Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted the Company’s Notice of Intention to make a normal course issuer bid (“NCIB”) to repurchase, for cancellation, up to an aggregate of 39,414,095 common shares of Equinox Gold (“Common Shares”), representing approximately 5% of the Company’s issued and outstanding Common Shares, being 788,281,919 Common Shares as of February 18, 2026. Purchases can be made at prevailing market prices during a 12-month period commencing on March 2, 2026 and ending on the earlier of March 1, 2027 and the date on which the Company reaches the maximum purchases permitted under the NCIB.

Darren Hall, CEO of Equinox Gold, commented: “While Equinox Gold has enjoyed significant share price appreciation over the past nine months, we believe the current share price does not adequately reflect the underlying value and long-term potential of our portfolio. Using proceeds from asset divestments and cash flow from operating mines, we have reduced debt by more than US$1.1 billion since Q2 2025, strengthening our balance sheet and providing the financial flexibility to initiate a quarterly cash dividend of US$0.015 per share, as announced on February 18th.

“Equinox Gold is in a strong financial position, and at current gold prices expects to generate enough free cash flow in 2026 to support the repurchase of Common Shares in addition to the dividend, bringing additional value to shareholders and further underscoring our commitment to delivering strong shareholder returns.”

Under the NCIB, purchases will be made through the facilities of the TSX, the NYSE American LLC (the “NYSE American”) and/or permitted alternative trading systems in Canada and the United States at prevailing market prices or such other prices as permitted under the rules and policies of the TSX and the NYSE American, as applicable, and applicable securities laws. All Common Shares purchased by the Company under the NCIB will be cancelled. Daily purchases on the TSX under the NCIB will be limited to a maximum of 660,178 Common Shares, representing 25% of 2,640,714, the average daily trading volume of the common shares on the TSX for the six months ending January 31, 2026, subject to any purchases made pursuant to the block purchase exception.

Equinox Gold believes the NCIB will provide a flexible tool as part of its overall capital allocation program, that the repurchase of Common Shares at certain market prices is an appropriate and desirable use of the Company’s funds, and that the NCIB is in the best interests of Equinox Gold and beneficial to its shareholders. Equinox Gold is under no obligation to purchase any Common Shares and may, at its discretion, suspend or discontinue purchases under the NCIB at any time. The actual number of Common Shares to be purchased under the NCIB and the timing of any such purchases will be determined by management of the Company based on market conditions, share price, best use of available cash, and other factors as determined from time to time.

In connection with the NCIB, the Company expects to enter into an automatic share purchase plan (“ASPP”) in relation to purchases made under the NCIB. The ASPP is intended to facilitate repurchases of Common Shares at times under the NCIB when the Company would ordinarily not be permitted to make purchases due to regulatory restriction or customary self-imposed blackout periods. Before the commencement of any particular trading black-out period, the Company may, but is not required to, instruct its designated broker to make purchases of Common Shares under the NCIB during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by the Company. The ASPP will constitute an “automatic securities purchase plan” under applicable securities laws and has been entered into in accordance with the requirements of the TSX. It will terminate when the NCIB expires, unless terminated earlier in accordance with its terms. All purchases of Common Shares made under the ASPP will be included in determining the number of Common Shares purchased under the NCIB. Outside of pre-determined blackout periods, Common Shares may be purchased under the NCIB based on management’s discretion.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Cautionary Notes & Forward-looking Statements  

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things: the Company’s intention to make an NCIB and enter into an ASPP, the reasons for the NCIB, the timing and amount of purchases under the NCIB and the ASPP and the cancellation of the Common Shares purchased under the NCIB. Forward-looking Information is generally identified using words like “will”, “potential”, “growth”, “future”, “continues”, “target”, “expect”, “increase”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct. The Company has based Forward-looking Information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects, including Valentine; prices for gold remaining as estimated; availability of funds for the Company’s projects and future cash requirements; the Company’s ability to maintain and obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; no unexpected geological formations or environmental hazards are encountered; tonnage of ore to be mined and processed and ore grades and recoveries remaining consistent with mine plans. While the Company considers these assumptions to be reasonable, they may prove to be incorrect.

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors” in the Company’s MD&A for the most recent fiscal year end, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, both of which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (the “Company”) has filed its audited financial statements and related management’s discussion and analysis for the three months and year ended December 31, 2025. The documents are 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.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to report its unaudited financial and operating results for the three months (“Q4”) and year (“Full Year”) ended December 31, 2025. These results are preliminary and could change based on final audited results. Equinox Gold’s 2025 audited consolidated financial statements and accompanying management’s discussion and analysis for Q4 and Full Year 2025 will be released later this month. All financial figures are in US dollars unless otherwise indicated.

Darren Hall, CEO of Equinox Gold, commented: “2025 marked an important year of progress for Equinox Gold. The merger with Calibre created a tier one North American focused gold producer anchored by two new long-life Canadian mines. The year required a reset in expectations, particularly with ramp-up challenges at Greenstone. Many of those issues have been successfully addressed, along side the delivery of first gold and commercial production at Valentine ahead of schedule, portfolio optimization through asset divestments, and materially transforming the balance sheet with more than $1.1 billion in debt reduction since Q2 2025.

“During the fourth quarter, key operational improvements began to translate into sustainable results, delivering record Q4 gold production of 247,024 ounces. At Greenstone, higher mining and milling rates drove a meaningful increase in production to more than 70,000 ounces of gold, up 29% from the prior quarter. At Valentine, commissioning progressed ahead of plan, with the declaration of commercial production in November and contribution of more than 23,000 ounces of gold in Q4.

“As we enter 2026, our priorities are clear: operate safely and responsibly, generate free cash flow, reduce debt and continue unlocking the value of our portfolio. With gold prices strong and the expectation of producing 700,000 to 800,000 ounces of gold in 2026, we expect cash flow to eliminate the remaining debt in 2026. The strengthened balance sheet provides greater flexibility to self-fund 400,000 to 500,000 ounces of potential annual organic growth over the next five years from the Phase 2 expansion at Valentine, the Castle Mountain expansion, and optionality at Los Filos.

“As free cash flow continues to grow, so do opportunities to return capital to shareholders. Earlier today, we announced the initiation of a quarterly cash dividend and, subject to TSX approval, the implementation of a share buy back program, reflecting our confidence in the Company’s financial position and long-term outlook, and our commitment to delivering meaningful, long-term value for our shareholders.

“Execution, growth, discipline and transparency will drive shareholder value. Equinox Gold is focused on delivering sustainable superior value for our shareholders and long-term benefits for our community partners as a leading gold producer.”

FULL YEAR 2025 HIGHLIGHTS AND SUBSEQUENT EVENTS⁽¹⁾

• Achieved a Full Year production record of 922,827 ounces; including 856,908 ounces meeting 2025 guidance of 785,000 to 915,000 ounces, plus 65,918 ounces from Valentine, Los Filos and Castle Mountain⁽²⁾
• Total cash costs of $1,494 per oz and all-in sustaining costs (“AISC”) of $1,925 per oz⁽²⁾⁽³⁾
  • Cash costs and AISC came in at the low end of full year guidance; see 2025 Guidance & Actuals below
• Sold 778,561 ounces of gold attributable to Equinox Gold in 2025 at an average realized gold price of $3,465 per oz, generating revenue from continuing and discontinued operations of $2.71 billion
• Cash flow from operations before changes in non-cash working capital of $915.1 million
• Adjusted EBITDA of $1,339.6 million⁽³⁾
• Net income of $221.5 million or $0.35 per share (basic)
• Adjusted net income of $420.5 million or $0.67 per share (basic)⁽³⁾
• As of January 31, 2026, Equinox Gold had reduced debt by $1.1 billion since Q2 2025
• Cash and equivalents (unrestricted) of $407.4 million⁽⁴⁾ at December 31, 2025
• Net debt of approximately $75 million at January 31, 2026 ⁽³⁾⁽⁵⁾
• Inaugural quarterly cash dividend of $0.015 per share payable on March 26, 2026; targeting a regular quarterly dividend of $0.015 per share ($0.06 per share annually), subject to quarterly Board of Directors approval
• Implementation of a normal course issuer bid, subject to Toronto Stock Exchange approval, to purchase for cancellation up to 5% of the Company’s outstanding shares
• Made a significant new AI-supported gold discovery 8km northwest of the Valentine mill, and continued to encounter broad zones of high-grade gold mineralization along trend from existing mineral reserves (see February 2, 2026 news release)

Q4 2025 HIGHLIGHTS⁽¹⁾

• Produced a record 247,024 ounces of gold, including 1,336 ounces from Castle Mountain and 23,207 ounces from Valentine
• Total cash costs of $1,392 per oz and AISC of $1,907 per oz⁽³⁾
• Sold 242,392 ounces of gold at an average realized gold price of $4,060 per oz, generating revenue from continuing and discontinued operations of $987.8 million
• Cash flow from operations before changes in non-cash working capital of $396.0 million
• Adjusted EBITDA of $579.0 million⁽³⁾
• Net income of $197.5 million or $0.25 per share (basic)
• Adjusted net income of $272.9 million or $0.35 per share (basic)⁽³⁾

1. See 2025 Reporting Overview in the Appendix. While the production, cost and financial results shown in the highlight bullets above include contribution from the Brazil Operations, in the Company’s Financial Statements and MD&A the Brazil Operations are reported as assets held for sale, their associated liabilities as liabilities held for sale, and the results from their operations as Discontinued Operations.
2. Production, gold ounces sold and the cash costs and AISC associated with the Calibre Assets is attributable to Equinox Gold only from June 17, 2025. Equinox Gold’s 2025 guidance includes production from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded portfolio, but excludes production from Castle Mountain, Los Filos and Valentine. See 2025 Guidance & Actuals below.
3. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
4. Excluding $22.6 million of cash and equivalents held in assets for sale at December 31, 2025, related to Discontinued Operations.
5. Calculated using cash unreconciled of $440 million and debt of $515 million at January 31, 2026, excluding in-the-money convertible debentures.

