Equinox Gold Delivers Strong Q1 Financial Results; Scaling a Long-Life Canadian Gold Platform

Darren Hall, CEO of Equinox Gold, commented: “Equinox Gold delivered a solid start to the year, producing 197,628 ounces (“oz”) of gold with cash costs and all-in sustaining costs of $1,633 and $1,950 per oz, respectively. Importantly, our two Canadian operations are ramping up well, with 87,402 oz produced from Canada during the quarter. Based on performance year-to-date and expected improvements through the balance of the year, the Company remains on track to achieve our full-year consolidated production and cost guidance.

“At Greenstone, winter mining rates averaged 180,248 tonnes per day (“tpd”) and mill throughput averaged 24,544 tpd during the quarter, with more than half of operating days exceeding nameplate capacity, demonstrating quarter on quarter improving performance. While mining productivities improved through Q1, volumes tracked slightly below plan due to severe winter conditions which affected mine sequencing, resulting in lower grades processed and production of 60,338 ounces of gold. As we move out of winter and mining productivity continues to advance, we expect to realign with the mine plan and see grades improve through the year.

“At Valentine, the team delivered a solid first full quarter of operations despite a severe winter in Newfoundland. The region experienced unusually challenging winter conditions during the quarter, which impacted mining rates and the timing of access to planned ore zones, resulting in production of 27,064 ounces of gold. Despite these conditions, the process plant performed well, averaging 6,192 tonnes per day, or 90% of nameplate capacity, for the quarter and exceeding nameplate capacity in both February and March, a testament to the team and quality of the plant.

“We are following up on new mineralization discovered at Valentine during our 2025 drill program while advancing plans for the Phase 2 expansion, which together are expected to drive higher production and extend the mine life.

“We advanced our pipeline of growth projects during the quarter, outlining plans for the Valentine Phase 2 expansion, advancing engineering and environmental studies for Castle Mountain, and continuing exploration, engineering and community dialogue at Los Filos. Collectively, these projects could add up to 500,000 ounces of annual production, delivering significant shareholder value.

“With strong cash flow from our operating mines and completion of the sale of our Brazil assets in January, we were able to repay $990 million of debt during the quarter, initiate a share buyback program and pay our inaugural quarterly dividend of $0.015 per share on March 26. Subsequent to quarter-end, following meaningful deleveraging and improved financial strength, we refinanced our revolving credit facility on improved terms, enhancing liquidity, flexibility, and our overall cost of capital. The Board also approved a second quarterly dividend of $0.015 per share, payable on June 5, 2026 to shareholders of record on May 21, 2026.  Our focus is clear: delivering long-term shareholder value through operational excellence, disciplined capital allocation and successful delivery of our organic growth pipeline. We look forward to providing additional updates as the year unfolds.” 

