts	(34.3)	39.1	18.4
Unrealized foreign exchange (gain) loss	6.0	(6.0)	(5.7)
Change in fair value of Greenstone Contingent Consideration	15.0	0.6	1.1
Other (income) expense	1.1	9.9	(2.3)
Transaction costs	3.3	—	—
Non-recurring charges recognized in operating expense	28.6	—	—
Non-recurring charges recognized in care and maintenance expense	$                  9.4	—	—
Adjusted EBITDA	$             137.9	$             218.2	$                52.2

Adjusted Net Income and Adjusted EPS

Adjusted net income and adjusted EPS are used by management and investors to measure the underlying operating performance of the Company. Adjusted net income is defined as net income adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as the impact of fair value changes in the value of warrants, foreign exchange contracts and gold contracts, unrealized foreign exchange gains and losses, and non-cash share-based compensation expense. It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets. Adjusted net income per share amounts are calculated using the weighted average number of shares outstanding on a basic and diluted basis as determined by IFRS.

The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and calculated by the Company:

	Three months ended
$’s and shares in millions	March 31, 2025	December 31, 2024	March 31, 2024
Net income (loss) attributable to Equinox Gold shareholders	$              (75.5)	$                28.3	$              (42.8)
Add (deduct):
Non-cash share-based compensation expense	2.9	2.0	2.4
Unrealized (gain) loss on gold contracts	27.1	(11.9)	10.6
Unrealized (gain) loss on foreign exchange contracts	(34.3)	39.1	18.4
Unrealized foreign exchange (gain) loss	6.0	(6.0)	(5.7)
Change in fair value of Greenstone Contingent Consideration	15.0	0.6	—
Other (income) expense	1.1	9.9	(1.2)
Transaction costs	4.1	—	—
Non-recurring charges recognized in operating expense	28.6	—	—
Non-recurring charges recognized in care and maintenance expense	9.4
Income tax impact related to above adjustments	(14.2)	3.0	1.2
Unrealized foreign exchange (gain) loss recognized in deferred tax expense	(6.7)	12.5	2.7
Adjusted net income (loss)	$              (36.6)	$                77.5	$              (14.4)
Basic weighted average shares outstanding	455.7	454.4	324.0
Diluted weighted average shares outstanding	455.7	459.8	324.0
Adjusted income (loss) per share – basic ($/share)	$(0.08)	$0.17	$(0.04)
Adjusted income (loss) per share – diluted ($/share)	$(0.08)	$0.17	$(0.04)

Net Debt

The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use net debt to evaluate the Company’s performance. Net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performances prepared in accordance with IFRS. Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided below.

$’s in millions	March 31, 2025	December 31, 2024	March 31, 2024
Current portion of loans and borrowings	$             136.9	$             135.6	$             275.6
Non-current portion of loans and borrowings	1,256.0	1,212.2	653.5
Total debt	1,392.9	1,347.8	929.1
Less: Cash and cash equivalents (unrestricted)	(172.9)	(239.3)	(125.3)
Net debt	$          1,220.0	$          1,108.5	$             803.9

CAUTIONARY NOTES & FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). All statements other than statements of historical fact may be Forward-looking Information. Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things: statements about the strategic vision for the Company and expectations regarding exploration potential, production capabilities, growth potential and future financial or operating performance; the expected benefits of the Calibre Transaction and attributes of Post-Arrangement Equinox Gold, including potential growth opportunities and operational, competitive and portfolio synergies; the anticipated receipt of all required approvals for the Transaction and timing for consummation of the Arrangement Agreement; the Company’s expectations for the operation of Greenstone, including future financial or operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design capacity; the Company’s production and cost guidance; the timing for and Company’s ability to successfully advance its growth and development projects, including the expansions at Castle Mountain and Aurizona; the anticipated timeframe for residual leaching at Castle Mountain; the Company’s ability to successfully renegotiate new long-term agreements at Los Filos and the duration of the suspension of operations at Los Filos if those negotiations are unsuccessful; the strength of the Company’s balance sheet, the Company’s liquidity and future cash requirements; and the conversion of Mineral Resources to Mineral Reserves.

Forward-looking Information is generally identified by the use of words like “believe”, “will”, “achieve”, “strategy”, “increase”, “vision”, “improve”, “potential”, “advance”, “forward”, “enhance”, “deliver” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct.

The Company has based Forward-looking Information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects; the ability of the Company and Calibre to satisfy the closing conditions for the Arrangement Agreement in all material respects; all required approvals for the Arrangement Agreement are obtained; the Company’s ability to achieve its production, cost and development expectations for Greenstone; no unplanned delays or interruptions in scheduled production; ore grades and recoveries remain consistent with expectations; tonnage of ore to be mined and processed remains consistent with expectations; no labour-related disruptions; existing assets are retained and continue to produce at current rates; expectations regarding the impact of macroeconomic factors on the Company’s operations, share price performance and gold price; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects and future cash requirements; prices for energy inputs, labour, materials, supplies and services remaining as estimated; that the financial impact of tariffs is consistent with expectations; achieving design capacity at Greenstone in accordance with expectations; the expansion projects at Castle Mountain and Aurizona being completed and performed in accordance with current expectations; the Company’s ability to successfully complete new long-term agreements with all three local communities at Los Filos and the potential impact on Los Filos if the new long-term agreements cannot be completed; the Company’s ability to work with the local communities at Los Filos on suspended operations if new agreements cannot be completed; mine plans and estimated development schedules remaining consistent with the plans outlined in the technical reports for each project; tonnage of ore to be mined and processed and ore grades and recoveries are consistent with mine plans; capital, decommissioning and reclamation estimates remaining as estimated; Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; no labour-related disruptions and no unplanned delays or interruptions in scheduled construction, development and production, including by blockade or industrial action; the Company’s working history with the workers, unions and communities at Los Filos; the Company’s ability to achieve anticipated social and economic benefits for its host communities; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Company’s ability to comply with environmental, health and safety laws and other regulatory requirements; the Company’s ability to achieve its objectives related to environmental performance; and the ability of Equinox Gold to work productively with its Indigenous partners at Greenstone and its community partners at Los Filos. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on Forward-looking Information contained in this news release.

The Company cautions that Forward-looking Information involves known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; recent market events and conditions; tariffs; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, geotechnical failures, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding, fires and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and Indigenous populations; the effect of blockades and community issues on the Company’s production and cost estimates; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including mining, environmental and export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry; and those factors identified in the section “Risks and Uncertainties” in this news release and in the section titled “Risks Related to the Business” in the Company’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Forward-looking Information is designed to help readers understand management’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements and information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES

Disclosure regarding the Company’s mineral properties included in this news release, was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the “SEC”) generally applicable to U.S. companies. Accordingly, information contained in this news release is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

TECHNICAL INFORMATION

Doug Reddy, MSc, P.Geo, Chief Operating Officer, and Scott Heffernan, MSc, P.Geo., EVP Exploration, are the Qualified Persons under NI 43-101 for Equinox Gold and have reviewed and approved the technical content of this document.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that Equinox Gold shareholders approved all matters voted on at the annual and special meeting of shareholders held earlier today, including the share issuance resolution in connection with the proposed business combination (the “Transaction”) with Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre”), election of management’s director nominees, the appointment of KPMG LLP as the Company’s independent auditor, and acceptance of the Company’s approach to executive compensation.

Anticipated Timeline for Completion of the Transaction

Calibre securityholders also approved the Transaction at their special meeting of securityholders held earlier today. With approval by Equinox Gold shareholders and Calibre securityholders in hand, Calibre will seek a final order from the Supreme Court of British Columbia to approve the Arrangement at a hearing expected to be held on May 6, 2025. In addition to court approvals, the Transaction is subject to applicable regulatory approvals, including both Canadian (received) and Mexican competition authorization, approval of the listing of the Equinox Gold common shares to be issued under the Transaction on the Toronto Stock Exchange and NYSE American Exchange, and the satisfaction of certain other closing conditions customary for a transaction of this nature. If all conditions are satisfied or waived, the Transaction is expected to close by the end of Q2 2025.

Voting Results

Each of the matters voted on at the meeting are described in detail in the Company’s Management Information Circular dated March 21, 2025, which is available on the Company’s website at www.equinoxgold.com. A total of 317,252,212 common shares were represented at the meeting, being 69.56% of the Company’s issued and outstanding common shares.

Share Issuance Resolution

Resolution	Votes For	Votes Against
To approve the issuance of up to 296,838,303 common shares of the Company in connection with the acquisition by the Company of all the outstanding common shares of Calibre	248,106,211 (85.87%)	40,830,082 (14.13%)

Board Size

Resolution	Votes For	Votes Against
To set the number of directors of the Company at eight	316,344,645 (99.71%)	907,366 (0.29%)

Election of Directors

Director Nominee	Votes For	Votes Withheld
Mr. Ross Beaty – Chair	264,416,155 (91.51%)	24,520,138 (8.49%)
Mr. Lenard Boggio – Lead Director	260,189,454 (90.05%)	28,746,839 (9.95%)
Ms. Maryse Bélanger	264,541,608 (91.56%)	24,394,685 (8.44%)
Mr. Gordon Campbell	264,609,122 (91.58%)	24,327,171 (8.42%)
Ms. Trudy Curran	264,173,284 (91.43%)	24,763,009 (8.57%)
Dr. Sally Eyre	253,309,671 (87.67%)	35,626,622 (12.33%)
Mr. Marshall Koval	264,218,992 (91.45%)	24,717,301 (8.55%)
Mr. Greg Smith	264,814,638 (91.65%)	24,121,655 (8.35%)

Appointment of Independent Auditor

Resolution	Votes For	Votes Withheld
Re-appointment of KPMG LLP as auditor of the Company for the ensuing year, and authorizing the Board of Directors to set the auditor’s pay	315,754,677 (99.53%)	1,497,332 (0.47%)

Amendment of the Company’s Restricted Share Unit Plan

Resolution	Votes For	Votes Against
To approve the amendment of the Company’s restricted share unit plan	219,274,990 (75.89%)	69,661,302 (24.11%)

Advisory Resolution on Executive Compensation

Resolution	Votes For	Votes Against
A non-binding advisory resolution approving the Company’s approach to executive compensation	282,318,906 (97.71%)	6,617,387 (2.29%)

Equinox Gold Contacts

Greg Smith, President and Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

Cautionary Notes & Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). All statements other than statements of historical fact may be Forward-looking Information. Forward-looking Information in this news release relates to, among other things: statements about the Company’s ability to complete the conditions required to close the Transaction; and the timing for closing of the Transaction. Actual results and outcomes may vary from the information set out in any Forward-looking Information.

Forward-looking Information is generally identified by the use of words like “will”, “anticipate”, “expect”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Equinox Gold believes the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox Gold as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to closing of the Transaction; the ability to achieve the anticipated benefits of the Transaction; risks relating to changes in the gold price; risks related to Canadian and United States sanctions on Nicaraguan operations; risks related to the financial impact that tariffs; risks related to new members of management and the board of the combined company; risks related to completion of the Valentine Gold Mine and achieving production and design capacity in accordance with expectations; risks related to achieving design capacity at Greenstone in accordance with expectations; the ability to work successfully with First Nations and Indigenous partners and local communities; and the factors identified in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, and in the section “Risk Factors” in Equinox Gold’s Management Information Circular dated March 21, 2025, both of which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar, and in the section titled “Risk Factors” in Calibre’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox Gold’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox Gold assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Equinox Gold updates any one or more forward-looking statements, no inference should be drawn that Equinox Gold will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.

April 28, 2025 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) will announce its unaudited financial and operating results for the three months ended March 31, 2025 on Wednesday, May 7, 2025, after market close. Equinox Gold will host a conference call and webcast to discuss the results the following morning on Thursday, May 8, 2025, commencing at 7:30 am PT (10:30 am ET).

Conference call 
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: + 1-647-846-2813

Webcast                             
www.equinoxgold.com

The webcast will be archived on Equinox Gold’s website until November 7, 2025.

Equinox Gold Contacts

Greg Smith, Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

April 23, 2025 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold”) and Calibre Mining Corp. (TSX: CXB, OTCQX: CXBMF) (“Calibre” and collectively the “Companies”) announce that the Companies have amended the arrangement agreement (the “Amended Arrangement Agreement”) pursuant to the proposed business combination previously announced on February 23, 2025 (the “Transaction”).

Under the terms of the Amended Arrangement Agreement, Calibre shareholders will receive 0.35 Equinox Gold common shares for each Calibre Share held (the “New Exchange Ratio”) immediately prior to the effective time of the Transaction. Upon completion of the Transaction, existing Equinox Gold shareholders and former Calibre shareholders will own approximately 61% and 39% of the outstanding common shares of the combined company, respectively, on a fully diluted basis. The New Exchange Ratio represents a 10% premium to the closing price of Calibre shares on the Toronto Stock Exchange on February 21, 2025, the last trading day before the Transaction was announced.

To allow Equinox Gold shareholders and Calibre securityholders time to consider and vote on the Amended Arrangement Agreement, both Equinox Gold and Calibre are adjourning their respective shareholder meetings that were scheduled for April 24, 2025. The Equinox Gold meeting will now be held on May 1, 2025 at 1:30 pm (Vancouver time) and the Calibre meeting will now be held on May 1, 2025 at 10:00 am (Vancouver time). Details regarding how to attend the meetings in person or attend via webcast are included later in the news release.

Greg Smith, President & CEO of Equinox Gold, commented: “We believe this transaction is in the best interest of shareholders of both Equinox Gold and Calibre Mining. Combining these two companies will create a major gold producer with the potential to produce more than 1.2 million ounces of gold per year in the very near term, all from mining-friendly jurisdictions in the Americas and underpinned by production from two world-class Canadian gold mines. We also believe the offer of 0.35 Equinox Gold shares for every Calibre share is full and fair valuation that reflects both the current production and the growth potential of each company.”

Darren Hall, President & CEO of Calibre, commented: “With a focus on operational excellence and execution, the combination of Calibre and Equinox Gold will create more shareholder value together than either could achieve individually. The combined company will be the second largest gold producer in Canada and one of the top 15 gold producers globally. I encourage Calibre shareholders to cast your vote in favour of the transaction.”

