- all dollar figures are in US dollars, unless otherwise indicated

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its first quarter 2021 summary financial and operating results. The Company’s unaudited condensed consolidated interim financial statements and related management’s discussion and analysis for the three months ended March 31, 2021 will be available for download shortly on SEDAR, on EDGAR and on the Company’s website. The Company will host a conference call and webcast today commencing at 2:00 pm Vancouver time to discuss the Company’s business strategy and objectives, first quarter results and activities underway at the Company’s projects. Further details are provided at the end of this news release.

Christian Milau, CEO of Equinox Gold, commented: “It’s certainly been a busy start to the year with closing of the Premier Gold acquisition, subsequent integration of the Mercedes Mine and Greenstone Project into our portfolio, and increasing our interest in Greenstone to 60%. We also commenced early works construction at Greenstone, Santa Luz construction is 30% complete and on track for first gold early next year, the Los Filos expansion is underway and we are making good progress opening up the higher-grade Brownie deposit at Mesquite.

“As guided, these key investments result in lower production and higher costs in the first half of the year, but we will see the benefits of this work in the third and fourth quarters as we access higher grade ore and will deliver significant growth in 2022 and future years as these new projects achieve production. We also strengthened our balance sheet with a C$75 million private placement and the sales of our small Pilar mine and a portion of our investment in Solaris Resources.”

HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Operational and financial
•Completed more than four million work hours with three lost-time injuries across all sites
•Produced 129,233 ounces (“oz”) of gold
•Sold 128,555 oz of gold at an average realized gold price of $1,786 per oz
•Total mine cash costs of $1,141 per oz and mine AISC of $1,482 per oz, which includes $70 and $22 per oz related to a write-down of inventory during higher-cost ramp up after resuming operations at Los Filos and a write-down of inventory at Pilar, respectively(1)
•Earnings from mine operations of $44.2 million
•Net income of $50.3 million or $0.21 per share
•Adjusted net loss of $3.6 million or $(0.02) per share, after adjusting for non-cash expenses(1,2)
•Cash flow from operations before changes in non-cash working capital of $62.0 million ($79.4 million after changes in non-cash working capital)
•Adjusted EBITDA of $60.5 million(1,2)
•Expenditures of $41.3 million in sustaining capital and $38.8 million in non-sustaining capital(1)
•Net debt of $229.8 million at March 31, 2021 (including $278.9 million of in-the-money convertible notes)(1)
•Cash and cash equivalents (unrestricted) of $317.5 million at March 31, 2021

Corporate
•Reiterated 2021 production and cost guidance of 600,000 to 665,000 oz of gold with mine cash costs of $940 to $1,000 per oz of gold sold and mine AISC of $1,190 to $1,275 per oz of gold, after accounting for acquisition of the Mercedes Mine and sale of the Pilar Mine after quarter end (as described in Recent 2021 Highlights)

Construction and development
•Completed feasibility study for Castle Mountain Phase 2 expansion showing an increase in gold production to an average of 218,000 oz per year for 14 years at an AISC of $858 per oz
•Announced positive drill results from the Piaba underground and Genipapo targets at Aurizona
•Santa Luz construction more than 30% complete and on schedule for first gold pour in Q1 2022

RECENT 2021 HIGHLIGHTS
•Cash and cash equivalents (unrestricted) of approximately $350 million at April 30, 2021
•Completed acquisition of Premier Gold Mines Limited (“Premier”) on April 7, 2021 ?Acquired 100% interest in the producing Mercedes Mine in Mexico and 50% interest in the construction-ready Greenstone Project (“Greenstone”) in Ontario, Canada
?Invested C$24.1 million to maintain an approximately 30% basic interest in i-80 Gold Corp., a new spin-out company advancing Premier’s Nevada assets

•Acquired an additional 10% interest in the Greenstone Project on April 16, 2021 from Orion Mine Finance Group for $51.0 million in cash plus other contingent consideration, bringing the Company’s total interest in Greenstone to 60%
•Completed a non-brokered private placement for C$75.0 million of common shares at a price of C$10.00 per share in conjunction with closing of the Premier acquisition
•Signed an updated social collaboration agreement with the Carrizalillo community at Los Filos with a term to April 2025
•Commenced development of the Bermejal underground mine at Los Filos, one of three planned expansion projects that will contribute to increasing production starting in late 2021
•Sold the Pilar Mine in Brazil for $38.0 million(3) plus a 1% net smelter returns royalty on the mine and a 9.9% equity interest in the buyer, Pilar Gold Inc.
•Completed the sale of ten million shares in Solaris Resources Inc. (“Solaris”) and warrants for the buyers to acquire up to five million additional shares of Solaris for a period of 12 months with a C$10.00 exercise price, for total cash proceeds of C$82.5 million. In the event all warrants are exercised, the Company would receive an additional C$50.0 million for total proceeds of up to C$132.5 million
•Published the Company’s inaugural environmental, social and governance (“ESG”) report, which summarizes Equinox Gold’s approach to material ESG topics, the Company’s ESG performance during 2020 and its targets for 2021

