Mr. Christian Milau reports

EQUINOX GOLD PROVIDES 2020 GUIDANCE

Equinox Gold Corp. has provided its 2020 production and cost guidance of 540,000 to 600,000 ounces of gold at all-in-sustaining costs (1) (AISC) of $1,000 to $1,060 per ounce. Guidance for the Los Filos, Fazenda, RDM and Pilar mines reflects production expectations from March 10, 2020, the closing date of the merger with Leagold Mining Corp., to Dec. 31, 2020. Total consolidated 2020 production, including gold produced by Leagold in 2020 before completion of the merger, is estimated at 615,000 to 680,000 oz of gold. All dollar amounts are expressed in U.S. dollars.

"Equinox Gold had another year of tremendous growth in 2019. The company advanced its Aurizona mine to production, commenced construction at its Castle Mountain mine and ended 2019 with the announcement of a merger with Leagold to create a premier gold producer with exceptional growth potential," said Christian Milau, chief executive officer of Equinox Gold. "With the merger complete, Equinox Gold expects to more than triple its annualized gold production in 2020 and is fully funded to increase production over the next two years to more than one-million ounces of gold annually. We also recognize the challenges presented by the COVID-19 pandemic and its potential effect on our operations and our guidance for this year. If necessary, we will adjust our expectations as the situation evolves."

2020 guidance and outlook

Guidance for Los Filos, Fazenda, RDM, Pilar and Santa Luz reflects expectations for the period commencing March 10, 2020, the closing date of the merger with Leagold, and ending Dec. 31, 2020. The company may revise guidance during the year to reflect changes to expected results, including from effects related to the COVID-19 pandemic.

                     Production (oz)       AISC (1) (2)  Sustaining capital    Non-sustaining  
                                                 ($/oz)                  (1)       capital (1)

Los Filos (3)     170,000 - 190,000    $1,000 - $1,050                 $24M              $51M           
Aurizona          115,000 - 125,000    $1,100 - $1,150                 $40M              $11M           
Mesquite          120,000 - 130,000      $975 - $1,025                  $8M               $8M           
Fazenda (3)         55,000 - 60,000        $900 - $950                  $7M               $3M           
RDM3                50,000 - 55,000    $1,000 - $1,050                  $5M              $17M           
Pilar (3)           25,000 - 30,000    $1,200 - $1,300                  $4M               $2M           
Castle Mountain      5,000 - 10,000        $750 - $800                    -              $45M           
Santa Luz (3)                     -                  -                    -               $6M           
Total mines       540,000 - 600,000    $1,000 - $1,060                 $88M             $143M          

(1) AISC per oz sold, and sustaining and non-sustaining capital are non-IFRS (international
    financial reporting standards) measures.
(2) Exchange rates used to forecast 2020 AISC include a rate of 4.0 Brazilian reis to $1 and
    19.5 Mexican pesos to $1.
(3) Production costs and capital attributable to Equinox Gold postmerger completion on March
    10, 2020.

Consolidated gold production is expected to increase quarter over quarter during the year, with the fourth quarter benefiting from the addition of gold production from Castle Mountain and the processing of higher-grade ore at Los Filos.

Los Filos gold mine

The Los Filos gold mine in Guerrero state, Mexico, began commercial production in 2008, and currently comprises two open pits (Los Filos and Bermejal) and one underground mine (Los Filos). Ore from all three deposits is processed using heap-leach recovery. Los Filos produced a total of 200,856 oz of gold during 2019. Los Filos production for 2020 attributable to Equinox Gold postmerger is estimated at 170,000 to 190,000 oz of gold at AISC of $1,000 to $1,050 per oz of gold sold, with production weighted heavily toward the second half of the year as the company accesses ore from the new Bermejal underground mine and new Guadalupe open pit.

