Equinox Gold : Announcement Deck (20260513 Equinox and Orla Announcement Final)

Published: 2026-05-13 06:38:09 ET EQX

Published on 05/13/2026 at 06:38 am EDT

Equinox Gold & Orla Mining North America's New Senior Gold Producer

Built to Grow, Built to Last

May 13, 2026

TSX: EQX NYSE-A: EQX TSX: OLA NYSE-A: ORLA

Equinox Gold's Evolution into a North American Senior Producer

2025 Equinox

(Pre-Calibre Merger) In less than 2 years, Equinox more than doubled its Canadian production while

enhancing its portfolio in tier-1 jurisdictions

MergeCo

Equinox (Pre-Calibre)

MergeCo

20251

20262

Potential Growth3

Total Gold Production (koz)

693

1,100

+1,900

Canadian Gold Production (koz)

325

685

7784

Operating Assets

Operating Regions

VALENTINE

GREENSTONE

CASTLE MOUNTAIN MESQUITE

LOS FILOS

MUSSELWHITE GREENSTONE

SOUTH CARLIN COMPLEX

CASTLE MOUNTAIN MESQUITE

AURIZONA

BAHIA COMPLEX

RDM

Based on midpoint of 2025 guidance pre-Calibre merger.

Based on midpoint of Equinox and Orla 2026 guidance, shown on a consolidated basis.

LOS FILOS

CAMINO ROJO

NICARAGUA COMPLEX

With completion of the Valentine phase 2 expansion and with Castle Mountain, Los Filos, South Railroad and Camino Rojo underground in production and operating in line with expectations outlined in current technical reports, which technical reports are available under the respective SEDAR+ profiles of Equinox (in the case of Valentine, Castle Mountain and Los Filos) and Orla (in the case of South Railroad and Camino Rojo).

Average gold production over 2026E-2036E for Greenstone and Valentine based on 2026 technical reports (320 koz contribution from Greenstone and 223 koz from Valentine) and midpoint of 2026 guidance for

Musselwhite (235 koz). See Cautionary Notes. 3

Combined Leadership Team with Proven Track Records

Darren Hall

CEO

Ross Beaty Special Advisor to the Board

Chuck Jeannes

Chair

Jason Simpson

President

Cornerstone Shareholders:

Pierre Lassonde, Prem Watsa /

Fairfax, Ross Beaty

Insider/Strategic Ownership of

Combined Company:

~11%1

Assumes convertible notes held by insiders/ strategic shareholders are exercised. 4

Transaction Summary

Consideration

Orla shareholders to receive 1.00 Equinox share and $0.0001 in cash for each Orla share held

Transaction structured as an at-market merger

Pro-forma ownership: 67% Equinox Gold and 33% Orla, on a fully-diluted ITM basis

Approvals and Conditions

Orla will require a shareholder vote with a 66 2/3% voting threshold of votes cast

Orla lock-ups: All directors and officers, Pierre Lassonde and Fairfax, collectively representing approximately 20% ownership

If Pierre Lassonde and Fairfax exercise their convertible notes, they will hold approximately 9.3% and 15.6%, respectively, on a partially diluted basis, and those shares would be required to be voted at the Orla meeting in favour of the Transaction

Equinox will require a shareholder vote with a simple majority threshold of votes cast

Equinox lock-ups: All directors and officers, representing approximately 4% ownership

Other approvals: Court approvals, TSX/NYSE American approval, Canadian and Mexican competition authorization

Leadership

Board: To be composed of 11 members with Chuck Jeannes as Chair, 4 other members from Orla and 6 members from Equinox

Ross Beaty to become Special Advisor to the Board of Directors

Management: Darren Hall as CEO, Jason Simpson as President

Other

Customary and reciprocal non-solicitation provisions for any competing proposals, subject to customary fiduciary outs

Reciprocal break fees: $475M payable by Equinox and $250M payable by Orla, under certain circumstances

Each company will maintain existing dividend policy until close, with both payable during the interim period

Timing

Special meetings to approve the Transaction expected to occur in July 2026

Transaction expected to close in Q3 2026

Creating a Stronger, Growth-Oriented Senior Gold Producer

IMMEDIATE SCALE

Highly complementary portfolio producing 1.1 Moz of gold with significant reserve endowment

