Equinox Gold (EQX) Investor presentation summary

Strategic rationale and growth profile

• Merger creates a senior gold producer with immediate scale, producing 1.1 Moz annually and a clear path to over 1.9 Moz through organic growth projects in North America.

• Portfolio includes six operating mines across four countries, with significant reserves (23 Moz P&P) and resources (~25 Moz M&I).

• Second largest Canadian gold producer, with three cornerstone assets: Greenstone, Valentine, and Musselwhite.

• Advanced, low-risk growth pipeline includes expansions at Valentine, Castle Mountain, Los Filos, South Railroad, and Camino Rojo underground.

• Supported by cornerstone shareholders and a leadership team with a proven track record in value creation.

Financial strength and shareholder returns

• Robust financial position with $790M cash, $650M undrawn credit, and $500M accordion facility.

• Substantial free cash flow generation, with $3.4B cumulative FCF projected for 2026–2030, funding both growth and shareholder returns.

• Growth capital requirements for major projects estimated at $2.1B, well covered by projected cash flows.

• Enhanced ability to return capital to shareholders, with both companies maintaining dividend policies until close.

• Expected to be in a net cash position by year-end post-merger.

Transaction structure and leadership

• Orla shareholders receive 1.00 Equinox share plus nominal cash per share; pro-forma ownership is 67% Equinox, 33% Orla.

• Board to have 11 members (5 from Orla, 6 from Equinox), with Chuck Jeannes as Chair and Ross Beaty as Special Advisor.

• Darren Hall to serve as CEO and Jason Simpson as President.

• Shareholder votes and regulatory approvals expected by July 2026, with transaction closing anticipated in Q3 2026.

• Reciprocal break fees and non-solicitation provisions included.