Details of the Vote

The record date for determining shareholders eligible to vote at the respective meetings remains March 18, 2025. The deadline for Equinox Gold and Calibre shareholders to return their completed proxies or voting instruction forms has been extended to May 1, 2025 at 10:00 am (Vancouver time) and April 29, 2025 at 10:00 am (Vancouver time), respectively.

The adjournment of the meetings is intended to provide additional time for all shareholders and securityholders to vote on the Transaction, in light of the Amended Arrangement Agreement.

Equinox Gold

At the Equinox Gold meeting, Equinox Gold shareholders will be asked to approve, among other things, the issuance of up to 296,838,303 Equinox Gold common shares (the “Share Issuance Resolution”), which is unchanged from the share issuance resolution disclosed in the management information circular (“Equinox Gold Information Circular”) dated March 21, 2025 that was sent to Equinox Gold shareholders. The Share Issuance Resolution is not being amended to include the additional up to 35,341,282 Equinox Gold common shares that would be issued to reflect the New Exchange Ratio (the “Additional Shares”), since the Transaction is a Public Company Acquisition pursuant to TSX Staff Notice 2018-0005 and the Additional Shares represent less than 25% of the Equinox Gold common shares that Equinox Gold shareholders will be asked to approve pursuant to the Share Issuance Resolution. The issuance of up to 332,179,585 Equinox Gold common shares pursuant to the Transaction (which is on a fully diluted basis) represents approximately 73% of the 456,062,878 issued and outstanding Equinox Gold common shares (on a non-diluted basis) as of the March 18, 2025 record date for the Equinox Gold meeting.

A preliminary assessment of Equinox Gold votes received shows overwhelming approval of the Transaction, with almost 70% of shares voted. Equinox Gold’s board of directors unanimously recommend that Equinox Gold shareholders approve the Transaction by voting FOR the Share Issuance Resolution.

• Equinox Gold shareholders who have already voted their shares in support of the Share Issuance Resolution are not required to take further action.
• Equinox Gold shareholders who have already voted and wish to change their vote can follow the instructions outlined in the Equinox Gold Information Circular that was sent to Equinox Gold shareholders by mail or email.
• Equinox Gold shareholders who have not yet voted are urged to do so as soon as possible, in accordance with the instructions accompanying the form of proxy or voting instruction form together with the Equinox Gold Information Circular that were sent to Equinox Gold shareholders by mail or email.

The Equinox Gold Information Circular, outlining the background to and anticipated benefits of the Transaction, can be downloaded at www.equinoxgold.com/shareholder-events and from Equinox Gold’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Calibre

At the Calibre meeting, holders of Calibre common shares (the “Calibre Shareholders”) and holders of options to purchase Calibre common shares issued under Calibre’s amended and restated long-term incentive plan, as amended (the “Calibre Optionholders” and, together with Calibre Shareholders, the “Calibre Securityholders”) will be asked to consider and, if deemed advisable, to pass a special resolution as set forth in the Calibre Information Circular (as defined below) to approve the Transaction, which approval will require at least: (a) 66 2/3% of the votes cast in favour by Calibre Shareholders (in person or by proxy); (b) 66 2/3% of the votes cast in favour by Calibre Securityholders, voting as a single class (in person or by proxy); and (iii) a simple majority of the votes cast by Calibre Shareholders, excluding votes cast by certain Calibre Shareholders required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (in person or by proxy).

Calibre’s board of directors unanimously recommend that Calibre Securityholders vote FOR the Transaction.

• Calibre Securityholders who have already voted their securities in support of the Transaction are not required to take further action.
• Calibre Securityholders who have already voted and wish to change their vote can follow the instructions outlined in the management information circular (“Calibre Information Circular”) dated March 24, 2025 that was sent to Calibre Securityholders by mail or email.
• Calibre Securityholders who have not yet voted are urged to do so as soon as possible, in accordance with the instructions accompanying the form of proxy or voting instruction form together with the Calibre Information Circular that were sent to Calibre Securityholders by mail or email.
• In addition to the positive support already received from Calibre shareholders, Equinox Gold has entered into an additional voting and support agreement with a large long-term Calibre shareholder who holds 19,069,809 Calibre common shares representing approximately 2.23% of the outstanding Calibre common shares as of March 18, 2025, providing further support for the Transaction.
• For assistance in voting, please contact Laurel Hill Advisory Group by phone at 1-877-452-7184 (North American toll-free) or 1-416-304-0211 (outside North America), or by email at assistance@laurelhill.com.

The Calibre Information Circular, outlining the background to and anticipated benefits of the Transaction, as well as a copy of the Amending Agreement, can be downloaded at www.calibremining.com and from Calibre’s profile on SEDAR+ at www.sedarplus.ca.

Letters of transmittal already sent to or received by the Depositary (as defined in the Calibre Information Circular) remain valid and, if the Transaction is completed, all Calibre Shareholders will be entitled to receive the consideration under the Amended Arrangement Agreement upon due completion and submission of such letters of transmittal, as more fully described in the Calibre Information Circular.

Details of the Meetings

Equinox Gold shareholders can attend the Equinox Gold meeting in person or are invited to join an online webcast. The webcast is being provided for viewing purposes only. There will be no ability to vote via the webcast.

Attend in Person
Metropolitan Hotel, Vancouver Room, 2nd Floor, 645 Howe St, Vancouver, BC

Attend Online
www.equinoxgold.com/shareholder-events

Calibre securityholders can attend the Calibre meeting in person or are invited to join an online webcast. The webcast is being provided for viewing purposes only. There will be no ability to vote via the webcast.

Attend in Person
The offices of Cassels Brock & Blackwell LLP, Suite 2200, RBC Place, 885 West Georgia St, Vancouver, BC

Attend Online
meetnow.global/MZLUU6Z

About Equinox Gold Corp.

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a growth-focused Canadian mining company operating entirely in the Americas. The Company has operating gold mines in Canada, the United States and Brazil and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.

About Calibre Mining Corp.

Calibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

For further information, please contact:

Equinox Gold Corp.
Rhylin Bailie
Vice President, Investor Relations
T: 604.260.0516
E: ir@equinoxgold.com
W: www.equinoxgold.com

Calibre Mining Corp.
Ryan King
SVP Corporate Development & IR
T: 778.998.3700
E: calibre@calibremining.com
W: www.calibremining.com

Cautionary Notes & Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). These include statements regarding the consideration Calibre Shareholders will receive pursuant to the Amended Arrangement Agreement, ownership of the combined company following completion of the Transaction, the new dates on which the Equinox Gold meeting and the Calibre meeting will take place, and Equinox Gold’s expectations for the combined company post-closing. Actual results and outcomes of the Amended Arrangement Agreement proposed to be implemented to effect the Transaction (“Arrangement”) may vary from the information set out in any Forward-looking Information. As well, Forward-looking Information may relate to: the satisfaction of the conditions precedent to the Amended Arrangement Agreement and timing for closing of the Transaction; the success of Equinox Gold and Calibre in combining operations upon closing; the ability to achieve the anticipated benefits of the Transaction; the success and timing of completing construction of the Valentine Gold Mine; the production and operating capabilities of the Valentine Gold Mine; expectations for operation of the Greenstone Mine; the production, cash flow, deleveraging and growth potential of the combined company; the potential of the combined company to meet industry targets, public profile, and expectations; the ability to successfully advance the expansion and development projects; and the potential for a market revaluation.

Forward-looking Information is generally identified by the use of words like “will”, “create”, “potential”, “can be”, “clear path”, “subject to”, “expected”, “proposed” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Equinox Gold and Calibre believe the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox Gold and Calibre as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to closing of the Transaction; the ability to achieve the anticipated benefits of the Transaction; risks related to Canadian and United States sanctions on Nicaraguan operations; risks related to the financial impact that tariffs placed on Canada or Mexico by the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; risks related to new members of management and the board of the combined company; risks relating to changes in the gold price; risks related to completion of the Valentine Gold Mine and achieving production and design capacity in accordance with expectations; risks related to achieving design capacity at Greenstone in accordance with expectations; the ability to achieve the 2025 guidance announced by Equinox Gold and Calibre; the ability to successfully advance the development and expansion projects in accordance with expectations; the ability to successfully negotiate new agreements with local communities at Los Filos Mine; the ability to work successfully with First Nations and Indigenous partners and local communities; and the factors identified in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section titled “Risk Factors” in Calibre’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox Gold and Calibre’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox Gold and Calibre assume no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Equinox Gold or Calibre updates any one or more forward-looking statements, no inference should be drawn that Equinox Gold or Calibre will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that independent proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”) have issued positive voting recommendations to shareholders of Equinox Gold for the proposed business combination with Calibre Mining Corp. (TSX: CXB, OTCQX: CXBMF) (“Calibre”). The deadline for voting by proxy is 1:30 pm (Vancouver time) on April 22, 2025.

ISS and Glass Lewis both recommend that Equinox Gold shareholders vote FOR the resolution to issue Equinox Gold common shares (“Share Issuance Resolution”) pursuant to the business combination with Calibre, as announced on February 23, 2025 (“Arrangement”). The board of directors and management of both companies have also unanimously recommended that shareholders vote FOR the Arrangement.

Strategic Rationale for the Business Combination

Combining Equinox Gold and Calibre will create:

• A major diversified gold producer in the Americas: Potential for more than 1.2 million ounces¹ of annual gold production from a portfolio of mines in five countries in the Americas.
• The second largest gold producer in Canada: Greenstone Gold Mine and Valentine Gold Mine, two new long-life, low-cost, open-pit gold mines, are expected to produce collectively 590,000 ounces² of gold per year when at capacity.
• Exceptional growth profile: Additional production growth from the ramp-up of Valentine Gold Mine and a pipeline of development and expansion projects.
• Significant re-rate potential based on valuation of peers: Greater scale, lower risk, near-term production growth, and superior free cash flow relative to peers, providing significant revaluation potential.
• An industry-leading team: Proven track record of delivery and shareholder value creation led by Ross Beaty, and Blayne Johnson and Doug Forster of Featherstone Capital, who will all serve on the board of directors of the combined company. In total, six directors of Equinox Gold and four directors of Calibre will serve on the board of directors of the combined company. Greg Smith, the President and Chief Executive Officer of Equinox Gold, will continue as Chief Executive Officer of the combined company, and Darren Hall, the President and Chief Executive Officer of Calibre, will serve as President and Chief Operating Officer of the combined company with full responsibility of the combined operations going forward.

The management information circular, outlining the background to and anticipated benefits of the business combination with Calibre, can be downloaded at www.equinoxgold.com/shareholder-events and from Equinox Gold’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Shareholder Meeting

Equinox Gold’s Annual and Special Meeting of shareholders will be held at 1:30 pm (Vancouver time) on April 24, 2025. Equinox Gold shareholders of record at the close of business on March 18, 2025 can vote on the Share Issuance Resolution and other matters detailed in the management information circular and related materials for the meeting (“Meeting Materials”). Shareholders can vote their shares online, by telephone or by mail, or can attend the meeting and vote in person. Shareholders who cannot attend in person are invited to join an online webcast; however, the webcast is being provided for viewing purposes only. There will be no ability to vote via the webcast.

Attend in Person
Suite 200, 1133 Melville Street, Vancouver, BC

Attend Online
www.equinoxgold.com/shareholder-events

Shareholders who have not received the Meeting Materials, either by mail or by email from Computershare, should contact Computershare Investor Services Inc. at 1-800-564-6253 (North American toll free) or 1-514-982-7555 (International) or by email at service@computershare.com.

(1) Mid-point of Equinox Gold’s 2025 guidance plus mid-point of Calibre’s 2025 guidance, on a full-year basis, plus an additional 65,000 ounces with Greenstone at capacity and 200,000 ounces with Valentine at capacity. Does not include any production from Equinox Gold’s Los Filos Gold Mine or either company’s expansion projects.

(2) Average annual production as estimated in the most recent technical reports for each project, which are available for download on each company’s website and on SEDAR+.

Equinox Gold Contacts

Greg Smith, President & CEO
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

Cautionary Note Regarding Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). These include statements regarding Equinox Gold’s expectations for the combined company post-closing. Actual results and outcomes of the proposed plan of arrangement between the companies (“Arrangement”) may vary from the information set out in any Forward-looking Information. As well, Forward-looking Information may relate to: the satisfaction of the conditions precedent to the Arrangement and timing for closing of the Arrangement; the success of Equinox Gold and Calibre Mining in combining operations upon closing; the ability to achieve the anticipated benefits of the Agreement; the success and timing of completing construction of the Valentine Gold Mine; the production and operating capabilities of the Valentine Gold Mine; expectations for operation of the Greenstone Mine; the production, cash flow, deleveraging and growth potential of the combined company; the potential of the combined company to meet industry targets, public profile, and expectations; the ability to successfully advance the expansion and development projects; and the potential for a market revaluation.

Forward-looking Information is generally identified by the use of words like “will”, “create”, “subject to”, “is expected”, “proposed” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Equinox Gold believes the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox Gold as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to closing of the Arrangement; the ability to achieve the anticipated benefits of the Agreement; risks related to Canadian and United States sanctions on Nicaraguan operations; risks related to the financial impact that tariffs placed on Canada or Mexico by the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; risks related to new members of management and the board of Equinox Gold; risks relating to changes in the gold price; risks related to completion of the Valentine Gold Mine and achieving production in accordance with expectations; risks related to achieving design capacity at Greenstone in accordance with expectations; the ability to achieve the 2025 guidance announced by Equinox Gold and Calibre; the ability to successfully advance the development and expansion projects in accordance with expectations; the ability to successfully negotiate new agreements with local communities at Los Filos Mine; the ability to work successfully with First Nations and Indigenous partners and local communities; and the factors identified in the section titled “Risks Related to the Business” in Equinox’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox Gold’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox Gold assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Equinox Gold updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) has indefinitely suspended operations at its Los Filos Mine in Guerrero, Mexico, following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.

Long-term agreements with all three local communities are essential to provide the economic and investment conditions necessary for continued operations at the Los Filos Mine, including the proposed construction of a new 10,000 tonnes-per-day carbon-in-leach processing plant to increase gold recoveries from higher-grade ore.

