2025 is a Transformational Year For this Gold Producer

Equinox Gold’s founder has a long record of value creation - taking early-stage explorers to multi-billion-dollar valuations.

His flagship venture is now on track for a major re-rating, with cornerstone Canadian gold assets ramping up production and cash flow set to increase.

Disseminated on behalf of Equinox Gold; please see disclaimer below for additional information.

Investors who follow the name Ross Beaty know his legacy of building industry leaders.

As the founder of Pan American Silver, Beaty watched the company’s market cap climb from USD $110 million in Q1 1996 to over USD $10.6 billion today.¹ That’s more than a 9,560% rise.

Pan American is now the world’s second largest primary silver producer, with the world’s largest silver reserves and resources.

A Canadian Mining Hall of Fame inductee with numerous awards and medals to his name,^2,3 Beaty held senior positions in Global Copper Corp. and Northern Peru Copper Corp.⁴ – which were acquired for over CAD $400 million each. And he founded and developed Lumina Copper, which he split into six companies and sold in a series of deals that amounted to nearly CAD $2 billion in shareholder value.⁵

That’s why, when Equinox Gold (TSX: EQX, NYSE-A: EQX) announced the CAD $7.7 billion merger with Calibre Mining⁶ – a deal that could almost double gold production over the next few years – Wall Street took notice.

Major institutional players are taking note too, with Vanguard, Orion, Sprott and several others holding stakes in Equinox Gold. Van Eck, one of the world’s largest gold-focused ETFs currently owns ~4.5% of outstanding shares.

Over the past five years, Equinox Gold has executed an aggressive growth strategy. They’ve completed multiple strategic mergers and built four mines – all while navigating global supply shocks and a shifting geopolitical order.

Years of groundwork are finally yielding results: Equinox Gold appears to be on the cusp of transitioning from builder to major producer.

With two cornerstone Canadian assets ramping up production over the next 6-12 months, Equinox Gold is at a critical inflection point. And as illustrated below, they’re checking all the boxes.

Source: Corporate Presentation as of July 7, 2025, slide 3.⁶Based on analyst consensus estimates at June 30, 2025.

With its two Canadian mines at capacity and its additional production base in Brazil, the USA and Nicaragua, analysts expect the company to deliver up to 1.2 million ounces of annual production⁷ a scale matched by only a handful of publicly traded gold companies.

But there’s a disconnect. Despite having these milestones on the horizon, the market still hasn’t caught up. Equinox Gold (TSX: EQX, NYSE-A: EQX) continues to trade at just 0.6x NAV at the time of this publication, well below the 1.1x peer average – and far beneath the 1.3x multiple applied to top quartile gold producers.

Source: Company filings, FactSet, S&P Capital IQ Pro, street research 1. EV = enterprise value. Production estimates and other calculations shown using analyst consensus estimates available at June 30, 2025.

With new Canadian production coming online and the Calibre Mining merger complete, Equinox Gold appears positioned for a market revaluation that more accurately reflects its growth profile and asset base.

It’s a compelling setup in any market, made even stronger by gold’s breakout above $3,000 an ounce.⁸ And unlike previous gold rallies, this surge should be sustained by structural changes in central bank policy, sovereign debt, and long-term industrial and technological demand. ⁹

Companies like Equinox Gold (TSX: EQX, NYSE-A: EQX), with production in top-tier jurisdictions, strong management and a clear path for growth, offer an exciting opportunity to gain exposure to this gold cycle.

A Growth Pipeline Built for Scale

Equinox Gold (TSX: EQX, NYSE-A: EQX) controls more than 23 million ounces of proven and probable reserves, and an additional 22 million ounces in measured and indicated resources across the Americas.¹⁰

But it’s the next wave of production growth, led by two transformative North American mines, that will be key to the company’s goal of achieving top-tier valuation.¹¹

High-Impact Mine Reaches Its Inflection Point

Located in a prolific mining district with a long history of gold production, the Greenstone mine holds over 5.7 million ounces in proven and probable reserves, and another 2.2 million ounces in measured and indicated.¹²

The mine achieved production in 2024 and Equinox Gold is now ramping up the operation.¹³ Once at full capacity, Greenstone is expected to produce an average of 330,000 ounces per year over an initial 15-year mine life – making it one of Canada’s largest open-pit mines.¹⁴ With both a large underground deposit that is not included in the current mine life, and additional near-mine and regional exploration, Greenstone also presents a compelling opportunity for exploration and mine-life extension.