The company is advancing an expansion of the Los Filos mine complex, including enlarging the Los Filos open pit, developing a second underground mine (Bermejal), adding a new open pit (Guadalupe) and constructing a new carbon-in-leach (CIL) plant to process higher-grade ore. Leagold commenced the expansion project in Q3 2019, completing an access road to allow the start of stripping from the Guadalupe open pit and commencing work for additional ventilation for Bermejal underground development. Equinox Gold is evaluating the benefits of constructing a larger CIL plant than the currently contemplated 4,000-tonne-per-day (t/d) plant, which would have an impact on the current feasibility estimate for construction capital of $115-million. Tradeoff studies will be completed in mid-2020, after which the company will provide an update on the size of, and costs to construct, the CIL plant. Construction is currently targeted to commence in the second half of 2020.

Equinox Gold has budgeted a total capital spend of $75-million at Los Filos during 2020. Non-sustaining capital of $51-million relates primarily to the expansion project, and includes $20-million for prestripping of the Guadalupe open pit and $23-million allocated to Bermejal underground development. In addition, $3.5-million is allocated for regional and Guadalupe exploration, and $2-million is budgeted for underground stepout drilling. Of the $24-million budgeted for sustaining capital, $8-million is for major overhauls and rebuilds of the existing fleet to support Guadalupe stripping, $6-million is allocated for development at the Los Filos underground mine, $3-million is for processing equipment, and $3-million is budgeted for heap-leach expansion.

Aurizona gold mine

Aurizona is an open-pit gold mine in Maranhao state, Brazil. The company completed construction in Q2 2019 and announced commercial production effective July 1, 2019, producing a total of 75,282 oz during 2019, including precommercial production ounces. Aurizona production for 2020 is estimated at 115,000 to 125,000 oz of gold at AISC of $1,100 to $1,150 per oz of gold sold. The increase in AISC compared with 2019 is largely due to: mine plan scheduling, with ore feed in 2020 slightly below reserve grade; a waste stripping program in the open pit; and increased sustaining capital associated with the third tailings facility lift.

Equinox Gold has budgeted a total capital spend of $51-million at Aurizona during 2020. Sustaining capital of $40-million relates primarily to completion of the third tailings facility lift ($13-million) and capitalized stripping in the open pit ($19-million). Non-sustaining capital of $11-million includes $8-million allocated to exploration.

Mesquite gold mine

Mesquite is an open-pit heap-leach gold mine in California, United States, that Equinox Gold acquired during Q4 2018. Mesquite produced a total of 125,736 oz during 2019 at AISC of $933 per oz sold. Mesquite production for 2020 is estimated at 120,000 to 130,000 oz of gold at AISC of $975 to $1,025 per oz of gold sold.

Equinox Gold has budgeted a total capital spend of $16-million at Mesquite during 2020. Sustaining capital of $8-million relates primarily to increasing solution handling infrastructure. Non-sustaining capital of $8-million is allocated for exploring new targets and drilling mineralized dumps to identify economic material that can be classified as ore and stacked on the operating leach pads.

Fazenda gold mine

Fazenda is an underground mine located in Bahia state, Brazil. Fazenda has been in operation for more than 30 years and produced a total of 73,228 oz of gold during 2019. Fazenda production for 2020 attributable to Equinox Gold postmerger is estimated at 55,000 to 60,000 oz of gold at AISC of $900 to $950 per oz of gold sold.

Equinox Gold has budgeted a total capital spend of $10-million at Fazenda during 2020. Of the $7-million allocated to sustaining capital, $4-million is for underground development, and $2-million relates to the scheduled tailings facility raise. The $3-million allocated to non-sustaining capital is primarily for underground development to allow for exploration drilling with the objective of converting resources to reserves.

RDM gold mine

RDM is a conventional open-pit mine located in Minas Gerais state, Brazil. RDM commenced commercial production in early 2014 and produced a total of 62,634 oz during 2019. RDM production for 2020 attributable to Equinox Gold postmerger is estimated at 50,000 to 55,000 oz of gold at AISC of $1,000 to $1,050 per oz of gold sold.