2025 GUIDANCE & ACTUALS

Updated 2025 Guidance, as announced on June 11, 2025, incorporated the Calibre Assets on a 100% basis from January 1, 2025.

	Actuals	2025 Guidance(1)
	Full Year 2025(1)	Consolidated(1)	Greenstone	Brazil	Mesquite	Pan	Nicaragua
Production (oz)	856,908	785,000-915,000	220,000-260,000	250,000-270,000	85,000-95,000	30,000-40,000	200,000-250,000
Cash costs ($/oz)(2)(3)	$1,416	$1,400-$1,500	$1,275-$1,375	$1,725-$1,825	$1,200-$1,300	$1,600-$1,700	$1,200-$1,300
AISC ($/oz)(2)(3)	$1,809	$1,800-$1,900	$1,700-$1,800	$2,275-$2,375	$1,800-$1,900	$1,600-$1,700	$1,400-$1,500

1. 2025 Guidance and 2025 Actuals reflect consolidated production from the Equinox Gold and Calibre Assets commencing from January 1, 2025, but exclude production from Los Filos, Castle Mountain and Valentine.
2. Full-year 2025 cash costs and AISC reflect consolidated costs for the Equinox Gold and Calibre Assets from January 1, 2025, and exclude production and costs associated with Los Filos, Castle Mountain and Valentine. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
3. Exchange rate assumptions for 2025 cash costs and AISC per oz included the following: BRL 5.25 to USD 1, CAD 1.34 to USD 1 and NIO 35 to USD 1.

2026 GUIDANCE

On January 14, 2026, Equinox Gold provided 2026 production and cost guidance of 700,000 to 800,000 ounces of gold, at cash costs of $1,425 to $1,525 per ounce and AISC of $1,775 to $1,875 per ounce (see January 14, 2026 news release). Guidance does not include production from the Brazil Operations, which were sold on January 23, 2026. The Company also provided 2026 expenditure guidance of $325 to $375 million for growth capital, $70 to $80 million for exploration and $80 to $90 million of corporate general and administrative expenditures.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and webcast on Thursday, February 19, 2026, commencing at 7:00 am PT (10:00 am ET) to discuss its fourth quarter and full year 2025 results.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast login
Equinox Gold | Financials

ABOUT EQUINOX GOLD

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

EQUINOX GOLD CONTACT

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

APPENDIX

2025 REPORTING OVERVIEW

Equinox Gold completed a number of transactions during 2025 that affect the way operating and financial results have been reported in the Financial Statements and related MD&A.

The merger with Calibre Mining was completed on June 17, 2025. While production and associated costs from these assets (the “Calibre Assets”) is attributable to Equinox Gold only from June 17, 2025, Equinox Gold’s production and cost guidance for 2025 includes production and costs from the Calibre Assets from January 1, 2025 to reflect the potential of the expanded portfolio.

On October 1, 2025, Equinox Gold completed the sale of the Pan Mine and other Nevada assets for total consideration of $136.5 million, comprising $98.4 million in cash, of which $10.3 million was included in trade and other receivables at December 31, 2025, an $8.6 million promissory note that was fully repaid in January 2026, and equity consideration with a fair value of $29.5 million in the form of Minera Alamos common shares (TSX-V: MAI). Equinox Gold sold its Minera Alamos common shares in February 2026 for gross proceeds of $41.1 million.

On December 14, 2025, Equinox Gold announced an agreement to sell its operating mines in Brazil (“Brazil Operations”), for $900 million in cash on closing of the transaction and up to $115 million in a production-linked contingent payment one year from closing (“Brazil Sale Transaction”). As such, in the Financial Statements and MD&A and in the Consolidated Operational and Financial Highlights table below, Brazil Operations were reported as assets held for sale, their associated liabilities as liabilities held for sale, and the results from their operations as “Discontinued Operations”, separately from “Continuing Operations” which comprise Greenstone, Valentine, Mesquite, Castle Mountain, Los Filos and Nicaragua Operations. The Brazil Sale Transaction closed on January 23, 2026. On closing of the Brazil Sale Transaction, the Company received cash consideration of $891.1 million, which is subject to customary post-closing working capital adjustments.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS – Operating Data

		Three months ended				Year ended
Operating data	Unit	December 31, 2025	September 30, 2025	December 31, 2024		December 31, 2025(5)	December 31, 2024
Gold produced from operating assets included in 2025 Guidance	oz	222,481	233,216	—		856,908	—
Less: Gold produced from Calibre Assets before close of Calibre Acquisition	oz	—	—	—		(143,282)	—
Add: Gold produced from assets not included in 2025 Guidance	oz	24,543	3,166	—		65,918	—
Gold produced – All Operations(4)	oz	247,024	236,382	213,964		779,544	621,893
Gold produced – continuing operations	oz	173,278	168,753	135,052		520,639	374,581
Gold produced – discontinued operations	oz	73,745	67,629	78,912		258,905	247,311
Gold sold – All Operations(4)	oz	242,392	239,311	217,678		778,561	623,578
Gold sold – continuing operations	oz	168,558	170,193	136,384		519,671	374,246
Gold sold – discontinued operations	oz	73,834	69,119	81,294		258,890	249,332
Average realized gold price – All Operations	$/oz	$4,060	$3,397	$2,636		$3,465	$2,423
Average realized gold price – continuing operations	$/oz	$4,024	$3,401	$2,630		$3,478	$2,435
Average realized gold price – discontinued operations	$/oz	$4,140	$3,388	$2,646		$3,437	$2,406
Cash costs per oz sold – All Operations(1)(2)	$/oz	$1,392	$1,434	$1,458		$1,494	$1,598
Cash costs per oz sold – All Operations and excluding Los Filos(2)(3)	$/oz	$1,392	$1,441	$1,432		$1,464	$1,519
Cash costs per oz sold – continuing operations(2)	$/oz	$1,211	$1,383	$1,511		$1,406	$1,622
Cash costs per oz sold – discontinued operations(2)	$/oz	$1,773	$1,556	$1,381		$1,663	$1,569
AISC per oz sold – All Operations(1)(2)	$/oz	$1,907	$1,833	$1,652		$1,925	$1,870
AISC per oz sold – All Operations and excluding Los Filos(2)(3)	$/oz	$1,907	$1,825	$1,613		$1,891	$1,752
AISC per oz sold – continuing operations(2)	$/oz	$1,673	$1,739	$1,630		$1,786	$1,811
AISC per oz sold – discontinued operations(2)	$/oz	$2,397	$2,056	$1,684		$2,188	$1,941

1. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Consolidated cash costs per oz sold and AISC per oz sold excludes Castle Mountain results after August 2024 when residual leaching commenced (see Development Projects) and Los Filos results after March 2025 when operations were indefinitely suspended on April 1, 2025 (see Development Projects).  Consolidated cash costs per oz sold and AISC per oz sold includes Greenstone from November 2024 and Valentine from December 2025 when the mines reached commercial production, respectively. Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. Consolidated cash costs per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which were excluded from the 2025 Guidance.
4. Gold produced for the three months ended December 31, 2025 includes 1,336 and 23,207 ounces produced at Castle Mountain and Valentine, respectively; gold sold for the three months ended December 31, 2025 includes 335 ounces at Los Filos, 1,349 ounces at Castle Mountain, and 19,155 ounces at Valentine. Gold produced for the year ended December 31, 2025 includes 33,013, 9,089 and 23,816 ounces produced at Los Filos, Castle Mountain and Valentine, respectively; gold sold for the year ended December 31, 2025 includes 37,172, 9,106 and 19,155 ounces sold at Los Filos, Castle Mountain and Valentine, respectively.
5. Operations for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.
6. Numbers in tables throughout this news release may not sum due to rounding.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS – Financial Data

		Three months ended				Year ended
Financial data	Unit	December 31, 2025	September 30, 2025	December 31, 2024		December 31, 2025(2)	December 31, 2024
Revenue	M$	681.4	584.3	359.4		1,817.2	912.8
Income from mine operations	M$	342.3	181.9	95.8		642.9	206.1
Net income – All Operations	M$	197.5	75.6	28.3		221.5	339.3
Net income (loss) – continuing operations	M$	82.3	5.8	(29.6)		(18.9)	260.3
Net income – discontinued operations	M$	115.2	69.8	57.9		240.3	79.0
Earnings (loss) per share (basic) – All Operations	$/share	0.25	0.10	0.06		0.35	0.85
Earnings (loss) per share (basic) – continuing operations	$/share	0.10	0.01	(0.07)		(0.03)	0.65
Earnings (loss) per share (basic) – discontinued operations	$/share	0.15	0.09	0.13		0.38	0.20
Adjusted EBITDA – All Operations(1)	M$	579.0	419.9	223.2		1,339.6	479.0
Adjusted EBITDA – continuing operations	M$	405.1	297.1	123.8		889.3	281.6
Adjusted EBITDA – discontinued operations	M$	173.9	122.9	99.5		450.2	197.3
Adjusted net income – All Operations(1)	M$	272.9	139.9	77.5		420.5	113.1
Adjusted net income – continuing operations	M$	163.2	70.4	13.6		187.9	30.7
Adjusted net income – discontinued operations	M$	109.7	69.4	63.9		232.6	82.4
Adjusted EPS – All Operations(1)	$/share	0.35	0.18	0.17		0.67	0.28
Adjusted EPS – continuing operations	$/share	0.21	0.09	0.03		0.30	0.08
Adjusted EPS – discontinued operations	$/share	0.14	0.09	0.14		0.37	0.21
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)	M$	407.4	348.5	239.3		407.4	239.3
Net debt(1)	M$	1,147.3	1,278.2	1,108.5		1,147.3	1,108.5
Operating cash flow before changes in non-cash working capital	M$	396.0	322.1	212.7		915.1	430.2
Share capital
Basic weighted average shares outstanding	M	786.1	771.3	454.4		630.3	400.1
Diluted weighted average shares outstanding	M	794.7	781.9	454.4		630.3	473.5

1. Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Operating and financial data for the year ended December 31, 2025 includes results from Pan, Valentine and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.
3. Numbers in tables throughout this news release may not sum due to founding.

