Equinox Gold Delivers Solid Second Quarter 2025 Financial and Operating Results

2025-08-13

TSX - Toronto Stock Exchange · Gold · Silver · Canada

Poised for Major Inflection in Q3 2025 Including Calibre Asset Production, Canadian Greenstone Gold Mine Ramp-up and Valentine Gold Mine Startup

Vancouver, British Columbia--(Newsfile Corp. - August 13, 2025) - Equinox Gold Corp.(TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its Q2 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/edgarand 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 is entering a pivotal growth phase. Q2 delivered solid results, led by Greenstone, where mining rates increased 23% and processing rates improved 20% over Q1. Building on that momentum, Q3 is off to a strong start, with quarter-to-date ex-pit mining volumes 10% higher than Q2 and process plant throughput averaging 24.5 kptd over the last 30 days, including more than one-third of the days above nameplate capacity of 27 ktpd. This sets the stage for our true inflection point in Q3, driven by a full-quarter contribution from the Calibre assets, first ore processed at Valentine, and continued improvement at Greenstone.

"If the Calibre transaction had been effective from January 1, 2025, our pro-forma consolidated revenue for the first half would have been approximately $1.33 billion, highlighting the enhanced scale and earnings power of the combined company.

"We expect a strong second half of the year, with production on track to meet our full-year consolidated guidance of 785,000 to 915,000 ounces and anticipate continued growth in both production and cash flow into 2026.

"Our focus is clear as we grow into a top-tier producer - operational excellence, disciplined capital allocation, and deliver on our commitments to drive debt reduction, optimize our balance sheet, and maximize returns for shareholders."

HIGHLIGHTS FOR Q2 2025 AND SUBSEQUENT EVENTS (1)

On June 17, 2025, Equinox Gold closed its acquisition of Calibre Mining Corp. ("Calibre") Produced 219,122 ounces ("oz") of gold, including full period contributions of 72,823 oz of gold from the Nicaragua operations and Pan Mine ("Calibre Assets")(2), excluding 1,975 oz from Castle Mountain and 1,495 oz from Los Filos(3) Total cash costs of $1,478 per oz and all-in sustaining costs ("AISC") of $1,959 per oz(4) Cash flow from operations before changes in non-cash working capital of $126.0 million ($132.9 million after changes in non-cash working capital) Mine-site free cash flow before changes in non-cash working capital of $154.5 million ($178.4 million after changes in non-cash working capital)(4) Adjusted EBITDA of $200.5 million(4) Income from mine operations of $159.8 million Net income of $23.8 million or $0.05 per share (basic) Adjusted net income of $56.7 million or $0.11 per share(4) Sustaining expenditures of $71.1 million(4)and non-sustaining expenditures of $42.3 million Cash and equivalents (unrestricted) of $406.7 million at June 30, 2025 Net debt(4)of $1,373.7 million at June 30, 2025 The Castle Mountain Mine was designated as a FAST-41 Project by the United States Federal Permitting Improvement Steering Council. According to the FAST-41 project dashboard as of August 8, 2025, the federal permitting process is expected to be completed in December 2026 (see link) Announced agreement to sell non-core Nevada assets for US$115 million (see link) Valentine Gold Mine enters the final stages of commissioning with ore processing expected to commence before the end of August 2025, followed by the first gold pour approximately one month later On June 30, 2025, Equinox Gold ratified the new long-term land access agreements with Mezcala and Xochipala, two of the three communities near the Los Filos Mine. These agreements enable a new mine development project, starting with an exploration program in Q3 2025 and followed by engineering studies to evaluate alternative locations for the carbon-in-leach plant needed for a potential expansion. Senior leadership transition: Darren Hall was appointed Chief Executive Officer and Director on July 22, 2025. Nicaragua exploration results: Reported new high-grade resource expansion drill results, including: 36.77 g/t gold over 6.9 metres, 8.55 g/t gold over 14.6 metres, 10.19 g/t gold over 6.0 metres

