All financial figures are in US dollars, unless otherwise indicated.

Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its second quarter 2024 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 six months ended June 30, 2024 will be available for download on the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on the Company's website at www.equinoxgold.com. The Company will host a conference call and webcast on August 8, 2024 commencing at 7:30 am Pacific Time to discuss second quarter results and activities underway at the Company. Further details are provided at the end of this news release.

Greg Smith, President and CEO of Equinox Gold, commented: "The highlight of the second quarter was achieving first gold pour at our new Greenstone Mine in Ontario. We also acquired our partner's 40% interest in the mine and now hold 100% of this world-class asset. We remain on schedule to achieve commercial production at Greenstone during the third quarter.

"At our Mesquite mine, slower-than-planned recoveries affected Q2 production and at our Aurizona mine, a geotechnical event caused a temporary suspension of production for May and June. Post quarter end, we have transitioned to residual leaching at our small Phase 1 Castle Mountain mine while we advance engineering and permitting for the 200,000-ounce-per-year Phase 2 expansion. Our adjusted guidance reflects lower production from these assets in 2024, offset by higher production and lower costs from our increased ownership in Greenstone. We continue to expect substantially higher gold production and significantly lower costs in the second half of 2024."

HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2024

Operational

Produced 122,221 ounces of gold
Sold 115,423 ounces of gold at an average realized gold price of $2,328 per oz
Total cash costs of $1,747 per oz and AISC of $2,041 per oz(1)
One fatality during the Quarter, as discussed in the Fazenda section of the MD&A
No lost-time injuries; total recordable injury frequency rate(2) of 1.82 per million hours worked for the 12-month rolling period (1.80 for the Quarter)
Significant environmental incident frequency rate(2) of 0.29 per million hours worked for the 12-month rolling period (0.00 for the Quarter)
Temporarily suspended mining in the Piaba open pit at Aurizona following a geotechnical event as the result of persistent heavy rains; accelerated mining in the new Tatajuba open pit to mitigate the impact to production

Earnings

Income from mine operations of $26.6 million
Net income of $283.8 million or $0.72 per share (basic)
Adjusted net loss of $5.8 million or $0.01 per share(1) (basic)

Financial

Cash flow provided by operations before changes in non-cash working capital of $45.1 million (cash flow used in operations of $33.0 million after changes in non-cash working capital)
Adjusted EBITDA of $51.3 million(1)
Sustaining expenditures(1) of $31.0 million and non-sustaining expenditures of $82.6 million
Cash and cash equivalents (unrestricted) of $167.5 million at June 30, 2024
Net debt(1) of $1,308.9 million at June 30, 2024

_____________________________

(1) Cash costs per oz sold, AISC per oz sold, sustaining capital, sustaining expenditures, adjusted net income, adjusted EBITDA, adjusted EPS, and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2) Total recordable injury frequency rate ("TRIFR") and significant environmental incident frequency rate ("SEIFR") are both reported per million hours worked. TRIFR is the total number of injuries excluding those requiring simple first aid treatment.

