all financial figures are in US dollars, unless otherwise indicated

Vancouver, British Columbia--(Newsfile Corp. - May 2, 2023) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its first 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 months ended March 31, 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 May 3, 2023 commencing at 7:30 am Vancouver time to discuss the Company's first 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: "Equinox Gold had a good start to the year, in terms of both development and operations. Greenstone construction continues to progress on time and on budget for first gold pour in the first half of 2024. We successfully strengthened our balance sheet, substantially increasing our cash position and ending Q1 2023 with over $410 million in available cash and credit. Permitting for the expansion of our Castle Mountain mine is progressing well and the feasibility study for the addition of an underground mine at Aurizona is nearing completion for release mid-year. Further, we have continued to achieve strong performance on our safety and environmental targets, and gold production and costs during the quarter have us well positioned to achieve our 2023 guidance."

HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2023

Operational

Produced 122,746 ounces of gold
Sold 123,295 ounces of gold at an average realized gold price of $1,895 per oz
Total cash costs of $1,376 per oz and AISC of $1,658 per oz(1)
One lost-time injury, total recordable injury frequency rate(2) of 0.81 for the Quarter (1.38 rolling 12-month)
Total significant environmental incident frequency rate(2) of 0.20 for the Quarter (0.59 rolling 12-month)

Earnings

Earnings from mine operations of $14.5 million
Net income of $17.4 million or $0.06 per share (basic)
Adjusted net loss of $8.2 million or $0.03 per share(1)(3)

Financial

Cash flow from operations before changes in non-cash working capital of $195.4 million ($143.4 million after changes in non-cash working capital)
Adjusted EBITDA of $57.0 million(1)(3)
Sustaining expenditures of $32.5 million and non-sustaining expenditures of $95.0 million
Cash and cash equivalents (unrestricted) of $284.9 million at March 31, 2023
Net debt(1) of $547.8 million at March 31, 2023

Corporate

Provided 2023 production and cost guidance of 555,000 to 625,000 ounces of gold at cash costs of $1,355 to $1,460 per oz and AISC of $1,575 to $1,695 per oz(1)
In March 2023, entered into a gold forward sale and prepay arrangement, receiving an upfront gross payment of $140.0 million ($139.5 million net of fees), based on gold forward curve prices averaging approximately $2,170 per ounce, in exchange for equal monthly deliveries of gold from any of the Company's mines from October 2024 to July 2026 totaling 79,310 ounces
During the Quarter, sold 12.0 million common shares of the Company's investment in Solaris Resources Inc. for gross proceeds of $53.3 million (C$71.8 million)
In March 2023, sold 11.6 million shares of the Company's investment in i-80 Gold Corp. ("i-80 Gold") for gross proceeds of $23.7 million (C$32.0 million) and 11,600,000 half warrants, with each whole warrant exercisable to purchase one share of i-80 Gold from Equinox Gold for C$3.45 until March 31, 2024 for potential proceeds of C$20.0 million; as a result of the sale, Equinox Gold's ownership has decreased to 19.95% of i-80 Gold's issued and outstanding common shares
In January 2023, entered into gold collar contracts with an average put strike price of $1,900 per ounce and an average call strike price of $2,065 per ounce, for 10,644 ounces per month beginning February 2023 through to March 2024
In March 2023, signed a non-binding term sheet with Sandbox Royalties Corp. for a gold purchase and sale arrangement (the "Sandbox Arrangement") for up to $75 million. Finalization of the Sandbox Arrangement is subject to lender consent and successful intercreditor discussions
For the three months ended March 31, 2023, the Company issued 4,369,615 common shares under the ATM Program at a weighted average share price of $3.88 per common share for total gross proceeds of $16.9 million. No shares have been issued under the program since the end of January 2023

Construction, development and exploration

Advanced Greenstone construction with the following achieved as of March 31, 2023:

- Greenstone had achieved 3 million hours worked with no lost-time injuries
- Greenstone was 73% complete and on track to pour gold in H1 2024
- Spent $83.8 million of non-sustaining capital (Equinox Gold's 60% share)
- All buildings had been enclosed and heated as planned
- Installation of the two ball mills commenced on schedule
- Leach tank installation was completed and access on the bridge was finalized and secured
- Advanced mechanical installation of the secondary crusher, pre-leach thickener and conveyors

Responsible Mining

In February 2023, published the Company's inaugural Climate Action Report in alignment with the Task Force on Climate Related Financial Disclosures (TCFD), and committed to reducing the Company's greenhouse gas emissions by 25% by 2030, compared to forecast "business-as-usual" emissions if no intervention measures were taken

RECENT DEVELOPMENTS

In April 2023, the Company 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

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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.
(3) Primary adjustments for the three months ended March 31, 2023 relate to a $34.5 million gain on sale of partial interest and reclassification of investment in i-80 Gold, a $13.1 million unrealized gain on foreign exchange contracts, and a $16.0 million share of net loss on investment in associate.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS


Three months ended
Operating data Unit March 31,
2023 December 31,
2022 March 31,
2022
Gold produced oz 122,746 150,439 117,452
Gold sold oz 123,295 149,386 119,324
Average realized gold price $/oz 1,895 1,733 1,862
Cash costs per oz sold(1)(2) $/oz 1,376 1,223 1,237
AISC per oz sold(1)(2)(3) $/oz 1,658 1,523 1,577
Financial data



Revenue M$ 234.1 259.3 223.2
Earnings from mine operations M$ 14.5 32.0 28.5
Net income (loss) M$ 17.4 22.6 (19.8)
Earnings (loss) per share (basic) $/share 0.06 0.07 (0.07)
Adjusted EBITDA(1) M$ 57.0 74.3 43.1
Adjusted net (loss) income(1) M$ (8.2) 7.0 (24.2)
Adjusted EPS(1)
$/share (0.03) 0.02 (0.08)
Balance sheet and cash flow data


Cash and cash equivalents (unrestricted) M$ 284.9 200.8 151.2
Net debt(1) M$ 547.8 627.3 385.1
Operating cash flow before changes in non-cash working capital M$ 195.4 80.0 33.5



(1) Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income (loss), adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2) Consolidated cash cost per oz sold and AISC per oz sold for the three months ended March 31, 2022 excludes Santa Luz results while the mine was in pre-commercial production up until the achievement of commercial production at the end of Q3 2022.
(3) Consolidated AISC per oz sold excludes corporate general and administration expenses.
(4) Numbers may not sum due to rounding.

In Q1 2023 the Company sold 3% more gold ounces compared to Q1 2022 primarily due to the contribution of production from Santa Luz, which achieved commercial production at the end of Q3 2022, and higher production at Aurizona, offset partially by no production at Mercedes, which was sold in April 2022. Compared to Q1 2022, gold sales at Aurizona were 12% higher due to higher grades and mill throughput.

In Q1 2023, earnings from mine operations were $14.5 million compared to $28.5 million in Q1 2022. The decrease in earnings from mine operations compared to Q1 2022 was primarily due to no earnings from mine operations at Mercedes, as well as lower earnings from mine operations at Mesquite and Castle Mountain, driven by lower production, and at Aurizona, driven by higher operating costs related to the impact of a contract renewal with the current mining contractor, which reflects the increasing cost of operations, offset partially by higher earnings from mine operations at Los Filos, driven by higher production.

Net income in Q1 2023 increased to $17.4 million compared to a net loss of $19.8 million in Q1 2022. The higher net income was mainly due to other income of $31.9 million in Q1 2023 compared to other expense of $19.0 million in Q1 2022, offset partially by lower earnings from mine operations. Other income for Q1 2023 includes a $34.5 million gain on the sale of the Company's partial interest and reclassification of investment in i-80 Gold.

In Q1 2023, adjusted EBITDA was $57.0 million compared to $43.1 million in Q1 2022, and adjusted net loss was $8.2 million compared to adjusted net loss of $24.2 million in Q1 2022. Adjusted EBITDA increased and adjusted net loss decreased in Q1 2023 compared to Q1 2022 primarily due to a realized loss on gold contracts in Q1 2022 compared to a realized gain on gold contracts in Q1 2023, offset partially by lower earnings from mine operations compared to Q1 2022.

Sustaining and non-sustaining expenditures totaled $32.5 million and $95.0 million, respectively, for the three months ended March 31, 2023. Sustaining and non-sustaining expenditures are broken down by mine site in the MD&A.

SELECTED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022
$ amounts in millions, except per share amounts Three months ended
March 31,
2023 March 31,
2022
Revenue $ 234.1 $ 223.2
Cost of sales

Operating expense (172.2) (152.4)
Depreciation and depletion (47.4) (42.3)
Earnings from mine operations 14.5 28.5
Care and maintenance expense (1.1) (0.4)
Exploration expense (1.8) (3.2)
General and administration expense (9.9) (11.8)
Income from operations 1.6 13.1
Finance expense (12.7) (9.4)
Finance income 3.0 0.8
Share of net loss in associate (16.0) (1.6)
Other income (expense) 31.9 (19.0)
Net income (loss) before taxes 7.8 (16.1)
Income tax recovery (expense) 9.6 (3.7)
Net income (loss) $ 17.4 $ (19.8)
Net income (loss) per share attributable to Equinox Gold shareholders

Basic $ 0.06 $ (0.07)
Diluted $ 0.05 $ (0.07)



Additional information regarding the Company's financial and operating results is available in the Company's Q1 2023 Financial Statements and accompanying MD&A for the three months ended March 31, 2023, which will be available for download 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 Wednesday, May 3, 2023 commencing at 7:30 am Vancouver time to discuss the Company's first quarter results and activities underway at the Company. All participants will have the opportunity to ask questions of Equinox Gold's CEO and executive team. The webcast will be archived on Equinox Gold's website until November 3, 2023.

Conference call
Toll-free in U.S. and Canada: 1-800-319-4610
International callers: +1 604-638-5340

Webcast
www.equinoxgold.com