Equinox Gold has been engaged in collaborative discussions with the three communities that host the mine since November 2023. Consensus on terms was reached in January 2025, and new long-term agreements were subsequently ratified and signed with the Mezcala and Xochipala communities. To date, Carrizalillo has not signed a new long-term agreement with the Company.

Equinox Gold has not included any production from the Los Filos Mine in its 2025 production guidance.

About Equinox Gold

Equinox Gold is a growth-focused Canadian mining company operating entirely in the Americas, with operating gold mines in Canada, the USA and Brazil, and a path to achieve more than one million ounces of annual gold production from a pipeline of expansion projects. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.

Equinox Gold Contacts

Greg Smith, Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

Cautionary Notes and Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements and forward-looking information in this news release relate to, among other things: the strategic vision for the Company and expectations regarding production capabilities; the Company’s ability to secure new long-term agreements with all three communities at Los Filos; and the long-term potential at Los Filos due to the suspension of operations. Forward-looking statements or information generally identified by the use of the words “indefinitely”, “continued”, “proposed”, “increase”, “path to achieve”, and similar expressions and phrases or statements that certain actions, events or results “could”, “would” or “should”, or the negative connotation of such terms, are intended to identify forward-looking statements and information. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. The Company has based these forward-looking statements and information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to secure new long-term agreements with the three communities at Los Filos; the duration of the suspension of operations at Los Filos; the Company’s ability to achieve the production, cost and development expectations for its respective operations and projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects and future cash requirements; ramp-up at Greenstone being completed and performed in accordance with current expectations; the expansion projects at Aurizona and Castle Mountain being completed and performed in accordance with current expectations; tonnage of ore to be mined and processed; ore grades and recoveries remaining consistent with mine plans. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.

The Company cautions that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements and information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and Indigenous populations; the potential effect of blockades and community issues on the Company’s production and cost estimates; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry; and those factors identified in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the Company’s most recently filed Annual Information Form, both of which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward-looking statements and information are designed to help readers understand management’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, the Company assumes no obligation to publicly announce the results of any change to any forward-looking statement or information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements and information. If the Company updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements and information contained in this news release are expressly qualified in their entirety by this cautionary statement.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) will hold its annual and special meeting of shareholders (“Annual Meeting”) on April 24, 2025 commencing at 1:30 pm Vancouver time, followed by a corporate update commencing at approximately 1:45 pm.

In addition to electing directors and other annual approvals, at the Annual Meeting Equinox Gold shareholders will be asked to consider and approve a resolution (“Arrangement Resolution”) to issue Equinox Gold common shares pursuant to the business combination with Calibre Mining Corp. (“Calibre”) as announced on February 23, 2025 (the “Arrangement”). Under the terms of the Arrangement, each Calibre share will be exchanged for 0.31 of an Equinox Gold common share. If the Arrangement is completed, existing Equinox Gold and former Calibre shareholders (including former holders of restricted share units and performance share units of Calibre) will own approximately 63% and 37%, respectively, of the combined company.

Your vote is important, no matter how many Equinox Gold shares you hold. The Board of Directors of Equinox Gold has unanimously determined that the Arrangement is in the best interests of Equinox Gold and recommends that shareholders vote FOR the Arrangement Resolution.

Strategic Rationale

Combining Equinox Gold and Calibre will create:

• A major diversified gold producer in the Americas: Potential for more than 1.2 million ounces¹ of annual gold production from a portfolio of mines in five countries in the Americas.
• The second largest gold producer in Canada: Greenstone Gold Mine and Valentine Gold Mine, two new long-life, low-cost, open-pit gold mines, are expected to produce collectively 590,000 ounces² of gold per year when at capacity.
• Substantial free cash flow: Immediate increase in production at record high gold prices is expected to drive superior free cash flow to enable the combined company to quickly deleverage.
• Exceptional growth profile: Additional production growth from the ramp-up of Valentine Gold Mine and a pipeline of development and expansion projects.
• Significant re-rate potential based on valuation of peers: Greater scale, lower risk, near-term production growth, and superior free cash flow relative to peers, providing significant revaluation potential.
• An industry-leading team: Proven track record of delivery and shareholder value creation led by Ross Beaty, and Blayne Johnson and Doug Forster of Featherstone Capital, who will all serve on the board of directors of the combined company. In total, six directors of Equinox Gold will serve on the board of directors of the combined company, including Ross Beaty and Greg Smith, and four directors of Calibre will serve on the board of directors of the combined company, including Blayne Johnson and Doug Forster. Greg Smith, the President and Chief Executive Officer of Equinox Gold, will continue as Chief Executive Officer of the combined company, and Darren Hall, the President and Chief Executive Officer of Calibre, will serve as the President and Chief Operating Officer of the combined company with full responsibility of the combined operations going forward.

Meeting Materials

Equinox Gold’s management information circular, which includes additional information regarding the background to and anticipated benefits of the Arrangement, the business of the Annual Meeting, and instructions for participating in the Annual Meeting and the voting process (“Meeting Materials”), is being distributed to shareholders. Upon receipt of the Meeting Materials, which contain personalized voting information, shareholders can vote their shares online, by telephone or by mail, or can attend the Annual Meeting and vote in person. Shareholders who cannot attend in person are invited to join an online webcast; however, the webcast is being provided for viewing purposes only. There will be no ability to vote via the webcast.

Attend in Person
Suite 200, 1133 Melville Street, Vancouver, BC

Attend Online
www.equinoxgold.com/shareholder-events

The Meeting Materials can be downloaded at www.equinoxgold.com/shareholder-events and from Equinox Gold’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Shareholders may request that printed copies of the Meeting Materials be mailed to them at no cost by contacting the Company by phone at 1-833-EQX-GOLD (1-833-379-4653) (North America) or +1-604-558-0560 (International) or by email at info@equinoxgold.com.

Shareholder Questions & Voting Assistance

Shareholders can submit questions in advance about Equinox Gold, the Annual Meeting or the voting process using the Submit a Question form on our dedicated meeting site at www.EquinoxGold.com/investors/agm-contact/. The deadline for voting by proxy is 1:30 pm (Vancouver time) on April 22, 2025.

Advance Ruling Certificate & Conditions of Closing

The Company is pleased to advise that on March 25, 2025, Equinox Gold received an advance ruling certificate that satisfies the Canadian Competition Approval closing condition for the Arrangement. In addition to shareholder and court approvals, the Arrangement is subject to applicable regulatory approvals, including both Canadian (received) and Mexican competition authorization, approval of the listing of the Equinox Gold common shares to be issued pursuant to the Arrangement on the Toronto Stock Exchange and NYSE American Exchange, and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Arrangement is expected to close in the next several months and in any event by the end of Q3 2025.

Annual Filings

The Company has filed its Annual Information Form and its Annual Report on Form 40-F for the year ended December 31, 2024. The Annual Information Form is available for download on SEDAR+, on EDGAR and on Equinox Gold’s website. The Form 40-F is available for download on EDGAR.

Equinox Gold Contacts

Greg Smith, President & CEO
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

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1. Mid-point of Equinox Gold’s 2025 guidance plus mid-point of Calibre’s 2025 guidance, on a full-year basis, plus an additional 65,000 ounces with Greenstone at capacity and 200,000 ounces with Valentine at capacity. Does not include any production from Equinox Gold’s Los Filos Gold Mine or either company’s expansion projects.
2. Average annual production as estimated in the most recent technical reports for each project, which are available for download on each company’s website and on SEDAR+.

Cautionary Note Regarding Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). These include statements regarding Equinox Gold’s expectations for the combined company post-closing. Actual results and outcomes of the proposed plan of arrangement between the companies (“Arrangement”) may vary from the information set out in any Forward-looking Information. As well, Forward-looking Information may relate to: the satisfaction of the conditions precedent to the Arrangement and timing for closing of the Arrangement; the success of Equinox Gold and Calibre Mining in combining operations upon closing; the ability to achieve the anticipated benefits of the Agreement; the success and timing of completing construction of the Valentine Gold Mine; the production and operating capabilities of the Valentine Gold Mine; expectations for operation of the Greenstone Mine; the production, cash flow, deleveraging and growth potential of the combined company; the potential of the combined company to meet industry targets, public profile, and expectations; the ability to successfully advance the expansion and development projects; and the potential for a market revaluation.

Forward-looking Information is generally identified by the use of words like “will”, “create”, “subject to”, “is expected”, “proposed” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Equinox Gold believes the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox Gold as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to closing of the Arrangement; the ability to achieve the anticipated benefits of the Agreement; risks related to Canadian and United States sanctions on Nicaraguan operations; risks related to the financial impact that tariffs placed on Canada or Mexico by the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; risks related to new members of management and the board of Equinox Gold; risks relating to changes in the gold price; risks related to completion of the Valentine Gold Mine and achieving production in accordance with expectations; risks related to achieving design capacity at Greenstone in accordance with expectations; the ability to achieve the 2025 guidance announced by Equinox Gold and Calibre; the ability to successfully advance the development and expansion projects in accordance with expectations; the ability to successfully negotiate new agreements with local communities at Los Filos Mine; the ability to work successfully with First Nations and Indigenous partners and local communities; and the factors identified in the section titled “Risks Related to the Business” in Equinox’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox Gold’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox Gold assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Equinox Gold updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) has filed its audited financial statements and related management’s discussion and analysis for the three months and year ended December 31, 2024. The documents are available for download on the Company’s website, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Equinox Gold Contacts

Greg Smith, President & CEO
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox”) and Calibre Mining Corp. (TSX: CXB, OTCQX: CXBMF) (“Calibre” and collectively the “Companies”) are pleased to announce that the Companies have entered into a definitive arrangement agreement (the “Arrangement Agreement”) in an
at-market business combination whereby Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement (the “Transaction”). The combined company (“New Equinox Gold”) will continue under the name “Equinox Gold Corp.”

Equinox and Calibre will host a conference call and webcast to discuss the Transaction commencing at 7:30 am Eastern Time on Monday, February 24, 2025. Details are provided at the end of this news release.

The Transaction will create an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines. The Greenstone Mine (“Greenstone”) in Ontario achieved commercial production in November 2024 while the Valentine Gold Mine (“Valentine”) in Newfoundland & Labrador is nearing construction completion with first gold pour targeted for mid-2025. Collectively, these two cornerstone assets are expected to produce an average of 590,000 ounces of gold per year when operating at capacity. With 100% ownership of Greenstone and Valentine, New Equinox Gold will become the second largest gold producer in Canada.

The combined company is expected to produce approximately 950,000 ounces of gold in 2025^[1], not including production from Valentine or Los Filos. New Equinox Gold has the potential to produce more than 1.2 million ounces of gold per year with Greenstone and Valentine operating at capacity. Additionally, the combined company will have a large gold endowment of Mineral Reserves and Mineral Resources, and a highly prospective pipeline of development, expansion and exploration projects for low-risk sustainable growth.

Under the terms of the Arrangement Agreement, Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held (the “Exchange Ratio”) immediately prior to the effective time of the Transaction (the “Effective Time”).  Upon completion of the Transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at C$7.7 billion.

New Equinox Gold will benefit from the expertise and successful track record of two industry leaders: Ross Beaty and Featherstone Capital (Blayne Johnson and Doug Forster), who have created substantial shareholder value over multiple decades in the mining sector, all of whom will serve on the Board of Directors of New Equinox Gold. 

^{1. Mid-point of Equinox’s 2025 guidance plus mid-point of Calibre’s 2025 guidance, on a full-year basis. Does not include any production from Equinox’s Los Filos Gold Mine or Calibre’s Valentine Gold Mine.}

Strategic Rationale of the Transaction

Merging Equinox and Calibre will create:

• A major diversified gold producer in the Americas: Potential for more than 1.2 million ounces of annual gold production from a portfolio of mines in five countries in the Americas
• The second largest gold producer in Canada: Greenstone and Valentine, two new long-life, low-cost, open-pit gold mines, are expected to produce collectively 590,000 ounces of gold per year when at capacity
• Substantial free cashflow: Immediate increase in production at record high gold prices drives superior free cash flow to quickly deleverage
• Exceptional growth profile: Additional production growth from the ramp up of Valentine and a pipeline of development and expansion projects
• Significant re-rate potential based on valuation of peers: Greater scale, lower risk, near-term production growth, and superior free cash flow relative to peers, providing significant revaluation potential
• An industry-leading team: Proven track record of delivery and shareholder value creation led by Ross Beaty, and Blayne Johnson and Doug Forster of Featherstone Capital, who will all serve on the Board of Directors of New Equinox Gold

Greg Smith, President and Chief Executive Officer of Equinox, stated: “This merger represents a transformative step forward for both Equinox and Calibre, bringing together two complementary companies with strong production, growth potential, operational expertise, and a shared commitment to responsible mining. By combining our assets, teams, and financial strength, we are creating a leading Americas-focused gold producer with enhanced scale, resilience, and the ability to generate significant long-term value for our shareholders and stakeholders.”

Darren Hall, President and Chief Executive Officer of Calibre, stated: “The merger with Equinox provides combined shareholders a diversified gold production base with significant growth opportunities. The combination of two new, long-life, low-cost, open-pit gold mines, Valentine and Greenstone, will be the cornerstone of an exciting new major Canadian gold producer that will be positioned to generate substantial shareholder value. I look forward to working with the combined team to continue Calibre’s track record of superior execution and delivering on our commitments.”

Benefits to Shareholders

Combining Equinox and Calibre unlocks benefits for both sets of shareholders that would be unavailable on a standalone basis, including:

• 100% ownership of two cornerstone Canadian gold mines at the beginning of their mine lives
• Immediate increase to production and cash flow in a record gold price environment
• Enhanced portfolio diversification and reduced risk
• Exposure to several significant growth opportunities within the portfolio
• Substantial reserve and resource base with exploration and expansion potential
• Enhanced capital markets profile with greater significance for indices and investors
• Strengthened leadership team with key additions to both the Board and management
• Realizable synergies and improved efficiencies with the combination of two strong teams

Leadership and Governance

Upon closing of the Transaction, management of the combined operations will include executives from both Equinox and Calibre, with Equinox’s current President and Chief Executive Officer, Greg Smith, remaining as Chief Executive Officer and Calibre’s current President and Chief Executive Officer, Darren Hall, joining management as President and Chief Operating Officer of New Equinox Gold.

The Board of Directors of the combined company will consist of ten directors, with Ross Beaty as Chair, along with five additional directors from Equinox, including Greg Smith, and four directors from Calibre, including Doug Forster and Blayne Johnson.

Ross Beaty, Chair of Equinox, stated: “Great companies are built on strong foundations and strong teams. The combination of Equinox and Calibre brings together two new Canadian cornerstone gold mines, Greenstone and Valentine, a portfolio of operating gold mines in the Americas, and two excellent operating teams to create a gold mining powerhouse. With improved scale, diversification and financial strength, New Equinox Gold will be well positioned to deliver long-term value to its shareholders. I’m really excited about our future as a great new major gold mining company.”

Blayne Johnson, Chair of Calibre, stated: “This merger creates a major gold producer with a solid foundation of two brand-new, high-quality, long-life mines: Greenstone and Valentine. Positioned in Canada’s top gold regions, this combination transforms New Equinox Gold into the country’s second-largest gold producer. With a strong portfolio of highly profitable and prospective assets across the United States, Mexico, Nicaragua, and Brazil, the company is well-positioned for long-term growth and sustained shareholder value creation. Doug and I look forward to continuing as directors and shareholders, working closely with Ross and the combined Equinox-Calibre team to build on Calibre’s strong track record of operational excellence and execution for its shareholders.”

Transaction Details

Pursuant to the terms and conditions of the Arrangement Agreement, Calibre shareholders will receive 0.31 of an Equinox common share for each Calibre common share held immediately prior to the Effective Time. In addition, Calibre’s outstanding convertible securities will be treated in accordance with the terms of the Arrangement Agreement.

The Transaction will be effected pursuant to a court approved plan of arrangement under the Business Corporations Act (British Columbia). The Transaction will require approval by 66 2/3 percent of the votes cast by the shareholders of Calibre and 66 2/3 percent of the votes cast by the shareholders and option holders of Calibre, voting together as a single class, at a special meeting of Calibre shareholders expected to be held before May 31, 2025. The Transaction will also require approval of a simple majority of votes cast by the shareholders of Calibre, excluding those votes attached to Calibre common shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holder in Special Transaction.

The issuance of the Equinox common shares pursuant to the Transaction is also subject to approval by the shareholders of Equinox with a simple majority threshold of votes cast in favour at a special meeting of shareholders, also expected to be held before May 31, 2025.

Officers and directors of Equinox who hold approximately 6.1% of the outstanding Equinox common shares have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their Equinox common shares in favour of the Transaction. Officers and directors of Calibre who hold approximately 2.1% of the outstanding Calibre common shares have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their Calibre common shares in favour of the Transaction.

In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including both Canadian and Mexican competition authorization, approval of the listing of the Equinox common shares to be issued under the Transaction on the Toronto Stock Exchange (“TSX”) and NYSE American Exchange (“NYSE-A”), and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Transaction is expected to close in Q2 2025. The Arrangement Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants, and the right to match any superior proposals. Additionally, termination fees in the amount of US$145 million and US$85 million are payable by Equinox and Calibre, respectively, in certain circumstances.

Full details of the Transaction will be included in the respective management information circulars of Equinox and Calibre, expected to be mailed to shareholders in March 2025.

None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Concurrent Convertible Note Financing

Concurrent with entering into the Arrangement Agreement, Calibre has entered into irrevocable subscription agreements to complete the issuance of an aggregate principal amount of approximately US$75 million convertible notes to Equinox, Vestcor Inc., and Trinity Capital Partners (collectively, the “Convertible Notes”). The Convertible Notes will be unsecured with an annual interest rate of 5.5% and mature five years from the date of issue, subject to acceleration in certain circumstances. The Convertible Notes, at the option of each respective holder, are convertible into Calibre common shares at a price of C$4.25 per common share (each a “Conversion Share”), representing an approximate 37.5% premium to the closing price of the Calibre common shares on February 21, 2025.  Upon the occurrence of a change of control of Calibre, other than pursuant to the Transaction, the noteholder may require Calibre to, within 30 days following the consummation of the change of control, repay the principal amount outstanding by way of payment of an amount equal to the lesser of (x) (i) all remaining interest payable on the principal amount outstanding from the date of such redemption up to and including the maturity date plus (ii) 100% of the principal amount outstanding, and (y) (i) all accrued and unpaid interest on the principal amount outstanding up to and including the redemption date plus (ii) 107% of the principal amount outstanding. In connection with the issuance of the Convertible Notes, Calibre will issue to the Convertible Note holders an aggregate of 0.66 common share purchase warrants of Calibre (the “Warrants”) per Conversion Share. Each warrant will be exercisable at a price of C$4.50 per Calibre common share until the date that is five years following the date of issue, representing an approximate 45.6% premium to the closing price of the Calibre common shares on February 21, 2025. Proceeds from the Convertible Notes will be used for (i) funding expenses related to the Transaction, and (ii) general corporate purposes until completion of the Transaction.

The private placement is expected to close on or about March 4, 2025 and is not conditional on the closing of the Transaction. The private placement is also subject to approval of the TSX, including Calibre fulfilling the requirements of the TSX. The Convertible Notes and Warrants will be subject to a four month and one day hold period, pursuant to securities laws in Canada. The Convertible Notes and Warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Calibre, nor shall there be any offer or sale of any securities of Calibre in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Board of Directors’ Recommendations

The Arrangement Agreement has been unanimously approved by the board of directors of each of the Companies. Both boards of directors unanimously recommend that their respective shareholders vote in favour of the Transaction.

BMO Capital Markets has provided a fairness opinion to the board of directors of Equinox stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications set forth therein, the Exchange Ratio provided for pursuant to the Transaction is fair, from a financial point of view, to Equinox.

National Bank Financial Inc. and Canaccord Genuity Corp. have each provided oral fairness opinions to the board of directors of Calibre stating that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated in each such opinion, the consideration to be received pursuant to the Transaction is fair, from a financial point of view, to the shareholders of Calibre (other than Equinox).

Advisors and Counsel

BMO Capital Markets and GenCap Mining Advisory are acting as financial advisors to Equinox. Blake, Cassels & Graydon LLP is acting as Canadian legal advisor to Equinox.

Trinity Advisors Corporation and Canaccord Genuity Corp. are acting as financial advisors to Calibre. Canaccord Genuity Corp. and National Bank Financial Inc. have provided fairness opinions to the board of directors of Calibre. Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to Calibre.

Conference Call and Webcast

Equinox and Calibre will hold a joint conference call and webcast on February 24, 2025, commencing at 7:30 am Eastern Time to discuss the Transaction.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast login

The webcast will be archived on both the Equinox and Calibre websites until the Transaction closes.

Qualified Person

The Calibre scientific and technical information contained in this news release was approved by David Schonfeldt P.Geo., Calibre’s Corporate Chief Geologist and a “Qualified Person” under National Instrument 43-101.

The Equinox scientific and technical information contained in this news release was approved by Doug Reddy, MSc, P.Geo, Equinox’s Chief Operating Officer and a “Qualified Person” under National Instrument 43-101.

About Equinox Gold Corp.

Equinox (TSX: EQX, NYSE-A: EQX) is a growth-focused Canadian mining company operating entirely in the Americas. The Company has six operating gold mines in Canada, the United States, Mexico and Brazil and a clear path to achieve more than one million ounces of annual gold production from a pipeline of expansion projects. Further information about Equinox’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.

About Calibre Mining Corp.

Calibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

For further information, please contact:

Equinox Gold Corp.
Rhylin Bailie
Vice President, Investor Relations
T: 604.260.0516
E: ir@equinoxgold.com
W: www.equinoxgold.com

Equinox’s head office is located at Suite 1501, 700 West Pender St., Vancouver, British Columbia V6C 1G8.

Calibre Mining Corp.
Ryan King
SVP Corporate Development & IR
T: 778.998.3700
E: calibre@calibremining.com
W: www.calibremining.com

Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia V6C 3L6.

Cautionary Note Regarding Forward Looking Information

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). These include statements regarding Equinox and Calibre’s intent, or the beliefs or current expectations of the officers and directors of Equinox and Calibre for the combined entity (“New Equinox Gold”) post-closing. Actual results and outcomes of the proposed plan of arrangement between the companies (“Arrangement”) may vary materially from the amounts set out in any Forward-looking Information. As well, Forward-looking Information may relate to: future outlook and anticipated events, such as the consummation and timing of the Arrangement; the strategic vision for New Equinox Gold following the closing of the Arrangement and expectations regarding exploration potential, production capabilities and future financial or operating performance of New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost guidance; the potential valuation of New Equinox Gold following the closing of the Arrangement; the accuracy of the pro forma financial position and outlook of New Equinox Gold following the closing of the Arrangement; the success of the new management team; the satisfaction of the conditions precedent to the Arrangement; the conversion of Mineral Resource and Mineral Reserves; the success of Equinox and Calibre in combining operations upon closing of the Transaction; the success and timing of completing construction on the Valentine Gold Mine; the production and operating capabilities of the Valentine Gold Mine; expectations for the operation of Greenstone, including future financial or operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design capacity; the potential of New Equinox Gold to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-looking Information is generally identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Equinox and Calibre believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox and Calibre as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to the closing of the Arrangement; risks related to Canadian and United States sanctions on New Equinox Gold Nicaraguan operations; risks related to the financial impact that tariffs placed on Canada or Mexico by the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; risks related to new members of management and the board of New Equinox Gold; risks relating to changes in the gold price; risks related to the completion of the Valentine Gold Mine; risks related to achieving design capacity at Greenstone in accordance with expectations; and the factors identified in the section titled “Risks Related to the Business” in Equinox’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section titled “Risk Factors” in Calibre’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox and Calibre’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox and Calibre assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If either Equinox or Calibre updates any one or more forward-looking statements, no inference should be drawn that the either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources

Disclosure regarding mineral properties included in this news release, was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the “SEC”) generally applicable to U.S. companies. Accordingly, information contained in this news release is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

 

All financial figures are in US dollars, unless otherwise indicated

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its unaudited financial and operating results for the fourth quarter and fiscal year ended December 31, 2024. These results are preliminary and could change based on final audited results. Equinox Gold’s 2024 audited consolidated financial statements and accompanying management’s discussion and analysis for the three months and year ended December 31, 2024 are expected to be released around mid-March.

Greg Smith, President & CEO of Equinox Gold, commented: “Equinox Gold finished 2024 with its strongest quarter of production, bringing full-year production to an annual record of 621,893 ounces of gold with 623,579 ounces of gold sold, and driving record financial results including revenue and cash flow from operations. These results reflect commencement of production from our new Greenstone Mine where we consolidated 100% ownership of the mine, achieved commercial production, and produced more than 111,700 ounces of gold at Greenstone in its first, partial year of operations.

“Looking forward, we expect to produce between 635,000 to 750,000 ounces of gold in 2025 with cash costs of $1,075 to $1,175 per ounce and all-in sustaining costs of $1,455 to $1,550 per ounce. This guidance does not include any production from our Los Filos Mine in Mexico. We have reached consensus on new agreements with the three local communities and two communities have ratified and signed new long-term agreements; however, one community remains outstanding. Continuing operations at Los Filos in 2025 is subject to the successful completion of new long-term agreements with all three communities in the very near term.

“We continue to advance permitting for our Castle Mountain expansion, are consolidating our Fazenda and Santa Luz mines into a combined operating unit to be called the Bahia Complex, and will commence development of the underground portal and decline at our Aurizona mine later this year. Another focus for 2025 is using increasing cash flow from operations in this strong gold price environment to reduce our corporate debt.”

HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024

Operational

• Produced 213,964 ounces of gold
• Sold 217,678 ounces of gold at an average realized gold price of $2,636 per oz
• Total cash costs of $1,458 per oz and all-in sustaining cost (“AISC”) of $1,652 per oz⁽¹⁾
• Four lost-time injuries and a total recordable injury frequency rate⁽²⁾ of 2.48 for the Quarter 
• No significant environmental incidents during the Quarter

Earnings

• Income from mine operations of $170.1 million
• Net income of $28.3 million or $0.06 per share (basic) 
• Adjusted net income of $77.5 million or $0.17 per share⁽¹⁾

Financial

• Cash flow from operations before changes in non-cash working capital of $212.7 million ($247.8 million after changes in non-cash working capital) 
• Adjusted EBITDA of $218.2 million⁽¹⁾ 
• Sustaining expenditures of $39.9 million and non-sustaining expenditures of $49.1 million

____________________________________

1. Cash costs per oz sold, AISC per oz sold, adjusted net income (loss), adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EPS (earnings per share), and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Total recordable injury frequency rate (“TRIFR”) and significant environmental incident frequency rate (“SEIFR”) are both reported per million hours worked. TRIFR is the total number of injuries excluding those requiring simple first aid treatment. 

RECENT DEVELOPMENTS

• Provided 2025 production and cost guidance of 635,000 to 750,000 ounces of gold at cash costs of $1,075 to $1,175 per oz and AISC of $1,455 to $1,550 per oz⁽¹⁾
• Provided 2025 sustaining and non-sustaining expenditure guidance of $411 million
  • $310 million of sustaining expenditures
  • $102 million of non-sustaining expenditures
• Issued an updated technical report for Fazenda that includes an updated Mineral Reserve and Mineral Resource estimate, demonstrating mine life extension to 2033
• At Los Filos, the Company reached consensus on terms for new agreements with the three local communities. Two communities have ratified and signed new long-term agreements; however, one community remains outstanding. If the Company is unable to satisfactorily complete these agreements with all three communities in the very near term, the Company will suspend operations at Los Filos indefinitely

2024 HIGHLIGHTS

Operational

• Produced 621,893 ounces of gold
• Sold 623,579 ounces of gold at an average realized gold price of $2,423 per oz
• Total cash costs of $1,598 per oz⁽¹⁾ and AISC of $1,870 per oz⁽¹⁾
• Ten lost-time injuries, one fatality; four sites had no lost-time injuries
• Achieved a total recordable injury frequency rate of 2.21, 26% better than the Company’s target for the year
• Achieved a significant environmental incident frequency rate⁽²⁾ of 0.20, a 31% improvement compared to 2023
• Poured first gold at Greenstone on May 22, 2024 and declared commercial production on November 6, 2024
• Suspended mining in the Piaba open pit at Aurizona in April following a geotechnical event; continued processing stockpiled ore through April and accelerated mining in the new Tatajuba open pit; commenced processing Tatajuba ore in July and re-commenced mining in the Piaba open pit in November

Earnings

• Income from mine operations of $304.0 million 
• Net income of $339.3 million or $0.85 per share
• Adjusted net income of $96.7 million⁽¹⁾ or $0.24 per share⁽¹⁾

Financial

• Cash flow from operations before changes in non-cash working capital of $430.2 million ($372.2 million after changes in non-cash working capital) 
• Adjusted EBITDA of $458.2 million⁽¹⁾ 
• Sustaining expenditures of $151.1 million and non-sustaining expenditures of $283.1 million
• Cash and cash equivalents (unrestricted) of $239.3 million at December 31, 2024
• Net debt⁽¹⁾ of $1,108.5 million at December 31, 2024

Corporate

• On October 1, 2024, filed a short form base shelf prospectus, replacing the previous short form base shelf prospectus which was set to expire by year-end 2024
• On May 13, 2024, purchased the remaining 40% of Greenstone to consolidate 100% ownership to Equinox Gold for total consideration of $962.6 million, as follows:
  • 42.0 million common shares of Equinox Gold valued at $217.6 million
  • $705.0 million in cash payable on closing, funded in part with a new term loan and a bought deal financing
  • $40.0 million in cash payable by December 31, 2024, which was paid in full on December 30, 2024
• Maintained liquidity
  • On October 29, 2024, deferred the first five monthly deliveries associated with gold prepay transactions
  • On April 26, 2024, completed $299.0 million bought deal financing to partially fund the Greenstone Acquisition; issued 56.4 million common shares at $5.30 per share
  • On May 13, 2024, arranged new $500.0 million three-year term loan to partially fund the Greenstone Acquisition
  • Extended the $139.3 million principal 4.75% convertible notes from March 10, 2025 to September 10, 2025 and amended the conversion price from $7.80 per common share to $6.50 per common share
  • In October 2024, issued 26.6 million common shares upon conversion of $139.7 million of convertible notes with a $5.25 conversion price 
  • Sold the remainder of the Company’s equity investment in i-80 Gold Corp. (TSX: IAU) (“i-80 Gold”) for total proceeds of $48.2 million
• On October 9, 2024, Mr. Fraz Siddiqui resigned from the Company’s Board of Directors (“Board”). Mr. Siddiqui was the Board appointee of Mubadala Investment Company under an investor rights agreement. With conversion of the $130 million convertible note and subsequent sale of the issued shares, as announced on October 3, 2024, the investor rights agreement is no longer in effect
• On May 10, 2024, Ms. Trudy Curran was appointed to the Board

Development and exploration

• Advanced permitting and front-end engineering for the Castle Mountain Phase 2 expansion
• Commenced mining of the new Tatajuba open-pit deposit at Aurizona; advanced technical studies for the Piaba underground portal and ramp
• Successfully replaced reserves through 75,175 metres of reserve replacement drilling and strategic mine planning updates
• Completed 8,748 metres of step-out drilling across the portfolio with a focus on mine life extension, and completed 25,215 metres of regional drilling to delineate new deposits
• Issued an updated technical report for Greenstone, which included updates to the Mineral Reserve and Mineral Resource estimates, annual production estimates, and life-of-mine capital and operating costs
• Updated the Mineral Resource estimate for the exploration-stage Hasaga Property and issued an updated technical report

Responsible mining

• Completed the Ride to Greenstone fundraiser: cycled 3,634 km from Vancouver, BC to Greenstone and raised C$1.24 million for the Geraldton District Hospital and more than C$200,000 for charities in Brazil and the USA
• Improved S&P Corporate Sustainability Assessment score by 13% compared to 2023

CONFERENCE CALL AND WEBCAST

Equinox Gold will host a conference call and webcast on Thursday, February 20, 2025 commencing at 7:30 am Vancouver time to discuss the financial and operating results for the fourth quarter and fiscal year ended December 31, 2024. The webcast will be archived on Equinox Gold’s website until August 20, 2025.

Conference call
Toll-free in U.S. and Canada: 1-844-763-8274
International callers: +1 647-484-8814

Webcast
www.equinoxgold.com 

BUSINESS OVERVIEW 

At the date of this news release, the Company’s operating gold mines are the Greenstone Mine (“Greenstone”) in Canada, the Mesquite Mine (“Mesquite”) in the United States, the Los Filos Mine Complex (“Los Filos”) in Mexico, and the Aurizona Mine (“Aurizona”), Bahia Complex (comprising the Fazenda and Santa Luz mines) and RDM Mine (“RDM”) in Brazil. In August 2024, the Company announced its decision to suspend Phase 1 operations at its Castle Mountain Mine (“Castle Mountain”) for the duration of Phase 2 permitting. While residual leaching and gold production will continue into 2025, commencing September 1, 2024 Castle Mountain is being reported as a development project. The Company poured first gold at Greenstone on May 22, 2024 and declared commercial production on November 6, 2024.

On May 13, 2024, the Company acquired the remaining 40% interest in Greenstone resulting in the Company owning 100% of Greenstone (the “Greenstone Acquisition”). The operational and financial results of the assets acquired in the Greenstone Acquisition are included from May 13, 2024 onward.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS

	December 31, 2024	December 31, 2023
Basic weighted average shares during period	400,109,698	312,765,516
Shares outstanding end of period	455,232,521	318,013,861

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Gold produced	oz	213,964	173,983	154,960		621,893	564,458
Gold sold	oz	217,678	173,973	149,861		623,579	559,481
Average realized gold price	$/oz	2,636	2,461	1,983		2,423	1,941
Cash costs per oz sold(1)(2)	$/oz	1,458	1,720	1,330		1,598	1,350
AISC per oz sold(1)(2)	$/oz	1,652	1,994	1,657		1,870	1,612
Financial data
Revenue	M$	575.0	428.4	297.8		1,514.1	1,088.2
Income from mine operations	M$	170.1	101.4	38.6		304.0	109.0
Net income (loss)	M$	28.3	0.3	3.9		339.3	28.9
Earnings (loss) per share (basic)	$/share	0.06	—	0.01		0.85	0.09
Adjusted EBITDA(1)	M$	218.2	141.9	95.3		458.2	304.4
Adjusted net income (loss)(1)	M$	77.5	37.4	2.4		96.7	21.7
Adjusted EPS(1)	$/share	0.17	0.09	0.01		0.24	0.07
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)	M$	239.3	167.8	192.0		239.3	192.0
Net debt(1)	M$	1,108.5	1,314.7	733.0		1,108.5	733.0
Operating cash flow before changes in non-cash working capital(3)	M$	212.7	130.1	168.2		430.2	527.5

1. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net loss, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Consolidated cash cost per oz sold and AISC per oz sold for the three months and year ended December 31, 2024 excludes Greenstone’s results before the mine reached commercial production on November 6, 2024 and excludes Castle Mountain results after August 31, 2024 when residual leaching commenced (see Development Projects in the MD&A). Consolidated AISC per oz sold excludes corporate general and administration expenses.  
3. Includes proceeds from gold prepay arrangements of $75.6 million and $225.0 million for the three months and year ended December 31, 2023, respectively.
4. Numbers in tables throughout this news release may not sum due to rounding. 

CONSOLIDATED 2024 RESULTS COMPARED TO 2024 GUIDANCE

In February 2024, the Company published its 2024 production and cost guidance, which was subsequently updated to reflect the consolidation of its ownership of Greenstone and progress with the Greenstone ramp-up, the suspension of Phase 1 mining at Castle Mountain until Phase 2 permitting is complete, slower-than-expected recoveries at Mesquite, and the geotechnical event at Aurizona (“2024 Guidance”).  

	2024 Actuals	2024 Guidance Range
Gold production (oz)(1)	621,893	590,000 – 675,000
Cash costs ($/oz)(1)(2)	$1,598	$1,450 – $1,550
AISC ($/oz)(1)(2)	$1,870	$1,820 – $1,920
Sustaining capital (M$)(1)(3)	$152	$187
Non-sustaining capital ($M)(1)(3)	$284	$295

1. Gold production actuals and guidance includes ounces produced and expected to be produced from Greenstone, respectively, during the pre-commercial production and commercial production periods. Gold production guidance reflects anticipated production from Castle Mountain prior to the suspension of mining in Q3 2024, while gold production actuals reflect Castle Mountain production for full-year 2024. 
2. Consolidated cash cost per oz and AISC per oz actuals and guidance exclude the results of Greenstone gold production before the mine reached commercial production on November 6, 2024, and exclude the results of gold production at Castle Mountain after August 31, 2024, when residual leaching commenced. Cash costs per oz and AISC per oz are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
3. Sustaining and non-sustaining expenditures include exploration expense and capital expenditures. Sustaining and non-sustaining expenditures exclude non-cash additions including right-of-use asset additions, capitalized interest expense and capitalized depreciation expense. Total sustaining capital expenditures for the year ended December 31, 2024 were $130.8 million. Total non-sustaining capital expenditures for the year ended December 31, 2024 were $247.7 million.  For the year ended December 31, 2024, non-sustaining expenditures at Greenstone exclude capitalized interest of $84.1 million. Sustaining capital expenditure is a non-IFRS measure. See Non-IFRS Measures and Cautionary Notes.

2025 GUIDANCE AND OUTLOOK

For 2025, the Company expects to produce 635,000 to 750,000 ounces of gold. Cash costs for 2025 are estimated at $1,075 to $1,175 per oz, with AISC of $1,455 to $1,550 per oz. Production and cash flow are expected to grow each quarter through 2025.

The Company is not issuing 2025 cost and production guidance for Los Filos. Continuing operations at Los Filos in 2025 is subject to the successful completion of new long-term agreements with three local communities. These new agreements are necessary to help ensure the long-term economic and investment viability of the mine, including the addition of a new 10,000 tpd carbon-in-leach (“CIL”) processing plant to increase recoveries from higher-grade ore. The Company and the three communities have held collaborative and open dialogue and reached consensus on terms for new agreements. Two communities have ratified and signed new long-term agreements; however, one community remains outstanding. If the Company is unable to satisfactorily complete these agreements with all three communities in the very near term, the Company will suspend operations at Los Filos indefinitely.

	Production (oz)	Cash Costs ($/oz)(1)(2)	AISC ($/oz)(1)(2)	Sustaining expenditures (M$)(3)	Non-sustaining expenditures (M$)(4)
Canada
Greenstone	300,000 – 350,000	$790 – $890	$1,045-$1,145	$116	$35
USA
Mesquite	90,000 – 105,000	$1,235 – $1,335	$1,725 – $1,825	$51	$16
Brazil
Aurizona	70,000 – 90,000	$1,205 – $1,305	$1,855 – $1,955	$57	$29
Bahia Complex(5)	125,000 – 145,000	$1,360 – $1,460	$1,845 – $1,945	$70	$12
RDM	50,000 – 60,000	$1,615 – $1,715	$1,880 – $1,980	$15	$10
Total(6)	635,000 – 750,000	$1,075 – $1,175	$1,455 – $1,550	$310	$102

1. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Exchange rates used to forecast 2025 cash cost and AISC per oz include a rate of BRL 5.25 to USD 1, CAD 1.34 to USD 1 and MXN 18.50 to USD 1.
3. Sustaining expenditures include asset retirement obligation accretion and amortization, exploration expense and capital expenditures. Of the $310 million sustaining expenditures, $296 million is expected to be capital expenditures. Sustaining capital expenditure is a non-IFRS measure. See Non-IFRS Measures and Cautionary Notes.  
4. Non-sustaining expenditures include exploration expense and capital expenditures. Of the $102 million non-sustaining expenditures, $90 million is expected to be capital expenditures.
5. The Bahia Complex reflects the anticipated merger of Santa Luz and Fazenda in 2025. See below for additional detail.
6. Total is the sum of the individual mine-level amounts. Numbers may not sum due to rounding.

The Company’s primary operating focus for 2025 continues to be ramping up Greenstone to full capacity. For development activities, the Company is advancing engineering and permitting for the Castle Mountain Phase 2 expansion and plans to start underground portal development for the Aurizona underground expansion in late 2025.

Cash costs for 2025 reflect the life cycle stages of the assets in the Company’s portfolio and that consumables, labour and equipment costs are expected to face continued upward pressure throughout 2025. In addition, due to the recent strength of the United States Dollar (“USD”), the Brazilian Real (“BRL”), Canadian Dollar (“CAD”) and Mexican Peso (“MXN”) have underperformed compared to USD in 2023 and 2024, and management expects additional weakening in the BRL, CAD and MXN compared to USD throughout 2025.

Sustaining expenditures in 2025 of $310 million includes investing: (i) $101 million in capitalized stripping programs, with the largest investments at Aurizona and Mesquite, (ii) $72 million in equipment costs, of which $52 million relates to fleet support  processing improvements and production loaders at Greenstone, $12 million relates to equipment and components acquisition at Bahia Complex, and (iii) $66 million relates to tailings storage facility (“TSF”) lifts and maintenance at Greenstone, Aurizona, Bahia Complex and RDM. Non-sustaining expenditures in 2025 of $102 million includes investing: (i) $32 million for post construction costs at Greenstone including a new hydro substation, fleet equipment, a seventh genset in the power plant, and a new Ontario Provincial Police detachment building, and (ii) $23 million related to capitalized stripping programs at Mesquite and RDM.

Sustaining expenditures for 2025 include $14 million for exploration with a focus on reserve replacement across the portfolio. Non-sustaining expenditures include $14 million for step-out and regional exploration, primarily at Aurizona and in the Bahia Complex. 

The Company plans to use increased cash flow from operations, coupled with high gold prices, to continue deleveraging its balance sheet, targeting approximately $200 million in debt repayment, including repayment of the 2020 Convertible Notes. Given normal seasonality of the Company’s operations and Greenstone ramp-up, this is expected to occur in the second half of the year. Should the 2020 Convertible Notes be converted to shares, total deleveraging will increase by approximately $140 million, as repayment funds will be redirected to other debt reduction. This proactive debt reduction strategy is expected to enhance financial flexibility and strengthen the Company’s capital structure, positioning it for long-term financial stability.

