July 17, 2018 – Vancouver, BC – Equinox Gold Corp. (TSX-V: EQX, OTC: EQXGF) (“Equinox Gold” or the “Company”) is pleased to announce that the Company, along with certain minority shareholders of the Koricancha Mill (“Koricancha”), has entered into an agreement to divest its interest in Koricancha to Inca One Gold Corp. (TSX-V: IO) (“Inca One”) for aggregate consideration of C$16.3 million, plus certain recoverable taxes, as follows:

C$6 million in common shares of Inca One1;
A C$9 million promissory note payable in: (i) three annual installments of C$2.5 million in cash or shares of Inca One2, and (ii) one installment of C$1.5 million in cash two years from closing; and
Certain working capital adjustments estimated at C$1.3 million payable in cash to Equinox Gold within three years from closing and certain additional recoverable taxes as collected.
In connection with the sale of Koricancha, the Company will also extinguish the 3.5% stream on gold production from Koricancha with payment to the stream holder of: (i) C$2.8 million in common shares of Inca One1, and (ii) C$2.5 million in cash two years from closing.

“Equinox Gold is focused on becoming a leading mid-tier gold producer and advancing its core Aurizona and Castle Mountain gold mines. Further to the recently announced copper company spinout, this transaction allows Equinox Gold to retain upside exposure to Koricancha as a meaningful stakeholder of Inca One while staying consistent with the Company’s strategy of building and operating significant gold projects,” commented Christian Milau, CEO of Equinox Gold. “Combining Koricancha with the operations of Inca One achieves operating efficiencies and meaningful scale in an industry characterized by smaller, single-asset operations, and provides a strong foundation for Inca One to build an industry leader in the Peruvian gold milling space.”

Closing of the transaction is subject to the approval of the TSX Venture Exchange (“TSX-V”) and satisfaction or waiver of other customary closing conditions.

1 Calculated using a deemed Inca One common share price of C$0.055.

2 Payable in cash or Inca One shares at Inca One’s option, provided that Equinox Gold’s beneficial ownership of Inca One common shares remains below 20% following any issuance of Inca One common shares under the promissory note.

On Behalf of the Board of Equinox Gold Corp.