Additional information about the Company’s Q4 and Full Year 2025 operating and financial results can be found in the PDF of the February 18, 2026 news release.

Cautionary Notes & Forward-looking Statements  

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; anticipated 2026 production and cost guidance; expectations for Greenstone and Valentine operations, including achieving design capacity; potential future mining opportunities around Valentine;  receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; realization of the contingent cash consideration from the Brazil operations sale; the Company’s ability to restart operations at Los Filos and the construction of a CIL plant; and the Company’s ability to improve cash flow and self-fund projects.

Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “deliver”, “expect”, “estimate”, “anticipate”, “target”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them.

Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; achieving design capacity at Greenstone and Valentine operations; timely execution of the Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; statements relating to the distribution of dividends to shareholders of the Company; the periodic review of, and changes to, the Company’s dividend policy; the declaration and payment of future dividends; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of new permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove incorrect. 

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors” in the Company’s MD&A for the most recent fiscal year end, and in the section titled “Risks Related to the Business” in the Company’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

NON-IFRS MEASURES

This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

TECHNICAL INFORMATION

David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved the technical content of this document.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that its Board of Directors (“Board”) has declared an inaugural quarterly cash dividend of US$0.015 per common share (“Share”) of the Company, which is payable on March 26, 2026 to shareholders of record as at the close of business on the record date of March 12, 2026. The Board has also approved a dividend policy under which the Company intends, subject to quarterly Board approval and certain relevant factors, to pay a regular quarterly dividend of US$0.015 per Share, or US$0.06 per Share annually. The Board has also approved the Company’s application to the Toronto Stock Exchange for a normal course issuer bid (“NCIB”) pursuant to which the Company may repurchase, for cancellation, up to approximately 5% of the Company’s issued and outstanding Shares. These decisions underscore the Company’s financial strength, confidence in its long-term growth strategy, and commitment to returning capital to shareholders.

Darren Hall, Chief Executive Officer of Equinox Gold, commented: “With our strengthened balance sheet, Equinox Gold is pleased to announce the initiation of a quarterly cash dividend that reflects our confidence in the Company’s financial position and long-term outlook.

“We are entering this next phase of our strategy with a solid balance sheet, low net debt, and strong cash flow generation, supported by the current gold price environment. With this foundation, we are well positioned to advance 400,000 to 500,000 ounces of compelling organic growth over the next five years, including the Phase 2 expansion at Valentine, the Castle Mountain expansion, and future optionality at Los Filos, while implementing capital return initiatives as part of our disciplined capital allocation framework.

“As we continue to generate free cash flow, we will review the opportunity to increase the dividend focused on delivering additional long-term value for our shareholders.”

The dividend is designated as an “eligible dividend” for Canadian income tax purposes.

The declaration, amount, and payment of future dividends remain subject to the discretion of the Board and will depend upon the Company’s financial results, capital requirements, business conditions, compliance with applicable legal and debt covenant requirements and other factors considered relevant. The Company will review its dividend policy on an ongoing basis and may amend it at any time. Accordingly, except for the inaugural dividend declared herein, there can be no assurance that any future dividends will be declared and/or paid.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Cautionary Notes & Forward-looking Statements  

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things: the strategic vision for the Company and expectations regarding exploration potential, production capabilities, future financial or operating performance, growth potential and expansion projects, including Phase 2 at Valentine, Castle Mountain expansion and future opportunity at Los Filos; the new divided policy, including management’s intention to provide a continuing dividend and the expected and the amount of any future quarterly dividend; the Company’s commitment to capital return initiatives; approvals required for the NCIB and the Company’s ability to purchase shares under the NCIB. Forward-looking Information is generally identified using words like “will”, “potential”, “growth”, “increase”, “expect”, “upside”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct. The Company has based Forward-looking Information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the production, cost and development expectations for its respective operations and projects, including Valentine and Greenstone; prices for gold remaining as estimated; availability of funds for the Company’s projects and future cash requirements, including for any dividend or the purchase of shares under the NCIB; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; no unexpected geological formations or environmental hazards are encountered; tonnage of ore to be mined and processed and ore grades and recoveries remaining consistent with mine plans; and the ability of the Company to work productively with its Indigenous partners at Greenstone. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors” in the Company’s MD&A for the most recent fiscal year end, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Equinox Gold Announces Significant New AI-Supported Gold Discovery 8 km from Valentine Mill and Additional High-Grade Gold Mineralization Outside of Resources at The Valentine Gold Mine, Canada

Highlight intercepts include 2.68 g/t gold over 32 metres, 22.10 g/t gold over 6.3 metres, 3.12 g/t gold over 63.9 metres, 7.50 g/t gold over 12.6 metres

(“Equinox Gold” or the “Company”) is pleased to announce new results from the 2025 diamond drill program at its Valentine Gold Mine (“Valentine”) located in Newfoundland & Labrador, Canada. Drilling has confirmed a new gold discovery – the Minotaur Zone – located 8 km northwest of the mill, and broad zones of high-grade. Drilling also encountered continuous gold mineralization in the Frank Zone, located along trend southwest of the existing Leprechaun open pit. These results further reinforce the Company’s confidence in the potential for new discoveries and resource expansion, underscoring the relatively untapped potential of the district (see previous news releases dated November 25, 2024 and February 11, 2025). The 2026 exploration program is targeting approximately 100 km of drilling across the Valentine property, focusing on Frank, Minotaur, resource expansion and additional greenfield discoveries.

Darren Hall, Chief Executive Officer of Equinox Gold commented: “These latest drill results continue to strengthen our confidence in the scale and quality of the Valentine Gold District. At the Frank Zone, located outside of current Resources we are seeing consistent, high-grade gold mineralization over broad widths, supporting the potential for a new open pit capable of contributing to both production growth and mine life extension beyond the current 14-year mine plan.

“Early drilling at the newly discovered Minotaur Zone also confirms that significant gold mineralization exists well outside the main Valentine Lake Shear Zone structure. Initial drilling in 2025 defined mineralization over a 700-metre strike length and remaining open in all directions, with step-outs suggesting the potential for the mineralized system to extend over approximately 2 km. While Minotaur exploration is still at an early stage, the presence of surface grab samples with visible gold grading as high at 650 g/t gold and multiple high-grade drill intercepts over meaningful widths underscores the broader, district-scale potential of the property. Given the significance of this new discovery, we are planning 15,000 – 20,000 m of drilling in the Minotaur Zone in 2026. 

“With less than 15% of the 320-square-kilometre Valentine land package explored to date, results from Frank, Minotaur and other emerging targets continue to demonstrate that Valentine has the potential to support long-term growth well beyond the current mine plan.”

Initial Drilling Highlights from newly discovered Minotaur Gold Zone include¹:

• 2.68 grams per tonne gold (“g/t Au”) over 32 metres (“m”) and 2.67 g/t Au over 18 m (MT-25-011) – two separate zones
• 5.74 g/t Au over 8 m, 1.22 g/t Au over 12 m and 2.03 g/t Au over 8 m (MT-25-019) – three separate zones
• 1.78 g/t Au over 39 m (including 4.25 g/t Au over 11 m); 10.08 g/t Au over 1 m (MT-25-024)
• 5.85 g/t Au over 3 m (MT-25-022)
• 1.67 g/t Au over 7 m and 1.01 g/t Au over 14 m (MT-25-025)
• 0.83 g/t Au over 16 m (MT-25-003)
• 1.03 g/t Au over 13 m (MT-25-004)

Drill Highlights from Expanding Frank Gold Zone (Outside current Resources) include:

• 22.10 g/t Au over 6.30 m estimated true width (“ETW”); 1.05 g/t Au over 26.1 m (FZ-25-082)
• 3.12 g/t Au over 63.90 m ETW (FZ-25-095)
• 7.50 g/t Au over 12.60 m ETW (FZ-25-083)
• 1.06 g/t Au over 63.90 m ETW; 2.05 g/t Au over 18.90 m ETW; 10.64 g/t Au over 1.80 m ETW (FZ-25-074)
• 2.10 g/t Au over 31.28 m ETW (FZ-23-019-EXT)
• 16.45 g/t Au over 3.60 m ETW (FZ-25-085)
• 3.56 g/t Au over 16.02 m ETW (FZ-25-084)
• 2.36 g/t Au over 19.14 m ETW (FZ-25-100)
• 1.13 g/t Au over 30.69 m ETW; 2.92 g/t Au over 11.88 m ETW (FZ-25-075)
• 1.84 g/t Au over 21.84 m ETW (FZ-25-112)

Highlights from previously reported drilling at the Frank Zone include:

• 2.43 g/t Au over 172.80 m ETW (FZ-24-048)
• 2.12 g/t Au over 95.40 m ETW (FZ-24-046)
• 2.26 g/t Au over 78.32 m ETW (FZ-24-040)
• 3.08 g/t Au over 48.23 m ETW (FZ-24-062)
• At surface, 97.87 g/t Au over 3.89 m ETW; 1.62 g/t Au over 44.59 m ETW (FZ-24-064)

Minotaur Zone

The Minotaur Zone represents an exciting new gold discovery at the Valentine property, showcasing the early impact of integrating artificial intelligence with traditional exploration. Initially flagged in 2013 through grab samples grading up to 7 g/t Au, the area gained renewed interest through Equinox Gold’s use of VRIFY’s AI-powered exploration software, DORA. Using DORA, Equinox Gold’s geological team integrated multiple data layers including geochemistry, geophysics, and structural geology, which led to the Minotaur Zone being identified as a high-priority target with a top-tier VRIFY Prospectivity Score. This AI-supported analysis, combined with the discovery of visible gold and grab samples grading as high as 650 g/t Au, led to the first-ever drill program in the area. The results highlight how Equinox Gold is leveraging cutting-edge AI technology to enhance exploration success and accelerate value creation.