The Company is combining Fazenda and Santa Luz into a single reporting unit called the “Bahia Complex” effective in the first half of 2025. These two mines are in close geographic proximity and share management oversight, making this consolidation a strategic step to maximize synergies and cost efficiencies. Upon implementation, the Company expects to report production, cash costs, and AISC for the Bahia Complex on a combined basis. 

On February 1, 2025, an executive order was signed by the President of the United States, which introduced tariffs on imports from countries including Canada and Mexico. In response, the Canadian government announced retaliatory tariffs on imports from the United States. Subsequently, all three countries postponed their previously announced tariffs. The Company believes its revenue structure will be largely unaffected by the tariffs. The Company is reviewing its exposure to the potential tariffs and alternatives to inputs sourced from suppliers that may be subject to the tariffs, if implemented. However, the majority of the Company’s cost structure relates to labour, contractors, energy and royalties in the countries in which it operates, and these items are not expected to be directly affected by any of the tariffs. While there is uncertainty as to whether the tariffs or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect on the Company’s supply chains, the Company will continue to monitor developments and may take steps to limit the impact of any tariffs as may be appropriate in the circumstances. The costs guidance set out above does not factor any potential impact from such tariffs.

The Company may revise guidance during the year to reflect changes to expected results.

OPERATING & FINANCIAL RESULTS BY MINE

Greenstone, Ontario, Canada

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	June 30, 2024		December 31, 2024
Ore mined	kt	3,145	2,038	1,276		7,108
Waste mined	kt	9,225	6,579	5,811		26,453
Open pit strip ratio	w:o	2.93	3.23	4.56		3.72
Tonnes processed	kt	1,643	1,319	725		3,687
Average gold grade processed	g/t	1.26	1.15	1.28		1.22
Recovery	%	82.0	78.6	88.0		82.1
Gold produced	oz	53,022	42,448	16,247		111,717
Gold sold	oz	56,413	43,747	10,358		110,518
Financial data
Revenue(3)	M$	148.3	106.1	23.9		278.3
Cash costs(1)(2)	M$	58.7	40.7	7.8		107.2
Sustaining capital(1)	M$	5.3	—	—		5.3
Reclamation expenses	M$	0.3	0.4	0.1		0.8
Total AISC(1)(2)	M$	64.3	41.1	7.9		113.3
AISC contribution margin(1)	M$	83.9	65.0	16.1		165.0
Non-sustaining expenditures	M$	21.1	65.0	74.0		212.9
Unit analysis
Realized gold price per oz sold	$/oz	2,629	2,425	2,312		2,518
Cash costs per oz sold(1)(2)	$/oz	1,041	930	750		970
AISC per oz sold(1)(2)	$/oz	1,141	938	762		1,025
Mining cost per tonne mined	$/t	2.66	3.09	0.91		1.97
Processing cost per tonne processed	$/t	15.68	12.03	3.84		12.05
G&A cost per tonne processed	$/t	7.04	8.80	4.88		7.24

1. Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver revenue

Outlook

Greenstone production guidance for 2025 is 300,000 to 350,000 ounces of gold, with cash costs of $790 to $890 per oz and AISC of $1,045 to $1,145 per oz. 

Sustaining expenditures at Greenstone of $116 million in 2025 include $35 million for a TSF raise, $52 million for fleet support, processing improvements and production loaders, and $20 million for a dewatering well, water management pond, waste rock storage areas, and back-up power. Non-sustaining expenditures of $35 million in 2025 relate primarily to purchasing an additional shovel and trucks, completing the relocated community electrical substation, installation of a seventh genset in the power plant, and completing the Ontario Provincial Police detachment construction.

Mesquite Gold Mine, California, USA

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Ore mined and stacked on leach pad	kt	—	1,535	3,844		6,681	16,988
Waste mined	kt	13,348	12,198	8,067		49,076	34,119
Open pit strip ratio	w:o	—	7.95	2.10		7.35	2.01
Average gold grade stacked to leach pad	g/t	—	0.33	0.52		0.33	0.45
Gold produced	oz	17,129	15,223	25,923		71,984	87,753
Gold sold	oz	17,273	15,018	24,190		73,664	85,987
Financial data
Revenue(2)	M$	45.5	37.6	48.6		173.1	167.9
Cash costs(1)	M$	23.1	20.3	25.9		92.7	95.1
Sustaining capital(1)	M$	0.2	0.4	0.1		0.6	10.7
Reclamation expenses	M$	0.7	0.6	(0.1)		2.8	1.8
Total AISC(1)	M$	24.0	21.3	25.9		96.1	107.6
AISC contribution margin(1)	M$	21.4	16.3	22.7		76.9	60.4
Non-sustaining expenditures	M$	22.7	11.2	5.9		41.1	17.2
Unit analysis
Realized gold price per oz sold	$/oz	2,634	2,504	2,009		2,350	1,953
Cash costs per oz sold(1)	$/oz	1,337	1,354	1,070		1,259	1,105
AISC per oz sold(1)	$/oz	1,392	1,421	1,068		1,306	1,251
Mining cost per tonne mined	$/t	1.71	1.49	1.91		1.47	1.66
Processing cost per tonne processed	$/t	—	7.16	3.85		6.82	3.01
G&A cost per tonne processed	$/t	—	2.96	1.39		2.91	0.96

1. Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver revenue.

Outlook

Mesquite production guidance for 2025 is 90,000 to 105,000 ounces of gold, with approximately 70% of production expected in the second half of the year. Cost guidance for 2025 is cash cost of $1,235 to $1,335 per oz and AISC of $1,725 to $1,825 per oz. Sustaining expenditures of $51 million primarily relate to capitalized stripping of the Brownie phase 4 and Big Chief 8 pits. Non-sustaining expenditures of $16 million primarily relate to capitalized waste stripping of the Ginger pit.

Mesquite’s 2025 production is predominantly from accessing the Ginger pit which is expected to yield ore in H1 2025. Brownie phase 4, Rainbow North and Big Chief 8 pits waste stripping campaigns will be performed throughout 2025 to provide ore for 2026.

Los Filos Gold Mine, Guerrero, Mexico 

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Ore mined – open pit	kt	3,395	3,054	1,307		9,633	9,092
Waste mined – open pit	kt	7,948	8,243	7,411		35,081	39,789
Open pit strip ratio	w:o	2.34	2.70	5.67		3.64	4.38
Average open pit gold grade	g/t	0.60	0.64	1.21		0.63	0.86
Ore mined – underground	kt	238	222	125		809	461
Average underground gold grade	g/t	2.57	3.14	3.26		2.81	3.22
Tonnes processed	kt	3,812	3,253	1,488		10,566	9,702
Gold produced	oz	60,521	48,462	42,210		170,369	159,071
Gold sold	oz	58,321	49,880	39,474		169,556	157,586
Financial data
Revenue(2)	M$	153.4	122.6	78.2		410.8	305.0
Cash costs(1)	M$	112.1	98.3	65.2		325.5	260.8
Sustaining capital(1)	M$	6.4	8.0	16.1		40.9	33.8
Sustaining lease payments	M$	0.2	0.2	—		0.7	0.2
Sustaining exploration expenditures	M$	0.1	0.1	—		0.5	—
Reclamation expenses	M$	0.8	0.7	0.7		2.9	3.0
Total AISC(1)	M$	119.6	107.4	82.0		370.5	297.9
AISC contribution margin(1)	M$	33.8	15.2	(3.8)		40.4	7.1
Care and maintenance	M$	—	—	—		—	0.3
Non-sustaining expenditures	M$	—	—	0.2		—	0.7
Unit analysis
Realized gold price per oz sold	$/oz	2,630	2,458	1,982		2,423	1,935
Cash costs per oz sold(1)	$/oz	1,922	1,972	1,651		1,920	1,655
AISC per oz sold(1)	$/oz	2,051	2,153	2,078		2,185	1,890
Mining cost per tonne mined – open pit	$/t	1.94	1.93	2.65		1.93	2.08
Mining cost per tonne mined – underground	$/t	110.99	105.73	110.34		103.51	117.81
Processing cost per tonne processed	$/t	7.55	7.42	17.80		7.54	10.14
G&A cost per tonne processed	$/t	2.73	2.59	7.54		2.84	4.02

1. Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold, and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver revenue. 

Outlook

The Company is not issuing 2025 cost and production guidance for Los Filos. Continuing operations at Los Filos in 2025 is subject to the successful completion of new long-term agreements with three local communities. These new agreements are necessary to help ensure the long-term economic and investment viability of the mine, including the addition of a new 10,000 tpd carbon-in-leach (“CIL”) processing plant to increase recoveries from higher-grade ore. The Company and the three communities have held collaborative and open dialogue and reached consensus on terms for new agreements. Two communities have ratified and signed new long-term agreements; however, one community remains outstanding. If the Company is unable to satisfactorily complete these agreements with all three communities in the very near term, the Company will suspend operations at Los Filos indefinitely.

Aurizona Gold Mine, Maranhão, Brazil

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Ore mined	kt	1,029	798	1,453		2,039	3,750
Waste mined	kt	11,485	7,568	5,347		25,073	20,805
Open pit strip ratio	w:o	11.16	9.48	3.68		12.30	5.55
Tonnes processed	kt	938	690	812		2,562	3,390
Average gold grade processed	g/t	0.90	0.97	1.44		0.96	1.22
Recovery	%	89.2	90.8	90.1		90.0	90.3
Gold produced	oz	24,277	17,181	34,104		71,624	120,626
Gold sold	oz	24,520	16,334	33,638		72,895	120,164
Financial data
Revenue(2)	M$	64.8	40.7	65.9		173.8	233.3
Cash costs(1)	M$	37.4	24.6	30.7		114.2	128.3
Sustaining capital(1)	M$	16.4	9.6	11.6		45.2	41.6
Sustaining lease payments	M$	0.3	0.4	0.5		1.6	1.9
Reclamation expenses	M$	0.5	0.4	0.4		1.7	1.3
Total AISC(1)	M$	54.6	35.0	43.2		162.7	173.1
AISC contribution margin(1)	M$	10.1	5.6	22.8		11.0	60.2
Non-sustaining expenditures	M$	0.9	0.9	3.5		4.6	8.3
Unit analysis
Realized gold price per oz sold	$/oz	2,641	2,489	1,960		2,384	1,941
Cash costs per oz sold(1)	$/oz	1,525	1,503	913		1,567	1,068
AISC per oz sold(1)	$/oz	2,229	2,145	1,283		2,233	1,440
Mining cost per tonne mined	$/t	2.14	2.48	3.32		2.58	3.17
Processing cost per tonne processed	$/t	9.71	12.30	12.68		12.79	12.24
G&A cost per tonne processed	$/t	4.16	5.59	5.30		6.15	5.16

1. Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver revenue.

Outlook

The Aurizona mine plan was modified as a result of the geotechnical event, with continued access restrictions to certain areas of the Piaba open pit, during the rainy season. Production guidance for 2025 is 70,000 to 90,000 ounces of gold, with cash costs of $1,205 to $1,305 per oz and AISC of $1,855 to $1,955 per oz. 

Sustaining expenditures at Aurizona of $57 million in 2025 include $33 million in capitalized stripping and $16 million for Vene 2 TSF expansion. Non-sustaining expenditures at Aurizona of $29 million in 2025 primarily relate to underground development.

The Company is advancing plans for the development of the Piaba underground portal and ramp in late 2025, as discussed in the Development Projects section of the MD&A.

Fazenda Gold Mine, Bahia, Brazil

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Ore mined – open pit	kt	132	141	118		538	554
Waste mined – open pit	kt	1,960	1,701	989		6,661	5,168
Open pit strip ratio	w:o	14.87	12.08	8.36		12.38	9.34
Average open pit gold grade	g/t	1.30	1.14	1.18		1.20	1.37
Ore mined – underground	kt	257	219	262		780	854
Average underground gold grade	g/t	2.06	1.55	1.88		1.81	1.78
Ore mined – total	kt	389	360	380		1,318	1,407
Tonnes processed	kt	374	377	369		1,477	1,429
Average gold grade processed	g/t	1.80	1.37	1.68		1.47	1.61
Recovery	%	91.1	90.3	89.7		90.6	90.2
Gold produced	oz	18,522	15,280	17,708		62,382	66,375
Gold sold	oz	19,055	15,464	17,273		63,221	66,120
Financial data
Revenue(2)	M$	50.5	38.2	34.1		152.1	127.8
Cash costs(1)	M$	19.4	23.4	21.3		86.4	81.3
Sustaining capital(1)	M$	3.7	4.2	5.5		15.0	12.2
Sustaining lease payments	M$	0.6	0.6	0.4		2.1	1.5
Reclamation expenses	M$	0.1	0.1	0.2		0.6	0.7
Total AISC(1)	M$	23.8	28.3	27.4		104.1	95.7
AISC contribution margin(1)	M$	26.6	9.9	6.7		48.0	32.0
Non-sustaining expenditures	M$	3.1	2.7	2.8		10.6	10.9
Unit analysis
Realized gold price per oz sold	$/oz	2,648	2,472	1,977		2,406	1,932
Cash costs per oz sold(1)	$/oz	1,019	1,512	1,234		1,366	1,230
AISC per oz sold(1)	$/oz	1,251	1,831	1,588		1,647	1,448
Mining cost per tonne mined – open pit	$/t	2.11	2.22	2.39		2.26	2.45
Mining cost per tonne mined – underground	$/t	28.06	31.79	33.58		33.81	33.41
Processing cost per tonne processed	$/t	11.62	13.63	14.06		12.76	14.49
G&A cost per tonne processed	$/t	7.99	7.96	7.69		7.55	6.75

1. Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold, and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver revenue.

Outlook

In 2025, the focus at Fazenda is on development of the larger, CLX open pit. 

Fazenda is part of the Bahia Complex. Bahia Complex production guidance for 2025 is 125,000 to 145,000 ounces of gold, with cash costs of $1,360 to $1,460 per oz and AISC of $1,845 to $1,945 per oz. 