With a 100% ownership stake¹⁵, Greenstone’s production growth could significantly enhance Equinox Gold’s earnings and valuation – particularly in a rising gold price environment.

Positioned to Drive Near-Term Cash Flow¹⁶

Scheduled to achieve production at the end of Q3 2025, the Valentine Gold Mine adds a second major catalyst to Equinox Gold’s (TSX: EQX, NYSE-A: EQX) pipeline.

Valentine is located in Newfoundland¹⁷, one of Canada’s fastest-growing mining jurisdictions.¹⁸In addition to its scale and economics, the location offers established infrastructure, a skilled local workforce, and reliable access to low-cost hydroelectric power – all factors that significantly de-risk production.

The operation holds approximately 2.7 million ounces of proven and probable reserves and an additional 1.3 million ounces of measured and indicated resources, and is projected to deliver 180,000 ounces of gold a year over 14 years.¹⁹Construction and commissioning are in the final stages, and Valentine is advancing toward first production.

Designed to be a high-margin operation thanks to the shallow open-pit design,²³Valentine is expected to contribute meaningfully to near-term cash flow.²⁴

Between $15 and $20 million has been set aside in 2025 to further explore and define Valentine. Late last year, drilling at the Marathon Pit yielded an additional 44% gold at 47% higher grades than had been modelled in the reserve estimate.

It’s important to note that only a small portion of the Valentine Mine property has been explored.²⁰ All 2.7 million ounces of reserves are contained in only 8 km of a 32-km fault line that runs across the property.²¹

The remaining 24 km has seen minimal exploration, but with similar geology to the well-known Sigma-Lamaque project in Val d’Or, which has produced about 10 million ounces of gold over its lifetime,²²Equinox Gold hopes to find additional mineralization as exploration continues along the trend.

Drilling at the Valentine Gold Mine has already discovered a new zone that has been traced over 1 km along strike and 500 metres deep, and follow-up drilling is underway. Previously reported results include 2.43 grams per tonne (“g/t”) gold over 172.8m estimated true width (“ETW”), including:

3.84 g/t gold over 90.1m ETW
2.12 g/t gold over 95.4m ETW
2.26 g/t gold over 78.3m ETW
3.08 g/t gold over 48.2m ETW
1.94 g/t gold over 36.4m ETW²³

Federally Endorsed U.S. Gold Asset with FAST-41 Momentum

Castle Mountain is one of the few gold mines in the United States to receive formal federal endorsement.

In Q3 2025, the project was designated under FAST-41, a U.S. permitting initiative designed to fast-track environmental reviews for nationally significant infrastructure.^xxvii

This places Castle Mountain on a short list of strategic mining projects aligned with U.S. priorities around domestic supply chain independence. That represents a major milestone: streamlined permitting de-risks the path to development.

Located in California’s historic Hart mining district, Castle Mountain was initially developed as a smaller-scale heap leach operation.The planned Phase 2 operation would transform it into a long-life, high-quality gold producer.^xxvii

The project hosts over 4.1 million ounces in proven and probable reserves, along with an additional 1.47 million ounces in measured and indicated resources.^xxviii

Once fully developed, Castle Mountain is expected to deliver an average of 220,000 ounces per year over a 14+ year mine life, according to a 2021 feasibility study.^xxix

Equinox Gold (TSX: EQX, NYSE-A: EQX) is advancing toward a mid-2027 permit decision. Development will leverage existing infrastructure and previously secured water rights, which should allow for an accelerated timeline to production.

