Mr. Darren Hall reports

EQUINOX GOLD UPDATES CANADIAN OPERATIONS TECHNICAL OUTLOOK: AVERAGE 540,000 OUNCES GOLD PRODUCTION PER YEAR FOR NEXT 10 YEARS

Equinox Gold Corp. has released results from updated technical reports for its Greenstone gold mine, located in Ontario, Canada, and its Valentine gold mine, located in Newfoundland and Labrador, Canada. In addition, the company today reported its mineral reserves and mineral resources as at Dec. 31, 2025, including 19 million ounces of gold in mineral reserves, 19 million ounces in measured and indicated mineral resources exclusive of mineral reserves, and 11 million ounces in inferred mineral resources. For a detailed summary by asset, refer to the company's annual information form, which will be available for download later today on SEDAR+, EDGAR and Equinox Gold's website. All dollar figures are in U.S. dollars unless otherwise noted.

Darren Hall, chief executive officer, commented: "Our immediate focus at Greenstone is executing the ramp-up and achieving sustained nameplate milling capacity of 27,000 tonnes per day. Delivering consistent performance at this level will establish Greenstone as a cornerstone asset within our portfolio. At this throughput rate, the updated technical report outlines an operation expected to average approximately 320,000 ounces of gold annually over the next decade, representing a strong outcome for a long-life asset located in a Tier 1 jurisdiction.

"Once we achieve stable nameplate performance, we see additional opportunities to further optimize the operation and create value. These include increasing mill throughput toward 30,000 tonnes per day, incorporating higher-grade underground resources into future mine plans, and advancing near-mine and regional exploration targets across our large, 400-square-kilometre land package. With 1.6 million ounces of measured and indicated resources and 1.2 million ounces of inferred resources delineated in the underground deposit, and an additional 1.1 million ounces of indicated resources identified to date on the broader land package, we believe there is meaningful potential to enhance grades, extend mine life and potentially increase annual production over time.

"At Valentine, the updated technical report highlights significant benefits from the planned phase 2 expansion. Following completion of phase 2 construction, which is targeted for H2 2028, throughput is expected to increase to approximately 13,700 tonnes per day (5.0 million tonnes per annum), and annual gold production is expected to average approximately 223,000 ounces per year for the subsequent 10 years.

"We see additional strong opportunities to extend mine life and further enhance the value of this asset. Ongoing delineation efforts at the Frank zone have the potential to evolve into a fourth open pit, and we are advancing drilling this year to better define that opportunity. Combined with ongoing exploration across the broader, 320-square-kilometre land package and future throughput optimization potential, Valentine represents a long-life, scalable production platform capable of delivering sustainable growth well beyond the current mine plan.

"Additionally, we remain focused on unlocking further value through the growth and enhancement of our overall mineral reserves and mineral resources, supported by a robust $70- to $80-million exploration budget for 2026."

Canadian operations highlights:

• Average 543,000 ounces of annual gold production from Canada over the next 10 years (2026 to 2036) based on proven and probable mineral reserves only;
• 8.1 million ounces combined proven and probable mineral reserves;
• 4.1 million ounces combined measured and indicated (M&I) mineral resources, exclusive of mineral reserves;
• 2.8 million ounces combined inferred mineral resources;
• Strong exploration potential at both Canadian assets:
  • Greenstone underground resource not included in mine plan provides future opportunity to enhance mill feed with higher-grade underground resources alongside open-pit production;
  • Numerous underexplored past-producing mines and deposits on the approximately 400-square-kilometre Greenstone land package;
  • Valentine Frank zone not included in current reserve and resource estimates, along with new Minotaur discovery and other emerging targets; less than 15 per cent of the approximately 320-square-kilometre property explored to date.

Greenstone gold mine:

• 320,000 ounces average annual gold production over the next 10 years (2026 to 2036) at average recovery of 87.5 per cent:
  • 9.82 million tonnes per annum milled on average;
  • 1.16 grams per tonne gold average mill feed grade;
• 5.3 million ounces open-pit proven and probable mineral reserves;
• 1.3 million ounces open-pit M&I mineral resources; 418,000 ounces open-pit inferred mineral resources;
• 1.6 million ounces underground M&I mineral resources; 1.2 million ounces underground inferred mineral resources;
• 1.1 million ounces indicated mineral resources and 409,000 ounces inferred mineral resources currently identified in other gold assets on the Greenstone land package.

Opportunities:

• Potential mill throughput increase toward 30,000 tonnes per day;
• Conversion of underground and satellite mineral resources to mineral reserves;
• Mine-life extension and/or annual production increase from higher-grade underground mineral resources not included in current mine plan;
• Mine life extension from existing deposits potentially within trucking distance of the mine (Kailey, Key Lake and Brookbank);
• Exploration potential from three past-producing mines on the property with historical production of more than one million ounces at grades greater than 10 g/t gold with no modern exploration.

Valentine gold mine

Phase 2 expansion highlights:

• Increasing throughput from 2.5 million tonnes per annum to 5.0 million tonnes per annum;
• $414-million capital cost for mill expansion, fleet expansion and on-site infrastructure expansion, including 20-per-cent contingency;
• 24-month construction anticipated to begin Q3 2026 following board of directors approval; to be financed through cash flow from operating mines and available credit facility.

Combined phase 1 and phase 2 highlights:

• 2.7 million ounces proven and probable mineral reserves;
• 1.2 million ounces M&I mineral resources; 1.1 million ounces inferred mineral resources;
• $3.1-billion after-tax net present value (discounted at 5 per cent) at $4,500 per ounce gold;
• $4.3-billion after-tax life-of-mine (LOM) (2026 to 2037) cumulative net cash flow at $4,500 per ounce gold;
• 223,000 ounces average annual gold production over the next 10 years:
  • 4.31 million tonnes per annum milled on average;
  • 1.69 g/t gold average mill feed grade;
• Average LOM total cash costs of $1,580 per ounce and all-in sustaining costs of $1,665 per ounce.

Opportunities:

• Frank zone exploration results not yet included in current mineral resource estimate:
  • Located less than one kilometre southwest along trend from Leprechaun open-pit deposit;
  • Exploration to date has delineated a gold corridor more than one kilometre in length with geology and mineralogy characteristics similar to the three operating open pits;
  • Multirig drill program under way targeting over 25,000 metres of drilling; initial resource estimate expected in Q4 2026.

Technical reports

Updated technical reports for Greenstone and Valentine will be available for download later today on SEDAR+, EDGAR and Equinox Gold's website.

The Valentine technical report includes a full economic analysis of the life of mine, including annual cost and cash flow information, given the anticipated phase 2 expansion. The Greenstone technical report provides updated technical information for the mine as well as life-of-mine operating costs and capital expenditures, but does not include an economic analysis, as allowed under the producing issuer exemption.

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.

Qualified person and technical information

The scientific and technical information contained in this news release was approved by Matthew MacPhail, PEng, senior vice-president, business planning and technical services, for Equinox Gold and a qualified person under National Instrument 43-101.

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