Equinox Gold Corp. press release

Equinox Gold Delivers Strong Second Quarter Results; Increases 2026 Production Guidance Following Successful Completion of the Orla Mining Merger; Quarterly Dividend Increased by 50%

2026-08-05

TSX - Toronto Stock Exchange · Gold · Silver · Canada · Corporate Finance

Focusing on execution as North America’s New Senior Gold Producer

VANCOUVER, British Columbia, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Equinox Gold Corp.(TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its financial and operating results for the second quarter of 2026 (“Q2 2026”). The Company’s unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026 (“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: “With completion of the business combination with Orla Mining on July 31, we enter the second half of 2026 as North America’s new senior gold producer, with meaningfully greater production and cash flow, and one of the industry’s strongest organic growth profiles. The financial benefits of the combination will begin to be reflected in our third quarter results, with our focus on disciplined integration, operational execution and delivering the long-term value this transformational combination has created.

“The second quarter reflected continued improvement across our Canadian operations, with higher production at both Greenstone and Valentine. At Valentine, high-grade reconciliation improved significantly compared to the first quarter as our operational initiatives gained traction, and that positive trend continued into July. The process plant continues to perform exceptionally well, consistently exceeding nameplate capacity, while ongoing gains in mining performance are supporting higher-grade mill feed. Together with Greenstone’s continued ramp-up and the addition of Musselwhite, we expect our Canadian portfolio to deliver higher production at lower unit costs through the second half of 2026.

“The new Company’s consolidated 2026 production guidance of 870,000 to 920,000 ounces of gold reflects 12 months of production from Equinox Gold’s existing portfolio and five months (August through December) from the assets acquired with Orla Mining. On a pro-forma basis, considering a full 12 months of production from both companies, annual production is expected to be approximately 1.1 million ounces of gold in 2026.

“The Board of Directors has approved construction of the Phase 2 expansion at Valentine, reflecting our confidence in the operation and our disciplined approach to investing in high-return organic growth. The expansion is expected to increase processing capacity to approximately 13,700 tonnes per day (5.0 Mtpa) and average annual gold production to approximately 223,000 ounces, unlocking the full long-term value of this cornerstone Canadian mine. Construction is expected to be completed in late 2028.

“With the merger complete, the Board of Directors has approved a 50% increase to our quarterly dividend, reflecting the strength of our balance sheet, our growing free cash flow generation, and our commitment to delivering meaningful shareholder returns while continuing to invest in high-return organic growth opportunities.

“Our focus is clear: achieve operational excellence, allocate capital with discipline and successfully execute our organic growth pipeline, creating long-term shareholder value as North America’s new senior gold producer.”

Q2 2026 Highlights

Produced 176,836 ounces of gold, including 64,656 oz from Greenstone, 32,617 oz from Valentine, 18,572 oz from Mesquite, 59,476 oz from Nicaragua and 1,515 oz from Castle Mountain Sold 177,959 ounces of gold from All Operations1at an average realized gold price of $4,256 per oz Cash costs of $1,816 per oz2and all-in sustaining costs (“AISC”) of $2,175 per oz for All Operations2 Cash flow before changes in non-cash working capital of $272.0 million Mine-site free cash flow from All Operations before changes in non-cash working capital of $223.7 million2 Revenue of $769.8 million Adjusted EBITDA from All Operations of $358.3 million2 Income from mine operations of $301.7 million Net income of $230.6 million or $0.29 per share (basic) Adjusted net income from All Operations of $123.3 million or $0.16 per share2 Paid dividends to shareholders of $11.8 million ($0.015 per share) on June 5, 2026 Entered into an arrangement agreement to combine with Orla Mining to create a new North American senior gold producer with the capacity to produce approximately 1.1 million ounces of gold annually, and a clear path to more than 1.9 million ounces of annual production3from the combined portfolio of high-quality North American growth projects Announced 20-year land access agreements with all three communities hosting Los Filos Mine, enabling the gradual restart of heap leach operations, while advancing technical studies to evaluate potential expansion opportunities

Subsequent Events

On July 7, 2026, the Company sold 8.7 million common shares in Versamet Royalties Corporation for gross proceeds of C$130 million ($92 million) On July 31, 2026, the Company completed the business combination with Orla Mining and issued 378,115,579 common shares and paid $0.0001 per share in cash to former Orla Mining shareholders Darren Hall will retire from Equinox Gold effective October 31, 2026. Jason Simpson, former President and CEO of Orla Mining, joined Equinox Gold as President and will assume the role of CEO upon Darren Hall’s retirement As the Company enters its next chapter, it is supported by a strong and experienced leadership team, including Peter Hardie, Chief Financial Officer; Etienne Morin, Chief Capital Markets Officer; Andrew Cormier, Chief Operating Officer; Daniella Dimitrov, Chief Corporate Development, Sustainability and Risk Officer; Sylvain Guerard, Executive Vice President, Exploration; and Matthew MacPhail, Executive Vice President, Technical Services The Board of Directors consists of Chuck Jeannes (Chair), Lenard Boggio (Lead Director), Tamara Brown, Omaya Elguindi, Douglas Forster, Darren Hall, Blayne Johnson, Rob Krcmarov, Jason Simpson, David Stephens and Mike Vint. Ross Beaty will remain closely involved as Chair Emeritus and a Special Advisor

On August 5, 2026, the Board of Directors approved construction of the Valentine Phase 2 expansion project with an initial capital budget of $436 million, including $54 million of contingency. Updated 2026 guidance includes $50-$60 million of growth capital related to the project, which was not included in the Company’s original 2026 guidance. Construction is expected to be completed in late 2028 On August 5, 2026, the Board of Directors approved a 50% increase to our quarterly dividend to $0.0225 per common share, which equates to an annualized dividend of $0.09 per common share. The dividend is payable on September 2, 2026 to shareholders of record at the close of business on August 19, 2026 As of July 31, 2026, Equinox Gold had a pro forma net cash position of $214 million (excluding convertible debentures)2,4and available liquidity of $1,214 million4

1 All Operations includes both Continuing Operations and Discontinued Operations (the Brazil mines that were sold in January 2026). 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_. 3 Anticipated production growth comes from completion of the Valentine Phase 2 expansion (Canada) and with Castle Mountain (USA), South Railroad (USA), Los Filos (Mexico) and Camino Rojo underground (Mexico) 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 Gold (in the case of Valentine, Castle Mountain and Los Filos) and Orla (in the case of South Railroad and Camino Rojo). 4 Net cash is calculated using combined Equinox Gold and Orla cash of $729 million, as at June 30, 2026, as reported by Equinox Gold and Orla, and drawn debt of $515 million as at July 31, 2026, excluding in-the-money convertible debentures and equipment loans. Pro forma adjustments reflect the repayment of the Orla Term Loan and Revolving Credit Facility but exclude estimated transaction costs that will be reflected in Q3 2026. Available liquidity is calculated as combined $729 million of cash as at June 30, 2026 plus $485 million of undrawn debt on Equinox Gold’s Revolving Credit Facility as at July 31, 2026.

Updated 2026 Guidance Reflects Combined Company Following completion of the business combination with Orla Mining on July 31, 2026, Equinox Gold is providing updated consolidated guidance for 2026 that reflects five months (August to December 2026) of contribution from Musselwhite and Camino Rojo. For comparative purposes, on a full-year pro forma basis assuming the Equinox Gold and Orla Mining business combination had been completed on January 1, 2026, consolidated 2026 production guidance would have been approximately 1.1 million ounces of gold.

| | Consolidated | Greenstone (Jan – Dec) | Musselwhite (Aug – Dec) | Valentine (Jan – Dec) | Nicaragua (Jan – Dec) | Camino Rojo (Aug – Dec) | Mesquite (Jan – Dec) | Project Pipeline | | Gold Production (ounces) | 870,000–920,000 | 250,000 – 275,000 | 100,000 – 110,000 | 140,000 – 150,000 | 225,000 – 250,000 | 55,000 – 65,000 | 70,000 – 80,000 | – | | Cash Cost1 ($/ounce) | $1,600 – $1,700 | $1,550 – $1,650 | $1,200 – $1,300 | $1,900 – $2,100 | $1,800 – $1,900 | $700 – $800 | $1,800 – $1,900 | – | | AISC1 ($/ounce) | $1,900 – $2,000 | $1,900 – $2,000 | $1,700 – $1,800 | $2,000 – $2,200 | $2,000 – $2,100 | $950 – $1,050 | $2,500 – $2,600 | – | | Growth Capital2 ($ million) | $600 – $650 | $145 – $155 | $10 – $15 | $180 – $200 | $115 – $125 | $30 – $35 | ~$10 | $105 – $120 | | Growth Exploration ($ million) | $110 – $120 | ~$5 | $10 – $15 | $25 – $30 | $25 – $30 | 0 | ~$5 | $35 – $40 | | G&A3 ($ million) | $95 – $105 | n/a | n/a | n/a | 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. 22026 Growth Capital guidance includes $70-$80M for South Railroad and $35-$40M for Los Filos. Valentine’s Growth Capital includes $50-$60M allocated to Phase 2. 3 General and administrative expenses exclude share-based compensation and transaction costs.