Leadership With a Track Record of Execution

Equinox Gold (TSX: EQX, NYSE-A: EQX) is led by a team with deep operational expertise and decades of hands-on mining experience.

Collectively, they’ve developed and sold multiple companies – consistently creating value for shareholders. From grassroots development to billion-dollar exits, these individuals have helped shape the modern gold sector through strategic M&A transactions.

Ross Beaty, Chair & Founder

A Canadian Mining Hall of Fame inductee, Ross Beaty is one of the most respected figures in global mining. He is a geologist, past President of the Silver Institute in Washington D.C., a Fellow of the Geological Association of Canada and the Institute of Mining, and a recipient of the Institute’s Past President’s Memorial Medal.

He has received numerous awards and medals, including the Association of Mineral Exploration of BC’s Colin Spence Award, Mining Person of the Year from the Mining Association of BC and Northern Miner, Natural Resources & Energy Entrepreneur of the Year by Ernst & Young, the prestigious Viola MacMillan Award, CIM’s Vale Medal, and was appointed to the Order of Canada.³⁰

Mr. Beaty has founded numerous successful resource companies over the last 50 years. That includes Pan American Silver, which now sits at a USD $10.6 billion market cap.³¹ His ventures have returned billions to shareholders and consistently attracted institutional support.

Greg Smith, CEO & Director

Greg Smith co-founded Equinox Gold and was instrumental in its expansion through five transformative mergers. An accountant by trade, Mr. Smith is a seasoned builder of mid-cap producers and brings a disciplined financial and operational lens to Equinox Gold’s strategy.

CEO of Anthem United, focused on gold development in the Americas, President & CEO of Esperanza Resources, which was acquired by Alamos Gold for CAD, and CFO of Minefinders, which was acquired by Pan American Silver in a CAD $1.5 billion transaction

Darren Hall, President & COO

Former President and CEO of Calibre Mining, Darren Hall led the company through its CAD $7.7 billion merger with Equinox Gold in 2025, and joined Equinox Gold as President and Chief Operating Officer to oversee the company’s operational and growth strategy.

He served as COO at both Calibre and Kirkland Lake Gold, which acquired Newmarket Gold where he was also COO.³³ Prior to Newmarket Gold, Mr. Hall played a vital role at Newmont Mining, holding various positions over the course of almost 30 years.³⁴ He is recognized for his ability to deliver on production guidance, optimize assets, and unlock long-term value through operational performance.

Douglas Forster, Director.

Mr. Forster was the founder and CEO of Newmarket Gold, acquired by Kirkland Lake Gold for CAD $1 billion in 2016. A co-founder of Calibre Mining and Terrane Metals, with more than 30 years in mining, he is known for turning resource assets into production-ready platforms and executing shareholder-focused exits

Blayne Johnson, Director

A co-founder of Calibre Mining, Newmarket Gold, and Terrane Metals, Blayne Johnson has helped generate more than CAD $5 billion in shareholder value across his ventures. As Chairman of Featherstone Capital, he brings deep capital markets expertise to Equinox Gold’s Board, particularly in equity financing, corporate structuring, and strategic transactions.

With strong cash flow from producing mines, Equinox Gold has the flexibility to fund growth, manage risk, and scale intelligently. Few major producers offer the same combination of re-rate opportunity and institutional credibility.

The company is backed by global institutions, ETFs, and long-term holders, and with 4.5% insider ownership³⁵, it maintains one of the strongest alignment profiles in the sector.

As gold enters a new phase, Equinox Gold (TSX: EQX, NYSE-A: EQX) has the strategy, assets, and team to crystallize the benefits in this strong gold cycle. Visit the company’s website to learn more or sign up below to receive updates as they’re released.

