September 8, 2021 – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce updated Mineral Reserve and Mineral Resource estimates for the Mesquite (“Mesquite”) gold mine in California, USA, and the Fazenda Brasileiro (“Fazenda”) and Riacho Dos Machados (“RDM”) gold mines in Brazil, incorporating exploration drilling completed during 2020.

Highlights
Mesquite Measured and Indicated Mineral Resources increased 65% to 1,384,000 ounces (“oz”) of contained gold, exclusive of Mineral Reserves
Mesquite Inferred Mineral Resources increased 30% to 912,000 oz of contained gold
Fazenda exploration success offset 31 months of mining depletion, with Mineral Reserves essentially unchanged at 315,000 oz of contained gold representing five-plus years of mine life
Scott Heffernan, EVP Exploration of Equinox Gold, stated: “Exploration efforts at Mesquite continue to demonstrate significant resource growth and mine life extension. In addition, drilling during 2021 points to multi-year mine life extension, including the best hole drilled year-to-date on the property with 78 metres of 1.2 g/t gold located on the eastern margin of the Rainbow deposit.

“Exploration at the Fazenda mine has again successfully replaced reserves and extended the mine life, but we are particularly excited about ongoing near-mine exploration at Fazenda and district-wide exploration on multiple targets within the greenstone belt between our Fazenda and Santa Luz mines, the results of which will be released in Q4 2021.”

Mesquite Mineral Reserve and Mineral Resource Update

Exploration at Mesquite continues to deliver significant resource growth. The current update incorporates 20,230 metres (“m”) (254 holes) of drilling during the last half of 2020 and does not include any results from the 2021 drill program. Initial results from 2021 exploration are very encouraging (highlight results are shown in Figures 1 and 2). Ongoing efforts at Mesquite are focused on resource growth at the Brownie, VE2 and Rainbow deposits, as well as the conversion of Mineral Resources to Mineral Reserves via metallurgical test work, heap leach optimization studies, and the assessment and design of new leach pads to support mine life extension. These activities are expected to demonstrate a significant increase in the Mesquite mine life.

Mesquite Proven and Probable Mineral Reserves at June 30, 2021 are estimated at 30.3 million tonnes (“Mt”) grading 0.48 grams per tonne (“g/t”) gold for 471,000 oz of contained gold (Table 1). The 28% decrease from the previous estimate is attributable almost entirely to mining depletion of 199,174 oz of gold from July 1, 2020 to June 30, 2021.

Mesquite Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, have increased by 65% to 105.0 Mt grading 0.41 g/t gold for 1,384,000 oz of contained gold (Table 2). Inferred Mineral Resources have increased by 30% to 84.0 Mt grading 0.34 g/t gold for 912,000 oz of contained gold (Table 2).

Table 1: Mesquite Mineral Reserve Estimate at June 30, 2021

Proven Reserves Probable Reserves Proven & Probable Reserves
Ore Type Tonnes (kt) Grade (g/t) Gold (koz) Tonnes (kt) Grade (g/t) Gold (koz) Tonnes (kt) Grade (g/t) Gold (koz)
Oxide - - - 11,194 0.43 153 11,194 0.43 153
Oxide Transition - - - 4,888 0.40 63 4,888 0.40 63
Non-Oxide 29 0.79 1 11,643 0.57 213 11,672 0.57 214
Non-Oxide Transition 5 0.79 - 2,539 0.50 41 2,544 0.50 41
Total 34 0.79 1 30,264 0.48 470 30,298 0.48 471

Note: This Mineral Reserve estimate with an effective date of June 30, 2021 is based on the Mesquite Mineral Resource estimate dated June 30, 2021 completed by Equinox Gold (Model F). The Mineral Reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP Mining Consultants Inc., who is a Qualified Person as defined under National Instrument 43-101 (“NI 43-101”). Mineral Reserves are stated within the final design pit based on a $1,350/oz gold price. The cut-off grade varied by material type from 0.14 g/t for oxide and oxide-transition and 0.24 g/t for non-oxide materials. The mining cost averaged $1.42/tonne mined, processing costs are $1.46/tonne ore and G&A is $0.63/tonne ore placed. The ore recoveries are 75% for oxide and 35% for non-oxide material. Numbers may not sum due to rounding.