_______________
1.Mine cash cost per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, sustaining capital, non-sustaining capital and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2.Primary adjustments were $42.1 million non-cash gain on the change in fair value of gold contracts, $33.3 million non-cash gain on the change in fair value of warrants and $11.3 million non-cash loss on the change in fair value of foreign exchange contracts.
3.Total of $10.5M received at closing with the additional $27.5M to come by July 31, 2021, as described in a news release dated April 19, 2021.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS




Three months ended
Operating data Unit March 31,
2021 December 31,
2020(2) March 31,
2020(1)
Gold produced oz 129,233 136,352 88,951
Gold sold oz 128,555 136,418 82,629
Average realized gold price $/oz 1,786 1,871 1,574
Total cash cost per oz sold(4) $/oz 1,141 844 842
Mine AISC per oz sold(3)(4) $/oz 1,482 1,086 963
Financial data
Revenue M$ 229.7 255.5 130.0
Earnings from mine operations M$ 44.2 97.7 36.6
Net income M$ 50.3 91.2 5.6
Earnings per share $/share 0.21 0.38 0.04
Adjusted EBITDA(4) M$ 60.5 82.1 40.5
Adjusted net (loss) income(4) M$ (3.6) 35.7 6.6
Adjusted EPS(4) $/share (0.02) 0.15 0.05
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted) M$ 317.5 344.9 303.1
Net debt(4) M$ 229.8 200.3 446.8
Operating cash flow before changes in non-cash working capital M$ 62.0 93.9 31.3
1.Operational and financial results of the assets acquired in the merger with Leagold are included from March 10, 2020 onward.
2.The Company early-adopted the amendment to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use on January 1, 2021. The amendment applies retrospectively. For the three months ended December 31, 2020, the Company reclassified $1.6 million of pre-commercial production net income at Castle Mountain from property, plant and equipment to the income statement, comprising $2.9 million in revenue, $1.0 million in production costs and $0.3 million in depreciation. Operating and financial data for the periods affected have been updated to reflect application of this change in accounting policy.
3.Consolidated mine AISC per oz sold excludes corporate general and administration expenses.
4.Cash cost per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

The Company realized revenue of $229.7 million on sales of 128,555 oz of gold during the Quarter, compared to revenue for the three months ended December 31, 2020 (“Q4 2020”) of $255.5 million on sales of 136,418 oz of gold. The decrease in ounces sold from Q4 2020 to Q1 2021 is mainly due to lower production at Mesquite as the result of planned limited stacking of ore during Q1 2021 as the site focuses on a major stripping campaign at the higher-grade Brownie pit, as well as heavy rains in Brazil during the Quarter which resulted in some of the mines processing a portion of lower-grade stockpiles instead of run-of-mine ore. The quarter-on-quarter decrease in revenue is also partly attributable to a decrease in average realized gold price per oz from $1,871 for Q4 2020 to $1,786 for Q1 2021.

Earnings from mine operations in Q1 2021 of $44.2 million decreased from $97.7 million in Q4 2020, and net income in Q1 2021 was $50.3 million compared to $91.2 million in Q4 2020. The decrease in earnings from mine operations and net income was largely driven by the decrease in revenue as described above and higher operating costs at Los Filos as it recommenced operations in the Quarter after resolution of the community blockade.

Adjusted EBITDA for Q1 2021 of $60.5 million decreased from $82.1 million in Q4 2020 and adjusted net loss of $3.6 million for Q1 2021 decreased from adjusted net income of $35.7 million in Q4 2020. Decreases in adjusted EBITDA and adjusted net income (loss) were largely due to lower realized gold prices and higher operating costs, as described above.

2021 GUIDANCE

Following the acquisition of Premier and sale of Pilar in April 2021, the Company maintains its 2021 production guidance of 600,000 to 665,000 oz of gold and cost guidance for cash costs of $940 to $1,000 per oz of gold sold and AISC of $1,190 to $1,275 per oz of gold sold. Full-year sustaining capital guidance has been increased to $187 million and full-year non-sustaining capital guidance has been increased to $291 million to reflect the Company’s acquisition of the Mercedes mine and the Company’s 60% share of early construction works at Greenstone.




