Equinox Gold (EQX) Guidance summary

Opening remarks and agenda

• Conference call and webcast scheduled for June 12, 2025, to discuss pro forma guidance following the near-completion of a merger with Calibre Mining, with leadership from both companies present.

• Updated 2025 production and cost guidance reflects the business combination and slower ramp-up at Greenstone.

• Forward-looking statements were highlighted, and all figures are in US dollars.

Guidance on key objectives

• 2025 consolidated gold production guidance is 785,000–915,000 ounces at AISC of $1,800–$1,900/oz and TCC of $1,400–$1,500/oz, excluding Los Filos, Valentine, and Castle Mountain.

• Greenstone full-year production revised to 220,000–260,000 ounces due to slower ramp-up and operational challenges.

• Q2 2025 consolidated production expected at 135,000–145,000 ounces, with Greenstone contributing 45,000–50,000 ounces and Calibre 70,000–72,500 ounces.

• Growth capital spending projected at $190–$220 million, with exploration budgets of $70–$90 million.

• Over $350 million in cash expected at merger close, supporting construction and leverage reduction.

Market trends and strategic opportunities

• Merger creates a diversified portfolio anchored by long-life Canadian gold mines, with over 65% of net asset value in Canada and the USA.

• Peer-leading gold endowment with 23 Moz of reserves and 22 Moz of resources.

• Significant opportunity for shareholder value creation and re-rate potential with achievement of production and cash flow milestones.

• Path to over one million ounces of annual gold production through expansion projects.