Equinox Gold has budgeted a total capital spend of $22-million at RDM during 2020. Sustaining capital of $5-million relates primarily to the scheduled tailings facility raise. Non-sustaining capital of $17-million relates almost entirely to open-pit expansion and capitalized stripping. Permits required to commence the pit expansion are expected to be received in Q2 2020.

Pilar gold mine

Pilar in Goias state, Brazil, consists of two underground mines. Pilar commenced commercial production in October, 2014, and produced a total of 37,739 oz of gold during 2019. Pilar production for 2020 attributable to Equinox Gold postmerger is estimated at 25,000 to 30,000 oz of gold at AISC of $1,200 to $1,300 per oz of gold sold.

Equinox Gold has budgeted a total capital spend of $6-million at Pilar during 2020. Of the $4-million sustaining capital budget, $2-million is allocated for the scheduled tailings facility raise with $1-million budgeted for underground development. Non-sustaining capital of $2-million is related to permitting and land access for the Tres Buracos deposit, which is scheduled for permitting in 2020 and subsequent open-pit mining in 2021 to complement the existing underground mines.

Castle Mountain gold project

Castle Mountain is a past-producing, open-pit, heap-leach gold mine in California, United States. A July, 2018, prefeasibility study for the project contemplated a two-phase development plan, with production estimated at 45,000 oz of gold per year during phase 1 and more than 200,000 oz of gold per year during phase 2.

The company commenced full-scale construction of phase 1 on Oct. 30, 2019. Construction is more than 50 per cent complete, with first gold pour targeted for Q3 2020. Total production for 2020 is estimated at 5,000 to 10,000 oz of gold at AISC of $750 to $800 per oz of gold sold.

Phase 1 will consist of a run-of-mine heap-leach operation processing primarily 12,000 t/d of stockpiled ore from previous operations. The phase 2 expansion is estimated to increase production to 200,000 oz per year and throughput to 41,000 t/d of ore, of which 2,340 t/d of higher-grade ore will be processed through a mill and carbon-in-leach circuit with the remainder going to the heap leach. The detailed feasibility study for phase 2 is targeted for completion in H2 2020.

Equinox Gold has budgeted $45-million of non-sustaining capital at Castle Mountain during 2020, with $40-million related to construction and commissioning, and $5-million allocated to completion of the phase 2 feasibility study.

Santa Luz gold project

The Santa Luz project in Bahia state, Brazil, is a past-producing mine that commenced operations in mid-2013, and was placed on care and maintenance in September, 2014, due in part to lower-than-planned gold recovery. Leagold completed an updated feasibility study for Santa Luz in October, 2018, incorporating resin-in-leach processing to increase gold recovery with total construction costs estimated at $82-million.

Equinox Gold is reviewing Santa Luz costs and engineering with the expectation of commencing construction in late 2020 or early 2021. A total of $6-million has been budgeted for Santa Luz care and maintenance, and early construction activities in 2020. Updated capital guidance will be provided when a final construction decision is made in 2020.

Mineral reserves and resources

Equinox Gold will provide an updated mineral reserve and mineral resource estimate in mid-2020.

Qualified persons

Adriaan (Attie) Roux, PrSciNat, Equinox Gold's chief operating officer, Doug Reddy, PGeo, Equinox Gold's executive vice-president, technical services, and Scott Heffernan, MSc, PGeo, Equinox Gold's executive vice-president, exploration, are the qualified persons under National Instrument 43-101 for Equinox Gold, and have reviewed, approved and verified the technical content of this news release.

About Equinox Gold Corp.

Equinox Gold is a Canadian mining company with six producing gold mines, a multimillion-ounce gold reserve base, and a strong growth profile from two development projects and two expansion projects. Equinox Gold operates entirely in the Americas, with two properties in the United States, one in Mexico and five in Brazil.

We seek Safe Harbor.