2026 updated guidance reflects year-to-date performance and expected production for the balance of the year. The Company anticipates stronger production from its Canadian operations – Greenstone, Musselwhite and Valentine – in the second half of 2026, driving improved consolidated AISC for the remainder of 2026. Equinox Gold maintains strong margins, with updated consolidated cash cost guidance of $1,600-$1,700/oz and AISC guidance of $1,900-$2,000/oz. Cash cost and AISC guidance ranges by asset have been revised to reflect year-to-date results and the impact of higher fuel prices.

Equinox Gold will continue to advance its portfolio of organic growth projects, with $105-$120 million in growth capital allocated to studies, engineering, procurement and construction. This includes $70-$80 million at South Railroad in the United States, where the Company anticipates receiving a Federal Record of Decision, a key permitting milestone, in August 2026; and $35-$40 million at Los Filos in Mexico. In addition, updated guidance includes $50-$60 million of growth capital for the Valentine Phase 2 expansion, which was not included in the Company’s original 2026 guidance. As a result, the Company’s consolidated 2026 growth capital guidance is $600-$650 million.

Consolidated Operational and Financial Highlights – Operating Data

| | | Three months ended | | Six months ended | | | | | | | Operating data | Unit | June 30, 2026 | March 31, 2026 | June 30, 2025 | | | June 30, 2026 | June 30, 2025 | | | Gold produced from operating assets included in Guidance(1) | oz | 175,321 | 181,856 | 219,122 | | | 357,177 | 401,211 | | | Less: Gold produced from Calibre Assets before close of Calibre Acquisition | oz | — | — | (71,743 | ) | | — | (143,282 | ) | | Add: Gold produced from assets not included in Guidance(1) | oz | 1,515 | 15,772 | 3,470 | | | 17,287 | 38,210 | | | Gold produced - All Operations | oz | 176,836 | 197,628 | 150,849 | | | 374,464 | 296,139 | | | Gold produced - Continuing Operations | oz | 176,836 | 184,155 | 87,148 | | | 360,991 | 178,607 | | | Gold produced - Discontinued Operations | oz | — | 13,473 | 63,701 | | | 13,473 | 117,531 | | | Gold sold - All Operations | oz | 177,959 | 199,217 | 148,938 | | | 377,176 | 296,858 | | | Gold sold - Continuing Operations | oz | 177,959 | 183,960 | 88,453 | | | 361,920 | 180,921 | | | Gold sold - Discontinued Operations | oz | — | 15,257 | 60,485 | | | 15,257 | 115,937 | | | Average realized gold price - All Operations | $/oz | 4,256 | 4,604 | 3,207 | | | 4,440 | 3,033 | | | Average realized gold price - Continuing Operations | $/oz | 4,256 | 4,630 | 3,224 | | | 4,446 | 3,042 | | | Average realized gold price - Discontinued Operations | $/oz | N/A | 4,285 | 3,182 | | | 4,285 | 3,019 | | | Cash costs per oz sold - All Operations(2)(3) | $/oz | 1,816 | 1,633 | 1,480 | | | 1,719 | 1,625 | | | Cash costs per oz sold - All Operations, excluding Los Filos(2)(3)(4) | $/oz | 1,816 | 1,633 | 1,480 | | | 1,719 | 1,548 | | | Cash costs per oz sold - Continuing Operations(3) | $/oz | 1,816 | 1,601 | 1,401 | | | 1,707 | 1,603 | | | Cash costs per oz sold - Discontinued Operations | $/oz | N/A | 2,010 | 1,589 | | | 2,010 | 1,657 | | | AISC per oz sold - All Operations(2)(3) | $/oz | 2,175 | 1,950 | 1,961 | | | 2,057 | 2,013 | | | AISC per oz sold - All Operations, excluding Los Filos(2)(3)(4) | $/oz | 2,175 | 1,950 | 1,961 | | | 2,057 | 2,013 | | | AISC per oz sold - Continuing Operations(3) | $/oz | 2,175 | 1,908 | 1,859 | | | 2,040 | 1,932 | | | AISC per oz sold - Discontinued Operations | $/oz | N/A | 2,452 | 2,103 | | | 2,452 | 2,134 | |

(1)The Brazil Operations, Los Filos and Castle Mountain are excluded from the 2026 Guidance. Valentine, Los Filos and Castle Mountain were excluded from the 2025 production and cost guidance issued in June 2025 (“2025 Guidance”). References to 2025 Guidance and 2026 Guidance for the respective periods are interchangeably referred to as “Guidance”. (2) Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See _Non-IFRS Measures_and Cautionary Notes. (3) Consolidated cash costs per oz sold and AISC per oz sold exclude Castle Mountain’s 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 include Valentine commencing December 2025 after the mine achieved commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses. (4) Consolidated cash costs per oz sold and AISC per oz sold for Q1 2025 have been adjusted to exclude the results from Los Filos which were excluded from 2025 Guidance. (5) Numbers in tables throughout this news release may not sum due to rounding.