GROWTH

Advanced low-risk growth profile with clear path to more than 1.9 Moz production

TIER-1 LOCATION

FINANCIAL

STRENGTH LEADERSHIP

VALUE

OPPORTUNITY

SHAREHOLDER BASE

Second largest producer of Canadian gold from three assets

Significant free cash flow generation and robust financial position to fund growth and return capital to shareholders

Proven track record of execution and shareholder value creation led by Chuck Jeannes, Darren Hall and Jason Simpson with ongoing support from Ross Beaty

Combined company undervalued relative to peer group - clear path to close gap

Supported by cornerstone shareholders - Ross Beaty, Pierre Lassonde and Prem Watsa / Fairfax

A Leading Canadian Gold Producer

2,955

Equinox Gold to become the second-largest producer of Canadian gold

Top 15 Canadian Gold Producers

Run-rate production2

(2026 Annual Guidance Midpoint- koz Au)

778

685

475 450

410

323

295 280 278

248 235

200 193 193

148

Agnico MergeCo Alamos Equinox IAMGOLD Coeur Newmont Discovery Artemis Dhilmar Orla B2Gold Wesdome Eldorado Centerra

MergeCo 1

Source: Company filings, S&P Capital IQ Pro

Private company, no public guidance issued, 2026E S&P Capital IQ Pro estimate used in place.

Musselwhite (235 koz). See Cautionary Notes. 7

Clear Near-Term, Low-Risk Path to +1.9 Moz of Production

More than 800 koz of organic growth potential in North America

VALENTINE1

Newfoundland, Canada

2.7 Moz Reserves

SOUTH RAILROAD2

Nevada, USA

1.5 Moz Reserves

CASTLE MOUNTAIN3

California, USA

Moz Reserves

LOS FILOS4

Guerrero, Mexico

5.4 Moz Reserves

CAMINO ROJO UG5

Zacatecas, Mexico

3.8 Moz M&I

~48 koz

~130 koz

~220 koz

~280 koz

~215 koz

Phase 2 construction anticipated to begin in Q3 2026 to double throughput to ~5.0 Mtpa

Phase 2 ramp-up targeted for H2 2028; average annual production of ~223 koz (2026-2036)

FAST-41 program project: Federal Record of Decision expected in mid-2026

Targeting construction completion in H2 2027

FAST-41 program project: Federal Record of Decision expected in Q4 2026

Technical report update underway with construction targeted for H2 2027

Progress Los Filos engineering, exploration and social license

Finalizing community agreements and development plans

Received permits for underground decline in March 2026 - PFS targeted for 2027

Commencing development of exploration decline in H2 2026

Reserves based on March 2026 technical study; incremental production relative to midpoint of 2026 production guidance.

Reserves and first 5-year average annual production based on February 2026 technical study for the South Railroad Gold Project.

Reserves and production potential based on the 2021 feasibility study.

Reserves and production potential with construction of a CIL plant and development of Bermejal underground mine based on 2022 feasibility study.

Measured and Indicated ("M&I") resources and first 10-year average annual production based on February 2026 technical study. 8

Substantial Excess Free Cash Flow to Fund Shareholder Returns

Growing annual production to more than 1.9 million ounces while generating excess cash flow

Production Growth Organic Growth Pipeline Capex Requirements

>800 koz1

Valentine Phase 2 South Railroad Castle Mountain Los Filos

Camino Rojo UG

>1.9 Moz

vs. FCF Generation

$9.3 B

Valentine Phase 2 South Railroad Castle Mountain Los Filos

Camino Rojo UG

Moz

$2.1 B

2026 Combined Production Total Potential Production

Total Growth Capital Requirements

'26E-'30E Cumulative FCF (Analyst Estimates)

Source: Company filings, FactSet

Initial capex / growth capex from the latest technical study of Valentine (Phase 2 expansion), Castle Mountain, Los Filos, South Railroad and Camino Rojo underground.