Frank Zone

Drilling at the Frank Zone, located immediately southwest of the active Leprechaun pit, has continued to identify broad zones of gold mineralization, delineating a gold corridor more than one km in length along trend from defined Mineral Reserves and Mineral Resources. Equinox Gold believes the Frank Zone has the potential to be developed as a new open pit and has planned approximately 25,000 m of drilling in 2026.

Link 1 – Drill results figures

Link 2 – VRIFY figures

Link 3 – Drill results table

About Equinox Gold’s Valentine Gold Mine

The multi-million-ounce Valentine Gold Mine, located in Newfoundland & Labrador, Canada, poured first gold ahead of schedule in September 2025 and achieved commercial production in November 2025. The mine continues to ramp up with the expectation of achieving design capacity during Q2 2026 and producing 150,000 to 200,000 ounces of gold in 2026 with all-in sustaining costs² of US$1,200 to US$1,300 per ounce of gold sold. Once fully operational, Valentine will be the largest gold-producing mine in Atlantic Canada with production expected to average 175,000 to 200,000 ounces per year for the first 12 years of its 14-year reserve life. Encompassing a 320-square-km land package, Valentine has the potential to emerge as a new gold district. The project covers a highly prospective 32-km mineralized trend that hosts multiple deposits and offers strong exploration upside.

Quality Assurance/Quality Control

Equinox Gold maintains a Quality Assurance/Quality Control (“QA/QC”) program for all its exploration projects using industry best practices. QA/QC protocols followed at Valentine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site and the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for gold by fire assay (30g) with AA finish. All samples above 0.30 g/t Au and those in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in the drill results table as core lengths and estimated true width (60 – 100% of core length). Additional information regarding the Company’s data verification processes is set out in the Valentine Gold Project Technical Report, which can be found on the Company’s website at www.equinoxgold.com and on Calibre Mining’s profile on SEDAR+ at www.sedarplus.ca.

Qualified Person and Technical Information

The scientific and technical information contained in this news release was approved by Nic Capps, P.Geo., Vice President of Exploration, Newfoundland, for Equinox Gold who is a “Qualified Person” under National Instrument 43-101.

______________________

1. Highlight Minotaur intervals are reported as core lengths; insufficient data to estimate true widths due to varying vein orientations.
2. All-in sustaining cost per ounce is a non-IFRS measure. See Non-IFRS Measures and Cautionary Notes.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Cautionary Notes & Forward-looking Statements  

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things: the strategic vision for the Company and expectations regarding exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including exploration upside, future mining opportunities at Valentine and anticipated 2026 production and cost guidance. Forward-looking Information is generally identified using words like “will”, “potential”, “growth”, “future”, “continues”, “target”, “expect”, “increase”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct. The Company has based Forward-looking Information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects, including Valentine; prices for gold remaining as estimated; availability of funds for the Company’s projects and future cash requirements; the Company’s ability to maintain and obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; no unexpected geological formations or environmental hazards are encountered; tonnage of ore to be mined and processed and ore grades and recoveries remaining consistent with mine plans. While the Company considers these assumptions to be reasonable, they may prove to be incorrect.

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Non-IFRS Measures

This news release refers to all-in sustaining costs per ounce sold, which is a measure with no standardized meaning under the International Financial Reporting Standards (“IFRS”) and may not be comparable to such measures as reported by other companies. This measure has been calculated on a basis consistent with historical periods. Please refer to the Company’s MD&A filed on SEDAR+ under the Company’s profile at www.sedarplus.ca for the third quarter of 2025 for an explanation of non-IFRS measures used.

Equinox Gold Completes Sale of Brazil Operations for Total Cash Consideration of US$1.015 Billion
Pays Down More than US$800 Million of Debt With Net Debt Reduced to US$150 Million¹
(All financial figures are in US dollars)

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) completed the previously announced sale of its Aurizona Mine, RDM Mine and Bahia Complex located in Brazil (the “Brazil Operations”) to a subsidiary of the CMOC Group for total consideration of up to $1.015 billion (the “Transaction”). Equinox Gold received cash proceeds of $900 million, before closing adjustments, and will receive a production linked contingent cash payment of up to $115 million on January 23, 2027.

The Company will immediately fully repay its $500 million Term Loan, pay $300 million to extinguish the Sprott Loan and related obligations, and make a payment on its revolving credit facility. This will reduce the Company’s senior debt to approximately $580 million (net debt¹ to approximately $150 million) and significantly lower its interest expense. 

Darren Hall, Chief Executive Officer of Equinox Gold, stated: “Monetizing the Brazil Operations has streamlined our portfolio and transformed our balance sheet. Equinox Gold is now well established as a leading North America focused gold producer, with greater financial flexibility to self-fund high return, near term organic growth opportunities and consider capital return initiatives. Our development pipeline has the potential to add 450,000 to 550,000 ounces of incremental annual gold production in the coming years. With a strengthened balance sheet and 2026 consolidated gold production guidance of 700,000 to 800,000 ounces providing robust cash flow generation, we are well positioned to deliver stronger per-share value for our shareholders.”

The Transaction was completed through the sale of the issued and outstanding shares of certain non-Brazilian wholly owned subsidiaries of the Company that indirectly owned the Brazil Operations.

Note:
¹  Cash as at December 31, 2025 of $430 million; excludes in-the-money convertible notes.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Cautionary Notes & Forward-looking Statements  

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; realization of the contingent cash consideration; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine; receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; and the Company’s ability to improve cash flow and continue to reduce debt. Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “deliver”, “execute”  and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them. Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations; timely receipt of Castle Mountain permits and completion of Castle Mountain Phase 2; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include  changes in laws, regulations and government practices; and other risks and uncertainties described in the section “Risk Factors” in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce production results for the three months (“Q4”) and year (“Full Year”) ended December 31, 2025, an update on operations at its two Canadian cornerstone assets (Greenstone Gold Mine (“Greenstone”) and Valentine Gold Mine (“Valentine”) and its 2026 production, cost and capital guidance. The Company’s audited financial and operating results for Q4 and Full Year 2025 will be released on Wednesday, February 18, 2026 after market close. All financial figures in this news release are in US dollars.

Darren Hall, Chief Executive Officer of Equinox Gold, commented: “Equinox Gold delivered a record 922,827 ounces of gold production in 2025, reflecting the significance of the Company’s expanded portfolio and strength of our results focused team.

“Operational momentum is expected to continue into 2026 with a full year of production from Valentine, continued improvements at Greenstone, and steady contributions from our operations in Nicaragua and Mesquite in the United States.

“Cash increased by 24% quarter over quarter to $430 million, after absorbing $70 million of one-time payments related to the favorable settlement of legacy tax matters in Mexico and Nicaragua and $75 million of debt repayment, reflecting a clear trend of growing strength in the Company’s underlying cash flow generation.

“In 2026, we will maintain a disciplined approach to capital allocation, continuing to review our portfolio to direct investment toward high-return opportunities such as the Phase 2 expansions at Valentine, Castle Mountain and Los Filos. Our development pipeline has the potential to add approximately 450,000 to 550,000 ounces of incremental annual gold production in the coming years.

“With the sale of our Brazil operations expected to close in Q1 2026, we anticipate a meaningful strengthening of our balance sheet in 2026 through significant debt repayment, which will materially reduce interest expense, enhance per-share cash flow, and increase our flexibility to self-fund organic growth while considering capital return initiatives within a disciplined framework. 

“While gold prices are very constructive, they do not change how we fundamentally run the business. Our focus remains on cost control, eliminating waste from the business and delivering reliable performance and long-term value creation to all stakeholders. The combination with Calibre has brought together high-quality assets and a strong operating team, positioning us to generate cash, strengthen the balance sheet, grow organically and deliver sustained share price appreciation for our investors.”