Table 2: Mesquite Mineral Resource Estimate (Exclusive of Reserves) at June 30, 2021

Type Measured Indicated Measured & Indicated Inferred
Tonnes (kt) Grade (g/t) Gold
(koz) Tonnes (kt) Grade (g/t) Gold (koz) Tonnes (kt) Grade (g/t) Gold (koz) Tonnes (kt) Grade (g/t) Gold (koz)
OXD, OXD-TR 15 2.07 1 19,227 0.37 229 19,242 0.37 230 16,183 0.36 189
NOX, NOX-TR 65 0.41 1 63,346 0.48 982 63,411 0.48 983 39,728 0.39 500
Historical Dumps - - 0 22,338 0.24 171 22,338 0.24 171 28,119 0.25 223
Combined 81 0.77 2 104,910 0.41 1,382 104,991 0.41 1,384 84,030 0.34 912

Notes: OXD = Oxide. OXD-TR = Oxide Transition. NOX = Non-Oxide. NOX-TR = Non-Oxide Transition. Mineral Resources have an effective date of June 30, 2021 and are reported exclusive of Mineral Reserves. Mineral Resources were restricted between the reserve pit designs and the ultimate resource limiting pit shell based on a gold price of $1,500/oz, a mining cost of $1.42/t mined, a processing cost of $1.46/t ore and G&A of $0.63/t ore. Oxide and oxide transition have an assumed recovery of 75% and cut-off grade of 0.09 g/t gold. Non-oxide and non-oxide transition have an assumed recovery of 35% and cut-off grade of 0.18 g/t gold. Historical waste dump material has an assumed recovery of 75% and cut-off grade of 0.14 g/t gold. Ali Shahkar, P.Eng. of Equinox Gold is the Qualified Person under NI 43-101 responsible for the Mineral Resource estimate. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. See Cautionary Notes and Technical Disclosure Statement. Numbers may not sum due to rounding.

Figure 1 below highlights the year-over-year growth of the $1,500/oz gold resource limit in relation to the $1,350/oz gold reserve pit limit, as well as the 2021 drilling program with some highlight results to date.

Figure 2 below is a NW-SE oriented long section through the Brownie deposit that shows the updated Mineral Reserve and Mineral Resource shells as well as results to date from 2021 drill holes, which are located outside of the 2021 resource pit, highlighting the potential for continued resource growth and mine life extension.

Figure 1: Mineral Resource and Mineral Reserve Map of Mesquite Mine with 2021 Drilling
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Fazenda Mineral Reserve and Mineral Resource Update

Exploration at Fazenda continues to successfully replace reserves on an annualized basis, and the current update incorporates 155,008 metres (“m”) (2,937 holes) of drilling completed from May 2018 to December 31, 2020. The Company sees significant exploration potential at Fazenda and in 2021 commenced a 74,000 m drill program focused on reserve replacement and near-mine resource growth at Fazenda, and on greenfields exploration in the underexplored 70-km-long greenstone belt that hosts the Fazenda-Santa Luz mining district. Combined with near-mine and regional exploration around the Company’s Santa Luz mine to the north, the Company plans to complete more than 110,000 m of drilling during 2021 to further define the Fazenda-Santa Luz mining district.

Fazenda Proven and Probable Mineral Reserves at December 31, 2020 are estimated at 6.7 Mt grading 1.47 g/t gold for 315,000 oz of contained gold (Table 3). Net of mining depletion (196,000 oz) over a 31-month period, Mineral Reserves are effectively unchanged from the May 31, 2018 Mineral Reserve estimate and demonstrate five-plus years of mine life at current production levels. The current mine plan includes contributions from underground and open-pit mining areas with reserves from several parallel mineralized zones.

Fazenda Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, are estimated at 5.2 Mt grading 1.77 g/t gold for 294,000 oz of contained gold (Table 4). Inferred Mineral Resources are estimated at 3.3 Mt grading 1.50 g/t gold for 158,000 oz of contained gold (Table 4).

Table 3: Fazenda Mineral Reserve Estimate at December 31, 2020

Category Location Tonnes
(kt) Grade (g/t) Gold (koz)
Proven Underground 3,858 1.67 207
Open Pit 1,461 1.32 62
Total Proven 5,319 1.57 269
Probable Underground 434 1.49 21
Open Pit 835 0.84 23
Stockpile 66 1.52 3
Total Probable 1,335 1.09 47
Total Proven & Probable 6,653 1.47 315

Notes: CIM Definition Standards (2014) were followed for Mineral Reserves reported at a cut-off grade of 1.32 g/t gold for underground and between 0.60 and 0.89 g/t gold for open pit material. Mineral Reserves were estimated using an average long-term gold price of $1,350/oz and an exchange rate of R$4.75:US$1.00. A minimum mining width of 2.0 m was used for underground Mineral Reserves. The Mineral Reserve statement has been prepared under the supervision of Hugo Ribeiro de Andrade Filho, FAusIMM (CP), of Equinox Gold, who is a Qualified Person as defined by NI 43-101. Numbers may not sum due to rounding.

Table 4: Fazenda Mineral Resource Estimate (Exclusive of Reserves) at December 31, 2020

Category Location Tonnes
(kt) Grade (g/t) Gold (koz)
Measured Underground 2,237 2.21 159
Open Pit 399 1.48 19
Total Measured 2,636 2.10 178
Indicated Underground 1,189 1.88 72
Open Pit 1,342 1.02 44
Total Indicated 2,531 1.43 116
Measured & Indicated Underground 3,426 2.10 231
Open Pit 1,741 1.13 63
Total Measured & Indicated 5,167 1.77 294
Inferred Underground 1,720 1.90 105
Open Pit 1,563 1.05 53
Total Inferred 3,283 1.50 158

Notes: CIM Definition Standards (2014) were followed for Mineral Resources reported at varying cut-off grade from 0.54 to 0.85 g/t gold for open pit and 1.19 g/t gold for underground material. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are estimated using a gold price of $1,500/oz and an exchange rate of R$4.75:US$1.00. A minimum mining width of 1.0 m was used for underground Mineral Resources. Bulk density ranges from 2.64 to 3.01 t/m3. The Mineral Resource statement has been prepared by Felipe Machado de Araújo, MAusIMM (CP), ofEquinox Gold, who is a Qualified Person as defined by NI 43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See Cautionary Notes and Technical Disclosure Statement. Numbers may not sum due to rounding.

RDM Mineral Reserve and Mineral Resource Update

Exploration at RDM under previous ownership was negligible. The current update incorporates 42,654 m (1,283 holes) of grade control drilling completed from May 2018 to December 31, 2020 as well as a reinterpretation of the block model to conform with Equinox Gold standards and support the RDM mine plan.

RDM Proven and Probable Mineral Reserves at December 31, 2020 are estimated at 17.6 Mt grading 0.99 g/t gold for 556,000 oz of contained gold (Table 5). RDM Mineral Reserves have decreased 30% from the May 2018 Mineral Reserve estimate as the result of mining depletion (173,000 oz) over a 31-month period and essentially no exploration in recent years. The Company is planning an exploration program at RDM for 2022 focused on resource growth. The mine has also benefited from operational improvements including the connection to grid power in 2019 and a concerted focus on plant optimizations, resulting in improvements to throughput, recoveries and production over the last two years. The water dam reservoir was fully replenished during the 2021 rainy season and has water sufficient to support operations for the next two years.

