Mr. Darren Hall reports

EQUINOX GOLD REPORTS NEW HIGH-GRADE RESOURCE EXPANSION DRILL RESULTS

Equinox Gold Corp. has provided an update from the exploration campaign at its producing El Limon mine complex in Nicaragua. Initial results of the planned 100,000 metres of discovery and resource expansion diamond drilling at El Limon in 2025 have yielded the highest-grade gold mineralization discovered to date on the property, demonstrating significant potential to extend the mineralized corridor to both the north and west of the existing producing deposits.

El Limon highlight drill results:

• 36.77 grams per tonne gold over 6.9 metres estimated true width (ETW) (EL-TMR-25-036);
• 13.93 g/t Au over 2.7 metres ETW (LIM-24-5088) and 17.85 g/t Au over 3.2 metres ETW (EL-TMR-25-016);
• 22.18 g/t Au over 4.4 metres ETW (EL-TMR-25-031) and 8.45 g/t Au over 3.2 metres ETW (EL-TMR-25-021);
• 13.47 g/t Au over 4.5 metres ETW (EL-TLV-25-1704) and 4.55 g/t Au over 5.2 metres ETW (EL-BAB-25-150);
• 10.19 g/t Au over 6.0 metres ETW (EL-TLV-25-1706) and 5.46 g/t Au over 5.0 metres ETW (EL-TLV-25-1705);
• 8.55 g/t Au over 14.6 metres ETW (EL-BAB-25-121) and 27.39 g/t Au over 1.9 metres ETW (EL-TMR-25-041);
• 12.71 g/t Au over 3.7 metres ETW (EL-TLV-25-1710).

Darren Hall, chief executive officer of Equinox Gold, commented: "El Limon was acquired from B2Gold in Q4 2019, at a time when the Nicaraguan assets contained a combined mineral reserve of approximately 140,000 ounces of gold. Since then, through focused exploration and disciplined execution, the team has delivered more than a 700-per-cent increase in mineral reserves, net of production depletion across the assets, underscoring the prospectivity of the region and our ability to unlock value through discovery. In January, 2025, we celebrated the milestone of pouring our one-millionth ounce of gold in Nicaragua since the acquisition, and year-end 2024 Nicaragua mineral reserves totalled 1.12 million ounces of gold grading 4.36 grams per tonne.

"These recent high-grade drilling results demonstrate the extension of gold mineralization in three areas of the property: adjacent to the operating Panteon underground mine, along the multikilometre VTEM [versatile time-domain electromagnetic] gold corridor and along trend of the past-producing Talavera mine. The company currently has an active multirig drill program under way and today's results at El Limon continue to demonstrate the potential for meaningful mineral resource growth and additional new discoveries.

"Over the last five years, we have successfully permitted and brought four new satellite mines into production in the country, typically progressing from discovery to first production within 18 to 24 months. Given the upside potential for new satellite mines, our permitting track record, and surplus milling capacity within the hub and spoke operating platform, we believe these exploration results continue to significantly enhance the long-term value of these assets in Equinox Gold's portfolio."

About Equinox Gold's Nicaraguan assets

Equinox Gold's Nicaraguan assets operate as a hub and spoke platform, whereby ore from multiple open-pit and underground deposits is processed at either the El Limon or La Libertad mills, which combined have 2.7 million tonnes per year of installed processing capacity. The company has more than one million tonnes of surplus processing capacity available at its Nicaraguan processing facilities, providing significant flexibility for future growth.

El Limon has produced more than four million ounces of gold to date and continues to demonstrate strong exploration upside. Looking ahead, the company's Nicaraguan exploration strategy will prioritize resource expansion and discovery drilling across existing resource zones and at high-priority targets, including the VTEM gold corridor and the past-producing Talavera underground mine, which produced approximately 800,000 ounces of gold when in operation.

Talavera represents a new opportunity at the prolific El Limon property given its location less than three kilometres west of the El Limon processing facility. The extension of mineralization approximately 750 metres west of this historical mine (see Calibre Mining Corp.'s news release dated Nov. 18, 2024) and the discovery of several parallel subvertically dipping veins led to the delineation of a new 630,000-ounce inferred mineral resource (3.8 million tonnes grading 5.09 g/t gold) (see Calibre Mining news release dated Jan. 29, 2025). The company's 2025 exploration program at Talavera includes both expansion and delineation drilling while advancing environmental permits, with the objective of ultimately advancing this new deposit to production.

Quality assurance/quality control (QA/QC)

Equinox Gold maintains a QA/QC program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for ISO 9001:2008 (quality management systems), ISO 14001 (environmental management) and OHSAS 18001 and AS 4801 (safety management). Prior to analysis, samples are prepared at Veritas's Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed by fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are reassayed by fire assay with a gravimetric finish. Analyses for silver and other elements of interest are performed by inductively coupled plasma (ICP). Additional information regarding the company's data verification processes is set out in the El Limon technical report, which can be found on the company's website and on Calibre Mining's profile on SEDAR+.

Qualified person and technical information

The scientific and technical information contained in this news release was approved by David Schonfeldt, PGeo, vice-president, mining geology, for Equinox Gold and a qualified person under National Instrument 43-101. The mineral reserve estimate for the Nicaraguan assets was disclosed by Calibre Mining in its annual information form dated March 14, 2025, for the year ended Dec. 31, 2024, which can be found on Calibre Mining's profile on SEDAR+.

About Equinox Gold Corp.

Equinox Gold 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 a clear path to growth.

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