Mr. Greg Smith reports

EQUINOX GOLD REPORTS THIRD QUARTER 2023 FINANCIAL AND OPERATING RESULTS

Equinox Gold Corp. has released its third quarter 2023 summary financial and operating results. The company's unaudited condensed consolidated interim financial statements and related management's discussion and analysis (MD&A) for the three and nine months ended Sept. 30, 2023, will be available for download on the company's profile on SEDAR+, on EDGAR and on the company's website. The company will host a conference call and webcast on Nov. 1, 2023, commencing at 7:30 a.m. PT (10:30 a.m. ET), to discuss third quarter results and activities under way at the company. Further details are provided at the end of this news release.

Greg Smith, president and chief executive officer of Equinox Gold, commented: "Equinox Gold delivered strong results in Q3, achieving a third quarter record for production, revenue and EBITDA. We produced 149,089 ounces of gold during the quarter, generating $285-million in revenue and $65-million in EBITDA, or $81-million on an adjusted EBITDA basis. We remain focused on delivering our full-year cost and production guidance.

"Our Greenstone project is progressing well and remains on track to pour gold in the first half of 2024, with precommissioning activities under way. At Sept. 30, the project was 93 per cent complete over all, on budget and on schedule. With more than $350-million in cash and equivalents at quarter-end, we remain fully funded to complete Greenstone construction and our 2023 corporate initiatives.

"In addition, I am pleased to announce that Fraz Siddiqui has joined our board of directors, replacing Francois Bellemare as the Mubadala Investment Company board appointee. Mr. Siddiqui is a chartered accountant with extensive capital markets, financing and mining industry experience. I welcome Fraz to Equinox Gold's board of directors and thank Francois for his contributions as a director."

Highlights for the three months ended Sept. 30, 2023

Operational:

• Produced 149,089 ounces of gold;
• Sold 148,231 ounces of gold at an average realized gold price of $1,917 per ounce;
• Total cash costs of $1,363 per ounce and AISC (all-in sustaining cost) of $1,630 per ounce (1);
• Three lost-time injuries, rolling 12-month average total recordable injury frequency rate(2) of 1.28 (1.68 for the quarter);
• Total significant environmental incident frequency rate (2) rolling 12-month average of 0.34 (0.56 for the quarter).

Earnings:

• Income from mine operations of $25.2-million;
• Net income of $2.2-million or one cent per share (basic);
• Adjusted net income of $28.7-million or nine cents per share (1).

Financial:

• Cash flow from operations before changes in non-cash working capital of $82.6-million ($69.3-million after changes in non-cash working capital);
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $81.2-million (1);
• Sustaining expenditures of $32.0-million and non-sustaining expenditures of $104.1-million;
• Cash and cash equivalents (unrestricted) of $356.7-million at Sept. 30, 2023;
• Net debt (1) of $729.5-million at Sept. 30, 2023.

Corporate:

• On Aug. 1, 2023, drew $127.0-million on the company's revolving credit facility;
• On Sept. 21, 2023, issued $172.5-million of unsecured senior convertible notes on a bought deal provide placement basis:
  • The 2023 convertible notes bear interest at 4.75 per cent, have a fixed conversion rate of 158.7302 common shares per $1,000 principal amount, representing an initial conversion price of $6.30 per share, subject to certain anti-dilution adjustments, and mature on Oct. 15, 2028.

Construction, development and exploration:

• Advanced Greenstone construction with the following achieved to Sept. 30, 2023:
  • More than five million hours worked with one lost-time injury and a 12-month rolling average TRIFR (total recordable injury frequency rate) of 1.92;
  • Power plant commissioning has been completed and the plant is now in operation;
  • Precommissioning activities started as planned in September in the crushing, crushed ore storage, and reclaim and high-pressure grinding rolls areas;
  • Overall project was 93 per cent complete, on budget and on track to pour gold in the first half (H1) of 2024;
  • Spent $90-million (Equinox Gold's 60-per-cent share) during the quarter, with total spend (100-per-cent basis) of $1,087-million project to date (89 per cent of the approved budget).

Responsible mining:

• In July, 2023, published the company's inaugural water stewardship report in alignment with the water reporting practices recommended by the International Council on Mining and Metals.

Recent developments:

• On Oct. 3, 2023, repaid $166.0-million of the revolving facility with proceeds from the 2023 convertible notes;
• On Oct. 31, 2023, received $75-million on closing of the gold purchase and sale arrangement (Sandbox arrangement);
• On Oct. 31, 2023, Fraz Siddiqui joined the company's board of directors, replacing Francois Bellemare as Mubadala Investment Company's board appointee.

(1) Cash costs per ounce sold, AISC per oz sold, adjusted net income, adjusted EBITDA, adjusted earnings per share (EPS) and net debt are non-IFRS (international financial reporting standards) measures.

(2) Total recordable injury frequency rate and significant environmental incident frequency rate are both reported per million hours worked. Total recordable injury frequency rate is the total number of injuries excluding those requiring simple first aid treatment.

For the three and nine months ended Sept. 30, 2023, the company sold 4 per cent and 7 per cent more gold ounces compared with the same periods in 2022. The increase in gold sales was primarily due to higher production at Los Filos, Aurizona and RDM, offset partially by lower production at Mesquite. At Los Filos, the higher production was primarily due to higher ore tonnes mined despite the impact to recoveries and production in the quarter related to solution management issues and some ore with a higher copper content, which has a longer recovery period. At Aurizona and RDM, the higher production was primarily due to higher grades and mill throughput. At Mesquite, the lower production was primarily due to mine sequencing and temporary issues with leach pad chemistry. Gold sales for the nine months ended Sept. 30, 2023, were also impacted by higher production at Santa Luz, which achieved commercial production at the end of Q3 2022.

Cash cost per ounce sold and AISC per ounce sold were 2 per cent and 7 per cent lower in Q3 2023 compared with Q3 2022, respectively, primarily driven by 4 per cent higher gold sales. Costs during the quarter continued to track toward the lower end of 2023 guidance due to a number of factors, including sustaining capital spend that was anticipated in the quarter but has been deferred into Q4 2023, as well as decreases in the costs of key consumables, which had peaked in recent quarters, compared with those used to calculate guidance.

In Q3 2023, income from mine operations was $25.2-million (Q3 2022 -- $7.4-million) and for the nine months ended Sept. 30, 2023, was $70.4-million (nine months ended Sept. 30, 2022 -- $52.9-million). The higher income from mine operations was mainly the result of higher income from mine operations at Los Filos and Aurizona, which was primarily due to higher production and higher average realized gold price per ounce, offset partially by lower income from mine operations at Mesquite, which was primarily due to lower gold production, and at Santa Luz, which was primarily due to higher mining costs, driven by longer hauls from the bottom of the pit, as well as stockpile and blend management. Income from mine operations for the nine months ended Sept. 30, 2023, was also impacted by the sale of Mercedes in April, 2022.

Net income for Q3 2023 was $2.2-million (Q3 2022 -- net loss of $30.1-million) and net income for the nine months ended Sept. 30, 2023, was $25.0-million (nine months ended Sept. 30, 2022 -- net loss of $128.6-million). The higher net income in Q3 2023 compared with Q3 2022 was mainly due to higher income from mine operations, as well as other expense of $2.3-million for Q3 2023 compared with other expense of $11.3-million for Q3 2022, primarily due to a $1.6-million gain on change in fair value of warrants in Q3 2023 compared with a $13.4-million loss on change in fair value of share purchase warrants in Q3 2022. Equinox Gold held warrants to acquire shares of Solaris, all of which were exercised in March, 2023.