Consolidated Operational and Financial Highlights – Financial Data

| | | Three months ended | | Six months ended | | | | | | | Financial data | Unit | June 30, 2026 | March 31, 2026 | June 30, 2025 | | | June 30, 2026 | June 30, 2025 | | | Revenue | M$ | 769.8 | 861.6 | 285.8 | | | 1,631.4 | 551.5 | | | Income from mine operations | M$ | 301.7 | 438.8 | 99.9 | | | 740.5 | 118.7 | | | Net income (loss) | M$ | 230.6 | 310.1 | 23.8 | | | 540.7 | (51.6 | ) | | Net income (loss) - Continuing Operations | M$ | 218.6 | 187.2 | (28.4 | ) | | 405.8 | (106.9 | ) | | Net income - Discontinued Operations | M$ | 12.0 | 122.9 | 52.3 | | | 135.0 | 55.3 | | | Earnings (loss) per share (basic) | $/share | 0.29 | 0.39 | 0.05 | | | 0.68 | (0.11 | ) | | Earnings (loss) per share (basic) - Continuing Operations | $/share | 0.27 | 0.24 | (0.06 | ) | | 0.51 | (0.22 | ) | | Earnings per share (basic) - Discontinued Operations | $/share | 0.02 | 0.16 | 0.10 | | | 0.17 | 0.12 | | | Adjusted EBITDA - All Operations(1) | M$ | 358.3 | 527.2 | 199.1 | | | 885.5 | 340.6 | | | Adjusted EBITDA - Continuing Operations | M$ | 358.3 | 493.0 | 105.8 | | | 851.3 | 187.2 | | | Adjusted EBITDA - Discontinued Operations | M$ | — | 34.2 | 93.3 | | | 34.2 | 153.4 | | | Adjusted net income - All Operations(1) | M$ | 123.3 | 234.0 | 42.5 | | | 357.3 | 8.6 | | | Adjusted net income (loss) - Continuing Operations | M$ | 123.3 | 217.2 | (6.6 | ) | | 340.5 | (44.9 | ) | | Adjusted net income - Discontinued Operations | M$ | — | 16.8 | 49.1 | | | 16.8 | 53.5 | | | Adjusted EPS - All Operations(1) | $/share | 0.16 | 0.30 | 0.09 | | | 0.45 | 0.02 | | | Adjusted EPS - Continuing Operations | $/share | 0.16 | 0.28 | (0.01 | ) | | 0.43 | (0.09 | ) | | Adjusted EPS - Discontinued Operations | $/share | — | 0.02 | 0.10 | | | 0.02 | 0.11 | | | Balance sheet and cash flow data | | | | | | | | | | | Cash and cash equivalents (unrestricted) | M$ | 317.8 | 363.0 | 406.7 | | | 317.8 | 406.7 | | | Net debt(3) | M$ | 265.2 | 251.8 | 1,373.7 | | | 265.2 | 1,373.7 | | | Operating cash flow before changes in non-cash working capital | M$ | 272.0 | 341.0 | 126.0 | | | 613.0 | 199.3 | | | Share capital | | | | | | | | | | | Basic weighted average shares outstanding | 790.0 | 788.6 | 499.4 | | | 789.4 | 477.7 | | | | Diluted weighted average shares outstanding | 829.9 | 825.8 | 506.1 | | | 829.9 | 477.7 | | | | | | | | | | | | | |

(1)Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See_Non-IFRS Measures_and_Cautionary Notes_. (2) Numbers in tables throughout this news release may not sum due to rounding. (3) Net debt in the MD&A and financial statements includes convertible debentures as per IFRS, whereas convertible debentures have been excluded from the highlight bullets earlier in this news release since they are in-the-money and expected to convert to equity.

Additional information regarding the Company’s financial and operating results can be found in the Company’s Q2 2026 Financial Statements and accompanying MD&A. 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 to discuss the results on Thursday, August 6, 2026, commencing at 7:00am PT (10:00am ET). The webcast will be available for replay on Equinox Gold’s website until February 6, 2027.

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 as the new North American senior gold producer 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. 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 Etienne Morin, Chief Capital Markets Officer E: etienne.morin@equinoxgold.com T: +1 604.260.0516

Ingrid Rico, SVP Capital Markets E: ingrid.rico@equinoxgold.com T: +1 604.260.0516

Non-IFRS Measures

In this news release, cash costs, cash costs per oz sold, AISC, AISC per oz sold, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures 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.