Equinox Gold Corporate Presentation July 2025

Date X, 2025
Creating the
Premier Americas
Gold Producer
CORPORATE PRESENTATION JUNE 2025
TSX: EQX NYSE-A: EQX

2
Forward-looking Statements. This presentation 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 presentation relates to, among other things: expected 2025 production and cost guidance; the
expected benefits of the business combination with Calibre Mining, that closed on June 17, 2025 (the “Transaction”) and
the attributes of Equinox Gold post-Transaction; the strategic vision for Equinox Gold, and expectations regarding
exploration potential, production capabilities, future financial or operating performance, investment returns and share
price performance; 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; expectations
for completing construction and commissioning at Valentine; expectations for the timing and advancement of the
Company’s growth and development projects, including the expansions at Castle Mountain and Aurizona; the 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; balance sheet strength, liquidity and future cash requirements; ability to
convert Mineral Resources to Mineral Reserves; and expectations for future success of the combined management team.
Forward-looking Information is generally identified by the use of words like “believe”, “will”, “achieve”, “strategy”, “plan”,
“vision”, “improve”, “intend”, “anticipate”, “expect”, “estimate”, 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, but 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. Forward-looking information is based
on Equinox Gold’s current expectations for future events and these assumptions include: the ability to successfully
combine the assets and teams of Equinox Gold and Calibre; the ability to meet exploration, production, cost and
development goals, including expected completion of Valentine construction and commissioning and the successful
ramp-up to design capacity at Greenstone; gold prices remaining as estimated; no unplanned delays or interruptions;
ore grades and recoveries remain consistent with expectations; expectations regarding the financial impact of tariffs;
expectations for the impact of macroeconomic factors on the Company’s operations, share price performance and gold
price; currency exchange rates remaining as estimated; availability of funds for projects and future cash requirements;
prices for energy inputs, labour, materials, supplies and services remaining as estimated; the accuracy of Mineral
Reserve and Mineral Resource estimates and the assumptions on which they are based; and the ability of Equinox Gold
to work productively with its Indigenous partners at Greenstone and its community partners at Los Filos. 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, uncertainties and other factors that may
cause actual results and developments to differ materially from those expressed or implied by such Forward-looking
Information. Such factors include, without limitation, risks relating to: changes in the gold price; Canadian and United
States sanctions on Nicaraguan operations; 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; new members of
management and the board of Equinox Gold; 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, geotechnical failures, industrial accidents, equipment breakdown, unusual or
unexpected geological or structural formations, cave-ins, flooding, fire and severe weather); inadequate insurance, or
inability to obtain insurance to cover these risks and hazards; relationships with, and claims by, local communities and
Indigenous populations; Equinox Gold’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 laws, 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 Mining’s most recently filed Annual Information Form which is available under Calibre’s
profile 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 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
Forward-looking Information, no inference should be drawn that the Company will make additional updates with
respect to that or other Forward-looking Information. All Forward-Looking Information contained in this presentation
is expressly qualified in its entirety by this cautionary statement.
Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, sustaining capital and
EBITDA (earnings before interest, taxes, depreciation and amortization) which are measures with no standardized
meaning under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures
presented by other companies. Their measurement and presentation are 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. Non-IFRS measures are widely used in the mining industry as measurements of performance and the
Company believes that they provide 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. Refer to the “Non-IFRS measures” section of the
Equinox Gold’s MD&A for the year ended December 31, 2024, and the “Non-IFRS measures” section of Calibre’s
MD&A for the year ended December 31, 2024, which is available under Calibre’s profile on SEDAR+ for a more
detailed discussion of these non-IFRS measures and their calculation.
Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources. Disclosure
regarding mineral properties included in this presentation, 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 presentation is not comparable to similar information made public by U.S. companies reporting
pursuant to SEC disclosure requirements.
Numbers may not sum due to rounding. All dollar amounts in USD unless otherwise noted.
Information in this presentation is presented pro forma the merger with Calibre Mining, as announced on February
23, 2025, unless otherwise noted. The merger is expected to close around the end of June 2025.
Cautionary Notes

3
1. Based on analyst consensus estimates at May 30, 2025. Percentage each jurisdiction represents of the NAV attributed to pro forma Equinox Gold’s mineral properties. 2. See Appendix slides, Cautionary Notes and Technical
Disclosure. M&I Resources are exclusive of Reserves. 3. Based on analyst consensus estimates at May 30, 2025 showing Equinox Gold valued at 0.7x NAV versus peer average of 1.1x NAV and senior producer average of 1.3x NAV.
Equinox Gold: New Focus, New Opportunity
 New high-quality, long-life gold mines in Canada
provide tier-1 foundation to drive free cash flow
generation and valuation
 Exceptional jurisdictional risk profile with +65% NAV in
Canada and USA1
 Peer-leading gold endowment with 23 Moz of Reserves
and 22 Moz of Resources2
 Re-rate potential with achievement of production and
cash flow milestones3
 Strong pipeline of production growth opportunities
and significant exploration upside
 New leadership team with a track record of delivering
on commitments
54%
18%
13%
10%
5%
Diversified Portfolio Weighted to Canada
(Consensus Analyst NAV by Region)1
Brazil
Mexico
USA
Canada
Nicaragua

4
RDM
CASTLE MOUNTAIN
PHASE 2
AURIZONA
+ EXPANSION
Equinox Gold: Diversified Americas Portfolio with a Canadian Focus
1. See Appendix slides, Cautionary Notes and Technical Disclosure. M&I Resources are exclusive of Reserves. 2. Pro forma consolidated guidance as announced on June 11, 2025. Pro forma consolidated
guidance is for full-year 2025 production and cost performance, including from Calibre Mining’s assets from January 1, 2025. Pro forma consolidated guidance does not include any production from Valentine,
Los Filos or Castle Mountain. 3. With Greenstone and Valentine operating at capacity and assuming the other assets are retained and continue to perform in line with 2025 production levels.
GREENSTONE
Path to achieve
+1Moz ANNUAL GOLD PRODUCTION3
7PRODUCING
MINES 6ORGANIC GROWTH
OPPORTUNITIES
~23
P&P RESERVES
Moz ~22
M&I GOLD RESOURCES1
Moz
BAHIA
COMPLEX
785,000 – 915,000 oz
2025 GOLD PRODUCTION GUIDANCE2
VALENTINE
First gold Q3 2025
MESQUITE
GOLDEN EAGLE
PAN
GOLD ROCK
LOS FILOS
LIMON / LIBERTAD
PRODUCING MINE
ORGANIC GROWTH
OPPORTUNITY

5
$4,853
$5,833
$6,186
$6,628
$7,293
$7,999
$9,902
$9,946
$10,870
$11,008
$17,339
$18,473
$23,395
B2Gold
EQX
OceanaGold
IAMGOLD
Endeavour
Eldorado
New Gold
Kinross
Gold Fields
Northern Star
Evolution
Alamos
Lundin Gold
Source: Company filings, FactSet, S&P Capital IQ Pro, street research
1. EV = enterprise value. Production estimates and other calculations shown using analyst consensus estimates available at May 30, 2025.
Attractive Valuation: Peer-leading Growth and Gold Endowment
Price to NAV (x)
(Analyst estimates)
Total Reserves (Moz Au)
(Company reports)
‘25E-’27E Prod. Growth (%)1
(Analyst estimates)
3.0
5.5
6.2
8.2
8.2
11.4
11.9
14.0
16.4
21.9
22.3
23.2
44.3
New Gold
Lundin Gold
OceanaGold
B2Gold
IAMGOLD
Evolution
Eldorado
Alamos
Endeavour
Kinross
Northern Star
EQX
Gold Fields
0.70x
0.75x
0.80x
0.88x
0.95x
1.00x
1.11x
1.12x
1.24x
1.35x
1.66x
1.77x
1.93x
EQX
Eldorado
IAMGOLD
B2Gold
Endeavour
OceanaGold
Northern Star
Kinross
Alamos
New Gold
Gold Fields
Evolution
Lundin Gold
EQXQX 0%
1%
2%
3%
6%
6%
6%
8%
20%
20%
21%
25%
41%
Lundin Gold
Gold Fields
Kinross
Endeavour
B2Gold
Evolution
OceanaGold
IAMGOLD
Alamos
EQX
New Gold
Northern Star
Eldorado
EQXQX
EQXQX
EV / ‘25E-’26E Prod. ($M)1
(Analyst estimates)
EQXQX

6
Greenstone: A Canadian Cornerstone Asset
1. Mid-point of proforma consolidated 2025 guidance reported on June 11, 2025.
2. As reported in the 2024 technical report. See Cautionary Notes, Appendix slides and Technical Disclosure.
15+ year
INITIAL MINE LIFE
~240 Koz
GUIDANCE 20251
~5.7 Moz
P&P RESERVES2
~$1,750 /oz
AISC GUIDANCE 20251
330,000 oz
GOLD PER YEAR, LIFE OF MINE2

7
Valentine: A Second Canadian Cornerstone Asset
1. As reported in the 2022 feasibility study. See Cautionary Notes, Appendix slides and Technical Disclosure.
14+ year
INITIAL MINE LIFE
FIRST GOLD POUR
ON TRACK FOR END OF Q3 2025
~2.7 Moz
P&P RESERVES1
~180 Koz gold
ANNUAL AVG. LIFE OF MINE PRODUCTION1