RDM Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, are estimated at 3.2 Mt grading 1.27 g/t gold for 132,000 oz of contained gold (Table 6). Inferred Mineral Resources are estimated at 3.6 Mt grading 1.95 g/t gold for 226,000 oz of contained gold (Table 6).

Table 5: RDM Mineral Reserve Estimate at December 31, 2020

Category Location Tonnes
(kt) Grade (g/t) Gold (koz)
Proven Open Pit 10,355 1.02 338
Stockpile 1,326 0.52 22
Total Proven 11,678 0.96 360
Probable Open Pit 5,872 1.04 196
Stockpile 0 0
Total Probable 5,872 1.04 196
Proven & Probable Open Pit 16,227 1.02 534
Stockpile 1,326 0.52 22
Total Proven & Probable 17,553 0.99 556

Notes: CIM (2014) definitions were followed for Mineral Reserves. Mineral Reserves were generated using the December 31, 2020 mining surface. Mineral Reserves are reported at a cut-off grade of 0.33 g/t gold. Mineral Reserves are reported using a long-term gold price of $1,350/oz, mining dilution of 5%, mining recovery of 95% and process recovery of 87%. The Mineral Reserve statement was prepared under the supervision of Tiãozito V. Cardoso, MBA, FAusIMM, of Equinox Gold, who is a Qualified Person as defined by NI 43-101. Numbers may not sum due to rounding.

Table 6: RDM Mineral Resource Estimate (Exclusive of Reserves) at December 31, 2020

Category Tonnes
(kt) Grade (g/t) Gold (koz)
Open Pit Resources
Measured 264 1.19 10
Indicated 2,981 1.28 122
Measured & Indicated 3,245 1.27 132
Inferred 100 0.87 3
Underground Resources
Inferred 3,514 1.98 223
Total Resources
Total Measured 264 1.19 10
Total Indicated 2,981 1.28 122
Total Measured & Indicated 3,245 1.27 132
Total Inferred 3,614 1.95 226

Notes: CIM Definition Standards (2014) were followed for Mineral Resources. Mineral Resources are exclusive of Mineral Reserves. Open pit Mineral Resources are reported at a cut-off grade of 0.30 g/t gold. Underground Mineral Resources are reported at a cut-off grade of 1.36 g/t gold. Mineral Resources are estimated using a gold price of $1,500/oz and constrained by a conceptual pit shell and stope shells. The Mineral Resource statement has been prepared by Felipe Machado de Araújo, MAusIMM (CP), ofEquinox Gold, who is a Qualified Person as defined by NI 43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See Cautionary Notes and Technical Disclosure Statement. Numbers may not sum due to rounding.

Updated technical reports have been prepared for Fazenda and RDM to conform with Equinox Gold geotechnical, cost estimate and gold price standards. Mineral Reserves and Mineral Resources are reported in compliance with CIM Definition Standards (2014) using a gold price of $1,350 and $1,500 per oz, respectively. Mineral Resources are reported exclusive of Mineral Reserves. Technical reports for Fazenda and RDM will be filed within 45 days on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/EDGAR and on the Company’s website at www.equinoxgold.com.

Additionally, the Company is finalizing the prefeasibility study for potential development of an underground mine at its Aurizona Mine in Brazil and the feasibility study for a new carbon-in-leach plant at its Los Filos Mine in Mexico, both of which will be released before year-end 2021.

Technical Information

Scott Heffernan, MSc, P.Geo., Equinox Gold’s EVP Exploration, and Doug Reddy, MSc, P.Geo., Equinox Gold’s Chief Operating Officer, who are Qualified Persons under NI 43-101 for Equinox Gold, have reviewed and approved the technical content of this news release.

About Equinox Gold

Equinox Gold is a Canadian mining company operating entirely in the Americas, with seven operating gold mines and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold’s common shares are 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 or by email at ir@equinoxgold.com.

Equinox Gold Contacts

Christian Milau, Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources