Equinox Gold : Webcast deck (20260507 EQX Q1 Conference Call Deck final)

Gaining Momentum Streamlined Portfolio Strong Balance Sheet

Date X, 2025

Q1 2026 RESULTS & CORPORATE UPDATE MAY 7, 2026

Equinox Gold: Progressing towards Top-Tier Gold Miner Status

2025 was a Transformational Year

• Merger with Calibre reset the foundation of the business

• Achieved production and costs guidance

• Delivered new Canadian gold production from Valentine and continued operational improvements at Greenstone

  Diversified Portfolio Weighted to Canada

  
  
  

  (Consensus Analyst NAV by Region)2

• Streamlined portfolio and as at Jan 30, 2026 had reduced debt by $1.1 billion since Q2 2025

• Net debt $77 M at April 30, 2026 (excluding convertible debentures and equipment loans)1

  Q1 2026

• Consolidated production of 197,628 ounces of gold including 60,338 oz from Greenstone, 27,064 oz from Valentine, 13,174 oz from Mesquite, 81,280 oz from Nicaragua, 13,473 oz from Brazil and 2,299 oz from Castle Mountain

• Maintaining 2026 focus to continue ramp-ups at Greenstone and Valentine

  Enhancing Shareholder Returns

• Announced inaugural quarterly dividend of $0.015 per share and Implementation of a normal

  Canada

  63%

  16%

  16%

  5%

  USA

  Nicaragua

  course issuer bid to purchase up to 5% of the Company's outstanding shares

  Canadian Gold Production Outlook

• Canadian production estimated at 543,000 ounces per year from 2026-2036 (see March 30, 2026 news release re: updated technical reports)

• Greenstone: Average 320,000 ounces per year with optimization opportunities

• Valentine: Average 223,000 ounces per year with successful completion of the Phase 2 expansion

Mexico

1. Calculated using $363 M cash at March 31, 2026 and $440 M drawn on the Revolving Credit Facility at April 30, 2026. 2. Based on analyst consensus estimates at April 30, 2026. 3

   Q1 2026 Performance: Solid Start to the Year

   Financial Results

   • Sold 199,217 oz at a realized gold price of $4,604/oz

     Strong Production and Cash Flow From Continuing Operations

   • Total cash costs1 $1,633/oz ($1,601/oz from Continuing Operations2)

   • All-in sustaining costs1 $1,950/oz ($1,908/oz from Continuing Operations)

   • Net income $310.1 M, earnings per share $0.39 ($187.2 M and $0.24 per share from Continuing Operations)

   • Adjusted net income1 $234.0 M, adjusted earnings per share1 $0.30 ($217.2 M and $0.28 per share from Continuing Operations)

   • Adjusted EBITDA1 $527.2 M ($493.0 M from Continuing Operations)

   • Cash and cash equivalents (unrestricted) $363.0 M at March 31, 2026

   • Available liquidity3 $923 M at April 30, 2026

     Recent Developments

   • On May 6, declared a quarterly cash dividend of $0.015 per common share payable on June 5, 2026 to shareholders of record on May 21, 2026

   • Following meaningful deleveraging and improved financial strength, refinanced the revolving credit facility on improved terms, enhancing liquidity, flexibility, and our overall cost of capital

$600

$500

$400

$ Millions4

$300

$200

$100

$0

Q

1 25 Q2 25 Q3 25 Q4 25 Q1 26

$0.30

$0.20

$ Per Share4

$0.10

$0.00

-$100

Adjusted Net Income Adjusted EBITDA

-$0.10

Cash Flow from Operations Adjusted Net Income Per Share

1. Cash costs per oz sold, AISC per oz sold, adjusted net income, adjusted earnings per share and adjusted EBITDA are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes. 2. Continuing Operations excludes Brazil Operations, which were sold on January 23, 2026 and have been reported as

Discontinued Operations in the Q1 Financials and MD&A. 3. Calculated as $363 M cash at March 31, 2026 plus $560 M undrawn on the Revolving Credit 4

Facility at April 30, 2026. 4. From Continuing Operations. See footnote 2.

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Canadian Production: Continued Momentum

Q1 2026 Greenstone Performance

• Produced 60,338 oz

• Mining exceeded 180,000 tpd, 32% increase compared to Q1 2025

• Mill throughput averaged 24,544 tpd, 33% increase compared to Q1 2025

• Plant exceeded 27,000 tpd for 51% of days

• Process grades averaged 0.98 g/t gold

• Recovery averaged 80.4%

  Q1 2026 Valentine Performance

• Produced 27,064 oz of gold for first full quarter of operations

• Mill throughput averaged 6,192 tpd, 90% of design capacity

  - Following a planned 7-day shutdown at the beginning of April, throughput averaged 8,488 tpd, or 124% of nameplate to month end

• Process grades averaged 1.50 g/t gold

• Recovery averaged 93.4%

Growth Pipeline: +500,000 oz of Organic Growth Potential

VALENTINE1

Newfoundland, Canada

~223,000 oz/year

~220 koz

~223 koz

2.7 Moz Reserves

With Phase 2 expansion to 5 Mtpa throughput

CASTLE MOUNTAIN2

California, USA

~220,000 oz/year

~280 koz

4.1 Moz Reserves

Heap leach

LOS FILOS3

Guerrero, Mexico

~280,000 oz/year

5.4 Moz Reserves

Heap leach plus CIL plant

Significant exploration upside across the portfolio investing $70-$80 million in 2026

See Cautionary Notes. 1. Reserves and average annual production based on March 2026 technical study. 2. Reserves and production potential based on the 2021 feasibility study. Permitting and engineering underway. 3. Reserves

and potential for production increase with construction of a CIL plant and development of Bermejal underground mine based on 2022 feasibility study. Timeline for restart of operations and construction dependent on finalization 6

of community agreements and development plan.

Equinox Gold: Continued Momentum and Value Creation

Key Metrics in Place to Deliver Top Quartile Valuation

• Quality long life, high margin gold assets

• Located in Tier 1 jurisdictions

• That deliver into expectations

• Organic growth pipeline

2026 Value Drivers

• Greenstone and Valentine ramping to name plate capacity

• Disciplined capital allocation to maximize returns

• Continue balance sheet deleveraging

• Continue with quarterly dividend and share buyback

  Organic Growth Value Drivers beyond 2026

• Advance the Valentine Phase 2 expansion1 toward execution

• Update Castle Mountain studies and expect Federal Record of Decision

• Progress Los Filos engineering, exploration and update social license

• Discovery and resource expansion exploration across the portfolio

1,000,000

Annual Gold Production (oz)

750,000

500,000

250,000

0

374,581 oz2

663,921 oz2

700,000 - 800,000 oz 3

+ 500,000 oz organic growth potential 4

2024 2025 2026E Organic

1. During Q2 2026 management expects to seek Board of Directors approval to commence ordering long lead items and initiate planning for Phase 2 construction.

$414 M capital cost to be funded through cash flow and available credit facility. See Cautionary Notes. 2. 2024 and 2025 production shown exclusive of production from Equinox Gold's Brazil Operations, which were sold on January 23, 2026. 3. Equinox Gold's 2026 production guidance. 4. With completion of Valentine Phase 2, the Castle Mountain expansion, and a successful restart and expansion at Los Filos.

Excluding Brazil Operations

Growth

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Appendix

2026 Guidance

CANADA

Greenstone

CANADA

Valentine

NICARAGUA

Limon, Libertad

2026 GUIDANCE1

	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 Costs2,3 ($/ounce)	$1,425 - $1,525	$1,350 - $1,450	$1,100 - $1,200	$1,750 - $1,850	$1,550 - $1,650
AISC2,3 ($/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 - $10
G&A4 ($ million)	$80 - $90	n/a	n/a	n/a	n/a

UNITED STATES

Mesquite Guidance does not include production from Brazil Operations, which were sold on January 23, 2026.