8
$0.00
$2.50
$5.00
$7.50
$10.00
$12.50
May-23 May-24 May-25
(IAMGOLD
C$/share)
IAMGOLD Share Price
News
Financings
Source: Refinitiv, company disclosure at May 30, 2025.
Re-rate Potential: New Mine Ramp-ups Bring Re-rate Opportunity
2-Aug-24 – Commercial
production announced
31-Mar-24 – First gold
pour announced
IAMGOLD, Coté Gold Mine
First gold pour to current
108% share price increase
EQUINOX GOLD: NEAR-TERM MILESTONES
Greenstone: Ramping to name plate capacity
Valentine: First gold Q3 2025

9
$2,347
$4,321 $4,155
Construction Decision First Gold Pour Commercial Production
$1,754
$5,084 $4,894
$460
$837
$1,097
Source: Refinitiv, company disclosure, available equity research.
Re-rate Potential: New Mine Ramp-ups Bring Re-rate Opportunity (cont.)
+77%
+82% +138%
Malartic (US$M)
T
ocantinzinho (US$M)
Gold $1,724/oz Gold $2,364/oz Gold $2,493/oz
+190% +179%
Gold $1,457/oz Gold $1,492/oz
Gold $939/oz Gold $1,348/oz Gold $1,610/oz Gold $1,335/oz
+84%
Detour (US$M)
$339
$2,257
$2,633
Gold $1,842/oz
Gold $2,232/oz Gold $2,443/oz
+566% +677%
Coté (US$M)

10
VALENTINE
Newfoundland
510
470 465
400
345
330
315 310
270
220
200 200
180 175
150
Two Long-life Mines: Canadian Powerhouse Gold Producer
Source: Company filings.
1. Average annual life of mine production based on most recent technical report. 2. Pro forma divestiture of non-core Canadian assets (Eleonore, Musselwhite, Porcupine).
Top 15 Canadian Gold Producers
(Greenstone and Valentine ramped up to capacity)
(Peer 2025F Average Annual Production - koz)
2,940
Dhilmar
(Private)
In-Construction / Ramp-up
1
2
1
1
At full ramp-up of Canadian mines, Equinox Gold will be the second-largest Canadian gold producer
GREENSTONE
Ontario

11
0.7x
0.8x
0.8x
1.0x
1.1x
1.2x 1.2x
510
400
345
200 200
470
1. Based on analyst consensus estimates available at May 30, 2025. 2. Average annual life of mine production from Greenstone plus Valentine. See Cautionary Notes and Technical Disclosure.
3. Based on companies with market capitalization between US$1B - $5B.
Market Premium: Significant Canadian Exposure Drives Re-rate
Strong re-rate potentialexists with
improved Canadian gold exposure
• Canadian production rewarded in the
market with premium valuation
• Equinox Gold will be the second
largest producer of gold from Canada
and largest relative to the peer group
shown using Greenstone + Valentine
average annual life-of-mine production
of ~510 koz
Canadian Peer Analyst P/NAVs1
Peer Group Avg: 1.1x
Intermediate
Average
Select Canadian Peers
2025F Canadian Production (koz)
2
3

12
Source: Refinitiv, available analyst consensus estimates, company filings.
1. Based on analyst consensus estimates at May 30, 2025..
Corporate Mission: Key Drivers to Achieve Top-tier Valuation
KEY DRIVERS
Tier-1 jurisdictions
Substantial long-life assets
Free cash flow (FCF)1
Clear pipeline for long-term
value creation
EV / 25E-27E production1
Commitment to
shareholder returns
P / NAV1
91% of 2025E production
90% of consensus NAV
Avg 25E-27E FCF > $2.5B

64% of production from 3 mines
20-yr+ average mine life
$18,218/oz
Dividends since 1983
NCIB in place
1.59x
Avg 25E-27E FCF > $500M

20-yr average mine life
$17,651/oz
Dividends since 2010
NCIB in place
1.24x
13-yr average mine life

$5,833/oz
Better positioned to return
capital to shareholders
Near-term FCF growth
0.70x

13
1. Based on analyst consensus estimates available at May 30, 2025.
Inflection Point: Revaluation Potential as Equinox Gold Delivers Canadian Mines
Ramping up Greenstone and Valentine delivers
• Enhanced diversification in top mining jurisdictions
• Increased production
• Increased cash flow
• Longer average mine life
• Reduced costs
• Reduced execution risk
• Improved liquidity
• Ability to return capital to shareholders
Revalue as a Senior Producer1
0.7x
1.3x
1.1x
INTERMEDIATE
PRODUCERS
SENIOR
PRODUCERS
EQUINOX
GOLD
Additional organic growth from
pipeline of projects

14
Exceptional leverage
to strong and rising
gold prices
1. Based on analyst consensus estimates available at May 30, 2025.
Why Invest in Equinox Gold?
Near-term production
growth from two
world-class mines at
the beginning of their
mine lives in one of
the world’s best
mining jurisdictions
Increased cash flow,
lower consolidated
operating costs,
stronger
balance sheet
and resilience
Greenstone +
Valentine makes
Equinox Gold a
Canadian gold
powerhouse
AT AN ATTRACTIVE VALUATION
Trading at $5,833 EV/oz Production vs Peer Group Average of $11,157/oz1

16
Capital Structure
ANALYST COVERAGE
BMO Capital Markets, Canaccord Genuity, CIBC World Markets, Cormark Securities, Global Mining Research, Haywood Securities,
National Bank Financial, RBC Capital Markets, Scotiabank, Stifel, TD Securities
Common Shares 1 756.2 M Avg. Daily Shares Traded 5 TSX: 2.0 M + NYSE-A: 5.5 M
Options and warrants @ avg. C$7.16 1,2 19.7 M Cash 6 ~$376 M
Restricted Share Units 3 10.3 M Debt (at Mar 31, 2025) 7 Drawn $1,449 M, Available $105 M
Potential Shares from Convertible Notes 4 52.9 M Convertible Notes @ avg. $6.61 8 $347 M
Fully Diluted Shares 4 839.1 M Proforma Market Cap (at Jun 16, 2025) 9 ~C$6.4 B / US$4.7 B
1. Basic common shares pro forma the merger with Calibre Mining, which is expected to close around the end of June 2025..
2. Weighted average exercise price shown is the price that would be paid to Equinox Gold to receive one full Equinox Gold common share. Option and warrant numbers are shown as the number of common shares that would be issued upon exercise of the securities.
3. Restricted Share Units are shares committed to management and directors that are issued subject to time-based and performance-based vesting terms, as part of equity-based compensation.
4. Fully diluted shares outstanding includes the common shares issued should the convertible notes be converted. See footnote 8.
5. Average daily shares traded since January 2024.
6. Equinox Gold cash on hand at March 31, 2025, as reported in the Q1 2025 financial statements, plus Calibre Mining cash on hand at April 30, 2025.
7. Equinox Gold has a $700 M Revolving Credit Facility, of which $635 M was drawn at March 31, 2025; another $45 M was drawn on April 14, 2025. Equinox Gold also has a $100 M accordion feature that is subject to lender approval prior to being available for draw.
On June 17, 2025, Equinox Gold assumed Calibre Mining’s debt comprising a $328 M Sprott Loan and an $8 M Lafise Bank Loan.
8. Face value of three convertible notes: $139.3 M note convertible at US$6.50 per common share expiring in September 2025, $172.5 M note convertible at US$6.30 per common share expiring in October 2028 and a $35 M note convertible at C$12.14 per common
shares expiring in March 2030. If all notes were fully converted, Equinox Gold would issue 52.9 M common shares.
9. Calculated using the June 16, 2025 share price for Equinox Gold.

17
1. Equinox Gold’s cash and equivalents (unrestricted) of $173 M at Mar 31, 2025 plus Calibre Mining’s cash (unrestricted) of $203 M at Apr 30, 2025. 2. Equinox Gold has a $700 M Revolving Facility of which $635 M was drawn at Mar 31, 2025.
On Apr 14, 2025 Equinox Gold drew another $45 M. 3. The Revolving Credit Facility has an uncommitted accordion feature to increase the principal by up to $100 M. 4. Equinox Gold debt comprising a $700 M Revolving Credit Facility + $500 M
(together, the “Credit Facility”), of which $65 M was undrawn at Mar 31, 2025, plus Calibre Mining debt comprising a $328 M Sprott Loan and an $8 M Lafise Bank Loan, which Equinox Gold assumed on Jun 17, 2025. 5. Convertible note expiring
in Sep 2025 has a face value of $139.3 M (conversion price of $6.50 per share); convertible note expiring in Oct 2028 has a face value of $172.5 M (conversion price of $6.30 per share); convertible note expiring in Mar 2030 has a face value of
$35 M (effective conversion price of C$12.14 per common share). Equinox Gold would issue 52.9 M common shares if all three convertible notes fully converted.
Financial Position1
+
~$376 M
CASH1
~$65 M
AVAILABLE CREDIT2
AVAILABLE
LIQUIDITY
RESILIENCE
DEBT
Ongoing cash flow from
operating mines
Undrawn accordion3
$100 M
Drawn debt4
$1,499 M
Convertible notes5
$347 M ($6.61/share avg.)
Cash1
~$376 M
Undrawn credit facility2
$65 M

