Vancouver, British Columbia--(Newsfile Corp. - January 7, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce that an updated Mineral Reserve and Mineral Resource estimate effective June 30, 2024 for its Fazenda Mine ("Fazenda") has extended the Fazenda mine life to 2033. Fazenda has been operating in Bahia State, Brazil since 1984 as a combined underground and open pit mine.

Highlights

Fazenda Mineral Reserves increased 142% to 763 thousand ounces ("koz") of contained gold, extending the Fazenda mine life to 2033 at the current throughput rate of 3,400 tonnes per day. This increase is net of 242 koz of mining depletion since the previous Mineral Reserve update in 2021

Fazenda Measured and Indicated Mineral Resources increased 418% to 1.524 million ounces ("Moz") of contained gold, exclusive of Mineral Reserves and net of Mineral Resource conversion

Fazenda Mineral Reserve and Mineral Resource average grades increased 22% and 25%, respectively

Scott Heffernan, EVP Exploration of Equinox Gold, stated: "Results from focused exploration at Fazenda over the last three years have exceeded our expectations, delivering significant mine life extension and resource growth net of mining depletion. The success of these efforts now provides a foundation on which to evaluate potential expansion opportunities at the Fazenda Mine. Future exploration programs will continue to evaluate underground and open pit opportunities in the immediate area of the Fazenda property as well as assess regional potential in the greenstone belt that extends to Equinox Gold's Santa Luz Mine to the north."

The Company continues to see significant exploration potential at Fazenda and has approved a 60,000 m diamond drill program for 2025 that will focus on Mineral Reserve replacement and additional near-mine resource growth.

Fazenda Mineral Reserve and Mineral Resource Update

The Fazenda Mineral Reserve and Mineral Resource update incorporates 197,098 metres ("m") (1,599 holes) of drilling completed from January 1, 2021 to December 31, 2023 and includes additional geotechnical information, updated mining costs and an updated gold price for the mine design. The increased drilling density supported an update to the geologic model with significantly improved connectivity between the mineralized horizons, particularly within the Canto Unit, that were previously modeled only as isolated, local zones. The updated mine plan includes contributions from nine open-pit and three underground mining areas (Figure 1).

Fazenda Proven and Probable Mineral Reserves at June 30, 2024 are estimated at 13.2 million tonnes ("Mt") grading 1.80 grams per tonne ("g/t") gold for 763 koz of contained gold (Table 1), a 142% increase, net of mining depletion, over the previous estimate in 2021.

Fazenda Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, are estimated at 21.4 Mt grading 2.21 g/t gold for 1.524 Moz of contained gold, representing a 418% increase over the previous estimate net of resource conversion. Inferred Mineral Resources have increased by 68% to 4.7 Mt grading 1.77 g/t gold for 266 koz of contained gold. New open pit deposit areas include Barrocas Southwest, Papagaio, and Raminhos.

Table 1: Fazenda Mineral Reserve Estimate at June 30, 2024

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