Q4 & Full Year 2025 Highlights

• Produced a record 247,024 ounces in Q4; including 72,091 ounces from Greenstone, 23,207 ounces from Valentine, 61,885 ounces from Nicaragua, 73,745 ounces from Brazil, 14,761 ounces from Mesquite and 1,336 ounces from Castle Mountain
• Achieved a Full Year production record of 922,827 ounces; including 856,909 ounces within 2025 guidance of 750,000 to 915,000 ounces, plus 65,918 ounces from Valentine, Los Filos and Castle Mountain
• Greenstone improvements yielding positive results with 72,091 ounces poured in Q4, 29% more than in Q3; with:
  • Expit mining averaged more than 198,000 tonnes per day (“tpd”) in Q4, a 9% increase over Q3 and a 31% increase over H1 2025, with 5.0 million tonnes of ore mined in Q4
  • For the 30 consecutive days ending December 20, mill throughput averaged nameplate of 27,000 tpd, with Q4 averaging 23,859 tpd, a 15% increase over Q3 and a 17% increase over H1 2025
  • Processed grade averaged 1.29 g/t gold in Q4, a 23% increase over Q3 and a 32% increase over H1 2025
• Commercial production at Valentine ahead of schedule on November 18, 2025, marking strong progress at a second Canadian cornerstone asset (watch the gold pour video here)
• Valentine ramp up progressing well; 23,816 ounces poured in 2025 with Q4 throughput averaging 90% of nameplate capacity and more than 47% of days operating above nameplate of 6,850 tpd. Completion of a feasibility study to increase processing throughput from 2.5 million to more than 4.5 million tonnes per year is targeted for the end of Q1 2026, with the proposed expansion expected to increase annual production by approximately 25% to 225,000 to 250,000 ounces
• Cash and equivalents of $430¹ million at December 31, 2025
• $214 million of debt repaid or retired from late Q3 2025
• 2025 all-in sustaining costs (“AISC”) expected to be within guidance; toward the upper end of the $1,800 to $1,900 per ounce range
• Completed transformational merger with Calibre Mining; diversifying and strengthening the Company’s production base and operating team
• Maintained strong safety and environmental records during 2025; with a total recordable injury frequency rate per million hours worked of 1.79, a 25% reduction over 2024, and no significant environmental incidents

• Castle Mountain Phase 2 Permitting Record of Decision expected in December 2026; following acceptance of the project into the United States Federal Permitting Improvement Steering Council’s FAST-41 Program
• Progressed portfolio optimization; with the sale of the non-core Nevada operation for $115 million completed in Q4 (see news release dated August 7, 2025) and the announcement in Q4 of the sale of the Brazil operations for up to $1.015 billion in cash (see news release dated December 14, 2025), which is expected to close in the first quarter of 2026

2026 Guidance

	Consolidated	Greenstone Ontario, Canada	Valentine Newfoundland, Canada	Nicaragua Complex	Mesquite California, USA
Gold Production (ounces)	700,000 – 800,000	250,000 – 300,000	150,000 – 200,000	200,000 – 250,000	70,000 – 80,000
Cash Costs1,2 ($/ounce)	$1,425 – $1,525	$1,350 – $1,450	$1,100 – $1,200	$1,750 – $1,850	$1,550 – $1,650
AISC1,2 ($/ounce)	$1,775 – $1,875	$1,750 – $1,850	$1,200 – $1,300	$2,100 – $2,200	$2,300 – $2,400
Growth Capital ($ million)	$325 – $375	$130 – $160	$95 – $115	$90 – $110	$5 – $10
Exploration ($ million)	$70 – $80	$5 – $10	$20 – $25	$20 – $25	$5 – $10
General & Administrative3 ($ million)	$80 – $90	n/a	n/a	n/a	n/a

1. Cash costs per ounce sold and AISC per ounce sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes. Consolidated AISC per oz sold excludes corporate general and administrative expenses.
2. Exchange rates used to forecast 2026 cash costs and AISC per ounce sold include CAD 1.34 to 1 USD and NIO of 35 to USD 1.
3. General and administrative expenses exclude share-based compensation.

2026 gold production is expected to benefit from Valentine’s ramp-up and its first full year of operation, as the Company advances toward nameplate throughput by the second quarter of 2026. Greenstone production is also planned to increase during 2026 as improvements in mining and milling rates and practices are expected to enhance reliability and overall operational performance. The Company will publish updated NI 43-101 technical reports for both Greenstone and Valentine by the end of Q1 2026.

On December 14, 2025, the Company announced the sale of its Brazil operations; accordingly, no production, cost or capital guidance is included for these assets in 2026. The Company estimates Brazil production of 15,000 to 25,000 ounces, depending on timing of the closing, which is currently expected in Q1 2026, with AISC of $2,500 to $2,600 per ounce.

Equinox Gold expects to incur additional expenditures in 2026 of approximately $50 to $60 million for debt servicing following the close of the sale of the Brazil operations, $60 to $70 million for care and maintenance activities, and $70 to $80 million in mine-site equipment lease payments. The Company also has 48,000 ounces of gold deliveries remaining under its construction capital prepay arrangements, with physical deliveries scheduled monthly through September 2026 and no associated cash flow. In addition, Equinox Gold is advancing technical studies for the Valentine Phase 2, Castle Mountain, and Los Filos expansions, and anticipates spending approximately $30 to $40 million on such major project studies prior to full investment decision funding.

Growth capital primarily reflects continued investment in the ramp-up of Greenstone and Valentine, including additional tailings infrastructure, equipment and machinery, capitalized stripping, and new underground mine development in Nicaragua.

Given the strong prospectivity across the portfolio, exploration remains a priority in 2026, with approximately $75 million budgeted to drill nearly 300,000 metres during the year, focused on discovery and resource expansion.

At Greenstone, an increase in site personnel to support more effective operations and achievement of production targets will result in higher operating spend compared to 2025. Capital investment at Greenstone in 2026 will support both operational improvements and planned development focused on achieving stable and sustainable mining and milling rates. Capital spending primarily includes tailings works, water management infrastructure, additional equipment and machinery in support of mining and milling optimization and reliability, capitalized stripping and construction of a new Ontario Provincial Police building. Exploration at Greenstone during 2026 will focus primarily on target delineation, regional resource opportunities and depth extension at the main Greenstone property.

At Valentine, capital spending primarily includes tailings works, machinery and equipment, and the construction of a permanent truck shop and other on-site infrastructure. Exploration at Valentine will focus on resource growth in the Frank Zone and further evaluation of newly identified zones, including deeper drilling to test extensions of known mineralization.

At Mesquite, capital spending primarily includes capitalized stripping and studies related to mine life expansion opportunities. Exploration activities will focus on resource growth.

For Nicaragua, capital spending primarily includes capitalized stripping as new pits come online, underground development, machinery and equipment, and on-site infrastructure to support a stable, multi-year production profile. Exploration activities will focus on resource expansion and discovery drilling.

Development Pipeline

While the Company’s capital allocation priorities for 2026 are focused on maximizing production and further deleveraging the balance sheet, Equinox Gold will continue to advance its development pipeline, which collectively has the potential to add approximately 450,000 to 550,000 ounces of incremental annual gold production in the coming years.

At Valentine in Canada, the Company is advancing studies and engineering for a Phase 2 expansion that is expected to increase processing throughput from 2.5 million to more than 4.5 million tonnes per year. Completion of a feasibility study is targeted for the end of Q1 2026, following which the Company expects to seek approval from its board of directors to advance the Phase 2 expansion. The Phase 2 expansion is expected to result in an approximately 25% increase in gold production, to an estimated range of 225,000 to 250,000 ounces per year.

At Castle Mountain in the United States, the expansion is advancing through the federal government FAST-41 permitting program, with a Record of Decision expected in December 2026. Based on the 2021 feasibility study, which is currently being updated, the expanded mine is expected to produce over200,000 ounces of gold per year for an initial 14-year mine life. During 2026, the Company plans to advance detailed engineering and environmental studies. An investment decision is expected during the first half of 2027 and is subject to a positive Record of Decision, the receipt of county and state permits, and approval from the Company’s board of directors.

At Los Filos in Mexico, two of three local communities have signed long-term agreements with Equinox Gold to support development and operation of the mine. As a long-term agreement has not yet been reached with the third community, operations at Los Filos remain indefinitely suspended. Based on the 2022 feasibility study, installing a carbon-in-leach plant to operate in tandem with the existing heap leach operation is expected to extend the mine life and increase annual gold production to more than 250,000 ounces per year.

Q4 and Full Year 2025 Conference Call Details

Equinox Gold will release its audited financial and operating results for Q4 and Full Year ended December 31, 2025 on Wednesday, February 18, 2026 after market close. The Company will host a conference call and webcast to discuss the results on Thursday, February 19, 2026 at 7:00am PT (10:00am ET). The webcast will be available for replay on Equinox Gold’s website until August 19, 2026.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast login
Equinox Gold | Financials

Qualified Person

The scientific and technical information contained in this news release was approved by David Schonfeldt, P. Geo., VP Mine Geology for Equinox Gold and a “Qualified Person” under National Instrument 43-101.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Notes:
1. Includes $20.6 million cash classified as assets held for sale within the Brazil operations as at December 31, 2025.

Non-IFRS Measures

This news release refers to certain financial measures, such as cash costs per ounce sold, AISC per ounce sold and growth capital which are measures with no standardized meaning under the International Financial Reporting Standards (“IFRS”) and may not be comparable to such measures as reported by other companies. These measures have been calculated on a basis consistent with historical periods. Please refer to the Company’s MD&A filed on SEDAR+ under the Company’s profile at www.sedarplus.ca for the third quarter of 2025 for an explanation of non-IFRS measures used.

Cautionary Notes & Forward-looking Information

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; the satisfaction of the conditions precedent and receipt and anticipated effects of the regulatory approvals for the Brazil operations sale (“Brazil Transaction”); the anticipated timing of closing of the Brazil Transaction or at all; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production; production and cost guidance, potential future mining opportunities around Valentine and anticipated timing and development of Castle Mountain Phase 2, receipt of required approvals and permits, and effectiveness of the Fast-41 Program. Forward-looking Information is typically identified by use of words such as “will”, “growth”, “increase”, “expect”, ”achieve”, “anticipate”, “deliver” and “target” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them. Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and  ramp up at Valentine; achieving design capacity at Greenstone; timely execution of Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules, expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with works, union and communities; maintenance of and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners.  While the Company considers these assumptions reasonable, they may prove incorrect. 

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include failure to complete the Brazil Transaction; changes in laws, regulations and government practices; and other risks and uncertainties described in the section “Risk Factors in in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Equinox Gold Announces Sale of Brazil Operations for Total Consideration of $1.015 Billion, Focusing on Near-Term North American Growth
($900 Million Cash and Up to $115 Million Cash Contingent Payment)

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) has agreed to sell its 100% interest in the Aurizona Mine, RDM Mine and Bahia Complex located in Brazil (the “Brazil Operations”) to a subsidiary of the CMOC Group for total consideration of $1.015 billion (the “Transaction”). Under the Transaction, Equinox Gold will receive upfront cash of $900 million due on closing, subject to customary adjustments, and a production-linked contingent cash payment of up to $115 million one year after closing. Closing is expected in the first quarter of 2026, subject to regulatory approvals and other customary conditions, and is not subject to any financing conditions. All financial figures are in US dollars, unless otherwise indicated.

Darren Hall, Chief Executive Officer of Equinox Gold, stated: “The sale of our Brazil Operations is a pivotal step to position Equinox Gold as a North American focused gold producer underpinned by robust cash flow and a tier-one growth profile. The proceeds will transform our balance sheet and immediately strengthen our financial position by fully repaying our $500 million Term Loan and $300 million Sprott Loan, and reducing our revolving credit facility. This will greatly reduce interest expense and enhance per-share cash flow. The Company will have enhanced flexibility to self-fund organic growth and consider capital return initiatives within a disciplined capital allocation framework.

“Monetizing our Brazil Operations simplifies the portfolio and enables the Company to deploy capital toward higher-return, lower-risk, organic-growth opportunities in Canada and the United States. By concentrating on our long-life assets, including Greenstone in Ontario, Valentine in Newfoundland and Labrador, and Castle Mountain in California, we position the Company to deliver stronger margins and sustainable returns.

“With Valentine ramping up, continued performance improvements at Greenstone, and steady contributions from Mesquite and Nicaragua, Equinox Gold is positioned to drive long-term per-share value for our shareholders.”

Pro Forma Production and Asset Profile

Following close of the Transaction, Equinox Gold’s production platform will consist of the Valentine and Greenstone mines in Canada, the Mesquite mine in California, and the El Limón and Libertad mines in Nicaragua. As Valentine and Greenstone reach nameplate capacity, and assuming stable performance across the portfolio, the Company anticipates annual 2026 production of between 700,000 to 800,000 ounces of gold. Equinox Gold is also positioned for near-term organic growth from the Valentine Expansion, Castle Mountain Phase 2, and a redefined development plan at Los Filos in Mexico. Formal 2026 production and cost guidance will be provided in early 2026.

Strategic Rationale

• Balance-sheet strength: Significant immediate debt retirement and materially lower interest expense.
• Portfolio focus: Concentration on long-life, lower cost assets in tier-one jurisdictions.
• Growth capacity: Ability to self-fund expansions and exploration from cash flow.
• Shareholder alignment: Enhanced ability to consider disciplined capital return initiatives.

Following completion of the merger with Calibre Mining, the Company undertook a comprehensive review of the expanded portfolio and received numerous inbound queries. After evaluating several alternatives and engaging with multiple potential purchasers, Equinox Gold’s Board of Directors concluded that the Transaction maximizes value for Equinox Gold’s shareholders by providing enhanced flexibility to self-fund the Company’s North American near-term growth strategy.

The contingent cash consideration of up to $115 million is payable following the one-year anniversary of closing if certain production thresholds are met, as outlined below:

• 12.5% of revenue for production between 200,000 and 280,000 ounces, or
• $115 million if production equals or exceeds 280,000 ounces.

The Transaction will take effect through the sale of the issued and outstanding shares of certain non-Brazilian Equinox Gold wholly-owned subsidiaries that indirectly own the Brazil Operations.

Advisors and Counsels

BMO Capital Markets is acting as financial advisor to Equinox Gold and has provided a fairness opinion in connection with the Transaction. Blake, Cassels & Graydon LLP and Veirano Advogados are acting as legal counsel to Equinox Gold in Canada and Brazil, respectively. Canaccord Genuity Corp. is acting as financial advisor to CMOC Group. McCarthy Tétrault LLP and Mattos Filho are acting as legal counsel to CMOC Group in Canada and Brazil, respectively.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

Cautionary Notes & Forward-looking Statements  

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; the satisfaction of the conditions precedent to the Transaction; the anticipated timing of closing of the Transaction or at all; timing, receipt and anticipated effects of the regulatory approvals with respect to the Transaction; realization of the contingent cash consideration; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine; receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; and the Company’s ability to improve cash flow and reduce debt. Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “target”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them. Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations; timely receipt of Castle Mountain permits and completion of Castle Mountain Phase 2; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include failure to satisfy or waive the closing conditions to the Transaction; failure to receive the required regulatory approvals to effect the Transaction; changes in laws, regulations and government practices; and other risks and uncertainties described in the section “Risk Factors” in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce commercial production at its 100% owned Valentine Gold Mine (“Valentine”) in Newfoundland & Labrador, Canada.

Darren Hall, CEO of Equinox Gold, commented: “Achieving commercial production at Valentine marks an important milestone as we expand our Canadian operations. The operation is performing well, with plant availability, throughput, and recoveries exceeding commissioning period expectations. I’m incredibly proud of the team for responsibly and efficiently ramping up production ahead of schedule.

“For the last 60 days, the Valentine process plant averaged 5,451 tonnes per day (“tpd”), representing 80% of nameplate capacity of 6,850 tpd, with gold recovery averaging over 93% on lower-grade commissioning feed of 1.2 grams per tonne gold.

“Valentine is expected to deliver into the higher end of our Q4 production range of 15,000 to 30,000 ounces of gold. With the ramp-up firmly on track, I anticipate Valentine will reach nameplate capacity by Q2 2026, resulting in 150,000 to 200,000 ounces of gold produced in 2026. Concurrently we are advancing Phase 2 studies that could increase mill throughput to 5 million tonnes per year, doubling the current nameplate capacity, and up from 4 million tonnes in the 2022 feasibility study.”

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com E: ir@equinoxgold.com

Cautionary Notes & Forward-looking Statements  

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine; the Company’s ability to improve cash flow and reduce debt. Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “increase”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them. Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations; accuracy of Mineral Reserve and Mineral Resource estimates; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners.  While the Company considers these assumptions reasonable, they may prove incorrect.  Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors in in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its Q3 2025 financial and operating results. The Company’s unaudited condensed consolidated interim financial statements (“Financial Statements”) and related management’s discussion and analysis (“MD&A”) are 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. All financial figures are in US dollars, unless otherwise indicated.

Darren Hall, CEO of Equinox Gold, commented: “Equinox Gold delivered another solid quarter with record production of 236,382 ounces and all-in sustaining costs of $1,833 per oz. With Greenstone continuing to improve, Valentine ramping up well, and Nicaragua and Brazil reliably contributing to production and cash flow, we expect a strong finish to the year. The Company remains on track to deliver the mid-point of our 2025 consolidated production guidance, after the divestment of our Nevada assets, and before considering any production from Valentine.

“At Greenstone, operational performance advanced significantly during the quarter. In Q3, mining rates exceeded 185,000 tonnes per day, a 10% increase over Q2 and a 21% increase over Q1. Importantly, mill grades improved 13% in Q3 to 1.05 grams per tonne (“g/t”) gold. This positive momentum has continued into Q4 with October mining rates exceeding 205,000 tonnes per day and mill grades improving to 1.34 g/t. The improvements underscore our confidence that Greenstone will deliver a strong Q4 and continue that momentum into 2026.

“At Valentine, commissioning continues ahead of expectations. From first ore on August 27 through to the end of October, the plant averaged 4,992 tonnes per day, or 73% of nameplate capacity. For October, the plant averaged 91% of nameplate and recoveries exceeded 93%, positioning the team well to deliver into the higher end of our Q4 Valentine production range of 15,000 to 30,000 ounces. With the ramp-up firmly on track, I anticipate Valentine will reach nameplate capacity by Q2 2026.

“During the quarter, we strengthened our balance sheet by reducing debt by $139 million and, subsequent to quarter-end, added $88 million in cash from the sale of our Nevada assets. These actions enhance financial flexibility and reinforce our commitment to balance sheet strength, portfolio optimization, and disciplined capital allocation.

“With Greenstone and Valentine ramping up, the Company is entering 2026 with growing Canadian production, improving cash flow, and a clear strategy to maximize per-share value through operational excellence, capital discipline, and continued debt reduction.”