FCF is a non-IFRS measure. Please refer to Cautionary Notes "Non-IFRS Measures" of this presentation for additional information. 9

Significant Re-Rate Potential Based on Valuation of Peers

2026E Production (Moz Au) (Analyst estimates)

'26E-'29E Prod. Growth (%) (Analyst estimates)

Total Reserves (Moz Au)

(Company reports)

Price to NAV (ratio)

(Analyst estimates)

Market Cap ($B)

Gold Fields

Kinross

MeMrgeregCeoCo

Coeur

Pan American

1.1

0.8

0.7

2.5

2.0

Alamos

MMeregregCeoCo

Gold Fields

Coeur

Kinross

(1%)

(3%)

61%

17%

Gold Fields

MeMrgeergCeoCo

Kinross

Alamos

Coeur

22.7

20.9

15.9

7.4

48.3

Gold Fields

Coeur

Pan American

Kinross

Alamos

1.3x

1.1x

1.0x

0.9x

Gold Fields

Kinross

Pan American

Coeur

Alamos

$40.6

$38.0

$26.9

$21.1

$18.9

Alamos

0.6

Pan American (20%)

Pan American

6.8

MeMrgeergCeoCo

0.8x

MeMregregCeCoo

$18.5

Source: Company filings, FactSet, S&P Capital IQ Pro, street research

Note: Market information as at May 12, 2026. 10

Creating a Stronger, Growth-Oriented Senior Gold Producer

IMMEDIATE SCALE

Highly complementary portfolio producing 1.1 Moz of gold with significant reserve endowment

GROWTH

Advanced low-risk growth profile with clear path to more than 1.9 Moz production

TIER-1 LOCATION

FINANCIAL

STRENGTH LEADERSHIP

VALUE

OPPORTUNITY

SHAREHOLDER BASE

Second largest producer of Canadian gold from three assets

Significant free cash flow generation and robust financial position to fund growth and return capital to shareholders

Proven track record of execution and shareholder value creation led by Chuck Jeannes, Darren Hall and Jason Simpson with ongoing support from Ross Beaty

Combined company undervalued relative to peer group - clear path to close gap

Supported by cornerstone shareholders - Ross Beaty, Pierre Lassonde and Prem Watsa / Fairfax

Appendix

Canada-Focused, North American Portfolio

1.1 Moz +1.9 Moz

Path to Achieve

VALENTINE

2026 COMBINED GOLD PRODUCTION1

OPERATING MINES

>800 Koz4

ORGANIC GROWTH IN NORTH AMERICA

COUNTRIES

POTENTIAL ANNUAL GOLD PRODUCTION

GROWTH PROJECTS

MUSSELWHITE

SOUTH CARLIN COMPLEX

MESQUITE CASTLE MOUNTAIN

GREENSTONE

~23 Moz

P&P GOLD RESERVES2

Midpoint of Equinox and Orla's 2026 guidance.

~25Moz

M&I GOLD RESOURCES2,3

Equinox Producing Mine Orla Producing Mine Equinox Expansion Project Orla Development Project

LOS FILOS

CAMINO ROJO

NICARAGUA

COMPLEX

See Appendix slides, Equinox: Cautionary Notes and Technical Disclosure and Orla: Technical Disclosure.

M&I Resources are exclusive of Reserves.

reports, which technical reports are available under the respective SEDAR+ profiles of Equinox (in the case of Valentine, Castle Mountain and Los Filos) and Orla (in the case of South Railroad and Camino Rojo). 13

Attractively Positioned Relative to Peers

Avg. '26E-'29E Gold Production (Moz) (Analyst Estimates)

61%

'26E-'29E Au Prod. Growth (%)

(Analyst Estimates)

'26E-'29E Avg. FCF1 Yield (%)

(Analyst Estimates)

2.5

2.0

1.2

0.8 0.8

0.7

17%

(1%) (3%)

12.5%

9.8% 9.4% 9.1%

8.1% 7.9%

Gold Fields Kinross

MMeerrggeeCCoo

Coeur Alamos Pan American

Alamos

MMeerrggeeCCoo

(20%)

Gold Fields Coeur Kinross Pan

American

Coeur

MMeerrggeeCCoo Gold Fields Kinross Pan

American

Alamos

$40.6

$38.0

Market Cap ($ B)

$26.9

$21.1

$18.9 $18.5

1.3x 1.3x

P/NAV

(Analyst Estimates)

1.1x

1.0x

0.9x 0.8x

EV/Avg. '26E-'29E Production ($/oz AuEq)

(Analyst Estimates)

$24,254 $24,126

$18,812 $17,763

$16,077

$14,589

Gold Fields Kinross Pan American

Coeur Alamos

MMeerrggeeCCoo

Gold Fields Coeur Pan American Kinross Alamos

MMeerrggeeCCoo

Pan

American

Alamos Coeur Kinross Gold Fields

MMeerrggeeCCoo

Source: Company filings, FactSet, S&P Capital IQ Pro, street research Note: Market information as at May 12, 2026.

FCF is a non-IFRS measure. Please refer to Cautionary Notes "Non-IFRS Measures" of this presentation for additional information.

Combining Three Canadian Cornerstone Assets

Greenstone Musselwhite

~320,000 oz gold

AVG. ANNUAL PRODUCTION (2026-2036)1

~235,000 oz gold

ANNUAL PRODUCTION3

14+ year

INITIAL MINE LIFE

~5.3 Moz

P&P RESERVES2

~28 years

IN PRODUCTION

~1.5 Moz

P&P RESERVES4

RAMPING UP

ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 250,000-300,000 oz

GROWTH POTENTIAL

ADDITIONAL MILL CAPACITY, NEAR-MINE DEPOSITS, EXTENSION OF UNDERGROUND DEPOSIT ALONG TREND

Average annual production from 2026-2036 based on the 2026 technical report. See Equinox: Technical Disclosure and Cautionary Notes.

As per the 2026 technical reports. See Equinox: Technical Disclosure and Cautionary Notes.

Based on midpoint of 2026 guidance.

As of December 31, 2025. See Orla: Technical Disclosure.

Assuming successful completion of the phase 2 expansion, as outlined in the 2026 technical report.

Valentine

~223,000 oz gold

AVG. ANNUAL PRODUCTION (2026-2036)5

11+ year

INITIAL MINE LIFE

~2.7 Moz

P&P RESERVES2

RAMPING UP

ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 150,000-200,000 oz

Combines Two High-Quality, Low-Risk North American Portfolios

Maintains ~70% Canada/USA mining NPV weighting and same number of operating jurisdictions

# of Unique Operating Jurisdictions

Denotes 2026E Au Production (Analyst Estimates)

MergeCo

Alamos

(0.6 Moz)

Gold Fields

(2.5 Moz)

Kinross (2.0 Moz)

(1.1 Moz)

MergeCo with Potential Growth (+1.9 Moz)2

Coeur (0.8 Moz)

7 Pan American

(0.7 Moz)

-- 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Mining NPV Exposure to Canada and USA1 (Analyst Estimates)

Source: Company filings, S&P Capital IQ Pro, street research

Based on median of analyst estimates; excludes NPV attributable to unallocated exploration and other.

Included for illustrative purposes, only factors in production growth potential. 16

Combination Significantly Increases Production Scale and Cash Flow

Annual Gold Production

(Analyst Estimates)

Annual EBITDA1

(Analyst Estimates)

Annual Free Cash Flow1

(Analyst Estimates)

Moz 1.2 Moz

$3.4 B

$3.8 B

0.8 Moz

$2.2 B

$1.0 B

$1.4 B $1.5 B

Equinox 2026E

MMeerrgeeCCo 22002266EE

MMeerrggeeCCoo 22002277EE

Equinox

2026E

MMeerrgeeCCo 22002266EE

MMeerrggeeCCo

22002277EE

Equinox 2026E

MMeerrgeeCCo 22002266EE

MMeerrggeeCCo 22002277EE

Source: FactSet, S&P Capital IQ Pro

EBITDA and Free Cash Flow are non-IFRS measures. Please refer to Cautionary Notes "Non-IFRS Measures" of this presentation for additional information.

Indicative Transaction Timeline

TODAY

Merger Announcement

JUNE

Mail Special Meeting Materials

JULY

Shareholder Votes1 Regulatory Approval

SEPTEMBER

Anticipated

Closing2

Final meeting dates to be confirmed, but are expected to occur before July 31, 2026.

Assuming all regulatory, court and shareholder approvals have been received. 18

Pro Forma Capitalization

Equinox

Orla

MergeCo

Share Price1

(C$/share)

C$20.28

C$19.77

C$20.28

Basic Market Capitalization1

(C$ B / US$ B)

C$16.0 / US$11.7

C$6.8 / US$5.0

C$23.0 / US$16.8 2

F.D. ITM Market Capitalization1

(C$ B / US$ B)

C$16.9 / US$12.3

C$8.2 / US$6.0

C$25.3 / US$18.52

Basic Common Shares1

(M)

789.1

346.0

1,135.12

F.D. ITM Shares Outstanding1

(M)

834.1 3

413.53

1,247.63

Cash4

(US$ M)

$363

$427

$790

Debt (Excl. Convertible Notes)4

(US$ M)

$448

$149

$597

Face Value of Convertible Notes

(US$ M)

$207

$181

$388

Stock Exchanges

(exchanges)

NYSE-A, TSX

L3M Average Daily Traded Value5

(US$ M)

$211

$71

$282

2026 Au Production Guidance

(k oz Au)

700 - 800 k oz Au

340 - 360 k oz Au

1040 - 1160 k oz Au

2026 By-Pdt Au AISC Guidance

(US$/oz Au)

US$1,775 - $1,875/oz

US$1,550 - $1,750/oz

US$1,701 - $1,836/oz6

As at May 12, 2026.

Based on share exchange ratio of 1.00 of an Equinox share per Orla share.

The Equinox note expiring in Oct. 2028 has a face value of $172.5 M (conversion price of US$6.30 per Equinox share); the Equinox note expiring in Mar. 2030 has a face value of $34.3 M (conversion price of C$12.14 per Equinox share); the Orla note expiring in Mar. 2030 has a face value of $181.3 M (conversion price of C$7.90 per Orla share).

Equinox and Orla cash and debt as at March 31, 2026.

Aggregated across exchanges. 19

Range based on weighted average of low and high ends of production guidance.

Pro Forma Financial Position

AVAILABLE LIQUIDITY RESILIENCE DEBT

Cash1

$790 M

Undrawn credit facility3

$650 M

Ongoing cash flow from producing mines

Undrawn accordion

$500 M

Debt1,2

$597 M

Convertible notes4

$388 M

($6.22/share weighted average conversion price)

~$790 M +

CASH & EQUIVALENTS

~$650 M +

AVAILABLE CREDIT3

~$500 M

UNDRAWN ACCORDION

Based on Equinox and Orla's financial statements as of March 31, 2026.

Excludes convertible debt.

Includes $560 M undrawn from Equinox's revolving credit facility as of April 30, 2026 and $90 M undrawn from Orla's credit facility as of March 31, 2026.

share); the Orla note expiring in Mar. 2030 has a face value of $181.3 M (conversion price of C$7.90 per Orla share).

Robust Financial Position and Free Cash Flow Profile

Substantial FCF generation to fund both organic growth pipeline and ongoing return of capital

Equinox Gold is committed to allocating capital in a disciplined and balanced manner across the portfolio, sustaining investment and shareholder returns while maintaining a strong balance sheet

Equinox Gold to continue its existing dividend policy post closing with an enhanced ability to return significant capital to shareholders

Combined entity expected to have ~$1.4 B of available liquidity and be in a net cash position by year end

MergeCo Annual Free Cash Flow1 (Analyst Estimates; $B)

$2.5 B $2.4 B

Operating Cash Flow Capex Free Cash Flow

$2.1 B

$2.3 B

$3.1 B $3.3 B

$2.4 B

$1.4 B

$1.5 B

$2.1 B

($0.3 B)

($1.1 B) ($1.0 B) ($1.0 B) ($1.0 B)

2026E 2027E 2028E 2029E 2030E

Source: FactSet

1. Free Cash Flow is a non-IFRS measure. Please refer to Cautionary Notes "Non-IFRS Measures" of this presentation for additional information.

Significant Canadian Gold Exposure Further Supports Re-Rate

Strong re-rate potential exists with

improved Canadian gold exposure

Select Canadian Peers

Analyst P/NAVs1 & 2026E Canadian Gold Production Guidance (Mid-point)2

Canadian production rewarded in the market with premium valuation

Equinox Gold will be the second-largest producer of gold in Canada, with Greenstone and Valentine collectively delivering ~450 koz of gold per year and Musselwhite contributing another ~235 koz of annual production (2026 guidance midpoint)

1.20x

1.10x

P/NAV (Analyst Consensus)

1.00x

0.90x

0.80x

0.70x

Wesdome

IAMGOLD

Discovery Silver

Equinox

Artemis

Alamos

Agnico Eagle

(1.26x P/NAV / 2,955 koz)

R² = 0.5366

MergeCo

0.60x

100 200 300 400 500 600 700 800

2026E Canadian Gold Production Guidance (koz)

Source: Company filings, FactSet, S&P Capital IQ Pro, street research Note: Market information as at May 12, 2026.

Note: Line of best fit excludes Equinox and MergeCo.

Based on analyst consensus estimates available as at May 12, 2026. 22

Based on midpoint of disclosed 2026E guidance for Canadian operations.

Attractively Positioned Relative to Peers

$3.8

'26E-'29E Avg. FCF1 ($ B)

(Analyst Estimates)

$3.4

$2.6

$2.2

$1.8

$1.5

9.3x

EV / '26E-'29E Avg. EBITDA1

(Analyst Estimates)

7.1x

5.8x 5.7x

4.8x 4.7x

$5.9

Avg. '26E-'29E OCF ($ B)

(Analyst Estimates)

$4.9

$3.0 $2.8

$2.3 $2.2

Gold Fields Kinross Coeur Pan

American

MMeerrggeeCCoo

Alamos

Pan American

Alamos Coeur Kinross

MMeerrggeeCCoo Gold Fields

Gold Fields Kinross Coeur

MMeerrggeeCCoo

Pan American

Alamos

Avg. '26E-'29E AISC1,2 ($/oz)

(Analyst Estimates)

$1,934

EV/Reserves ($/oz AuEq)

$1,739 $1,722 $1,690

20.9

'26E-'29E Reserve Life Years3

(Analyst Estimates)

$862

$1,375 $1,469

$1,670 $1,674

$1,146

$826 $774

19.5

18.6

10.4 9.9 9.2

Coeur Alamos Pan

American

MMeerrggeeCCoo

Kinross Gold Fields

Kinross Coeur Pan American Alamos Gold Fields

MMeerrggeeCCoo

Alamos Gold Fields

MMeerrggeeCCoo

Kinross Pan

American

Coeur

Source: Company filings, FactSet, S&P Capital IQ Pro Note: Production and R&R based on gold only.

FCF, EBITDA and AISC are non-IFRS measures. Please refer to Cautionary Notes "Non-IFRS Measures" of this presentation for additional information.

Production weighted average over 2026E- 2029E.

Calculated as total gold reserves divided by 2026E-2029E average gold production.

Greenstone: A Canadian Cornerstone Asset

AVERAGE ANNUAL PRODUCTION 2026-20361

14+ year

INITIAL MINE LIFE

~5.3 Moz

P&P RESERVES2

RAMPING UP

TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 250,000-300,000 oz

Average annual production from 2026-2036 based on the 2026 technical report. See Equinox: Technical Disclosure and Cautionary Notes.

As per the 2026 technical report. See Equinox: Technical Disclosure and Cautionary Notes. 24

Greenstone Upside: Extend Mine Life, Increase Production

Greenstone Mine Geology

Isometric view looking Northeast

Red blocks show ore above 1 g/t Au

500 m

Underground

Open pit

Potential expansion of the open pit to the west

Convert inferred resources within the open pit

Expand throughput

Power and equipment available and

designed to support 30 ktpd throughput

Westernmost drill hole (MM1170) intersected 20.5 m @ 18.49 g/t Au

21.48 Mt at 2.36 g/t gold (1.6 Moz Measured & Indicated) and 16.34 Mt at 2.37 g/t gold (1.2 Moz Inferred)1

Not included in current mine life economics

See Equinox Measured & Indicated Resources, Inferred Resources, Technical Disclosure and Cautionary Notes. 25

Valentine: A Second Canadian Cornerstone Asset

AVERAGE ANNUAL PRODUCTION 2026-20361

11+ year

INITIAL MINE LIFE

~2.7 Moz

P&P RESERVES2

RAMPING UP

TARGET TO ACHIEVE DESIGN CAPACITY MID-2026 2026 GUIDANCE: 150,000-200,000 oz

Assuming successful completion of the Phase 2 expansion, as outlined in the 2026 technical report.