18
2025 GUIDANCE1,3
2025 Guidance
1. Pro forma consolidated guidance as announced on June 11, 2025. Guidance is for full-year 2025 production and cost performance, including from Calibre Mining’s assets from January 1, 2025. 2. Total cash costs, all-in
sustaining costs and growth capital (non-sustaining capital) are non-IFRS measures. See Cautionary Notes. 3. The Company may revise guidance during the year to reflect changes to expected results. Guidance does not
include production from Valentine, which is on track to pour gold in Q3 2025; from Castle Mountain, which is in residual leaching; or from Los Filos, at which operations were suspended indefinitely on April 1, 2025.
CANADA
Greenstone, Valentine
BRAZIL
Aurizona, RDM,
Bahia Complex
NICARAGUA
Limon, Libertad
UNITED STATES
Mesquite, Pan Guidance does not include production from Valentine, Los Filos or Castle Mountain
Production
(ounces)
Total Cash Costs2
($/ounce)
All-in Sustaining Cost2
($/ounce)
Growth Capital2
($ million)
Exploration
($ million)
Greenstone 220,000 – 260,000 $1,275 – $1,375 $1,700 – $1,800 $80 – $85 $2 – $3
Brazil 250,000 – 270,000 $1,725 – $1,825 $2,275 – $2,375 $35 – $40 $21 – $24
Mesquite 85,000 – 95,000 $1,200 – $1,300 $1,800 – $1,900 $10 – $15 $2 – $3
Nicaragua 200,000 – 250,000 $1,200 – $1,300 $1,400 – $1,500 $60 – $70 $25 – $30
Pan 30,000 – 40,000 $1,600 – $1,700 $1,600 – $1,700 $5 – $10 $5 – $10
Newfoundland N/A N/A N/A N/A $15 – $20
Consolidated 785,000 – 915,000 $1,400 – $1,500 $1,800 – $1,900 $190 – $220 $70 – $90

19
Significant Insider Ownership: Aligned with Investors
1. Current Equinox Gold shareholders based on publicly available information at June 16, 2025, assuming the conversion of Calibre shares to Equinox Gold shares at
a ratio of 0.35 EQX shares for every CXB share held. 2. Based on company filings, FactSet, street research, Wood Mackenzie at May 30, 2025. Insider ownership
considers only Executives and Directors who have personally invested to hold shares in the Company.
4.7%
17%
20%
58%
Ross Beaty / Insiders
Indices
Retail / Other
Institutional
48%
11%
28%
USA
Unknown
Australasia
Latin America
Europe
Canada
Equinox Gold Shareholders1
Geographic Location1
17.3%
4.7%
1.1%
1.0%
0.8%
0.5%
0.4%
0.3%
0.3%
0.2%
0.2%
0.1%
0.1%
0.1%
Endeavour Mining
#N/A
SSR Mining
Evolution
B2Gold
Eldorado
Torex
OceanaGold
Alamos
Centerra
Regis
IAMGOLD
New Gold
Northern Star
Peer-leading Insider Ownership2
Pro Forma EQX

20
SAFETY
TRIFR2 of 2.21 in 2024,
30% better than target
Ten lost-time injuries,
one fatality in 2024
Four sites had no
lost-time injuries in 2024
Greenstone transitioned
into operations and had no
lost-time injuries in 2024
1. Equinox Gold 2024 ESG performance. 2. Total recordable injury frequency rate per million hours worked. 3. Significant environmental incident frequency rate (as defined by Equinox Gold’s reporting standards,
which are outlined in the Company’s ESG Report) per million hours worked. 4. Greenhouse gas emissions.
Responsible Mining: Committed to Excellence1
ENVIRONMENT
SEIFR13 of 0.20 in 2024,
84% better than target
No significant incidents in
Q2-Q4 2024
Strategy to reduce GHG4
emissions by 25% by
2030 compared to
“business as usual”
SOCIAL
99% of employees are from
country of operations
70% of direct employees
are from local communities
Significant community
investment focused on
education, health and
culture programs
REPORTING
Publish annual ESG report
based on GRI and SASB
indicators that includes
updates on the Company’s
management of tailings and
heap leach facilities, water
stewardship initiatives and
GHG reduction initiatives
Improved S&P Corporate
Sustainability Assessment
score by 13% vs 2023

21
~100 km
Established operating history
• Limon and Libertad are prolific mining districts with
>6 Moz of historical gold production
• Consistent reserve replacement, increased gold
reserves >1.1 Moz1
Operating strategy
• 2.7 Mt of total installed mill capacity, ~70% utilized
• Excellent infrastructure: highway haulage costs
~$0.12 per tonne-km
Consistent exploration success
• Year-over-year reserve and resource expansion
• New high-grade discoveries at both Limon and Libertad
Platform for growth
• Achieved permit-to-plant mine development in less
than 18 months
• More than 100 km of exploration drilling underway
1. Refer to the Calibre Mining news release dated May 7, 2025.
Nicaragua Operations: Cash-flowing Business Unit

