Equinox Gold (EQX) investor relations material

Strategic positioning and growth outlook

• Positioned as a top quartile gold producer with 70% of production and 80% of consensus NAV in North America, focusing on long-life assets and Tier 1 jurisdictions.

• Near-term free cash flow growth expected from Canadian operations and an optimized portfolio, with flexibility to self-fund growth projects.

• Organic growth pipeline targets over 500,000 ounces of additional annual production from Valentine Phase 2, Castle Mountain, and Los Filos.

• Evaluating potential return of capital to shareholders and ongoing deleveraging, including an $800 million debt reduction in Q1 2026.

• Leadership team with a proven track record and high insider ownership compared to peers.

Operational performance and asset highlights

• 2026 production guidance of 700,000–800,000 ounces, with Greenstone and Valentine mines ramping up to design capacity in 2026.

• Greenstone achieved a 29% increase in Q4 2025 gold production and expects to reach nameplate capacity by mid-2026.

• Valentine mine achieved first gold pour ahead of schedule and targets nameplate capacity by Q2 2026, with significant exploration underway.

• Castle Mountain and Los Filos offer substantial production and reserve growth, with permitting and engineering advancing.

• Nicaragua operations provide consistent cash flow, reserve replacement, and exploration success.

Financials, capital structure, and cost guidance

• Market cap of approximately $1.4 billion as of January 2026, with $430 million in cash and $395 million in available liquidity.

• Fully diluted shares outstanding total 833.8 million, including convertible notes.

• 2026 consolidated AISC guidance of $1,775–$1,875 per ounce, with growth capital of $325–$375 million and exploration budget of $70–$80 million.

• Strong balance sheet and capital flexibility support self-funding of growth projects.