Sustaining expenditures at Bahia Complex of $70 million in 2025 primarily relate to $22 million for capitalized stripping, $12 million for the acquisition of equipment and components, $8 million for exploration, $4 million for infrastructure and vegetation clearing, $9 million for a TSF raise, and $4 million for underground development. Non-sustaining expenditures of $12 million in 2025 relate primarily to underground development and exploration.

Sustaining expenditures for 2025 include $8 million for exploration with a focus on reserve replacement. Non-sustaining expenditures include $9 million for step-out and regional exploration.

Santa Luz Gold Mine, Bahia, Brazil

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Ore mined	kt	877	361	678		2,091	2,326
Waste mined	kt	2,608	3,410	1,323		11,522	8,303
Open pit strip ratio	w:o	2.97	9.44	1.95		5.51	3.57
Tonnes processed	kt	604	653	536		2,301	2,200
Average gold grade processed	g/t	1.27	1.29	1.17		1.27	1.25
Recovery	%	63.5	58.3	61.7		59.2	64.7
Gold produced	oz	14,793	16,650	12,044		56,906	57,182
Gold sold	oz	15,478	16,266	12,132		56,984	56,696
Financial data
Revenue(2)	M$	41.0	40.3	24.2		137.5	110.0
Cash costs(1)	M$	28.2	31.7	25.4		111.2	95.3
Sustaining capital(1)	M$	0.3	3.7	3.3		13.8	7.2
Sustaining lease payments	M$	0.2	0.1	0.1		0.5	0.4
Reclamation expenses	M$	0.3	0.3	0.2		1.3	1.0
Total AISC(1)	M$	29.0	35.8	29.0		126.8	103.9
AISC contribution margin(1)	M$	12.1	4.4	(4.8)		10.8	6.0
Non-sustaining expenditures	M$	0.4	0.3	0.6		3.1	3.0
Unit analysis
Realized gold price per oz sold	$/oz	2,652	2,476	1,993		2,412	1,940
Cash costs per oz sold(1)	$/oz	1,820	1,949	2,092		1,951	1,681
AISC per oz sold(1)	$/oz	1,868	2,203	2,392		2,224	1,834
Mining cost per tonne mined	$/t	2.99	3.00	3.45		3.03	3.25
Processing cost per tonne processed	$/t	21.35	22.03	25.84		23.86	23.79
G&A cost per tonne processed	$/t	5.08	5.26	5.66		4.82	5.02

1. Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver revenue.

Outlook

In 2025, the focus at Santa Luz is on improving the steady-state throughput of the plant to achieve and maintain a design capacity of 2.7 million tonnes per annum. This improvement follows the installation of a trunnion on the SAG mill in mid-2024. The trunnion increased SAG mill throughput by up to 10%. The planned 2025 refurbishment of leach tanks and agitators, the addition of the sixth leach tank and better availability of electrowinning equipment are expected to provide a consistent recovery of approximately 64% for 2025. The desliming project is currently suspended until operational complexities are resolved and anticipated benefits are confirmed. The potential benefits associated with desliming are not included in 2025 guidance.

Santa Luz is part of the Bahia Complex. Bahia Complex production guidance for 2025 is 125,000 to 145,000 ounces of gold, with cash costs of $1,360 to $1,460 per oz and AISC of $1,845 to $1,945 per oz. 

Sustaining expenditures at Bahia Complex of $70 million in 2025 primarily relate to $22 million for capitalized stripping, $12 million for the acquisition of equipment and components, $8 million for exploration, $4 million for infrastructure and vegetation clearing, $9 million for a TSF raise and $4 million for underground development. Non-sustaining expenditures of $12 million in 2025 relate primarily to underground development and exploration.

Sustaining expenditures for 2025 include $8 million for exploration with a focus on reserve replacement. Non-sustaining expenditures include $9 million for step-out and regional exploration.

RDM Gold Mine, Minas Gerais, Brazil

		Three months ended				Year ended
Operating data	Unit	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Ore mined	kt	1,022	738	849		2,291	2,003
Waste mined	kt	2,662	4,295	1,891		12,052	9,197
Open pit strip ratio	w:o	2.60	5.82	2.23		5.26	4.59
Ore rehandled	kt	0	16	57		380	715
Tonnes processed	kt	728	683	684		2,621	2,400
Average gold grade processed	g/t	0.99	0.82	0.90		0.79	0.78
Recovery	%	87.9	84.4	88.1		86.7	87.2
Gold produced	oz	21,320	13,472	16,994		56,400	52,614
Gold sold	oz	22,240	11,998	17,177		56,232	52,092
Financial data
Revenue(2)	M$	58.8	29.5	34.0		136.6	101.4
Cash costs(1)	M$	27.1	16.4	18.8		79.6	62.4
Sustaining capital(1)	M$	1.6	4.9	3.3		8.7	11.2
Sustaining lease payments	M$	0.3	0.2	2.5		1.1	9.5
Reclamation expenses	M$	0.3	0.3	0.3		1.1	0.9
Total AISC(1)	M$	29.3	21.8	24.9		90.5	84.0
AISC contribution margin(1)	M$	29.5	7.7	9.1		46.2	17.4
Care and maintenance	M$	—	—	—		—	1.0
Non-sustaining expenditures	M$	—	0.7	—		6.9	—
Unit analysis
Realized gold price per oz sold	$/oz	2,644	2,455	1,980		2,429	1,946
Cash costs per oz sold(1)	$/oz	1,220	1,367	1,097		1,415	1,199
AISC per oz sold(1)	$/oz	1,318	1,817	1,453		1,608	1,612
Mining cost per tonne mined	$/t	3.09	2.44	2.88		2.87	2.28
Processing cost per tonne processed	$/t	14.07	11.96	12.18		12.48	12.18
G&A cost per tonne processed	$/t	3.88	3.53	3.62		3.66	3.35

1. Cash costs, sustaining capital, AISC, AISC contribution margin, mine-site free cash flow, cash costs per oz sold, and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Revenue is reported net of silver revenue.

Outlook

RDM production guidance for 2025 is 50,000 to 60,000 ounces of gold, with cash costs of $1,615 to $1,715 per oz and AISC of $1,880 to $1,980 per oz. 

Sustaining expenditures at RDM of $15 million in 2025 include $6 million for the dry tails storage facility costs and $5 million for equipment to haul tails to the storage facility. Non-sustaining expenditures of $10 million in 2025 relate primarily to capitalized stripping.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited, expressed in thousands of US dollars)

		2024	2023
Assets
Current assets
Cash and cash equivalents		$ 239,329	$ 191,995
Marketable securities		6,142	92,666
Trade and other receivables		70,035	82,307
Inventories		417,541	412,005
Derivative assets		—	17,700
Prepaid expenses		44,529	35,144
Other current assets		6,529	2,141
		784,105	833,958
Non-current assets
Restricted cash		12,201	15,322
Inventories		277,102	200,368
Mineral properties, plant and equipment		5,564,713	3,225,213
Investments in associates		—	29,263
Deferred income tax assets		2,339	—
Other non-current assets		73,135	46,253
Total assets		$ 6,713,595	$ 4,350,377
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities		$ 268,444	$ 246,522
Current portion of loans and borrowings		135,592	138,604
Current portion of deferred revenue		116,334	39,598
Current portion of derivative liabilities		116,563	8,829
Other current liabilities		52,158	46,048
		689,091	479,601
Non-current liabilities
Loans and borrowings		1,212,239	786,376
Deferred revenue		266,718	194,535
Reclamation and closure cost provisions		130,174	120,083
Derivative liabilities		46,372	11,082
Deferred income tax liabilities		799,972	244,704
Other non-current liabilities		171,477	71,535
Total liabilities		3,316,043	1,907,916
Shareholders’ equity
Common shares		2,798,820	2,085,565
Reserves		74,100	79,077
Accumulated other comprehensive loss		(89,027)	(70,730)
Retained earnings		613,659	348,549
Total equity		3,397,552	2,442,461
Total liabilities and equity		$ 6,713,595	$ 4,350,377

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, expressed in thousands of US dollars, except share and per share amounts)

		2024	2023
Revenue		$ 1,514,120	$ 1,088,191
Cost of sales
Operating expense		(989,586)	(764,232)
Depreciation and depletion		(220,487)	(214,975)
		(1,210,073)	(979,207)
Income from mine operations		304,047	108,984
Care and maintenance expense		(580)	(1,431)
Exploration and evaluation expense		(12,493)	(11,690)
General and administration expense		(53,010)	(46,243)
Income from operations		237,964	49,620
Finance expense		(95,381)	(60,201)
Finance income		8,062	11,689
Share of net income (loss) of associates		702	(17,465)
Other income		478,734	31,125
Income before income taxes		630,081	14,768
Income tax (expense) recovery		(290,794)	14,116
Net income		$ 339,287	$ 28,884
Net income per share
Basic		$ 0.85	$ 0.09
Diluted		$ 0.75	$ 0.09
Weighted average shares outstanding
Basic		400,109,698	312,765,516
Diluted		473,546,710	316,302,864

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, expressed in thousands of US dollars)

		2024		2023
Net income		$ 339,287		$ 28,884
Other comprehensive loss
Items that may be reclassified subsequently to net income or loss:
Foreign currency translation (loss) gain		(84,417)		21,200
Reclassification of cumulative foreign currency translation loss relating to previously held 60% interest in the Greenstone Mine		31,904		—
Items that will not be reclassified subsequently to net income or loss:
Net decrease in fair value of marketable securities and other investments in equity instruments		(39,961)		(46,359)
Income tax expense relating to change in fair value of marketable securities and other investments in equity instruments		—		(92)
		(92,474)		(25,251)
Total comprehensive income		$ 246,813		$ 3,633

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, expressed in thousands of US dollars)

	2024	2023
Cash provided by (used in):
Operating activities
Net income for the year	$ 339,287	$ 28,884
Adjustments for:
Depreciation and depletion	222,616	216,121
Finance expense	95,381	60,201
Share of net (income) loss of associates	(702)	17,465
Change in fair value of derivatives	123,289	(31,563)
Settlements of derivatives	(13,857)	33,651
Gain on remeasurement of previously held interest in the Greenstone Mine	(579,816)	—
Expected credit losses and write-offs	(31)	13,802
Unrealized foreign exchange (gain) loss	(21,418)	9,439
Gain on sale of partial interest and reclassification of investment in i-80 Gold Corp. (“i-80 Gold”)	—	(34,467)
Income tax expense (recovery)	290,794	(14,116)
Income taxes paid	(19,602)	(13,567)
Gold sale prepayments	—	225,000
Other	(5,743)	16,600
Operating cash flow before changes in non-cash working capital	430,198	527,450
Changes in non-cash working capital	(58,014)	(168,987)
	372,184	358,463
Investing activities
Expenditures on mineral properties, plant and equipment	(412,073)	(523,298)
Acquisition of Greenstone Mine (“Greenstone Acquisition”)	(744,110)	—
Purchases of marketable securities	—	(8,927)
Proceeds from dispositions of marketable securities	48,191	53,359
Net proceeds from sale of partial interest in i-80 Gold	—	22,846
Other	(3,727)	(6,654)
	(1,111,719)	(462,674)
Financing activities
Draw down on credit facility	560,000	253,667
Proceeds from issuance of convertible notes	—	172,500
Repayment of portion of credit facility	—	(293,000)
Proceeds from other financing arrangements	57,346	23,131
Repayments of other financing arrangements	(7,296)	(1,739)
Interest paid	(112,647)	(65,857)
Lease payments	(29,494)	(34,720)
Net proceeds from issuance of shares	335,562	40,769
Proceeds from exercise of warrants and stock options	2,456	3,465
Transaction costs and other	(13,452)	(5,718)
	792,475	92,498
Effect of foreign exchange on cash and cash equivalents	(5,606)	2,939
Increase (decrease) in cash and cash equivalents	47,334	(8,774)
Cash and cash equivalents – beginning of year	191,995	200,769
Cash and cash equivalents – end of year	$ 239,329	$ 191,995

NON-IFRS MEASURES

This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Numbers presented in the tables below may not sum due to rounding.

Cash costs and cash costs per oz sold

Cash costs is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs and are net of silver revenue. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts silver revenue as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

AISC per oz sold

The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating AISC was developed internally and is outlined below. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. The Company believes the AISC measure provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. AISC includes cash costs (described above) and also includes sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization and exploration and evaluation costs. 

This measure seeks to reflect the full cost of gold production from current operations; therefore, expansionary capital and non-sustaining expenditures are excluded. 

The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold sold to the most directly comparable IFRS measure on an aggregate basis:

$’s in millions, except ounce and per oz figures	Three months ended				Year ended
	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Operating expenses	333.4	268.3	198.2		989.6	764.2
Silver revenue	(1.3)	(0.4)	(0.6)		(3.1)	(2.1)
Fair value adjustment on acquired inventories	(4.9)	(3.1)	1.6		(20.6)	(6.9)
Pre-commercial production and development stage operating expenses (1)	(37.8)	(43.0)	—		(88.5)	—
Total cash costs	$ 289.4	$ 221.8	$ 199.3		$ 877.4	$ 755.2
Sustaining capital	34.9	30.9	42.7		130.8	119.9
Sustaining lease payments	1.6	1.6	4.6		7.8	17.6
Reclamation expense	3.2	3.0	1.7		11.6	9.1
Sustaining exploration expense	0.2	0.2	—		0.9	—
Pre-commercial production and development stage sustaining expenditures(1)	(1.4)	(0.4)	—		(1.9)	—
Total AISC	$ 327.9	$ 257.2	$ 248.3		$ 1,026.6	$ 901.9
Gold oz sold	217,678	173,973	149,861		623,579	559,481
Gold oz sold from entities during pre-commercial production or development stages(1)	(19,161)	(45,028)	—		(74,547)	—
Adjusted gold oz sold	198,517	128,945	149,861		549,032	559,481
Cash costs per gold oz sold	1,458	$ 1,720	$ 1,330		1,598	$ 1,350
AISC per oz sold	$ 1,652	$ 1,994	$ 1,657		$ 1,870	$ 1,612

1. Consolidated cash cost per oz sold and AISC per oz sold for the three months and year ended December 31, 2024 excludes Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production November 6, 2024 and exclude Castle Mountain results after August 31, 2024 when residual leaching commenced.