Production
(oz) Cash Costs
($/oz)(1) AISC
($/oz)(1,2) Sustaining Capital
(M$)(1) Non-sustaining Capital
(M$)(1)
Mexico
Los Filos 170,000 - 190,000 $1,125 - 1,200 $1,330 - 1,390 $38 $95
Mercedes(3) 30,000 - 35,000 850 - 900 1,140 - 1,190 15 2
USA
Mesquite 130,000 - 140,000 925 - 975 1,275 - 1,325 48 9
Castle Mountain 30,000 - 40,000 725 - 775 1,100 - 1,150 14 10
Brazil
Aurizona 120,000 - 130,000 720 - 770 1,075 - 1,125 46 4
Fazenda 60,000 - 65,000 820 - 870 1,075 - 1,125 15 2
RDM 55,000 - 60,000 1,000 - 1,050 1,175 - 1,225 10 35
Pilar(4) 9,334 1,460 1,640 1 -
Santa Luz - - - - 94
Canada
Greenstone(3) - - - - 40
Total 600,000 - 665,000 $940 - 1,000 $1,190 - 1,275 $187 $ 291
1.Cash costs per oz sold, AISC per oz sold, sustaining capital and non-sustaining capital are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2.Consolidated mine AISC per oz sold excludes corporate general and administration expenses.
3.Production and capital attributable to Equinox Gold from April 7, 2021, the date of acquisition.
4.Actuals attributable to Equinox Gold prior to the sale of Pilar as announced on April 19, 2021.

SELECTED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 and 2020




$ amounts in millions, except per share amounts Three months ended
March 31,
2021 March 31,
2020(1)
Revenue $ 229.7 $ $130.0
Operating expenses (146.8) (76.5)
Depreciation and depletion (38.7) (16.9)
Earnings from mine operations 44.2 36.6
Care and maintenance (2.0) (0.9)
Exploration (3.0) (2.6)
General and administration (7.4) (6.7)
Income from operations 31.9 26.4
Other income (expense) 38.4 9.0
Net income (loss) before taxes 70.3 35.4
Tax (expense) recovery (20.0) (29.8)
Net income (loss) and comprehensive income (loss) 50.3 5.6
Net income (loss) per share attributable to Equinox Gold shareholders
Basic 0.21 0.04
Diluted 0.14 0.04
1.Financial results for the three months ended March 31, 2020 include the results of operations for mines acquired through the Leagold Merger for the period of March 10 to March 31, 2020.

Additional information regarding the Company’s financial results and activities underway at the Company’s projects are available in the Company’s Q1 2021 Financial Statements and accompanying management’s discussion and analysis for the three months ended March 31, 2021, which will be available for download shortly on the Company’s website at www.equinoxgold.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

CONFERENCE CALL AND WEBCAST

Equinox Gold will host a conference call and webcast on May 5 commencing at 2:00 pm Vancouver time to discuss the Company’s business strategy and objectives, first quarter results and activities underway at the Company’s projects. All participants will have the opportunity to ask questions of Equinox Gold’s Chairman, CEO and executive team. The webcast will be archived on Equinox Gold’s website until November 5, 2021.

AND

Equinox Gold Announces Results from Annual General Meeting
May 5, 2021
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that Equinox Gold shareholders approved all matters voted on at the annual general meeting held earlier today including the election of management’s nominees as directors, the appointment of KPMG LLP as the Company’s independent auditor, amendments to the Company’s Articles, and acceptance of the Company’s approach to executive compensation (“Say on Pay”). Each of the matters voted on at the meeting are described in detail in the Company’s Management Information Circular dated March 12, 2021, which is available on the Company’s website at www.equinoxgold.com. A total of 140,100,255 common shares were represented at the meeting, being 57.74% of the Company’s issued and outstanding common shares.

Number of Directors

Resolution Votes For Votes Against
Set the number of directors of the Company at nine 122,018,286 (99.82%) 220,486 (0.18%)

Election of Directors
Director Nominee Votes For Votes Withheld
Mr. Ross Beaty – Chairman 117,102,894 (95.80%) 5,136,401 (4.20%)
Ms. Maryse Bélanger 118,480,224 (96.92%) 3,759,071 (3.08%)
Mr. Lenard Boggio – Lead Director 114,638,211 (93.78%) 7,601,084 (6.22%)
Mr. Tim Breen 121,731,860 (99.58%) 507,435 (0.42%)
Mr. Gordon Campbell 121,580,640 (99.46%) 658,655 (0.54%)
Gen. Wesley Clark 121,970,790 (99.78%) 268,505 (0.22%)
Dr. Sally Eyre 120,017,121 (98.18%) 2,221,651 (1.82%)
Mr. Marshall Koval 112,276,546 (91.85%) 9,962,226 (8.15%)
Mr. Christian Milau 119,436,635 (97.71%) 2,802,136 (2.29%)

Appointment of Independent Auditor

Resolution Votes For Votes Withheld
Re-appointment of KPMG LLP as auditor of the Company for the ensuing year, and authorizing the Board to set the auditor’s pay 139,524,075 (99.59%) 576,180 (0.41%)

Amendment of Company Articles
Resolution Votes For Votes Against
Amendments to the Company’s Articles to increase the threshold for a quorum at shareholder meetings and remove the right for directors to appoint alternates. 95,397,649 (78.04%) 26,675,914 (21.82%)

Say on Pay Advisory Vote

Resolution Votes For Votes Against
A non-binding advisory resolution approving the Company’s approach to executive compensation 120,794,067 (98.82%) 1,252,476 (1.02%)

Equinox Gold Contacts

Christian Milau, Chief Executive Officer