Three months ended Year ended
Operating data Unit December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018
Gold produced oz 80,176 25,601 194,941 25,601
Gold produced pre-commercial operation oz - - 6,076 -
Gold sold oz 80,330 24,384 196,803 24,384
Realized gold price $/oz 1,482 1,237 1,431 1,237
Mine AISC per oz(1) $/oz 848 886 931 886

Financial data
Revenue M$ 119.0 30.2 281.7 30.2
Earnings from mine operations M$ 38.5 6.9 83.9 6.9
Net loss from continuing operations M$ (8.5) (25.9) (20.3) (39.4)
Adjusted EBITDA M$ 47.9 0.9 98.2 (11.8)
Adjusted net income (loss) M$ 20.9 (4.2) 38.3 (20.0)

Balance sheet and cash flow data
Cash (unrestricted) M$ 67.7 60.8 67.7 60.8
Operating cash flow M$ 38.9 1.5 59.7 (23.0)

1.Consolidated mine AISC per oz sold excludes corporate general and administration expenses.

OPERATING RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2019
Operating data Unit Mesquite Aurizona
Ore mined Kt 5,547 1,271
Waste mined Kt 8,403 7,239
Strip ratio w:o 1.52 5.69
Average gold grade stacked/processed g/t 0.31 1.62
Gold produced oz 40,321 39,855
Gold sold oz 41,316 39,014

Financial data
Revenue M$ 61.2 57.8
Operating expenses M$ 34.8 26.2
Sustaining capital M$ 0.8 5.2

Unit analysis
Realized gold price $/oz 1,481 1,482
Cash cost per ounce sold $/oz 841 672
AISC per ounce sold $/oz 881 814

2019 Guidance Comparison
The Company achieved its 2019 production guidance of 200,000 to 235,000 oz of gold and beat its AISC per oz sold guidance of $940 to $990 per oz sold as outlined below:

2019 Actuals 2019 Guidance
Production (oz) AISC ($ per oz) Production (oz) AISC ($ per oz)
Mesquite 125,736 933 125,000 - 145,000 930 - 980
Aurizona(1) 75,282 928 75,000 - 90,000 950 - 1,025
Total 201,018 931 200,000 – 235,000 940 - 990

1. Aurizona production for the year ended December 31, 2019 includes 6,076 oz poured during construction and commissioning, prior to the July 1, 2019 start of commercial production.

The Company’s capital expenditures were less than 2019 guidance, as outlined below:

Sustaining Capital Expenditures (millions)

Actual Guidance
Mesquite $ 7.1 $ 8.0
Aurizona 13.7 21.0
Total $ 20.8 $ 29.0

Non-sustaining Capital Expenditures (millions)

Actual Guidance
Reserve expansion(1) Construction(2) Reserve expansion Construction
Mesquite $ 8.7 $ - $ 8.0 $ -
Aurizona 1.0 46.1 2.0 37.6
Castle Mountain - 21.0 - 28.0
Total $ 9.7 $ 67.1 $ 10.0 65.6

1. Reserve expansion at Aurizona relates to exploration drilling at near-mine targets outside of the existing reserve boundary. Amounts are expensed on the consolidated statement of loss in the period.
2. Aurizona costs does not include $11.3 million in recoverable tax credits recognized as a reduction to construction expenditures that are expected to be realized as cash savings over the next two years.

2020 OUTLOOK

On January 28, 2020, Equinox Gold and Leagold securityholders voted 99.9% and 99.7% in favour, respectively, of the previously announced at-market merger. The Supreme Court of British Columbia issued its final order approving the arrangement with Leagold on January 30, 2020, the Mexican Comisión Federal de Competencia Económica issued its clearance decision on February 28, 2020, and the Company has received conditional approval from the TSX and NYSE-A stock exchanges. Assuming other customary terms and conditions related to the transaction are met, the transaction and concurrent financing are expected to close in the second week of March 2020. Upon closing, Leagold shareholders will receive 0.331 of an Equinox Gold share for each Leagold share held and the combined entity will continue as Equinox Gold.

The merger will significantly expand Equinox Gold’s asset portfolio. At completion, Equinox Gold will have six operating mines: Los Filos in Mexico, Mesquite in California, and Aurizona, Fazenda, RDM and Pilar in Brazil. The merger also enhanced Equinox Gold’s growth profile, with two development projects: Castle Mountain Phase 1 in California and the Los Filos expansion in Mexico, and two growth projects: Castle Mountain Phase 2 and Santa Luz in Brazil. In addition, Equinox Gold intends to undertake exploration programs across the combined operations and is finalizing a preliminary economic assessment for the potential to develop an underground mine at Aurizona. Equinox Gold will provide 2020 guidance after completion of the merger.