HIGHLIGHTS FOR Q3 2025 AND SUBSEQUENT EVENTS

• First gold poured at Valentine ahead of schedule on September 14, 2025, marking the launch of a second Canadian cornerstone asset (watch the gold pour video here)
• Valentine process plant commissioning progress:
  • From first ore (August 27) to October 31: 4,992 tonnes per day, or 73% of nameplate capacity (6,850 tonnes per day)
  • October: 6,221 tonnes per day, or 91% of nameplate capacity with mill recoveries exceeding 93% from low-grade commissioning feed
• Produced 236,382 ounces of gold, including 56,029 ounces from Greenstone, 71,119 ounces from Nicaragua, 67,629 ounces from Brazil, 27,642 ounces from Mesquite, 10,797 ounces from Pan, 2,557 ounces from Castle Mountain and 609 ounces from Valentine
  • Consolidated year-to-date gold production of 634,427 ounces⁽¹⁾, excluding production from Los Filos, Castle Mountain and Valentine, which were not included in the Company’s 2025 production guidance
• Sold 239,311 ounces of gold at an average realized gold price of $3,397 per oz
• Total cash costs of $1,434 per oz and all-in sustaining costs (“AISC”) of $1,833 per oz⁽²⁾
• Cash flow from operations before changes in non-cash working capital of $322.1 million ($240.8 million after changes in non-cash working capital)
• Mine-site free cash flow before changes in non-cash working capital of $304.3 million ($223.0 million after changes in non-cash working capital)⁽²⁾
• Revenue of $819.0 million
• Adjusted EBITDA of $420.0 million⁽²⁾
• Income from mine operations of $280.1 million
• Net income of $85.6 million or $0.11 per share (basic)
• Adjusted net income of $147.4 million or $0.19 per share⁽²⁾
• AISC contribution margin of $1,565 per oz, driven by higher realized gold prices and cost discipline, underpinning strong adjusted EBITDA and mine-site free cash flow⁽²⁾
• Retired $139.3 million of debt with conversion of September 2020 convertible notes
• Cash and equivalents (unrestricted) of $348.5 million at September 30, 2025, not including $88 million from the sale of our Nevada assets which closed after quarter end
• Net debt of $1,278.2 million at September 30, 2025⁽²⁾
• Greenstone operational improvements yielding positive results:
  • Expit mining increased 11% in Q3 vs Q2, averaging 185,000 tonnes per day
  • Process grades increased 13% in Q3 vs Q2, averaging 1.05 g/t gold
• Castle Mountain Phase 2 federal record of decision targeted for December 2026, following acceptance of the project into the United States Federal Permitting Improvement Steering Council’s FAST-41 program
• Portfolio optimization underway with sale of non-core Nevada assets for $115 million (see news release dated August 7, 2025; the transaction closed on October 1, 2025)
• Resource expansion and discovery drilling continues across the portfolio with significant activity in Newfoundland, Nicaragua, and Mesquite, and recently commenced exploration activity at Los Filos

1. Year-to-date, Q1 and Q2 production includes full-period production from the assets (“Calibre Assets”) acquired through the merger with Calibre Mining from January 1, 2025, to align with the Company’s 2025 Production guidance issued on June 11, 2025.
2. Cash costs per oz sold, AISC per oz sold, mine-site free cash flow, adjusted net income, adjusted earnings per share, adjusted EBITDA, sustaining expenditures, and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS

		Three months ended			Nine months ended
Operating data	Unit	September 30, 2025(5)	June 30, 2025	September 30, 2024	September 30, 2025(5)	September 30, 2024
Gold produced from operating assets included in Updated 2025 Guidance	oz	233,216	219,122	—	634,427	—
Less: Gold produced from Calibre Assets before close of Calibre Acquisition	oz	—	(71,743)	—	(143,282)	—
Add: Gold produced from assets not included in Updated 2025 Guidance	oz	3,166	3,470	—	41,376	—
Gold produced(4)	oz	236,382	150,849	173,983	532,609	407,929
Gold sold(4)	oz	239,311	148,938	173,973	536,169	405,901
Average realized gold price	$/oz	3,397	3,207	2,461	3,196	2,310
Cash costs per oz sold(1)(2)	$/oz	1,434	1,478	1,720	1,539	1,678
Cash costs per oz sold(1)(2) – excluding Los Filos(3)	$/oz	1,434	1,478	1,567	1,494	1,567
AISC per oz sold(1)(2)	$/oz	1,833	1,959	1,994	1,932	1,994
AISC per oz sold(1)(2) – excluding Los Filos(3)	$/oz	1,833	1,959	1,894	1,904	1,872
Financial data
Revenue	M$	819.0	478.6	428.4	1,721.4	939.1
Income from mine operations	M$	280.1	159.8	101.4	473.6	133.9
Net income	M$	85.6	23.8	0.3	33.9	311.0
Earnings per share (basic)	$/share	0.11	0.05	—	0.06	0.81
Adjusted EBITDA(1)	M$	420.0	199.1	145.0	760.5	255.6
Adjusted net income (loss)(1)	M$	147.4	55.2	40.5	169.6	27.5
Adjusted EPS(1)	$/share	0.19	0.11	0.09	0.29	0.07
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)	M$	348.5	406.7	167.8	348.5	167.8
Net debt(1)	M$	1,278.2	1,373.7	1,314.7	1,278.2	1,314.7
Operating cash flow before changes in non-cash working capital	M$	322.1	126.0	130.1	521.4	217.5

1. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, mine-site free cash flow, AISC contribution margin and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Consolidated cash cost per oz sold and AISC per oz sold excludes Castle Mountain results after August 31, 2024 when residual leaching commenced and Los Filos results after operations were indefinitely suspended on April 1, 2025. Consolidated cash cost per oz sold and AISC per oz sold includes Greenstone from November 6, 2024 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. Consolidated cash cost per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which were excluded from the Updated 2025 Guidance.
4. Gold produced for the three months ended September 30, 2025 includes 0 and 2,557 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the three months ended September 30, 2025 includes 1,973 and 2,554 ounces sold at Los Filos and Castle Mountain, respectively. Gold produced for the nine months ended September 30, 2025 includes 33,013 and 7,754 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the nine months ended September 30, 2025 includes 36,837 and 7,757 ounces sold at Los Filos and Castle Mountain, respectively.
5. Operating and financial data for the nine months ended September 30, 2025 includes results from Pan and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.
6. Numbers in tables throughout this news release may not sum due to rounding.

Additional information regarding the Company’s financial and operating results can be found in the Company’s Q3 2025 Financial Statements and accompanying MD&A for the three and nine months ended September 30, 2025. These documents are available for download on the Company’s website at www.equinoxgold.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and webcast on Thursday, November 6, 2025, commencing at 7:00 am PT (10:00 am ET) to discuss its third quarter results.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast login
Equinox Gold | Financials

ABOUT EQUINOX GOLD

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

EQUINOX GOLD CONTACT

Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

NON-IFRS MEASURES

This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Numbers presented in the tables below may not sum due to rounding.

Cash Costs and Cash Costs per oz Sold

Cash costs is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs, net of non-recurring items that are not reflective of the underlying operating performance of the Company, and are net of silver revenue. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts silver revenue as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

AISC per oz Sold

The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating AISC was developed internally and is outlined below. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. The Company believes the AISC measure provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. AISC includes cash costs (described above) and also includes sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization and exploration and evaluation costs. This measure seeks to reflect the full cost of gold production from current operations; therefore, expansionary capital and non-sustaining expenditures are excluded.

The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold sold to the most directly comparable IFRS measure on an aggregate basis:

	Three months ended			Nine months ended
$’s in millions, except ounce and per oz figures	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Operating expenses	371.9	229.7	268.3	894.2	656.2
Silver revenue	(6.0)	(1.3)	(0.4)	(7.9)	(1.7)
Fair value adjustment on acquired inventories	(24.3)	1.4	(3.1)	(26.5)	(15.7)
Non-recurring charges recognized in operating expenses(1)	—	(10.7)	—	(36.8)	—
Pre-commercial production and development stage operating expenses (2)	(5.0)	(6.0)	(43.0)	(17.0)	(50.5)
Total cash costs	$        336.6	$         213.1	$         221.8	$        806.0	$        588.2
Sustaining capital	84.9	62.1	30.9	184.4	95.9
Sustaining lease payments	3.6	2.9	1.6	8.4	6.3
Reclamation expense	6.5	6.0	3.0	16.2	8.5
Sustaining exploration expense	—	—	0.2	—	0.7
Pre-commercial production and development stage sustaining expenditures(2)	(1.4)	(1.7)	(0.4)	(3.2)	(0.5)
Total AISC	$      430.3	$      282.5	$      257.2	$      1,011.9	$        699.1
Gold oz sold	239,311	148,938	173,973	536,169	405,901
Gold oz sold from entities during pre-commercial production and development stages(2)	(4,527)	(4,713)	(45,028)	(12,462)	(55,386)
Adjusted gold oz sold	234,784	144,225	128,945	523,707	350,515
Cash costs per gold oz sold	1,434	$       1,478	$       1,720	1,539	$       1,678
AISC per oz sold	$       1,833	$       1,959	$       1,994	$       1,932	$       1,994

1. Non-recurring charges recognized in operating expenses relate to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. Consolidated cash cost per oz sold and AISC per oz sold exclude Castle Mountain results after August 31, 2024 when residual leaching commenced, Los Filos results after March 31, 2025 as operations were indefinitely suspended on April 1, 2025 and Greenstone results for the period prior to November 6, 2024 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. Consolidated cash cost per oz sold and AISC per oz sold include results from Pan and Nicaragua (Limon and Libertad) from the date of the Calibre Acquisition of June 17, 2025.

Sustaining Capital and Sustaining Expenditures

The following table provides a reconciliation of sustaining capital expenditures to the Company’s total capital expenditures for continuing operations:

	Three months ended			Nine months ended
$’s in millions	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Capital additions to mineral properties, plant and equipment(1)	$      266.9	$        118.2	$       146.9	$       477.8	$      420.4
Less: Non-sustaining capital at operating sites	(50.1)	(17.9)	(14.8)	(109.1)	(29.5)
Less: Non-sustaining capital for pre-commercial production and development stages(3)	(98.4)	(16.2)	(92.1)	(116.2)	(248.9)
Less: Other non-cash additions(2)	(33.6)	(22.0)	(9.1)	(67.9)	(46.1)
Sustaining capital – consolidated	$         84.9	$          62.1	$         30.9	$       184.4	$         95.9
Add: Sustaining lease payments	3.6	2.9	1.6	8.4	6.3
Add: Sustaining reclamation expense	6.5	6.0	3.0	16.2	8.5
Add: Sustaining exploration expense	—	—	0.2	—	0.7
Less: Sustaining expenditures for entities in pre-commercial production and development stages(3)	(1.4)	(1.7)	(0.4)	(3.2)	(0.5)
Sustaining expenditures – operating mine sites	$          93.7	$         69.4	$         35.3	205.9	110.8

1. Per note 7 of the consolidated financial statements. Capital additions exclude non-cash changes to reclamation assets arising from changes in discount rate and inflation rate assumptions in the reclamation provision.
2. Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping activities, and capitalized non-cash share-based compensation.
3. Relates to Castle Mountain after August 31, 2024 when residual leaching commenced, Los Filos after March 31, 2025 as operations were indefinitely suspended on April 1, 2025, Greenstone for the period prior to November 6, 2024 when the mine reached commercial production and Valentine as the mine has not yet achieved commercial production.

