All financial figures are in US dollars, unless otherwise indicated.

Vancouver, British Columbia--(Newsfile Corp. - May 7, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its first quarter 2025 summary financial and operating results. The Company's unaudited condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") will be available for download on the Company's profile on SEDAR+ at www.sedarplus.ca, 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 8, 2025 commencing at 7:30 am Pacific Time to discuss first quarter results and activities underway at the Company. Further details are provided later in this news release.

Greg Smith, President and CEO of Equinox Gold, commented: "Equinox Gold delivered the highest first-quarter production in the Company's history, producing more than 145,000 ounces of gold, with production expected to increase each quarter through the year. At Greenstone, we successfully navigated our first winter in operation and remained focused on increasing mining and processing rates. Both continue to improve and we are pleased with ramp-up progress as Greenstone advances toward steady-state performance.

"We also look forward to closing our pending merger with Calibre Mining during the second quarter. This combination will create a diversified, Americas-focused gold producer anchored by Greenstone and Valentine — two long-life Canadian gold mines — and supported by a robust pipeline of development and expansion projects. With increased scale, enhanced cash flow, and significant long-term growth potential, the combined company is well positioned to deliver meaningful value for all stakeholders."

HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025

Operational

Produced 145,290 ounces of gold(1)
Sold 147,920 ounces of gold(1) at an average realized gold price of $2,858 per oz
Total cash costs of $1,769 per oz and AISC of $2,065 per oz(2)
Total cash costs of $1,637 per oz and AISC of $1,979 per oz, excluding the results from Los Filos that were excluded from 2025 Guidance
Two lost-time injuries and a total recordable injury frequency rate(3) of 1.95 for the rolling 12-month period (1.07 for the Quarter)
No significant environmental incidents during the Quarter

Earnings

Income from mine operations of $33.7 million
Net loss of $75.5 million or $0.17 per share (basic)
Adjusted net loss of $36.6 million or $0.08 per share(2)

Financial

Cash flow from operations before changes in non-cash working capital of $73.3 million ($54.5 million after changes in non-cash working capital)
Mine-site free cash flow before changes in non-cash working capital of $57.7 million ($38.8 million after changes in non-cash working capital)
Adjusted EBITDA of $137.9 million(2)
Sustaining expenditures of $42.9 million and non-sustaining expenditures of $49.4 million
Cash and equivalents (unrestricted) of $172.9 million at March 31, 2025
Net debt(2) of $1,220.0 million at March 31, 2025

Corporate

On February 23, 2025, the Company entered into a definitive arrangement agreement for a business combination with Calibre Mining Corp. ("Calibre") (TSX: CXB) (OTCQX: CXBMF), as amended on April 23, 2025 (the "Arrangement Agreement"), whereby Equinox Gold will acquire 100% of the issued and outstanding common shares of Calibre (the "Transaction"). The Transaction will create an Americas-focused diversified gold producer with a portfolio of mines and projects in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines. Under the terms of the Arrangement Agreement, Calibre shareholders will receive 0.35 of an Equinox Gold common share for each Calibre common share held immediately prior to closing of the Transaction. Closing of the Transaction is subject to certain regulatory approvals and other customary closing conditions.
Concurrent with the Arrangement Agreement, the Company entered into a subscription agreement to participate in Calibre's private placement convertible note financing. The private placement closed on March 4, 2025 with the Company purchasing a convertible note with a principal amount of $40.0 million and a maturity date of March 4, 2030 (the "Calibre Convertible Note"). If the Arrangement Agreement is terminated prior to closing of the Transaction, the maturity date of the Calibre Convertible Note will be accelerated to January 31, 2026.
Provided 2025 production and cost guidance of 635,000 to 750,000 ounces of gold at cash costs of $1,075 to $1,175 per oz and AISC of $1,455 to $1,550 per oz(2). Guidance does not include any production from Los Filos or Castle Mountain.
Provided 2025 sustaining and non-sustaining expenditure guidance of $412 million, comprising $310 million of sustaining expenditures and $102 million of non-sustaining expenditures.
In January 2025, following negotiations that began in November 2023 with the three communities that host Los Filos, the Company reached consensus on terms for new agreements with all three communities. Two communities signed new long-term agreements. One community did not sign the long-term agreement and instead requested to resume negotiation, independent of the other two communities. The Company has been clear with its position that long-term agreements with all three communities are essential to provide the economic and investment conditions necessary for continued operations. The existing agreement with the outstanding community expired on March 31, 2025. Accordingly, the Company announced on April 1, 2025 that operations at Los Filos are suspended indefinitely. The Company has not included any production from Los Filos in its 2025 Guidance. Layoffs at Los Filos have been proceeding; however, the Company will retain the staff required to maintain its environmental obligations and secure the Company-owned infrastructure at the mine site. Commencing April 1, 2025, Los Filos is being reported as a development project.

Development and Exploration

Issued an updated technical report for Fazenda that includes an updated Mineral Reserve and Mineral Resource estimate, demonstrating mine life extension to 2033.

RECENT DEVELOPMENTS

On May 1, 2025, Equinox Gold shareholders and Calibre securityholders voted in favour of the Calibre Transaction, authorizing Equinox Gold to issue up to 296,838,303 shares to acquire the outstanding shares of Calibre at the exchange ratio of 0.35 Equinox Gold shares for every Calibre share. The Transaction is expected to close during the second quarter of 2025.
On May 1, 2025, Equinox Gold shareholders approved all matters of business at the adjourned annual and special meeting of shareholders, including setting the size of the board of directors ("Board"), electing the director nominees, appointing KPMG LLP as Equinox Gold's auditor, and approving amendments to the Company's restricted share unit plan.
On April 14, 2025, the Company drew down $45.0 million on the Revolving Facility.

(1) Gold production includes 31,518 and 3,222 ounces from Los Filos and Castle Mountain, respectively; gold sold includes 32,133 and 3,222 ounces at Los Filos and Castle Mountain, respectively, which were not included in the Company's 2025 Guidance.
(2) Cash costs per oz sold, AISC per oz sold, adjusted net income (loss), adjusted EPS, adjusted EBITDA and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(3) Total recordable injury frequency rate ("TRIFR") is reported per million hours worked. TRIFR is the total number of injuries excluding those requiring simple first aid treatment.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS
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https://www.equinoxgold.com/news/equinox-gold-reports-first-quarter-2025-financial-and-operating-results/