All financial figures are in US dollars, unless otherwise indicated.

Vancouver, British Columbia--(Newsfile Corp. - August 2, 2023) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its second quarter 2023 summary financial and operating results. The Company's unaudited condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2023 will be available for download on the Company's profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar and on the Company's website at www.equinoxgold.com. The Company will host a conference call and webcast on August 3, 2023 commencing at 4:00 am PT (7:00 am ET) to discuss the Company's second quarter results and activities underway at the Company's projects. Further details are provided at the end of this news release.

Greg Smith, President and CEO of Equinox Gold, commented: "Following a solid second quarter, Equinox Gold delivered its strongest first half of the year on record, producing 260,408 ounces of gold and generating $506 million of revenue and $128 million of adjusted EBITDA. We remain well positioned to achieve 2023 production and cost guidance.

"We also made significant progress at Greenstone during the quarter. The project is 85% complete, on budget and on schedule to pour gold in the first half of 2024, and we look forward to hosting a site tour for analysts and investors in early September. With the initiatives taken earlier in the year to strengthen our balance sheet, we remain fully funded to complete Greenstone construction, ending the quarter with more than $300 million in cash and available credit."

HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2023

Operational

Produced 137,661 ounces of gold
Sold 138,094 ounces of gold at an average realized gold price of $1,962 per oz
Total cash costs of $1,361 per oz and AISC of $1,502 per oz(1)
One fatality during the Quarter, as discussed in the Santa Luz and Health, Safety and Environment sections of the MD&A
No lost-time injuries, total recordable injury frequency rate(2) of 1.44 for the Quarter (1.15 rolling 12-month average)
Total significant environmental incident frequency rate(2) of 0.21 for the Quarter (0.35 rolling 12-month average)

Earnings

Income from mine operations of $30.7 million
Net income of $5.4 million or $0.02 per share (basic)
Adjusted net loss of $6.3 million or $0.02 per share(1)

Financial

Cash flow from operations before changes in non-cash working capital of $81.2 million ($19.9 million after changes in non-cash working capital)
Adjusted EBITDA of $70.9 million(1)
Sustaining expenditures of $12.7 million and non-sustaining expenditures of $105.9 million
Cash and cash equivalents (unrestricted) of $174.4 million at June 30, 2023
Net debt(1) of $660.6 million at June 30, 2023

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(1) Cash costs per oz sold, AISC per oz sold, adjusted net income, adjusted EBITDA, adjusted earnings per share ("EPS") and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2) Total recordable injury frequency rate and significant environmental incident frequency rate are both reported per million hours worked. Total recordable injury frequency rate is the total number of injuries excluding those requiring simple first aid treatment.

Corporate

In April 2023, entered into gold collar contracts with an average put strike price of $1,950 per ounce and an average call strike price of $2,250 per ounce, for 3,050 ounces per month beginning April 2023 through to March 2024
Further to the gold sale prepay transactions entered into during Q1 2023, entered into an additional gold sale prepay transaction on June 23, 2023 with an existing lender whereby the Company received an upfront cash prepayment of $9.9 million in exchange for delivering to the lender 263.5 ounces of gold per month from October 2024 through July 2026 for a total of 5,797 ounces

- Concurrent with execution of the gold sale prepay transaction in June 2023, entered into financial swap agreements that fix the gold price relating to the $9.9 million prepayment at $2,109 per ounce

Construction, development and exploration

Advanced Greenstone construction with the following achieved to June 30, 2023:

- More than 4 million hours worked with no lost-time injuries
- Project was 82% complete, on budget and on track to pour gold in H1 2024
- Spent $92 million (Equinox Gold's 60% share) during the Quarter with total spend (100% basis) of $937 million project to date (76% of the approved budget)

Responsible Mining

In May 2023, published the annual Environmental, Social & Governance ("ESG") Report, summarizing the Company's 2022 ESG performance and 2023 targets

RECENT DEVELOPMENTS

On July 28, 2023, published the Company’s inaugural Water Stewardship Report in alignment with the water reporting practices recommended by the International Council on Mining and Metals
On August 1, 2023, published an update on Greenstone progress
On August 1, 2023, drew $127.0 million on the Company’s revolving credit facility

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
see & read more on
https://www.equinoxgold.com/news/equinox-gold-reports-second-quarter-2023-financial-and-operating-results-delivers-record-production-and-revenue-during-the-first-half-of-2023/