22
1. Aurizona commenced production in Q3 2019 and has consistently produced 100-120,000 oz of gold until 2024, when a geotechnical event in the main Piaba pit affected mining and production for three months.
Guidance for 2025 is 70-90,000 oz of gold as Equinox Gold mines from a lower-grade pit and completes remediation work in the Piaba pit. 2. September 2021 pre-feasibility study showed 137,000 average annual
production with 160,000 oz for three years. See Technical Disclosure and Cautionary Notes. 3. Mid-point of pro forma consolidated 2025 guidance.
Brazil Operations: Cash-flowing Business Unit
Aurizona Mine, Maranhão, Brazil
Open-pit mine with 8,000 tpd CIL plant
Production ~100,000 oz per year1
Expansion potential to ~140,000 oz per year with
development of underground deposit and
additional near-mine open-pit deposits2
Underground portal and decline will begin in
late 2025
Near-mine and regional exploration potential
Bahia Complex, Bahia, Brazil
Combined unit with two processing plants
- Santa Luz, open-pit with resin-in leach plant
- Fazenda, open-pit/underground with CIL plant
Combined production ~135,000 oz per year3
Upside potential with higher grades at Fazenda
and improved recoveries at Santa Luz
Significant exploration potential along the 70-km
greenstone belt that hosts the two mines
BAHIA
COMPLEX
AURIZONA
~1,000 km
RDM

23
1. See Measured & Indicated Resources, Inferred Resources, Technical Disclosure and Cautionary Notes.
Greenstone Upside: Extend Mine Life, Increase Production
Expand throughput
• Power and equipment available and designed to
support 30 ktpd throughput
Greenstone open pit
• Potential expansion of the open-pit to the west
• Convert inferred resources within the pit
500 m
Looking North
Greenstone
Mine Geology
Resource Shell
2024, $1,700 Au
Historical
Underground
Depletion
Au grade
(g/t)
*blocks filtered for Inferred classification and ≥2 g/t Au
Westernmost drill hole (MM170)
intersected 20.5 m @ 18.49 g/t Au
Greenstone underground
• 10.96 Mt at 4.20 g/t gold (1.5 Moz Indicated) and
19.48 Mt at 3.88 g/t gold (2.4 Moz Inferred)1
• Not included in current mine life economics

24
1. See Measured & Indicated Mineral Resources, Inferred Mineral Resources, Technical Disclosure and Cautionary Notes.
Greenstone Upside: Near-mine and Belt-scale Exploration Potential
Excellent discovery and growth potential within the Beardmore-Geraldton Belt including:
• Two past-producing targets with combined 500 koz of M&I resources1 within trucking distance
• Brookbank Deposit hosts 600 koz M&I resources1 in high-grade open-pit and underground deposit
• Beardmore Property hosts three past-producing mines with historical production of >1 Moz at grades
>10 g/t gold with no modern exploration
• 396 km2 land package with little to no modern exploration and >4 Moz gold historical production
Greenstone
Beardmore

25
1. Refer to the Calibre Mining news releases November 25, 2024, February 5, 2025 and February 11, 2025.
Valentine Upside: Multi-kilometre Shear Zone with Significant New Discovery
• Discovery of new high-grade gold trending southwest towards new Frank Zone
discovery indicates strong resource expansion potential1
• Frank Zone discovery indicates potential for additional open pit1
- 2.43 g/t Au over 172.8 metres, including 3.84 g/t Au over 90.9 metres and
2.12 g/t Au over 95.4 metres
- 2.26 g/t Au over 78.3 metres, 3.08 g/t Au over 48.2 metres, 1.94 g/t Au over
36.4 metres, 1.62 g/t Au over 44.6 metres

26
RDM
CASTLE MOUNTAIN
PHASE 2
AURIZONA
+ EXPANSION
Exploration Upside: Demonstrated Track Record of Exploration Success
GREENSTONE
BAHIA
COMPLEX
VALENTINE
MESQUITE
GOLDEN EAGLE
PAN
GOLD ROCK
LOS FILOS
LIMON / LIBERTAD
PRODUCING MINE
ORGANIC GROWTH OPPORTUNITY
2025 Exploration Strategy1
Greenstone
$2 M, resource expansion
$1 M, regional exploration
Valentine
$15-$20 M, advanced discovery drilling,
new greenfield drilling
2025 Exploration Strategy1
Pan
$5-$10 M, deep targets
Mesquite
$2-$3 M, resource expansion
Limon / Libertad
$25-$30 M, new discovery and
resource growth
Aurizona
$6 M, resource expansion, regional
exploration
Bahia Complex
$17 M, reserve replacement, resource
expansion, regional exploration
1. Budget and plans are subject to change.

