Mineral Reserves Increased 44% to 5.4 Million Ounces of Gold
360,000 Ounces of Average Annual Gold Production from 2025-2030
Mine Life Extended to 14.5 Years with 280,000 Ounces of Average Annual Gold Production
NPV5% of $625 million and IRR of 26% at $1,675/oz Gold

all dollar figures in US dollars, unless otherwise indicated

October 19, 2022 - Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce the results of a Feasibility Study for an expansion at the Company’s 100%-owned Los Filos Mine Complex (“Los Filos”) located in Mexico. Current Los Filos operations consist of both run-of-mine (“ROM”) and crushed ore heap leach facilities. With continued development of the Bermejal Underground deposit and construction of a 10,000 tonnes per day (“t/d”) carbon-in-leach (“CIL”) processing plant, the Los Filos mine life would be extended to 14.5 years with life-of-mine (“LOM”) average annual production increasing to 280,000 ounces (“oz”) of gold (2023-2036) at all-in sustaining costs1 (“AISC”) of $1,081 per oz. Total LOM production is estimated at 3.97 million oz of gold. Peak production during 2025-2030 averages 360,000 oz of gold per year. Using the base case $1,675/oz gold price, the expansion project has an after-tax net present value discounted at 5% (“NPV5%”) of $625 million with an internal rate of return (“IRR”) of 26%.

Gold mineralization at Los Filos extends beyond the drilled area, and it is expected that additional drilling along the contact between intrusive and carbonate rock could identify further skarn mineralization. With exploration success and conversion of Mineral Resources to Mineral Reserves, considerable potential exists to extend the Los Filos mine life beyond 2036.

LOS FILOS EXPANSION HIGHLIGHTS

After-tax NPV5% of $625 million at base case $1,675/oz gold
After-tax IRR of 26% at $1,675/oz gold
5.4 million oz gold of Proven and Probable Mineral Reserves
7.9 million oz gold of Measured & Indicated Resources (exclusive of Reserves)
3.97 million oz LOM gold production
360,000 oz peak average annual gold production (2025-2030)
280,000 oz average annual gold production LOM (2023-2036)
1.22 million oz of gold produced from the heap leach with average recovery of 55%
2.75 million oz of gold produced from the CIL plant with average recovery of 88%
11.83 million oz LOM silver production
$993 million after-tax LOM cumulative net cash flow
$981/oz average LOM cash costs1
$1,081/oz average LOM AISC1
$318 million initial capital cost to build the CIL plant and associated infrastructure
14.5-year mine life with extension potential from Mineral Resource conversion and exploration success

1. Cash costs and all-in sustaining costs are non-IFRS measures. See Non-IFRS and Other Financial Measures.

The Feasibility Study includes an updated Mineral Reserve and Mineral Resource estimate incorporating a revised mine plan and 101,407 metres of exploration drilling since October 31, 2018. Factoring 681,000 oz of mining depletion over almost four years, Los Filos Mineral Reserves have increased 44% over the 2018 estimate, with 193.2 million tonnes (“Mt”) of Proven & Probable Mineral Reserves grading 0.86 grams per tonne (“g/t”) gold for 5.4 million oz of contained gold. An additional 325.3 Mt of Measured & Indicated Mineral Resources (exclusive of Mineral Reserves) grading 0.75 g/t gold for 7.9 million oz of contained gold, and 135.9 Mt of Inferred Mineral Resources grading 0.74 g/t gold for 3.2 million oz of contained gold demonstrate the potential for mine life extension with successful conversion of Mineral Resources to Mineral Reserves. Refer to the detailed Mineral Reserve and Mineral Resource tables that follow in this news release.

Los Filos encompasses three main open-pit mining areas: Los Filos, Guadalupe and Bermejal, and three underground mines: Los Filos South, Los Filos North and Bermejal Underground. Bermejal Underground development recommenced in Q2-2021 and the deposit has been contributing higher-grade ore since mid-2022. Ore from all six mining areas is currently processed on heap leach pads.

The Feasibility Study contemplates construction of a CIL plant commencing in 2023 with an 18-month timeline for construction and commissioning, which would allow higher-grade ore to be directed to the CIL plant commencing in mid-2024. While the economic and production estimates outlined in the Feasibility Study and in this news release are predicated on that timeline, Equinox Gold has not approved construction for the CIL plant.

Greg Smith, President & CEO of Equinox Gold, commented: “The Feasibility Study confirms a path to expand Los Filos to a large-scale, long-life gold mine with a substantial reserve and resource endowment and opportunity for further growth. We are pleased with the results of the Feasibility Study; however, we have not made a decision to proceed with the expansion. Any decision to proceed with the Los Filos expansion will be made considering the operating stability in the region, market conditions and availability and cost of capital. Equinox Gold is currently focused on construction of its Greenstone Mine in Ontario, Canada, and advancing the permitting to expand its Castle Mountain Mine in California, USA.”

OVERVIEW

Los Filos has produced 3.4 million oz of gold since the mine commenced operations in 2005, with ore from all deposits processed using heap leach facilities. The Feasibility Study contemplates building and operating a 10,000 t/d CIL processing plant to operate concurrently with the existing heap leach facilities. All underground ore and higher-grade open-pit ore (generally above 0.5 g/t gold) would be directed to the CIL plant, with lower-grade ore going onto the heap leach pads as either crushed or run-of-mine stacked ore. Ore that contains higher levels of copper and sulphur would also be directed to the CIL plant to optimize the economic recovery of gold from all ore types.

Constructing and operating the CIL plant, compared to a heap leach only scenario, extends the Los Filos mine life by approximately four years and adds more than 1.1 million ounces of gold to LOM production.

Los Filos Expansion Highlights
Gold price (base case) $1,675/oz
Exchange rate (Mexican Peso to US Dollar) 20:1
Average annual gold production (LOM) (2023-2036) 280,000 oz
Peak average annual gold production (2025-2030) 360,000 oz
Total gold production (LOM) 3.97 million oz
Heap leach facilities 1.22 million oz
CIL plant 2.75 million oz
Proven & Probable Mineral Reserves 5.35 million oz
Gold grade (open pit 0.65 g/t, underground 3.94 g/t) 0.86 g/t
Measured & Indicated Mineral Resources (exclusive of Mineral Reserves) 7.90 million oz
Gold grade (open pit 0.71 g/t, underground 3.65 g/t) 0.75 g/t
Open-pit strip ratio 4.4:1
Average gold recovery (heap leach / CIL) 55% / 88%
Ore stacked on heap leach (average over LOM) 28,000 t/d (10 Mtpa)
CIL plant throughput 10,000 t/d (3.65 Mtpa)
Initial mine life (commencing H2 2022) 14.5 years
Initial capital costs for CIL plant construction $318 M
Non-sustaining capital (including capitalized stripping) (LOM) $400 M
Sustaining capital (LOM) $349 M
Cash costs (LOM, including royalties) $981/oz
AISC (LOM) $1,081/oz
Net cumulative cash flow (LOM, after tax) $993 M
NPV5% (after tax) $625 M
IRR (after tax) 26%

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ABOUT EQUINOX GOLD

Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines, construction underway at a new project, and a clear path to achieve one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold operates entirely in the Americas with one property in Canada, two properties in the United States, one in Mexico and four in Brazil. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.

EQUINOX GOLD CONTACTS

Greg Smith, President and Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com