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1. The Company may revise guidance during the year to reflect changes to expected results. See Cautionary Notes. 2. 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. 3. 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. 4. General and administrative expenses exclude share-based compensation.

Proven & Probable Mineral Reserves1

Mine/Project, Location	Tonnes (kt)	Proven Grade (g/t)	Contained Gold (koz)	Tonnes (kt)	Probable Grade (g/t)	Contained Gold (koz)	Proven & Probable Tonnes Grade (kt) (g/t)		Contained Gold (koz)
Greenstone, Canada	6,900	0.75	164	172,500	0.93	5,169	179,300	0.93	5,334
Valentine, Canada	22,096	1.87	1,330	29,394	1.50	1,418	51,490	1.66	2,748
Mesquite, USA	1,843	0.63	37	20,515	0.36	238	22,358	0.38	275
Castle Mountain, USA	81,398	0.57	1,485	162,410	0.50	2,620	243,808	0.52	4,105
Los Filos, Mexico	35,453	0.77	877	157,773	0.88	4,477	193,226	0.86	5,354
Nicaragua Operations				9,062	4.01	1,169	9,062	4.01	1,169
Total Proven & Probable	147,690	0.82	3,893	551,654	0.85	15,091	699,244	0.84	18,985

1. Mineral Reserves for Greenstone, Valentine and Nicaragua Operations were estimated using a gold price average of $2,100/oz and a USD:CAD exchange rate of 1.33. Mineral Reserves for Mesquite were estimated using a gold price

of $2,500/oz. Mineral Reserves for Castle Mountain were estimated using a gold price of $1,350 per oz. Mineral Reserves for Los Filos were estimated using a gold price of $1,450 per oz. Detailed notes regarding the Mineral Reserve 10

estimates are available on Equinox Gold's website at www.EquinoxGold.com/Operations/Reserves&Resources. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.

Measured & Indicated Mineral Resources1

Mine/Project, Location	Tonnes (kt)	Measured Grade (g/t)	Contained Gold (koz)	Tonnes (kt)	Indicated Grade (g/t)	Contained Gold (koz)	Measured & Indicated Tonnes Grade Contained (kt) (g/t) Gold (koz)
Greenstone, Canada	22	0.51	0	53,949	1.71	2,966	53,970	1.71	2,966
Brookbank, Canada				9,046	2.45	713	9,046	2.45	713
Kailey, Canada				12,038	0.60	231	12,038	0.60	231
Key Lake, Canada				7,738	0.82	205	7,738	0.82	205
Hasaga, Canada				1,470	8.64	408	1,470	8.64	408
Valentine, Canada	6,428	1.18	243	22,961	1.25	926	29,389	1.24	1,169
Mesquite, USA	6,701	0.51	109	76,573	0.40	982	83,274	0.41	1,091
Castle Mountain, USA	781	0.68	17	73,452	0.62	1,453	74,234	0.62	1,470
Golden Eagle, USA	30,700	1.49	1,500	14,700	1.16	500	45,400	1.37	2,000
Los Filos, Mexico	47,306	1.15	1,757	278,020	0.69	6,140	325,326	0.75	7,897
Nicaragua Operations				14,015	2.00	904	14,015	2.00	904
Total Measured & Indicated	91,938	1.23	3,626	563,962	0.85	15,428	655,900	0.90	19,054

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1. Resources are exclusive of Reserves. Detailed notes regarding the Mineral Resource estimates are available on Equinox Gold's website at www.EquinoxGold.com/Operations/Reserves&Resources. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.

Inferred Mineral Resources1

Mine/Project, Location	Tonnes (kt)	Inferred Grade (g/t)	Contained Gold (koz)
Greenstone, Canada	31,182	1.66	1,663
Brookbank, Canada	1,491	2.36	113
Kailey, Canada	7,758	0.55	138
Key Lake, Canada	4,905	1.00	158
Hasaga, Canada	2,059	7.31	484
Valentine, Canada	31,989	1.10	1,128
Mesquite, USA	5,590	0.32	58
Castle Mountain, USA	69,890	0.63	1,422
Golden Eagle, USA	5,400	0.90	200
Los Filos, Mexico	135,935	0.74	3,237
Nicaragua Operations	9,181	3.42	1,010
Cerro Aeropuerto, Nicaragua	6,052	3.64	708
Primavera, Nicaragua	44,974	0.54	782
Total Inferred	356,406	0.97	11,101

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1. Detailed notes regarding the Mineral Resource estimates are available on Equinox Gold's website at www.EquinoxGold.com/Operations/Reserves&Resources. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.

Technical Disclosure

National Instrument 43-101

Scientific and technical information concerning the Greenstone Gold Mine is summarized, derived, or extracted from the "NI 43-101 Technical Report, Greenstone Property, Ontario" dated March 30, 2026 with an effective date of December 31, 2025. Scientific and technical information concerning the Valentine Mine is summarized, derived, or extracted from the "NI 43-101 Technical Report, Valentine Gold Mine, Newfoundland and Labrador, Canada" dated March 30, 2026 with an effective date of December 31, 2025. Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or extracted from the "Updated Technical Report for the Los Filos Mine Complex, Mexico" dated June 30, 2022 with an effective date of October 19, 2022. Scientific and technical information concerning the Mesquite Mine is summarized, derived, or extracted from the "Technical Report on the Mesquite Gold Mine, Imperial County, California, U.S.A." prepared by AGP Mining Consultants Inc. dated April 27, 2020 with an effective date of December 31, 2019. Mesquite Mineral Reserve and Mineral Resources were updated at December 31, 2025, with the results announced in a news release dated March 30, 2026. Scientific and technical information concerning the Castle Mountain Mine is summarized, derived, or extracted from the "Technical Report on the Castle Mountain Project Feasibility Study" prepared by M3 Engineering & Technology Corp. dated March 17, 2021 with an effective date of February 26, 2021. Each of these Technical Reports has been filed with Canadian securities regulatory authorities and is available for review on Equinox Gold's website at www.equinoxgold.com, on Equinox Gold's profile on SEDAR+ at www.sedarplus.ca and on Equinox Gold's profile on EDGAR at www.sec.gov/edgar.

Scientific and technical information concerning the La Libertad Complex is summarized, derived, or extracted from the "Technical Report on La Libertad Complex, Nicaragua, Report for NI 43-101" dated March 29, 2022 with an effective date of December 31, 2021. Scientific and technical information concerning the El Limon Mine is summarized, derived, or extracted from the "Technical Report on El Limon Complex, Leon and Chinandego Departments, Nicaragua, Report for NI 43-101" dated March 30, 2021 with an effective date of December 31, 2020. Each of these Technical Reports has been filed with Canadian securities regulatory authorities and is available for review on Equinox Gold's website at https://www.equinoxgold.com and on Calibre Mining's profile on SEDAR+ at https://www.sedarplus.ca. Mineral Reserves and Mineral Resources for El Limon and La Libertad were updated at December 31, 2025, with the results announced in a news release dated March 30, 2026.

Technical reports for all of Equinox Gold's projects are available on Equinox Gold's website at https://www.EquinoxGold.com/Operations/TechnicalReports. Readers are reminded that results outlined in the technical reports for some of these projects are preliminary in nature and may include Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.

There is no certainty that the mine plans and economic models contained in any of the reports will be realized. Readers are further cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Readers are also advised to refer to the latest annual information form and technical reports of the Companies as well as other continuous disclosure documents filed by the Companies, which are available on SEDAR+, for detailed information (including qualifications, assumptions and notes set out accordingly) regarding the Mineral Reserve and Mineral Resource information contained in this document.

Technical Information

The scientific and technical information contained in this presentation was approved by Matthew MacPhail, P.Eng., Senior Vice President Business Planning and Technical Services for Equinox Gold and a "Qualified Person" under National Instrument 43-101.

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