Q1 2026 Highlights

• Produced 197,628 ounces of gold, including 60,338 oz from Greenstone, 27,064 oz from Valentine, 13,174 oz from Mesquite and 81,280 oz from Nicaragua, all of which were included in the Company’s 2026 guidance of 700,000 to 800,000 ounces, as well as 2,299 oz from Castle Mountain (collectively, “Continuing Operations”); produced 13,473 oz from the Brazil Operations, which were sold on January 23, 2026, and are presented as “Discontinued Operations” in the Company’s quarterly filings
• Sold 199,217 ounces of gold from All Operations¹ at an average realized gold price of $4,604 per oz
• Cash costs of $1,633 per oz and all-in sustaining costs (“AISC”) of $1,950 per oz for All Operations²
• Cash flow from All Operations before changes in non-cash working capital of $0 million
• Mine-site free cash flow from All Operations before changes in non-cash working capital of $9 million²
• Revenue from Continuing Operations of $861.6 million
• Adjusted EBITDA from All Operations of $527.2 million²
• Income from mine operations from Continuing Operations of $438.8 million
• Net income from All Operations of $1 million or $0.39 per share (basic)
• Adjusted net income from All Operations of $0 million or $0.30 per share²
• Completed the sale of the Aurizona, RDM and Bahia Complex mines in Brazil (“Brazil Operations”) for up to $1.015 billion
• Extinguished and repaid $988.6 million of debt
• Paid dividends to shareholders of $11.8 million ($0.015 per share) on March 26, 2026
• Cash and equivalents (unrestricted) of $363.0 million at March 31, 2026
• Net debt of $77 million (excluding convertible debentures)^2,3 and available liquidity of $923 million³ at April 30, 2026
• Canadian production estimated at 543,000 ounces per year from 2026-2036 (see March 30, 2026 news release)
  – Greenstone: Average 320,000 ounces per year from 2026-2036; opportunities for mine life extension and production growth from underground mineral resources, near-mine and regional deposits and mill throughput increase
  – Valentine: Average 223,000 ounces per year from 2026-2036 with successful completion of Phase 2 expansion; opportunities for mine life extension from Frank Zone and future exploration success
• Advanced pipeline of growth projects, which collectively could deliver up to 500,000 ounces of additional annual production
  – Valentine Phase 2 expansion increases throughput from 2.5 Mtpa to 5 Mtpa; $414 million estimated initial capital cost for mill, infrastructure and fleet expansion, including 20% contingency, to be self funded through cash flow; construction targeted for H2 2026 following Board of Directors approval, with anticipated 24-month construction timeline
  – Castle Mountain update studies ongoing; expect Federal Record of Decision during Q4 2026
  – Los Filos exploration, engineering and continued dialogue with all stakeholders ongoing to evaluate restart and expansion opportunities
• Reported year-end 2025 Mineral Reserve and Mineral Resource estimates: 19.0 million ounces of Proven & Probable Reserves, 19.1 million ounces of Measured & Indicated Resources (exclusive of Reserves) and 11.1 million ounces of Inferred Resources (see March 30, 2026 Annual Information Form for more details)
• Resource expansion and discovery drilling continues across the portfolio
  – Announced new high-grade Minotaur gold discovery at Valentine, 8 km north of the mill, and continued to identify consistent gold mineralization in the Frank Zone, along trend from existing Mineral Reserves

Consolidated Operational and Financial Highlights – Financial Data

Additional information regarding the Company’s financial and operating results can be found in the Company’s Q1 2026 Financial Statements and accompanying MD&A for the three months ended March 31, 2026. These documents are available for download on the Company’s website at www.equinoxgold.com, on SEDAR+ at www.sedarplus.ca and 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, May 7, 2026 commencing at 7:00am PT (10:00am ET). The webcast will be available for replay on Equinox Gold’s website until November 7, 2026.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast login
Equinox Gold | Financials

Annual General Meeting Details

Equinox Gold will hold its annual general meeting of shareholders (“Annual Meeting”) on Thursday, May 7, 2026 commencing at 1:30pm PT. Information regarding how to participate in the Annual Meeting has been distributed to shareholders and is also available for download at www.EquinoxGold.com/shareholder-events. Shareholders who cannot attend the Annual Meeting in person are invited to join online.

Attend in person
Suite 3500, 1133 Melville Street, Vancouver, BC

Attend online
https://meetnow.global/MFXHRPJ

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: 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.com or 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

In Europe
Swiss Resource Capital AG
Marc Ollinger
info@resource-capital.ch  
www.resource-capital.ch

Non-IFRS Measures

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 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 and are net of costs allocated to by-products. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts costs allocated to by-products 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 AISC per oz sold 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.

Cautionary Notes and Forward-looking Statements

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; anticipated 2026 production and cost guidance; expectations for Greenstone and Valentine operations, including achieving design capacity; potential future mining opportunities around Valentine; receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; realization of the contingent cash consideration from the Brazil operations sale; and the Company’s ability to restart operations at Los Filos and the construction of a CIL plant.

Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “target”, “advance”, “increase”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them.

Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; achieving design capacity at Greenstone and Valentine operations; timely execution of the Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; statements relating to the distribution of dividends to shareholders of the Company; the periodic review of, and changes to, the Company’s dividend policy; the declaration and payment of future dividends; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of new permits and regulatory approvals; geopolitical stability; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners.  While the Company considers these assumptions reasonable, they may prove incorrect. 

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors” in the Company’s MD&A dated February 20, 2026 for the year ended December 31, 2025, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, both of which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Technical Information

The scientific and technical information contained in this news release 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.