Based on the 2026 technical report. See Equinox: Technical Disclosure and Cautionary Notes. 26

Valentine Upside: Phase 2 Expansion, District-Scale Exploration

Phase 2 expansion1

Increasing throughput from 2.5 to 5 Mtpa

$414 M capital cost for mill, fleet and infrastructure expansion, including 20% contingency

24-month construction timeline anticipated to begin Q3 2026 following Board approval

Phase 2 ramp-up targeted for H2 2028

District-scale exploration potential

Frank Zone discovery along trend from existing Reserves

indicates additional open pit potential

Discovery of new high-grade Minotaur Zone 8 km north of the mill demonstrates district-scale potential

Less than 15% of 320km2 property explored to date

100 km of exploration planned for 2026

See Equinox: Technical Disclosure and Cautionary Notes. 27

Musselwhite: Third Mine Cements Canadian Focus

ANNUAL PRODUCTION (2026 GUIDANCE MIDPOINT)

~28 years

IN PRODUCTION

~1.5 Moz

P&P RESERVES1

GROWTH POTENTIAL

ADDITIONAL MILL CAPACITY, NEAR-MINE DEPOSITS EXTENSION OF UNDERGROUND DEPOSIT ALONG TREND

As of December 31, 2025. See Orla: Technical Disclosure. 28

Musselwhite Upside: Exploration Along Trend & Excess Mill Capacity1

2-km confirmed mine trend extension

12,553 m drilled in 2025; 15,600 m drilling planned in 2026 (3 rigs)

2 km mine trend extension confirmed with extended geology and Au mineralization:

4.1 m at 15.1 g/t Au with visible gold observed (at 1.6 km)

5.0 m at 5.57 g/t Au incl. 1.0 m @ 8.79 g/t Au (at 2 km)

Drilling indicates stacked mineralized zones:

Upper horizon (Lynx)

Lower horizon (PQ Extension)

0.5 Mtpa available mill capacity

1.5 Mtpa nameplate mill capacity

~1.0 Mtpa current utilization

Fleet modernization and improved ore flow have driven higher utilization

Untapped mill capacity provides near-term growth leverage without major capital investment

Long Section - Looking West

1. See the technical report titled "Technical Report - Musselwhite Mine Project, Ontario, Canada" with an effective date of November 18, 2024 and see Orla: Technical Disclosure. 29

USA Assets: ~75,000 oz Gold Today, Growth to +400,000 oz/year

Mesquite Mine1

California, USA

Open-pit heap leach mine

More than 5 Moz production since 1986

2026 guidance: ~75,000 oz

Ongoing efforts to support mine life extension

South Carlin Complex2

Nevada, USA

1.5 Moz P&P Reserves, 2.5 Moz M&I Resources

~130,000 oz gold/year for first 5 years from

open-pit heap leach, + residual leaching

Federal Record of Decision expected mid-2026 for South Railroad

$395 M initial capital estimate

First production targeted for Q4 2027

Castle Mountain1

California, USA

4.1 Moz P&P Reserves, 1.5 Moz M&I Resources

~218,000 oz gold/year for 14 years from

open-pit heap leach, + residual leaching

FAST-41 program promises Federal Record of Decision in December 2026

Finalizing engineering and updating feasibility study to prepare for construction decision in 2027

See Equinox: Cautionary Notes and Technical Disclosure.

See the technical report titled "South Railroad Project NI 43-101 Feasibility Study Update, Elko County, Nevada" dated February 27, 2026, with an effective date of September 30, 2025 and see Orla: Technical Disclosure. 30

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Equinox Gold Corp. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 10:37 UTC.