SELECTED FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2019 AND 2018

$ amounts in millions, except per share amounts Three months ended
December 31, Year ended
December 31,
2019 2018(1) 2019 2018(1)
Revenue $ 119.0 $ 30.2 $ 281.7 $ 30.2
Operating expenses (61.0) (19.0) (159.2) (19.0)
Depreciation and depletion (19.4) (4.2) (38.6) (4.2)
Earnings from mine operations 38.5 6.9 83.9 6.9
Exploration (1.7) (3.9) (8.8) (12.2)
General and administration (9.9) (6.7) (20.0) (16.5)
Asset impairment - (13.3) - (13.3)
Income (loss) from operations 26.9 (16.9) 55.1 (35.0)
Other income (expense) (32.6) (8.3) (68.3) (2.0)
Net loss before taxes (5.7) (25.2) (13.2) (37.1)
Tax expense (2.8) (0.6) (7.1) (2.3)
Net loss from continuing operations (8.5) (25.9) (20.3) (39.4)
Loss from discontinued operation - - - (27.5)
Net loss and comprehensive loss (8.5) (25.9) (20.3) (66.9)
Net loss per share from continuing operations attributable to Equinox Gold shareholders, basic and diluted (0.08) (0.25) (0.16) (0.44)
Adjusted net income (loss)(2) $ 20.9 $ (4.2) $ 38.3 $ (20.0)

1. Mesquite was acquired on October 30, 2018 and Aurizona commenced commercial production on July 1, 2019, hence prior period figures are not comparable.
2. As a result of 42% share price appreciation during Q4 and 96% share price appreciation for full-year 2019, the Company recorded a non-cash loss related to the change in fair value of derivative liability for warrants with a Canadian dollar exercise price. Primary adjustments for Q4 were $26.8 million loss on change in fair value of warrants and $2.0 million non-cash share-based compensation expense. Primary adjustments for full-year 2019 were $38.2 million loss on change in fair value of warrants, $14.1 million loss on settlement of debt and $5.0 million non-cash share-based compensation expense.

Additional information regarding the Company’s financial results, activities underway at Mesquite, Aurizona and Castle Mountain, expectations regarding the pending merger with Leagold, and the Company’s long-term business strategy are available in the Company’s 2019 audited consolidated Financial Statements and accompanying MD&A for the three months and year ended December 31, 2019, which are 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.

CONFERENCE CALL AND WEBCAST

Equinox Gold will host a live conference call and webcast March 2, 2020 commencing at 8am PT (11am ET), providing the opportunity for participants to ask questions of Equinox Gold’s executive team.

Conference call Toll-free in U.S. and Canada: 1-800-319-4610

International callers: +1 604-638-5340

Webcast www.equinoxgold.com

The webcast will be archived on Equinox Gold’s website until June 2, 2020.

Achieves Record Quarterly Gold Production of 80,000 Ounces and Operating Cash Flow of $39 Million
All dollar figures in US dollars, unless otherwise indicated

March 2, 2020 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) has released its audited consolidated financial statements (“Annual Financial Statements”) and related management’s discussion and analysis (“Q4 MD&A”) for the fourth quarter and fiscal year ended December 31, 2019. The Company will host a conference call and live webcast to discuss the results at 8am PT (11am ET) today. Dial-in and login details are provided at the end of this news release.

“Equinox Gold achieved its growth objectives in 2019 and had a strong fourth quarter of production from both Aurizona and Mesquite, with lower costs and improved cash flows,” said Christian Milau, Chief Executive Officer. “The strategic merger with Leagold Mining, which is expected to close next week, will significantly increase annual gold production and provide shareholders with exceptional leverage to gold from six producing gold mines, two development projects and two growth projects, all located in the Americas. The proposed merger has received excellent support from both shareholders and the market. We look forward to closing the merger and communicating our 2020 strategy to deliver value from the expanded portfolio of assets.”