27
Core Development Asset: Castle Mountain in California, USA
1. See Technical Disclosure.
0.51 g/t gold
AVERAGE GRADE
~220,000 oz gold
EXPECTED PER YEAR
~4.2 Moz
P&P RESERVES1
~1.5 Moz
M&I RESOURCES1
14+ year
INITIAL MINE LIFE

28
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Proven & Probable Mineral Reserves1
Mine/Project
Proven Probable Proven & Probable
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Greenstone 6,817 1.16 255 137,846 1.23 5,445 144,662 1.23 5,700
Valentine 23,400 1.89 1,400 28,200 1.40 1,300 51,600 1.62 2,700
Mesquite 5,045 0.77 125 5,045 0.77 125
Castle Mountain 81,398 0.57 1,485 162,410 0.50 2,620 243,808 0.52 4,105
Pan 19,543 0.34 217 19,543 0.34 247
Los Filos 35,453 0.77 877 157,773 0.88 4,477 193,226 0.86 5,354
El Limon 4,312 5.03 697 4,312 5.03 697
La Libertad 3,733 3.59 431 3,733 3.59 431
Aurizona 16,581 1.39 740 15,749 1.82 920 32,330 1.60 1,660
Santa Luz 21,578 1.39 966 3,361 1.01 109 24,939 1.34 1,075
Fazenda 12,293 1.82 719 868 1.60 45 13,161 1.80 763
RDM 3,670 0.97 114 8,866 0.91 261 12,536 0.93 375
Total Proven & Probable 6,456 16,547 23,232

29
1. Resources are exclusive of Reserves. 2. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Measured & Indicated Mineral Resources1
Mine/Project
Measured Indicated Measured & Indicated
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Greenstone 29,967 2.30 2,218 29,967 2.30 2,218
Brookbank 3,428 5.45 600 3,428 5.45 600
Kailey 11,276 0.96 348 11,276 0.96 348
Key Lake 3,761 1.16 141 3,761 1.16 141
Hasaga 1,470 8.64 408 1,470 8.64 408
Valentine 9,968 1.50 480 18,546 1.42 846 28,513 1.45 1,327
Mesquite 6,716 0.66 143 69,197 0.42 945 75,913 0.45 1,088
Castle Mountain 781 0.68 17 73,452 0.62 1,453 74,234 0.62 1,470
Pan 44 0.44 1 4,334 0.38 53 4,377 0.38 54
Golden Eagle 30,700 1.49 1,500 14,700 1.16 500 45,400 1.37 2,000
Gold Rock 18,996 0.66 403 18,996 0.66 403
Los Filos 47,306 1.15 1,757 278,020 0.69 6,140 325,326 0.75 7,897
El Limon 8,530 1.85 507 8,530 1.85 507
La Libertad 2,909 2.95 276 2,909 2.95 276
Aurizona 3,505 1.45 163 14,612 1.50 704 18,117 1.49 868
Santa Luz 10,107 1.23 398 6,475 2.41 502 16,582 1.69 900
Fazenda 18,418 2.28 1,348 3,000 1.83 176 21,418 2.21 1,524
RDM 351 0.69 8 1,609 1.09 57 1,960 1.02 64
Total Measured & Indicated 5,815 16,277 22,093

30
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Inferred Mineral Resources1
Mine/Project
Inferred
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Greenstone 26,371 3.26 2,763
Brookbank 751 3.30 80
Kailey 4,858 0.87 136
Key Lake 1,839 1.39 82
Hasaga 2,059 7.31 484
Valentine 20,312 1.65 1,079
Mesquite 5,683 0.30 55
Castle Mountain 68,980 0.63 1,422
Pan 719 0.50 12
Golden Eagle 5,400 0.90 200
Gold Rock 3,027 0.87 84
Total Inferred 362,217 1.20 14,020
Mine/Project
Inferred (cont.)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Los Filos 135,935 0.74 3,237
El Limon 6,332 4.43 902
La Libertad 3,391 3.09 337
Cerro Aeropuerto 6,052 3.64 708
Primavera 44,974 0.54 782
Aurizona 12,689 2.19 895
Santa Luz 7,254 2.09 490
Fazenda 4,681 1.77 266
RDM 199 0.95 6