Corporate

On April 23, 2024, the Company announced its acquisition of the remaining 40% interest in Greenstone from Orion
At the date of announcement, consideration totaled $995 million and consisted of:
42.0 million common shares of Equinox Gold valued at $250 million;
$705 million in cash payable on closing; and
$40 million in cash payable by December 31, 2024.
The Company closed the transaction on May 13, 2024, giving Equinox Gold 100% ownership of Greenstone. At the date of transaction close, consideration as measured for the purposes of financial reporting totaled $961 million(1)
Equinox Gold funded the cash consideration with net proceeds from a new $500 million three-year term loan (the "Term Loan") and a bought deal equity financing of common shares of Equinox Gold at a price of $5.30 per common share (the "Offering"). The Offering, including an over-allotment option, closed on April 26, 2024 and Equinox Gold issued 56,419,000 common shares for aggregate gross proceeds of $299 million
In connection with the Term Loan, entered into gold collar contracts with an average put strike price of $2,177 per oz and an average call strike price of $2,988 per oz, for 279,996 ounces per month beginning July 2024 through to June 2026
Extended maturity of 2019 and 2020 convertible notes:
Maturity date of the $139.7 million principal 5.00% convertible notes due April 12, 2024 extended by six months to October 12, 2024
Maturity date of the $139.3 million principal 4.75% convertible notes due March 10, 2025 extended by six months to September 10, 2025 and conversion price amended from $7.80 to $6.50
Published the Company's annual Environmental, Social & Governance ("ESG") Report
Announced the "Ride to Greenstone" fundraiser, a 3,634 km cycling relay commencing August 5, 2024 from Vancouver, BC to Geraldton, ON to raise money for the Geraldton District Hospital, with nearly C$1.2 million raised at the date of this news release

Development

Commenced processing ore at Greenstone:
Ore introduced into the grinding circuit on April 6, 2024
Achieved first gold pour on schedule on May 22, 2024, with 16,247 oz of gold produced in Q2 2024
Advanced ramp-up, with commercial production expected by the end of Q3 2024

RECENT DEVELOPMENTS

In August 2024, the Company will suspend mining at Castle Mountain for the duration of the Phase 2 permitting process; residual leaching and gold production is expected to continue through the remainder of the year
Production and cost guidance updated to reflect the consolidation of the Company's ownership of Greenstone, the suspension of mining at Castle Mountain until Phase 2 permitting is complete, slower-than-expected recoveries at Mesquite and the geotechnical event at Aurizona
Production estimated at 655,000 to 750,000 oz of gold with cash costs of $1,305 to $1,405 per oz and AISC of $1,635 to $1,735 per oz sold(2)
Sustaining expenditures(2) estimated at $210 million, non-sustaining expenditures estimated at $255 million

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(1) Refer to note 3 of the Company's condensed consolidated interim financial statements for the three and six months ended June 30, 2024 for further details.
(2) Cash costs per oz sold, AISC per oz sold, and sustaining expenditures are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS


Three months ended
Six months ended
Operating data Unit June 30,
2024 March 31, 2024 June 30,
2023
June 30,
2024
June 30,
2023
Gold produced oz 122,221 111,725 137,661
233,946
260,408
Gold sold oz 115,423 116,504 138,094
231,927
261,389
Average realized gold price $/oz 2,328 2,066 1,962
2,197
1,931
Cash costs per oz sold(1)(2) $/oz 1,747 1,567 1,361
1,653
1,354
AISC per oz sold(1)(2) $/oz 2,041 1,950 1,502
1,993
1,576
Financial data

Revenue M$ 269.4 241.3 271.6
510.8
505.7
Income from mine operations M$ 26.6 11.4 30.7
38.0
45.2
Net income (loss) M$ 283.8 (42.8) 5.4
241.0
22.8
Net income (loss) per share (basic) $/share 0.72 (0.13) 0.02
0.67
0.07
Adjusted EBITDA(1) M$ 51.3 52.2 70.9
103.5
127.9
Adjusted net loss(1) M$ (5.8) (14.4) (6.3)
(20.2)
(9.3)
Adjusted EPS(1) $/share (0.01) (0.04) (0.02)
(0.06)
(0.03)
Balance sheet and cash flow data


Cash and cash equivalents
(unrestricted) M$ 167.5 125.3 174.4
167.5
174.4
Net debt(1) M$ 1,308.9 803.9 660.6
1,308.9
660.6
Operating cash flow before changes
in non-cash working capital M$ 45.1 47.7 81.2
92.9
276.6

(1) Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net loss, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2) Consolidated cash cost per oz sold and AISC per oz sold for the three and six months ended June 30, 2024 excludes Greenstone's results as the mine has not yet achieved commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3) Numbers in tables throughout this news release may not sum due to rounding.

Gold ounces sold in Q2 2024 were 16% lower compared to Q2 2023 primarily due to 78% lower production at Aurizona, offset partially by production at Greenstone. At Aurizona, the lower production was due to the suspension of mining in the Piaba pit in April 2024 due to geotechnical issues. Milling and gold production continued from the existing ore stockpile until the end of April 2024. During Q2 2024, the plant was idle for eight weeks while mining transitioned to the Tatajuba pit. In May 2024, mining commenced at the Tatajuba open pit and ore production for plant feed started in June 2024. The plant was restarted in July 2024. At Greenstone, ore was introduced into the system on April 6, 2024, the first gold pour was achieved on schedule on May 22, 2024 and the mine continued to ramp up through the Quarter.

Gold ounces sold for the six months ended June 30, 2024 were 11% lower compared to the same period in 2023 primarily due to lower production at Aurizona and Los Filos, offset partially by production at Greenstone. The lower production at Aurizona is for the reasons mentioned above. At Los Filos, the lower production was expected and is attributable to mining sequencing, with more waste stripping during Q1 2024 as compared to Q1 2023, as well as the crusher being offline for most of Q1 2024 due to planned repositioning of a portion of the conveyor.

Revenue was lower in Q2 2024 compared to Q2 2023 primarily due to a decrease in gold ounces sold, partially offset by a 19% increase in realized gold prices. The Company realized $2,328 per ounce sold in Q2 2024 generating $269.4 million in revenue, compared to $1,962 per ounce sold in Q2 2023, generating $271.6 million in revenue.

Revenue was higher for the six months ended June 30, 2024 compared to the same period in 2023 due to a 14% increase in realized gold prices, offset partially by a decrease in gold ounces sold. The Company realized $2,197 per ounce sold for the six months ended June 30, 2024 generating $510.8 million in revenue, compared to $1,931 per ounce sold in the same period of 2023, generating $505.7 million in revenue.

Cash costs per oz sold and AISC per oz sold were 28% and 36% higher in Q2 2024 compared to Q2 2023, respectively, and were 22% and 27% higher for the six months ended June 30, 2024 compared to the same period in 2023, respectively. These results were primarily driven by lower production at Aurizona and higher costs at Santa Luz. While input costs were generally lower in 2024 than in 2023, several assets have experienced temporary operating issues that have impacted the cost per ounce metrics. Aurizona had geotechnical issues that limited mining operations during the Quarter and Santa Luz worked through recovery issues in H1 2024 that impacted processing and production. Additionally, capital spend at Santa Luz was higher in the three and six months ended June 30, 2024 compared to the same periods in 2023, driven by a tailings storage facility ("TSF") raise.

Sustaining and non-sustaining expenditures totaled $31.0 million and $82.6 million, respectively, for the three months ended June 30, 2024. Sustaining and non-sustaining expenditures are broken down by mine site in the MD&A.

2024 GUIDANCE

The Company has updated its 2024 production and cost guidance to reflect the consolidation of its ownership of Greenstone, the suspension of mining at Castle Mountain Phase 1 until Phase 2 permitting is complete, slower-than-expected recoveries at Mesquite, and the geotechnical event at Aurizona.

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Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") announces a correction to its news release issued today at 5:13 pm PT (8:13 pm ET) entitled "Equinox Gold Reports Second Quarter 2024 Financial and Operating Results".

The news release incorrectly stated that in connection with a new Term Loan, the Company had entered into gold collar contracts to deliver 279,996 ounces per month beginning July 2024 through to June 2026. The news release should have read that the gold contracts require the delivery of a total of 279,996 ounces. This error also occurred in the Company's management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2024.

This correction does not change any other information in the news release or the MD&A.

The corrected MD&A will be filed on the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on the Company's website at www.equinoxgold.com.

EQUINOX GOLD CONTACTS

Greg Smith, President & Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations