Equinox Gold Corp. (TSX: EQX) (NYSE: EQX) is pleased to report results from updated technical reports for its Greenstone Gold Mine located in Ontario, Canada and its Valentine Gold Mine located in Newfoundland & Labrador, Canada. In addition, the Company today reported its Mineral Reserves and Mineral Resources as at December 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+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and o n Equinox Gold’s website at www.equinoxgold.com. All dollar figures are in United States 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 km² 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 Mtpa), and annual gold production is expected to average approximately 223,000 ounces per year for the subsequent ten years.

“We see additional str ong 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 km² 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 (2026-2036) based on Pr oven and Probable Mineral Reserves only
• 8.1 million ounces combined Proven & Probable Mineral Reserves
• 4.1 Moz combined Measured & Indicated Mineral Resources, exclusive of Mineral Reserves
• 2.8 Moz 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 ~400 km² Greenstone land package
  • Valentine Frank Zone not included in current reserve and resource estimates, along with new Minotaur discovery and other eme rging targets; less than 15% of the ~320 km² property explored to date

GREENSTONE GOLD MINE

• 320,000 oz average annual gold production over the next 10 years (2026-2036) at average recovery of 87.5%
  • 9.82 million tonnes per annum (“Mtpa”) milled on average
  • 1.16 grams per tonne (“g/t”) gold average mill feed grade
• 5.3 Moz open pit Proven & Probable Mineral Reserves
• 1.3 Moz open pit M&I Mineral Resources; 418 Koz open pit Inferred Mineral Resources
• 1.6 Moz underground M&I Mineral Resources; 1.2 Moz underground Inferred Mineral Resources
• 1.1 Moz Indicated Mineral Resources and 409 Koz Inferred Mineral Resource s currently identified in other gold assets on the Greenstone land package

Opportunities

• Potential mill throughput increase toward 30,000 tonnes per day (“tpd”)
• 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 1 Moz at grades greater than 10 g/t gold with no modern exploration

Greenstone Gold Mine: Open -pit and Underground Expansion Opportunities

 Greenstone Gold Mine: Near-mine and Regional Opportunities

 VALENTINE GOLD MINE

Phase 2 Expansion highlights

• Increasing throughput from 2.5 Mtpa to 5.0 Mtpa
• $414 million capital cos t for mill expansion, fleet expansion and on-site infrastructure expansion, including 20% contingency
• 24-month construction anticipated to begin Q3 2026 following Board of Directors approval; to be funded through cash flow from operating mines and available credit facility

Combined Phase 1 and Phase 2 highlights

• 2.7 Moz Proven & Probable Mineral Reserves
• 1.2 Moz M&I Mineral Resources; 1.1 Moz Inferred Mineral Resources
• $3.1 billion after-tax NPV₅ at $4,500/oz gold
• $4.3 billion after-tax life of mine (2026-2037) cumulative net cash flow at $4,500/oz gold
• 223,000 oz average annual gold production over the next 10 years
  • 4.31 Mtp a milled on average
  • 1.69 g/t gold average mill feed grade
• Average LOM total cash costs of $1,580/oz and all-in sustaining costs of $1,665/oz

Opportunities

• Frank Zone exploration results not yet included in current Mineral Resource estimate
  • Located less than 1km southwest along trend from Leprechaun open-pit deposit
  • Exploration to date has delineated a gold corridor more than 1km in length with geology and mineralogy characteristics similar to the three operating open pits
  • Multi-rig drill program underway targeting over 25,000 metres of drilling; initial resource estimate expected in Q4 2026

Valentine Gold Mine: Property Overview

TECHNICAL REPORTS

Updated technical reports for Greenstone and Valentine will be available for download later today on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on Equinox Gold’s website at www.equinoxgold.com.

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

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.