31
National Instrument 43-101
Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or
extracted from the “Updated Technical Report for the Los Filos Mine Complex, Mexico” dated June 30,
2022 with an effective date of October 19, 2022. Scientific and technical information concerning the
Greenstone Gold Mine is summarized, derived, or extracted from the “Technical Report on the Greenstone
Gold Mine, Geraldton, Ontario” dated October 1, 2024 with an effective date of June 30, 2024. Scientific
and technical information concerning the Mesquite Mine is summarized, derived, or extracted from the
“Technical Report on the Mesquite Gold Mine, Imperial County, California, U.S.A.” prepared by AGP
Mining Consultants Inc. dated April 27, 2020 with an effective date of December 31, 2019. Mesquite
Mineral Reserve and Mineral Resources were updated at June 30, 2020 with the results announced in a
news release dated October 8, 2020. Scientific and technical information concerning the Aurizona Mine is
summarized, derived, or extracted from the “Technical Report on the Aurizona Gold Mine Expansion Pre-
Feasibility Study” prepared by AGP Mining Consultants Inc. dated November 4, 2021 with an effective date
of September 20, 2021. Scientific and technical information concerning the Fazenda Mine is summarized,
derived, or extracted from the “Technical Report on the Fazenda Gold Mine, Bahia State, Brazil” prepared
by Equinox Gold Corp. dated January 31, 2025 with an effective date of June 30, 2024. Scientific and
technical information concerning the RDM Mine is summarized, derived, or extracted from the “NI 43-101
Technical Report on the Riacho dos Machados Gold Mine, Minas Gerais, Brazil” prepared by Equinox Gold
Corp. dated October 22, 2021 with an effective date of December 31, 2020. Scientific and technical
information concerning the Castle Mountain Mine is summarized, derived, or extracted from the “Technical
Report on the Castle Mountain Project Feasibility Study” prepared by M3 Engineering & Technology Corp.
dated March 17, 2021 with an effective date of February 26, 2021. Each of these Technical Reports has
been filed with Canadian securities regulatory authorities and is available for review on Equinox Gold’s
website at www.equinoxgold.com, on Equinox Gold’s profile on SEDAR+ at www.sedarplus.ca and on
Equinox Gold’s profile on EDGAR at www.sec.gov/edgar.
Scientific and technical information concerning the Valentine Mine is summarized, derived, or extracted
from the “Valentine Gold Project NI 43-101 Technical Report and Feasibility Study, Newfoundland and
Labrador, Canada” dated December 20, 2022 with an effective date of November 30, 2022. Scientific and
technical information concerning the La Libertad Complex is summarized, derived, or extracted from the
“Technical Report on La Libertad Complex, Nicaragua, Report for NI 43-101” dated March 29, 2022 with an
effective date of December 31, 2021. Scientific and technical information concerning the El Limon Mine is
summarized, derived, or extracted from the “Technical Report on El Limon Complex, Leon and
Chinandego Departments, Nicaragua, Report for NI 43-101” dated March 30, 2021 with an effective date of
December 31, 2020. Scientific and technical information concerning the Pan Mine is summarized, derived,
or extracted from the “NI 43-101 Updated Technical Report on Resources and Reserves, Pan Gold Project,
White Pine County, Nevada” dated March 16, 2023 with an effective date of December 31, 2022. Each
of these Technical Reports has been filed with Canadian securities regulatory authorities and is
available for review on Equinox Gold’s website at www.equinoxgold.com and on Calibre Mining’s
profile on SEDAR+ at www.sedarplus.ca.
Readers are reminded that results outlined in the technical reports for some of these projects are
preliminary in nature and may include Inferred Mineral Resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be
categorized as Mineral Reserves.
There is no certainty that the mine plans and economic models contained in any of the reports will be
realized. Readers are further cautioned that Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. Readers are also advised to refer to the latest annual information
form and technical reports of the Companies as well as other continuous disclosure documents filed by
the Companies, which are available on SEDAR+, for detailed information (including qualifications,
assumptions and notes set out accordingly) regarding the Mineral Reserve and Mineral Resource
information contained in this document.
Technical Information
The scientific and technical information contained in this presentation related to the Greenstone, Castle
Mountain, Mesquite, Los Filos, Aurizona, Bahia Complex (Santa Luz and Fazenda), RDM, Kailey, Key
Lake, Hasaga and Brookbank properties was reviewed by Philippe LeBleu, P.Eng., VP Mining
Engineering and a "Qualified Person" for Equinox Gold under National Instrument 43-101. The
scientific and technical information related to the Valentine, Pan, El Limon, La Libertad, Golden Eagle
and Gold Rock properties was reviewed by David Schonfeldt, P.Geo., VP Mine Geology and a
"Qualified Person" for Equinox Gold under National Instrument 43-101.
Technical Disclosure

32
+1 604.260.0516
ir@equinoxgold.com
www.equinoxgold.com
TSX: EQX NYSE-A: EQX

Equinox Gold Corporate Presentation July 2025

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Equinox Gold Corporate Presentation July 2025