(1)Unless otherwise noted, the sections of this news release titled "Highlights for Q2 2025 AND SUBSEQUENT EVENTS" and "Consolidated Operational and Financial Highlights" include contributions from the Calibre Assets from June 17 to June 30, 2025 only. The section titled "2025 Guidance & Reconciliation" includes full-period production from the Calibre Assets for the three and six months ended June 30, 2025, to align with the Company's revised 2025 production guidance issued on June 11, 2025 ("2025 Guidance"). (2)Produced 1,080 oz from the Calibre Assets from the date of acquisition, June 17, 2025, to June 30, 2025. (3)2025 Guidance excludes results from Los Filos, Castle Mountain and Valentine. (4)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 | | | | Six months ended | | | | | | | | | | | | Operating data | Unit | | June 30, 2025(5) | | | March 31, 2025 | | | June 30, 2024 | | | | June 30, 2025(5) | | | June 30, 2024 | | | Gold produced from operating assets included in 2025 Guidance | oz | | 219,122 | | | n/a | | | n/a | | | | 401,211 | | | n/a | | | Less: Gold produced from Calibre Assets before close of Calibre transaction | oz | | (71,743 | ) | | n/a | | | n/a | | | | (143,282 | ) | | n/a | | | Add: Gold produced from assets not included in 2025 Guidance | oz | | 3,470 | | | n/a | | | n/a | | | | 38,210 | | | n/a | | | Gold produced(4) | oz | | 150,849 | | | 145,290 | | | 122,221 | | | | 296,139 | | | 233,946 | | | Gold sold(4) | oz | | 148,938 | | | 147,920 | | | 115,423 | | | | 296,858 | | | 231,927 | | | Average realized gold price | $/oz | | 3,207 | | | 2,858 | | | 2,328 | | | | 3,033 | | | 2,197 | | | Cash costs per oz sold(1)(2) | $/oz | | 1,478 | | | 1,769 | | | 1,747 | | | | 1,624 | | | 1,653 | | | Cash costs per oz sold(1)(2) - excluding Los Filos(3) | $/oz | | 1,478 | | | 1,637 | | | 1,640 | | | | 1,548 | | | 1,567 | | | AISC per oz sold(1)(2) | $/oz | | 1,959 | | | 2,065 | | | 2,041 | | | | 2,012 | | | 1,993 | | | AISC per oz sold(1)(2) - excluding Los Filos(3) | $/oz | | 1,959 | | | 1,979 | | | 1,925 | | | | 1,968 | | | 1,861 | | | Financial data | | | | | | | | | | | | | | | | | | | Revenue | M$ | | 478.6 | | | 423.7 | | | 269.4 | | | | 902.4 | | | 510.8 | | | Income from mine operations | M$ | | 159.8 | | | 33.7 | | | 21.2 | | | | 193.5 | | | 32.6 | | | Net income (loss) | M$ | | 23.8 | | | (75.5 | ) | | 353.5 | | | | (51.6 | ) | | 310.7 | | | Earnings (loss) per share (basic) | $/share | | 0.05 | | | (0.17 | ) | | 0.90 | | | | (0.11 | ) | | 0.87 | | | Adjusted EBITDA(1) | M$ | | 200.5 | | | 137.9 | | | 45.1 | | | | 338.4 | | | 97.2 | | | Adjusted net income (loss)(1) | M$ | | 56.7 | | | (36.6 | ) | | (46.4 | ) | | | 20.0 | | | (60.8 | ) | | Adjusted EPS(1) | $/share | | 0.11 | | | (0.08 | ) | | (0.12 | ) | | | 0.04 | | | (0.17 | ) | | Balance sheet and cash flow data | | | | | | | | | | | | | | | | | | | Cash and cash equivalents (unrestricted) | M$ | | 406.7 | | | 172.9 | | | 167.5 | | | | 406.7 | | | 167.5 | | | Net debt(1) | M$ | | 1,373.7 | | | 1,220.0 | | | 1,308.9 | | | | 1,373.7 | | | 1,308.9 | | | Operating cash flow before changes in non-cash working capital | M$ | | 126.0 | | | 73.3 | | | 39.7 | | | | 199.3 | | | 87.4 | |

(1)Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income (loss), adjusted EPS 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 for the three months ended June 30, 2025 and March 31, 2025 and six months ended June 30, 2025 exclude Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, figures for the three months ended June 30, 2025 exclude Los Filos as operations were indefinitely suspended on April 1, 2025. 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 2025 Guidance. (4)Gold produced for the three months ended June 30, 2025 includes 1,495 and 1,975 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the three months ended June 30, 2025 includes 2,731 and 1,982 ounces sold at Los Filos and Castle Mountain, respectively. (5)Operating and financial data for the three and six months ended June 30, 2025 includes results from the Calibre Assets from the date of acquisition of June 17, 2025 to June 30, 2025.

