All dollar amounts shown in United States dollars, unless otherwise indicated.

This is a "designated news release" for the purposes of the Company's prospectus supplement dated
November 21, 2022, to its short form base shelf prospectus dated November 21, 2022.

Vancouver, British Columbia--(Newsfile Corp. - March 28, 2023) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce it has completed a $140 million gold prepay arrangement. The Company has also signed a non-binding term sheet for an additional $50 million gold purchase and sale arrangement. These arrangements enhance the financial flexibility of the Company and provide additional cash liquidity at attractive terms as the Company continues to fund its 60% interest for construction of the Greenstone Gold Mine, which is on budget and on track for first gold production in the first half of 2024.

The Gold Prepay Arrangement

Equinox Gold entered into a gold forward sale and prepay arrangement (the "Gold Prepay") with a syndicate of its existing lenders whereby the Company has received an upfront payment of $140 million, based on gold forward curve prices averaging approximately $2,170 per ounce, in exchange for equal monthly deliveries of gold from October 2024 to July 2026 totaling 79,310 ounces. Gold deliveries can be from production from any of the Company's operating mines and the Gold Prepay can be settled prior to maturity through accelerated delivery of the remaining deliverable gold ounces. The Company can increase total proceeds to $150 million through execution of an additional gold prepay on or prior to June 30, 2023.

The Gold Prepay was executed by ING Capital Markets LLC as lead arranger and includes National Bank of Canada and Bank of Montreal as additional counterparties.

Gold Purchase and Sale Arrangement

The Company also signed a non-binding term sheet for a gold purchase and sale arrangement with Sandbox Royalties (the "Sandbox Arrangement") whereby, on closing, the Company will receive a payment of $50 million from Sandbox Royalties in exchange for monthly deliveries equal to the greater of: a) 333 gold ounces and b) gold ounces equal to 1.2% of the monthly gold production from Greenstone Gold Mine (100% basis). Gold deliveries would commence in October 2023 and continue until a total of 60,000 ounces have been delivered. Sandbox will make ongoing cash payments equal to 20% of the spot gold price for each gold ounce delivered. Gold deliveries can be from production from any of the Company's operating mines. Equinox Gold will have the option to buy down up to 75% of the delivery obligation at the then current spot gold price, subject to adjustment for the ongoing payment and a minimum price per ounce of $2,000. The Sandbox Arrangement can be increased to $75 million on mutual agreement of Equinox Gold and Sandbox Royalties.

Closing of the Sandbox Arrangement is subject to, among other items, execution of a definitive gold purchase and sale agreement, any required consent of the Company's lending syndicate and a financing by Sandbox Royalties. The Sandbox Arrangement will be a related-party transaction as Equinox Gold currently owns approximately 34% of Sandbox Royalties. More information about Sandbox Royalties is available at www.sandboxroyalties.com, which website and information is not incorporated in, and does not constitute a part of, this news release.

Equinox Gold Contacts

Greg Smith, President & Chief Executive Officer
Rhylin Bailie, Vice President In