The higher net income for the nine months ended Sept. 30, 2023, compared with the same period in 2022, was mainly due to higher income from mine operations, in addition to a tax recovery of $18.6-million (nine months ended Sept. 30, 2022 -- tax expense of $35.3-million) and other income of $32.1-million (nine months ended Sept. 30, 2022 -- other expense of $62.9-million). Other income for the nine months ended Sept. 30, 2023, includes a $35.0-million gain on change in fair value of foreign exchange contracts and a $34.5-million gain on sale of the company's partial interest and reclassification of investment in i-80 Gold, offset partially by $13.3-million in expected credit loss and write-offs. Other expense for the nine months ended Sept. 30, 2022, includes a $72.8-million loss on change in fair value of share purchase warrants.

In Q3 2023, adjusted EBITDA was $81.2-million (Q3 2022 -- $25.6-million) and for the nine months ended Sept. 30, 2023, was $209.1-million (nine months ended Sept. 30, 2022 -- $93.7-million). In Q3 2023, adjusted net income was $28.7-million (Q3 2022 -- adjusted net loss of $27.7-million) and for the nine months ended Sept. 30, 2023, was $19.3-million (nine months ended Sept. 30, 2022 -- adjusted net loss of $98.8-million). The increase in adjusted EBITDA and adjusted net income in Q3 2023 was primarily due to higher income from mine operations, in addition to an $11.4-million realized gain on foreign exchange contracts in Q3 2023 (Q3 2022 -- realized loss of $1.1-million). The increase in adjusted EBITDA and adjusted net income for the nine months ended Sept. 30, 2023, was primarily due to higher income from mine operations, in addition to a $25.9-million realized gain on foreign exchange contracts (nine months ended Sept. 30, 2022 -- realized loss of $100,000).

Sustaining and non-sustaining expenditures totalled $32.0-million and $104.1-million, respectively, for the three months ended Sept. 30, 2023. Sustaining and non-sustaining expenditures are broken down by mine site in the MD&A.

Additional information regarding the company's financial and operating results is available in the company's Q3 2023 financial statements and accompanying MD&A for the three and nine months ended Sept. 30, 2023, which will be available for download on the company's website, on SEDAR+ and on EDGAR.

Sandbox arrangement

On Oct. 31, 2023, the company closed the Sandbox arrangement with Sandbox Royalties Corp. and Regal Partners Royalties A Pty. Ltd. (together with Sandbox, the purchasers). Under the Sandbox arrangement, the company received a payment of $75-million in exchange for monthly deliveries to the purchasers equal to the greater of: (a): 500 gold ounces; and (b) gold ounces equal to 1.8 per cent of the monthly gold production from Greenstone (100-per-cent basis). Gold deliveries will start in November, 2023, and will continue until a total of 90,000 ounces have been delivered. The purchasers will make continuing cash payments equal to 20 per cent of the spot gold price for each gold ounce delivered. Gold deliveries can be from production from any of the company's operating mines. The company may buy down up to 75 per cent of the delivery obligation at the then current spot gold price, subject to adjustment for the continuing payment and a minimum price per ounce of $2,000.

Conference call and webcast

Equinox Gold will host a conference call and webcast on Wednesday, Nov. 1, 2023, commencing at 7:30 a.m. PT (10:30 a.m. ET), to discuss the third quarter results and activities under way at the company. All participants will have the opportunity to ask questions of Equinox Gold's chief executive officer and executive team. The webcast will be archived on Equinox Gold's website until May 1, 2024.

Conference call

Toll-free in the United States and Canada:  1-800-319-4610

International callers:  1-604-638-5340

Webcast:  on the company's website

About Equinox Gold Corp.

Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines, construction under way at a new project, and a path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold's common shares are listed on the Toronto Stock Exchange and the NYSE American under the trading symbol EQX. Further information about Equinox Gold's portfolio of assets and long-term growth strategy is available on the company's website or by e-mail at ir@equinoxgold.com.

Technical information

Doug Reddy, MSc, PGeo, chief operating officer, is a qualified person under National Instrument 43-101 for Equinox Gold and has reviewed and approved the technical information in this document.

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