HIGHLIGHTS FOR THE FULL YEAR 2019
Operational and financial highlights

Completed 3.3 million work hours in 2019 with two lost-time injuries across all of the Company’s sites
Achieved production guidance with total production of 201,018 ounces (“oz”) of gold at mine all-in-sustaining costs (“AISC”) of $931 per oz sold, which beat the AISC guidance range of $940 to $990 per oz(1)
Aurizona achieved commercial production on July 1, 2019, producing 75,282 oz of gold at AISC of $928/oz
Mesquite produced 125,736 oz of gold at AISC of $933/oz
Sold 196,803 oz of gold, generating revenue of $281.7 million
Mine cash costs of $809 per oz sold(1)
Earnings from mine operations of $83.9 million
Cash flow from operations of $59.7 million
Adjusted EBITDA of $98.2 million(1,2)
Adjusted net income of $38.3 million(1,2)
Adjusted earnings per share (“EPS”), basic and diluted, of $0.34 and $0.29, respectively(1,2)
Net loss of $20.3 million or $0.16 per share, which includes non-cash losses related to:
Change in fair value of derivative liability of $38.2 million related to warrants with a C$ exercise price
Early debt settlement of $14.1 million after refinancing project debt with a new revolving credit facility
Cash and cash equivalents (unrestricted) of $67.7 million at year end
Corporate highlights

Completed strategic $130 million investment by Mubadala Investment Company (“Mubadala”)
Arranged $130 million corporate revolving credit facility and repaid Sprott facilities
Commenced trading on the NYSE-A under symbol “EQX”
Completed a 5:1 share consolidation to achieve the NYSE-A listing
Graduated from the TSX Venture Exchange to the Toronto Stock Exchange
Announced at-market merger with Leagold Mining (“Leagold”) to create a premier Americas gold producer
Arranged refinancing package of $670 million to close concurrently with the merger
Development highlights

Commenced Castle Mountain Phase 1 construction
Initiated Castle Mountain Phase 2 feasibility study
Drilled 6,735 metres on the Tatajuba target at Aurizona with a resource update targeted for H1 2020
Advanced Aurizona underground studies with a preliminary economic assessment targeted for mid 2020
Drilled 48,045 metres on mineralized waste material at Mesquite and stacked 13.1 million tonnes of economic mineralized material
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2019
Operational and financial highlights

Produced 80,176 oz of gold, with 40,321 oz from Mesquite and 39,855 oz from Aurizona
Sold 80,330 oz of gold, generating revenue of $119.0 million
Mine cash costs of $759 per oz sold and AISC of $848 per oz sold
Earnings from mine operations of $38.5 million
Adjusted EBITDA of $47.9 million(3)
Adjusted net income of $20.9 million(3)
Adjusted EPS, basic and diluted, of $0.18 and $0.15, respectively
Net loss of $8.5 million and $0.08 per share, which includes non-cash loss related to:
Change in fair value of derivative liability of $26.8 million related to warrants with a C$ exercise price
RECENT 2020 HIGHLIGHTS
Merger with Leagold expected to close in the second week of March 2020
Received shareholder approval for the merger on January 28, 2020
Received Mexican Comisión Federal de Competencia Económica clearance decision on February 28, 2020
Received conditional approval from the TSX and NYSE-A
Castle Mountain construction approximately 50% complete and on schedule for Q3 2020 first gold pour
Process pond and event pond excavation complete
Leach pad earthworks complete
Leach pad double liner system 35% complete
Concrete works 65% complete
Structural steel erection underway in the CIC plant, 25% complete
Equipment manufacturing in progress and on schedule
1 Cash cost/oz, AISC/oz, adjusted EBITDA, adjusted net income and adjusted EPS are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2 Primary adjustments were $38.2 million loss on change in fair value of warrants, $14.1 million loss on early settlement of debt and $5.0 million non-cash share-based compensation expense.
3 Primary adjustments were $26.8 million loss on change in fair value of warrants and $2.0 million non-cash share-based compensation expense.

OPERATING AND FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2019

Equinox Gold and Leagold Receive Mexican Anti-trust Approval

March 2, 2020 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold”) and Leagold Mining Corporation (TSX: LMC, OTCQX: LMCNF) (“Leagold”) are pleased to announce the receipt of the clearance decision from the Comisión Federal de Competencia Económica (“COFECE”) with respect to the pending merger between Equinox Gold and Leagold. COFECE approval was the final government agency approval required before completing the merger, which is anticipated to occur in the second week of March.

About Equinox Gold

Equinox Gold is a Canadian mining company with a multi-million-ounce gold reserve base and growth potential from three wholly owned gold mines. The Company is producing gold from its Mesquite gold mine in California and its Aurizona gold mine in Brazil and is constructing its Castle Mountain gold mine in California with the target of pouring gold in Q3-2020. Equinox Gold is 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.

About Leagold

Leagold is a mid-tier gold producer with a focus on opportunities in Latin America. Leagold is based in Vancouver, Canada and owns four operating gold mines in Mexico and Brazil, along with a near-term gold mine restart project in Brazil and an expansion project at the Los Filos mine complex in Mexico. Leagold is listed on the TSX under the trading symbol LMC and trades on the OTCQX market as LMCNF. For more information please visit www.leagold.com.

Equinox Gold.