Total Mine-Site Free Cash Flow

The following table provides a reconciliation of mine-site free cash flow to the most directly comparable IFRS measure on an aggregate basis:

	Three months ended			Nine months ended
$’s in millions	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Operating cash flow before non-cash changes in working capital	$       322.1	$        126.0	$        130.1	$       521.4	$       217.5
Fair value adjustments on acquired inventories	24.3	(1.4)	3.1	26.5	5.9
Non-recurring charges recognized in operating expenses(1)	—	10.7	—	36.8	—
Operating cash flow (generated) used by non-mine site activity(2)	106.9	106.9	(38.5)	253.7	(19.1)
Cash flow from operating mine sites	$      453.3	$      242.1	$          94.7	$      838.4	$       204.3
Less: Capital expenditure from operating mine sites
Mineral property, plant and equipment additions	$      266.9	118.2	146.9	$       477.8	420.4
Capital expenditures relating to pre-commercial production and development projects, corporate and other non-cash additions	(131.8)	(38.2)	(101.2)	(184.0)	(295.0)
	135.1	80.0	45.7	293.8	125.4
Less: Lease payments related to non-sustaining capital items	5.1	5.4	3.0	15.3	16.3
Less: Non-sustaining exploration expense	8.9	2.1	2.1	12.8	5.4
Total mine-site free cash flow before changes in non-cash working capital	$      304.3	$       154.5	$         43.9	$       516.5	$         57.2
(Increase) decrease in non-cash working capital	$        (81.3)	$         23.9	$            9.4	$        (93.2)	$       (98.6)
Total mine site free cash flow after changes in non-cash working capital	$      223.0	$       178.4	$         53.3	$      423.3	$        (41.4)

1. Non-recurring charges recognized in operating expenses for the nine months ended September 30, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. Includes taxes paid that are not factored into mine-site free cash flow and is included in operating cash flow before non-cash changes in working capital in the statement of cash flows. Also includes operating cash flow for projects in pre-commercial production and development stage, including Castle Mountain results after August 31, 2024 when residual leaching commenced, Los Filos when the Company suspended operations on April 1, 2025, Greenstone for the period prior to November 6, 2024 when the mine reached commercial production and Valentine as the mine has not yet achieved commercial production.

AISC Contribution Margin, EBITDA and Adjusted EBITDA

The following tables provide the calculation of AISC contribution margin, EBITDA and adjusted EBITDA, as calculated by the Company:

AISC Contribution Margin

	Three months ended			Nine months ended
$’s in millions	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Revenue	$        819.0	$      478.6	$      428.4	$      1,721.4	$        939.1
Less: silver revenue	(6.0)	(1.3)	(0.4)	(7.9)	(1.7)
Less: AISC	(430.3)	(282.5)	(257.2)	(1,011.9)	(699.1)
Less: revenue from entities during pre-commercial production and development stages(1)	$         (15.3)	$         (14.4)	$       (109.5)	$        (39.0)	$      (133.5)
AISC contribution margin	$       367.4	$       180.4	$          61.3	$      662.6	$         104.9
Gold ounces sold	239,311	148,938	173,973	536,169	405,901
Less: gold oz sold from entities during pre-commercial production and development stages(1)	(4,527)	(4,713)	(45,028)	(12,462)	(55,386)
Adjusted gold ounces sold	234,784	144,225	128,945	523,707	350,515
AISC contribution margin per oz sold	$       1,565	$        1,251	$          475	$       1,265	$          299

1. AISC contribution margin excludes Castle Mountain effective from August 31, 2024 when the Company began reporting it as a development project when residual leaching commenced; Los Filos from April 1, 2025 when the Company suspended operations; and Greenstone for the period prior to November 6, 2024 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses. 
2. AISC contribution margin include results from Pan and Nicaragua (Limon and Libertad) from the date of the Calibre Acquisition of June 17, 2025.

EBITDA and Adjusted EBITDA

	Three months ended			Nine months ended
$’s in millions	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Net income (loss)	$         85.6	23.8	0.3	$         33.9	311.0
Income tax expense	29.4	25.5	36.5	65.5	242.9
Depreciation and depletion	172.5	95.6	59.3	365.7	150.1
Finance expense	50.9	45.3	19.7	144.5	57.8
Finance income	(3.2)	(2.5)	(2.0)	(7.8)	(6.3)
EBITDA	$       335.1	$       187.8	$        113.8	$       601.9	$      755.5
Non-cash share-based compensation expense	6.5	4.5	2.4	13.9	7.6
Unrealized (gain) loss on gold contracts	16.5	(10.6)	18.0	32.9	28.4
Unrealized (gain) loss on foreign exchange contracts	(3.3)	(30.2)	(4.4)	(67.8)	33.2
Unrealized foreign exchange (gain) loss	(1.9)	11.7	4.9	15.9	(8.1)
Change in fair value of Greenstone Contingent Consideration	16.4	6.1	9.9	37.5	22.7
Change in fair value of 2025 Convertible Notes conversion option	18.8	—	—	18.8	—
Gain on modification of debt	(13.0)	—	—	(13.0)	(5.4)
Gain on remeasurement of previously held interest in Greenstone	—	—	—	—	(579.8)
Other (income) expense	7.3	2.6	(2.8)	11.0	(15.0)
Transaction-related costs	13.0	9.0	—	25.3	0.8
Fair value adjustments on acquired inventories	24.3	(1.4)	3.1	26.5	15.7
Non-recurring charges recognized in operating expense(1)	—	11.7	—	40.2	—
Non-recurring charges recognized in care and maintenance expense	$           0.2	8.0	—	$           17.6	—
Adjusted EBITDA	$      420.0	$       199.1	$       145.0	$      760.5	$      255.6

1. Non-recurring charges recognized in operating expenses for the nine months ended September 30, 20205 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.

Adjusted Net Income and Adjusted EPS

The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and calculated by the Company:

	Three months ended			Nine months ended
$’s and shares in millions	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Net income (loss) attributable to Equinox Gold shareholders	$         85.6	$        23.8	$           0.3	$         33.9	$        311.0
Add (deduct):
Non-cash share-based compensation expense	6.5	4.5	2.4	13.9	7.6
Unrealized (gain) loss on gold contracts	16.5	(10.6)	18.0	32.9	28.4
Unrealized (gain) loss on foreign exchange contracts	(3.3)	(30.2)	(4.4)	(67.8)	33.2
Unrealized foreign exchange (gain) loss	(1.9)	11.7	4.9	15.9	(8.1)
Change in fair value of Greenstone Contingent Consideration	16.4	6.1	9.9	37.5	22.7
Change in fair value of 2025 Convertible Notes conversion option	18.8	—	—	18.8	—
Gain on modification of debt	(13.0)	—	—	(13.0)	(5.4)
Gain on remeasurement of previously held interest in Greenstone	—	—	—	—	(579.8)
Transaction-related costs	13.0	9.0	—	26.1	0.8
Fair value adjustments on acquired inventories	24.3	(1.4)	3.1	26.5	15.7
Non-recurring charges recognized in operating expense(1)	—	11.7	—	40.2	—
Non-recurring charges recognized in care and maintenance expense	0.2	8.0	—	17.6	—
Other (income) expense	7.3	2.6	(2.8)	11.0	(15.0)
Non-recurring charge recognized in tax expense	1.2	24.5	—	25.6	—
Income tax impact related to above adjustments	(7.5)	5.8	(0.6)	(15.9)	181.5
Unrealized foreign exchange (gain) loss recognized in deferred tax expense	(16.8)	(10.2)	9.6	(33.6)	34.8
Adjusted net income (loss)	$        147.4	$        55.2	$         40.5	$       169.6	$          27.5
Basic weighted average shares outstanding	771.3	499.4	428.5	576.6	381.8
Diluted weighted average shares outstanding	781.9	506.1	434.5	583.6	461.7
Adjusted income (loss) per share – basic ($/share)	$0.19	$0.11	$0.09	$0.29	$0.07
Adjusted income (loss) per share – diluted ($/share)	$0.19	$0.11	$0.09	$0.29	$0.06

1. Non-recurring charges recognized in operating expenses relate to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.

Net Debt

A reconciliation of net debt is provided below.

$’s in millions	September 30, 2025	June 30, 2025	September 30, 2024
Current portion of loans and borrowings	$                 144.3	$                 220.3	$                  273.8
Non-current portion of loans and borrowings	1,482.4	1,560.0	$              1,208.7
Total debt	1,626.7	1,780.3	$              1,482.5
Less: Cash and cash equivalents (unrestricted)	(348.5)	(406.7)	$                (167.8)
Net debt	$             1,278.2	$             1,373.7	$              1,314.7

---

Cautionary Notes & Forward-looking Statements  

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine and anticipated Castle Mountain Phase 2, receipt of required approvals and permits and effectiveness of the FAST-41 designation; the Company’s ability to improve cash flow and reduce debt. Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “target”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them. Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations; timely execution of the Aurizona expansion and Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners.  While the Company considers these assumptions reasonable, they may prove incorrect.  Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors in in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

TECHNICAL INFORMATION

David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved the technical content of this document.