Mr. Darren Hall reports

EQUINOX GOLD DELIVERS RECORD 236,470 OUNCES IN Q3 2025, DRIVING STRONG FINISH TO THE YEAR AND CONTINUED BUOYANT GROWTH INTO 2026

Equinox Gold Corp. has released production results for the three months and nine months ended Sept. 30, 2025, and has provided an update on operations at its two Canadian cornerstone assets: the Valentine gold mine in Newfoundland and Labrador and the Greenstone gold mine in Ontario.

Darren Hall, chief executive officer of Equinox Gold, commented: "Equinox Gold delivered a solid third quarter, producing a record consolidated 236,470 ounces of gold, reflecting the strength of our expanded portfolio following the merger completed in June. Even after the divestment of our Nevada assets, we remain on track to deliver in the mid-range of our consolidated annual gold production guidance of 785,000 to 915,000 ounces.

"At Greenstone, operational performance improved meaningfully during the quarter. In Q3, mining rates exceeded 185,000 tonnes per day, a 10-per-cent increase over Q2 and a 21-per-cent increase over Q1. Importantly, mill grades improved 13 per cent in Q3 to 1.05 grams per tonne gold, with September averaging above 1.3 g/t gold. While we anticipate Greenstone's full-year production to be at the lower end of guidance of 220,000 to 260,000 ounces, the progress being made in both mining and milling, together with increasing grades, supports our confidence in Greenstone delivering a strong Q4 and continuing that momentum into 2026.

"Valentine delivered first gold ahead of schedule on Sept. 14, with commissioning progressing well since introducing ore into the circuit on Aug. 27. Through Sept. 30, the plant averaged 57 per cent of nameplate capacity, with more than 23 per cent of days exceeding nameplate. As Valentine continues to ramp up operations, we anticipate producing 15,000 to 30,000 ounces of gold in Q4 and delivering consistent nameplate capacity of 2.5 million tonnes per year by Q2 2026.

"During Q3, we also strengthened our balance sheet, reducing debt by $139-million (U.S.). Subsequent to quarter-end, we completed the divestment of Nevada assets for $115-million (U.S.). These actions demonstrate our disciplined approach to capital allocation, deleveraging and focus on unlocking value across our portfolio.

"With Greenstone ramping up, Valentine now producing gold and our balance sheet stronger, Equinox Gold is well positioned to deliver on 2025 expectations and create additional value for all stakeholders in 2026."

Highlights:

• First gold poured at Valentine ahead of schedule on Sept. 14, 2025, marking the launch of a second Canadian cornerstone asset;
• Consolidated year-to-date gold production of 634,428 ounces, excluding Los Filos, Castle Mountain and Valentine:
  • Q1: 182,089 ounces, including 44,449 ounces from Greenstone and 71,539 ounces from the Calibre assets;
  • Q2: 219,123 ounces, including 51,274 ounces from Greenstone and 72,823 ounces from the Calibre assets;
  • Q3: 233,216 ounces, including 56,029 ounces from Greenstone, 71,119 ounces from Nicaragua, 67,629 ounces from Brazil, 27,642 from Mesquite and 10,797 ounces from Pan;
• Cash and equivalents of $359-million at Sept. 30, 2025;
• Valentine commissioning progressing well, with throughput averaging 57 per cent of nameplate through September and more than 23 per cent of days operating above nameplate of 6,850 tonnes per day;
• Greenstone operational improvements yielding positive results:
  • Ex-pit mining increased 10 per cent in Q3 versus Q2, averaging 185,000 tonnes per day;
  • Process grades increased 13 per cent in Q3 versus Q2, averaging 1.05 g/t, with September above 1.3 g/t gold;
• Castle Mountain phase 2 federal record of decision targeted for December, 2026, following acceptance of the project into the U.S. Federal Permitting Improvement Steering Council's FAST-41 program;
• Portfolio optimization under way with sale of non-core Nevada assets for $115-million (see news release dated Aug. 7, 2025; the transaction closed on Oct. 1, 2025);
• $139.2-million (U.S.) of debt retired, with conversion of September, 2020, convertible notes;
• Resource-expansion and discovery drilling continues across the portfolio with significant activity in Newfoundland, Nicaragua and Mesquite and recently commenced exploration activity at Los Filos;
• Positive exploration results during Q3 included:
  • Resource-expansion drilling at El Limon mine complex yielding the highest-grade gold mineralization discovered to date on the property (36.77 g/t gold over 6.9 metres, 8.55 g/t gold over 14.6 metres and 10.19 g/t gold over 6.0 metres) (see news release dated July 28, 2025).

Q3 Greenstone operational details

During the quarter, open-pit mining totalled 3.8 million ore tonnes at an average grade of 0.91 g/t gold and the mill processed 1.9 million tonnes of ore at an average grade of 1.05 g/t gold. The difference between mined grades and mill feed grades is primarily attributable to timing of stockpile movements.

Q3 2025 conference call details

Equinox Gold will release its unaudited financial and operating results for the three and nine months ended Sept. 30, 2025, on Wednesday, Nov. 5, 2025, after market close. The company will host a conference call and webcast to discuss the results the following morning on Thursday, Nov. 6, 2025, commencing at 7 a.m. PT (10 a.m. ET). The webcast will be available for replay on Equinox Gold's website until May 6, 2026.

Conference call

Toll-free in U.S. and Canada:  1-833-752-3366

International callers:  1-647-846-2813

Qualified person

The scientific and technical information contained in this news release was approved by David Schonfeldt, PGeo, vice-president, mine geology, for Equinox Gold and a qualified person under National Instrument 43-101.

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 clear path to growth.

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