Sustaining capital expenditures

Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary. Sustaining capital expenditures can include, but are not limited to, capitalized stripping costs at open pit mines, underground mine development, mining and milling equipment and TSF raises.

The following table provides a reconciliation of sustaining capital expenditures to the Company’s total capital expenditures for continuing operations:

	Three months ended				Year ended
$’s in millions	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Capital additions to mineral properties, plant and equipment(1)	$ 103.3	$ 146.9	$ 157.0		$ 523.7	$ 596.4
Less: Non-sustaining capital at operating sites	(34.6)	(14.8)	(8.1)		(64.1)	(25.3)
Less: Non-sustaining capital for projects and pre-commercial production and development stages	(11.6)	(92.1)	(94.6)		(260.5)	(390.4)
Less: Capital expenditures – corporate	—	—	0.1		—	(0.3)
Less: Other non-cash additions(2)	(22.2)	(9.1)	(11.7)		(68.3)	(60.4)
Sustaining capital	$ 34.9	$ 30.9	$ 42.7		$ 130.8	$ 119.9
Add: sustaining lease payments	1.6	1.6	4.6		7.8	17.6
Add: reclamation expense	3.2	3.0	1.7		11.6	9.1
Add: sustaining exploration expense	0.2	0.2	—		0.9	—
Sustaining expenditures	39.9	35.7	49.1		151.1	146.7

1. Per note 9 of the consolidated financial statements. Capital additions exclude non-cash changes to reclamation assets arising from changes in discount rate and inflation rate assumptions in the reclamation provision.
2. Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping activities, and capitalized non-cash share-based compensation.

Total mine-site free cash flow

Mine-site free cash flow is a non-IFRS financial performance measure. The Company believes this measure is a useful indicator of its ability to operate without reliance on additional borrowing or usage of existing cash. In calculating total mine-site free cash flow, the Company excludes the impact of fair value adjustments on acquired inventories as these adjustments do not impact cash flow from operating mine sites. Mine-site free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Mine-site free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

In Q4 2023, the Company revised the calculation to include changes in non-cash working capital and present mine-site free cash flow after changes in non-cash working capital. The Company believes it is useful to provide mine-site free cash flow before and after changes in non-cash working capital as working capital can fluctuate significantly between periods due to numerous factors.  

The following table provides a reconciliation of mine-site free cash flow to the most directly comparable IFRS measure on an aggregate basis:

	Three months ended				Year ended
$’s in millions	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Operating cash flow before non-cash changes in working capital	$ 212.7	$ 130.1	$ 168.2		$ 430.2	$ 527.5
Less: Fair value adjustments on acquired inventories	4.9	3.1	(1.6)		20.6	6.9
Less: Operating cash flow (generated) used by non-mine site activity(1)	12.6	(38.5)	(71.1)		(10.0)	(223.2)
Cash flow from operating mine sites	$ 230.1	$ 94.7	$ 95.6		$ 440.8	$ 311.2
Mineral property, plant and equipment additions	$ 103.3	146.9	157.0		$ 523.7	596.4
Less: Capital expenditures relating to development projects and corporate and other non-cash additions	(34.9)	(101.2)	(106.2)		(329.9)	(451.2)
Capital expenditure from operating mine sites	68.4	45.7	50.8		193.8	145.2
Lease payments related to non-sustaining capital items	11.6	3.0	7.0		27.9	20.5
Non-sustaining exploration expense	1.7	2.1	3.1		7.1	11.5
Total mine-site free cash flow before changes in non-cash working capital	$ 148.4	$ 43.9	$ 34.7		$ 212.0	$ 134.0
(Increase) decrease in non-cash working capital	$ 35.2	$ 9.4	$ (42.3)		$ (49.7)	$ (169.0)
Total mine site free cash flow after changes in non-cash working capital	$ 183.6	$ 53.3	$ (7.6)		$ 162.3	$ (35.0)

1. Includes taxes paid and proceeds from gold prepayments that are not factored into mine-site free cash flow and are included in operating cash flow before non-cash changes in working capital in the statement of cash flows.

AISC Contribution Margin, EBITDA and Adjusted EBITDA 

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and other stakeholders use AISC contribution margin, AISC contribution margin per gold ounce sold and adjusted EBITDA to evaluate the Company’s performance and ability to generate cash flows and service debt. AISC contribution margin is defined as revenue less AISC. EBITDA is defined as earnings before interest, tax, depreciation and amortization. 

Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortization, adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as the impact of fair value changes of warrants, foreign exchange contracts and gold contracts; unrealized foreign exchange gains and losses, transaction costs, and non-cash share-based compensation expense. It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets.

The following tables provide the calculation of AISC contribution margin, EBITDA and adjusted EBITDA, as calculated by the Company:

AISC Contribution Margin

	Three months ended				Year ended
$’s in millions	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Revenue	$ 575.0	$ 428.4	$ 297.8		$ 1,514.1	$ 1,088.2
Less: silver revenue	(1.3)	(0.4)	(0.6)		(3.1)	(2.1)
Less: AISC	(327.9)	(257.2)	(248.3)		(1,026.6)	(901.9)
Less: revenue from entities during pre-commercial production or development stages(1)	$ (50.1)	$ (109.5)	$ —		$ (183.7)	$ —
AISC contribution margin	$ 195.7	$ 61.3	$ 48.9		$ 300.7	$ 184.2
Gold ounces sold	217,678	173,973	149,861		623,579	559,481
Less: Gold oz sold from entities during pre-commercial production or development stages(1)	(19,161)	(45,028)	—		(74,547)	—
Adjusted gold ounces sold	198,517	128,945	149,861	—	549,032	559,481
AISC contribution margin per oz sold	$ 986	$ 475	$ 326		$ 548	$ 329

1. AISC contribution margin for the three months and year ended December 31, 2024 excludes Greenstone results while the mine was in pre-commercial production up until the achievement of commercial production on November 6, 2024 and excludes Castle Mountain results after August 31, 2024 when residual leaching commenced.

EBITDA and Adjusted EBITDA

	Three months ended				Year ended
$’s in millions	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Net income (loss)	$ 28.3	0.3	3.9		$ 339.3	28.9
Income tax (recovery) expense	47.9	36.5	4.5		290.8	(14.1)
Depreciation and depletion	72.6	59.3	61.3		222.6	216.1
Finance expense	37.6	19.7	17.9		95.4	60.2
Finance income	(1.8)	(2.0)	(2.4)		(8.1)	(11.7)
EBITDA	$ 184.5	$ 113.8	$ 85.2		$ 940.0	$ 279.4
Non-cash share-based compensation expense	2.0	2.4	2.6		9.6	8.5
Unrealized (gain) loss on gold contracts	(11.9)	18.0	12.7		16.5	4.0
Unrealized (gain) loss on foreign exchange contracts	39.1	(4.4)	(4.3)		72.4	(13.4)
Unrealized foreign exchange (gain) loss	(6.0)	4.9	1.5		(14.0)	5.3
Change in fair value of Greenstone Contingent Consideration	0.6	9.9	1.7		23.2	3.0
Gain on remeasurement of previously held interest in Greenstone	—	—	—		(579.8)	—
Share of net (income) loss of investment in associate	—	—	0.4		(0.7)	17.5
Other (income) expense	9.9	(2.8)	(4.5)		(9.8)	0.1
Transaction costs	—	—	—		0.8	—
Adjusted EBITDA	$ 218.2	$ 141.9	$ 95.3		$ 458.2	$ 304.4

Adjusted Net Income and Adjusted EPS

Adjusted net income and adjusted EPS are used by management and investors to measure the underlying operating performance of the Company. Adjusted net income is defined as net income adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as the impact of fair value changes in the value of warrants, foreign exchange contracts and gold contracts, unrealized foreign exchange gains and losses, and non-cash share-based compensation expense. It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets. Adjusted net income per share amounts are calculated using the weighted average number of shares outstanding on a basic and diluted basis as determined by IFRS.

The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and calculated by the Company:

	Three months ended				Year ended
$’s and shares in millions	December 31, 2024	September 30, 2024	December 31, 2023		December 31, 2024	December 31, 2023
Net income (loss) attributable to Equinox Gold shareholders	$ 28.3	$ 0.3	$ 3.9		$ 339.3	$ 28.9
Add (deduct):
Non-cash share-based compensation expense	2.0	2.4	2.6		9.6	8.5
Unrealized (gain) loss on gold contracts	(11.9)	18.0	12.7		16.5	4.0
Unrealized (gain) loss on foreign exchange contracts	39.1	(4.4)	(4.3)		72.4	(13.4)
Unrealized foreign exchange (gain) loss	(6.0)	4.9	1.5		(14.0)	5.3
Change in fair value of Greenstone Contingent Consideration	0.6	9.9	1.7		23.2	3.0
Gain on remeasurement of previously held interest in Greenstone	—	—	—		(579.8)	—
Share of net (income) loss of investment in associate	—	—	0.4		(0.7)	17.5
Other (income) expense	9.9	(2.8)	(4.5)		(9.8)	0.1
Transaction costs	—	—	—		0.8	—
Income tax impact related to above adjustments	3.0	(0.6)	0.6		191.9	(0.8)
Unrealized foreign exchange (gain) loss recognized in deferred tax expense	12.5	9.6	(12.2)		47.3	(31.3)
Adjusted net income (loss)	$ 77.5	$ 37.4	$ 2.4		$ 96.7	$ 21.7
Basic weighted average shares outstanding	454.4	428.5	313.7		400.1	312.8
Diluted weighted average shares outstanding	459.8	434.5	317.3		473.5	316.3
Adjusted income (loss) per share – basic ($/share)	$0.17	$0.09	$0.01		$0.24	$0.07
Adjusted income (loss) per share – diluted ($/share)	$0.17	$0.09	$0.01		$0.20	$0.07

Net debt

The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use net debt to evaluate the Company’s performance. Net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performances prepared in accordance with IFRS. Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided below.

$’s in millions	December 31, 2024	September 30, 2024	December 31, 2023
Current portion of loans and borrowings	$ 135.6	$ 273.8	$ 138.6
Non-current portion of loans and borrowings	1,212.2	1,208.7	786.4
Total debt	1,347.8	1,482.5	925.0
Less: Cash and cash equivalents (unrestricted)	(239.3)	(167.8)	(192.0)
Net debt	$ 1,108.5	$ 1,314.7	$ 733.0

ABOUT EQUINOX GOLD

Equinox Gold is a Canadian mining company operating entirely in the Americas, with six operating gold mines and a plan to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.

EQUINOX GOLD CONTACTS

Greg Smith, President & Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

CAUTIONARY NOTES

Cautionary Notes and Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things: the strategic vision for the Company and expectations regarding exploration potential, production capabilities, growth potential and future financial or operating performance; the Company’s expectations for the operation of Greenstone, including future financial or operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design capacity; the Company’s production and cost guidance; the timing for and Company’s ability to successfully advance its growth and development projects, including the expansions at Castle Mountain and Aurizona; the anticipated timeframe for residual leaching at Castle Mountain; the Company’s ability to successfully renegotiate new long-term agreements at Los Filos and the need to suspend operations indefinitely if those negotiations are unsuccessful; the strength of the Company’s balance sheet, and the Company’s liquidity and future cash requirements; the expectations for the Company’s investments in Versamet and Bear Creek; and the conversion of Mineral Resources to Mineral Reserves.

Forward-looking Information generally identified by the use of words like “believe”, “will”, “achieve”, “strategy”, “increase”, “plan”, “vision”, “improve”, “potential”, “intend”, “anticipate”, “expect”, “estimate”, “on track”, “target”, “objective”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct.

The Company has based Forward-looking Information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects; the Company’s ability to achieve its production, cost and development expectations for Greenstone; no unplanned delays or interruptions in scheduled production; ore grades and recoveries remain consistent with expectations; tonnage of ore to be mined and processed remains consistent with expectations; no labour-related disruptions; existing assets are retained and continue to produce at current rates; expectations regarding the impact of macroeconomic factors on the Company’s operations, share price performance and gold price; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects and future cash requirements; prices for energy inputs, labour, materials, supplies and services remaining as estimated; that the effect of any tariffs will not materially affect the price or availability of goods used by the Company at its operations; achieving design capacity at Greenstone in accordance with expectations; the expansion projects at Castle Mountain and Aurizona being completed and performed in accordance with current expectations; the Company’s ability to identify and implement opportunities to mitigate the impact of the geotechnical event at Aurizona; mine plans and estimated development schedules remaining consistent with the plans outlined in the technical reports for each project; tonnage of ore to be mined and processed and ore grades and recoveries are consistent with mine plans; capital, decommissioning and reclamation estimates remaining as estimated; Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; no labour-related disruptions and no unplanned delays or interruptions in scheduled construction, development and production, including by blockade or industrial action; the Company’s working history with the workers, unions and communities at Los Filos; the Company’s ability to achieve anticipated social and economic benefits for its host communities; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Company’s ability to comply with environmental, health and safety laws and other regulatory requirements; the Company’s ability to achieve its objectives related to environmental performance; the strategic visions for Versamet and Bear Creek and their respective abilities to successfully advance their businesses; the ability of Bear Creek to meet its payment commitments to the Company; and the ability of Equinox Gold to work productively with its Indigenous partners at Greenstone and its community partners at Los Filos. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on Forward-looking Information contained in this news release.

The Company cautions that Forward-looking Information involves known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; recent market events and conditions; tariffs; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, geotechnical failures, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and Indigenous populations; the effect of blockades and community issues on the Company’s production and cost estimates; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including mining, environmental and export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry; the failure by Bear Creek to meet its commitments to the Company; and those factors identified in the section “Risks and Uncertainties” in this news release and in the section titled “Risks Related to the Business” in the Company’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Forward-looking Information is designed to help readers understand management’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements and information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources

Disclosure regarding the Company’s mineral properties included in this news release, was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the “SEC”) generally applicable to U.S. companies. Accordingly, information contained in this news release is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Technical Information

Doug Reddy, MSc, P.Geo, Chief Operating Officer, and Scott Heffernan, MSc, P.Geo., EVP Exploration, are the Qualified Persons under NI 43-101 for Equinox Gold and have reviewed and approved the technical content of this document.