¹ https://companiesmarketcap.com/pan-american-silvera/marketcap
² https://mininghalloffame.ca/ross-j-beaty/
³ https://reuters.com/article/world/china/jiangxi-copper-to-complete-canadian-miner-buyout-soon-idUSSHA107405/
⁴ https://mininghalloffame.ca/ross-j-beaty/
⁵ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250617-Corporate-Presentation.pdf , p.3
⁶ https://www.nasdaq.com/articles/equinox-gold-and-calibre-mining-join-forces-c-26-billion-deal
⁷ https://www.kitco.com/charts/gold
⁸ https://www.forbes.com/sites/greatspeculations/2024/10/14/the-top-10-nations-buying-gold-a-portfolio-strategy-you-can-follow/
⁹ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250617-Corporate-Presentation.pdf, p.3
¹⁰ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250617-Corporate-Presentation.pdf, p.8
¹¹ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250617-Corporate-Presentation.pdf, p.6
¹² https://www.equinoxgold.com/growth-projects/
¹³ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250617-Corporate-Presentation.pdf, p.6
¹⁴ https://www.marketscreener.com/quote/stock/EQUINOX-GOLD-CORP-45205597/news/Equinox-Gold-Corp-completed-the-acquisition-of-remaining-40-stake-in-Greenstone-Gold-Mines-GP-Inc-46721877/
¹⁵ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250617-Corporate-Presentation.pdf, p.8
¹⁶ https://www.juniorminingnetwork.com/junior-miner-news/press-releases/523-tsx/cxb/158419-calibre-s-valentine-gold-mine-property-wide-exploration-program-underway-with-initial-drill-program-southwest-of-the-leprechaun-deposit-following-recent-discovery-drilling-including-46-g-t-gold-over-5-3-metres.html
¹⁷ https://resourceworld.com/central-newfoundland-gold-belt-becoming-major-gold-camp/
¹⁸ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250617-Corporate-Presentation.pdf, p.7
¹⁹ https://www.globenewswire.com/news-release/2024/09/03/2939453/0/en/Calibre-s-Marathon-Pit-Ore-Control-Drilling-at-the-Valentine-Gold-Mine-Yields-44-Additional-Gold-on-47-Higher-Grades-Than-Modelled-in-the-2022-Mineral-Reserve.html
²⁰ https://www.juniorminingnetwork.com/junior-miner-news/press-releases/523-tsx/cxb/158419-calibre-s-valentine-gold-mine-property-wide-exploration-program-underway-with-initial-drill-program-southwest-of-the-leprechaun-deposit-following-recent-discovery-drilling-including-46-g-t-gold-over-5-3-metres.html
²¹ https://s2.q4cdn.com/536453762/files/doc_presentations/2024/2024-05-30-CIBC-Lamaque-Site-Tour.pdf
²² https://www.equinoxgold.com/wp-content/uploads/2025/06/20250210-Calibre-Valentine-Gold-Frank-Zone-Exploration-Drill-Results-News-Release-Final.pdf
²³ https://www.equinoxgold.com/growth-projects/valentine/
²⁴ https://www.canadianminingjournal.com/news/calibre-mining-expands-gold-mineralization-at-valentine-gold-mine/
²⁵ https://www.equinoxgold.com/growth-projects/valentine/
²⁶ https://www.permitting.gov/press-releases/castle-mountain-mine-phase-2-project-latest-gain-fast-41-coverage
²⁷ https://www.equinoxgold.com/growth-projects/castle-mountain-expansion/
²⁸ https://www.equinoxgold.com/growth-projects/castle-mountain-expansion/
²⁹ https://www.equinoxgold.com/leadership-team/
³⁰ https://www.equinoxgold.com/wp-content/uploads/2025/06/20250210-Calibre-Valentine-Gold-Frank-Zone-Exploration-Drill-Results-News-Release-Final.pdf
³¹https://finance.yahoo.com/quote/PAAS/
³² https://www.equinoxgold.com/leadership-team/
³³ https://www.equinoxgold.com/leadership-team/
³⁴ https://www.equinoxgold.com/leadership-team/
³⁵ https://www.equinoxgold.com/investors/

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STOCK INFORMATION

Symbols: (TSX: EQX, NYSE-A: EQX)

July 15, 2025

Equinox Gold Reports Second Quarter 2025 Gold Production of 219,122 Ounces

July 8, 2025