Consolidated revenue for the six months ended June 30, 2025 was $902.4 million, including $3.6 million from the Calibre Assets recognized since the closing of the Calibre transaction on June 17, 2025. Had the transaction been effective from January 1, 2025, pro forma consolidated revenue for the first half of the year would have been approximately $1.33 billion, highlighting the enhanced scale and earnings power of the combined company. Looking ahead, the continued ramp-up of the Greenstone Mine and the commencement of production at the Valentine Mine during the third quarter are expected to further strengthen production volumes and financial performance.

2025 GUIDANCE & RECONCILIATION

On June 11, 2025, the Company issued its updated 2025 Guidance to reflect the transaction with Calibre and the slower-than-planned ramp-up of Greenstone. Guidance for Brazil was consolidated on a regional basis and reflects a narrower production guidance range and higher cost expectations due to operational cost pressures. The updated 2025 Guidance incorporates the Calibre Assets on a 100% basis from January 1, 2025. The Company's primary focus for 2025 remains on ramping up the Greenstone Gold Mine and achieving first gold pour at the Valentine Gold Mine, with a targeted ramp-up to nameplate capacity in Q1 2026. Additional development priorities include advancing engineering and permitting for Castle Mountain Phase 2 and initiating underground portal development for the Aurizona underground expansion.

| | Actuals | 2025 Guidance(1) | | | | | | | | H1 2025(1) | Consolidated(1) | Greenstone | Brazil | Mesquite | Pan | Nicaragua | | Production (oz) | 401,211 | 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)(1)(2) | $1,420 | $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)(1)(2) | $1,732 | $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 H1 2025 Actuals reflect consolidated production from the Equinox Gold and Calibre Assets commencing from January 1, 2025, but excludes production from Los Filos, Castle Mountain and Valentine. (2)Full-year 2025 cash costs and AISC guidance reflect consolidated costs for the Equinox Gold and Calibre Assets from January 1, 2025, but excludes 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 rates assumptions for 2025 cash costs and AISC per oz include the following: BRL 5.25 to USD 1, CAD 1.34 to USD 1 and MXN 18.50 to USD 1.

Further details relating to 2025 Guidance are included in the Company's news release dated June 11, 2025.

Additional information regarding the Company's financial and operating results can be found in the Company's Q2 2025 Financial Statements and accompanying MD&A for the three and six months ended June 30, 2025. These documents are available for download on the Company's website at www.equinoxgold.com, on SEDAR+ at www.sedarplus.caand on EDGAR at www.sec.gov/edgar.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and webcast on Thursday, August 14, 2025, commencing at 7:30 am PT (10:30 am ET) to discuss its second quarter results.

_Conference Call _Toll-free in U.S. and Canada: 1-833-752-3366 International callers: +1 647-846-2813

_Webcast Login _www.equinoxgold.com/financials

ABOUT EQUINOX GOLD

Equinox Gold (TSX: EQX) (NYSE American: 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.comor 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:

| $'s in millions, except ounce and per oz figures | | Three months ended | | | | Six months ended | | | | | | | | | | | | | June 30, 2025 | | | March 31, 2025 | | | June 30, 2024 | | | | June 30, 2025 | | | June 30, 2024 | | | | Operating expenses | | 229.7 | | | 292.6 | | | 204.0 | | | | 522.2 | | | 387.8 | | | Silver revenue | | (1.3 | ) | | (0.9 | ) | | (0.7 | ) | | | (2.2 | ) | | (1.3 | ) | | Fair value adjustment on acquired inventories | | 1.4 | | | (3.6 | ) | | (12.0 | ) | | | (2.2 | ) | | (12.6 | ) | | Non-recurring charges recognized in operating expenses | | (10.7 | ) | | (26.1 | ) | | - | | | | (36.8 | ) | | - | | | Pre-commercial production and development stage operating expenses (1) | | (6.0 | ) | | (6.0 | ) | | (7.8 | ) | | | (12.0 | ) | | (7.8 | ) | | Total cash costs | $ | 213.1 | | $ | 256.0 | | $ | 183.5 | | | $ | 469.2 | | $ | 366.1 | | | Sustaining capital | | 62.1 | | | 37.5 | | | 26.0 | | | | 99.6 | | | 65.0 | | | Sustaining lease payments | | 2.9 | | | 1.9 | | | 2.1 | | | | 4.8 | | | 4.7 | | | Reclamation expense | | 6.0 | | | 3.6 | | | 2.6 | | | | 9.6 | | | 5.5 | | | Sustaining exploration expense | | - | | | - | | | 0.2 | | | | - | | | 0.4 | | | Pre-commercial production and development stage sustaining expenditures(1) | | (1.7 | ) | | (0.2 | ) | | (0.1 | ) | | | (1.9 | ) | | (0.1 | ) | | Total AISC | $ | 282.5 | | $ | 298.8 | | $ | 214.5 | | | $ | 581.3 | | $ | 441.7 | | | Gold oz sold | | 148,938 | | | 147,920 | | | 115,423 | | | | 296,858 | | | 231,927 | | | Gold oz sold from entities during pre-commercial production or development stages(1) | | (4,713 | ) | | (3,222 | ) | | (10,358 | ) | | | (7,935 | ) | | (10,358 | ) | | Adjusted gold oz sold | | 144,225 | | | 144,698 | | | 105,065 | | | | 288,923 | | | 221,569 | | | Cash costs per gold oz sold | | 1,478 | | $ | 1,769 | | $ | 1,747 | | | | 1,624 | | $ | 1,653 | | | AISC per oz sold | $ | 1,959 | | $ | 2,065 | | $ | 2,041 | | | $ | 2,012 | | $ | 1,993 | |

(1)Consolidated cash cost per oz sold and AISC per oz sold for the three months ended June 30, 2025 and March 31, 2025 and six months ended June 30, 2025 exclude Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, figures for the three months ended June 30, 2025 exclude Los Filos after March 31, 2025 as operations were indefinitely suspended on April 1, 2025. Consolidated AISC per oz sold excludes corporate general and administration expenses. (2)Consolidated cash cost per oz sold and AISC per oz sold for the three months and six months ended June 30, 2025 include results from Pan and Nicaragua (Limon and Libertad) from the date of acquisition of June 17, 2025 to June 30, 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 | | | | Six months ended | | | | | | | | | | | | $'s in millions | | June 30, 2025 | | | March 31, 2025 | | | June 30, 2024 | | | | June 30, 2025 | | | June 30, 2024 | | | Capital additions to mineral properties, plant and equipment(1) | $ | 118.2 | | $ | 92.7 | | $ | 139.1 | | | $ | 210.8 | | $ | 273.5 | | | Less: Non-sustaining capital at operating sites | | (17.9 | ) | | (41.1 | ) | | (4.8 | ) | | | (59.0 | ) | | (14.7 | ) | | Less: Non-sustaining capital for pre-commercial production and development stages | | (16.2 | ) | | (1.7 | ) | | (92.7 | ) | | | (17.9 | ) | | (156.8 | ) | | Less: Other non-cash additions(2) | | (22.0 | ) | | (12.4 | ) | | (15.6 | ) | | | (34.3 | ) | | (37.0 | ) | | Sustaining capital expenditures - consolidated | $ | 62.1 | | $ | 37.5 | | $ | 26.0 | | | $ | 99.6 | | $ | 65.0 | | | Less: Sustaining expenditures for entities in development stages(3) | | (1.7 | ) | | - | | | - | | | | (1.7 | ) | | - | | | Add: Sustaining lease payments | | 2.9 | | | 1.9 | | | 2.1 | | | | 4.8 | | | 4.7 | | | Add: Reclamation expense | | 6.0 | | | 3.6 | | | 2.6 | | | | 9.6 | | | 5.5 | | | Add: Sustaining exploration expense | | - | | | - | | | 0.2 | | | | - | | | 0.4 | | | Sustaining expenditures - operating mine sites | $ | 69.4 | | $ | 42.9 | | $ | 31.0 | | | | 112.3 | | | 75.6 | |