137,144 Ounces of Gold Sold, on Track to Achieve 2021 Guidance

Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) is pleased to announce its third quarter 2021 summary financial and operating results. The Company’s unaudited condensed consolidated interim financial statements and related management’s discussion and analysis for the three and nine months ended September 30, 2021 will be available for download on SEDAR, on EDGAR and on the Company’s website. The Company will host a conference call and webcast on November 4, 2021 commencing at 7:00 am Pacific time to discuss the Company’s third quarter results and activities underway at the Company’s projects. Further details are provided at the end of this news release.

Christian Milau, CEO of Equinox Gold, commented: “Production continues to increase as we see the benefits of investment at the mine sites during the first half of the year. While increased production from Los Filos and the Brazil mines anchored a strong third quarter for Equinox Gold, approximately one-third of 2021 production will come in the fourth quarter, with more than 65,000 ounces of gold already produced during the month of October.

“During the quarter we made significant progress at our growth and expansion projects. Santa Luz construction is on budget and 70% complete; we started mining ore from the new Guadalupe open pit and Bermejal underground deposits at Los Filos; and our study to expand the Aurizona Mine demonstrated that developing the underground and satellite open-pit deposits will nearly double the mine life and increase annual production. We also recently celebrated groundbreaking at our Greenstone Mine in Ontario, Canada. The groundbreaking event was attended by the Ontario Minister of Mines, the Chiefs of our Indigenous partners, the Mayor of the Municipality of Greenstone and community members. We appreciate their support and enthusiasm for the project and look forward to working with Orion Mine Finance and all of our partners to develop what will be a transformative project for local communities and a cornerstone asset for Equinox Gold.

“Looking ahead, Equinox Gold is on track to achieve its 2021 guidance and expects to realize significant production growth in 2022 as we continue to access higher-grade ore at Los Filos and commence production at Santa Luz, which will be our eighth operating mine. We remain focused on our growth strategy to produce more than one million ounces of gold per year and become the industry’s premier Americas gold producer.”

HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021

Operational

• Lost-time injury frequency rate of 1.29, which is a measure of the number of injuries per million hours worked
• Produced 139,758 ounces (“oz”) of gold during the quarter; sold 137,144 oz of gold at an average realized gold price of $1,780 per oz
• Total cash costs of $1,109 per oz and mine all-in sustaining costs of $1,327 per oz for the quarter⁽¹⁾
• Produced 391,678 oz of gold for the nine months ended September 30, 2021, with cash costs and mine AISC of $1,113 per oz and $1,396 per oz, respectively⁽¹⁾
• Los Filos has operated continuously since July 26, 2021, following the resolution of blockades
• The Company remains on track to achieve 2021 production and cost guidance

Earnings

• Earnings from mine operations of $49.2 million
• Net loss of $5.2 million or $0.02 per share
• Adjusted net income of $6.7 million or $0.02 per share, after adjusting for certain non-cash expense items⁽¹⁾⁽²⁾

Financial

• Cash flow from operations before changes in non-cash working capital of $48.3 million ($64.8 million after changes in non-cash working capital)
• Adjusted EBITDA of $62.0 million⁽¹⁾⁽²⁾
• Expenditures of $26.9 million in sustaining capital and $65.4 million in non-sustaining capital⁽¹⁾
• Cash and cash equivalents (unrestricted) of $300.3 million at September 30, 2021
• Net debt of $244.8 million at September 30, 2021 (including $139.7 million of in-the-money convertible notes)⁽¹⁾

Construction, development and exploration

• Announced positive pre-feasibility study for Aurizona expansion incorporating the Aurizona underground and satellite open-pit deposits into the mine plan
  • Extends the mine life to 11 years with total life-of-mine production of 1.5 million oz of gold
  • Average annual production of 137,000 oz of gold
  • Peak annual production in years 2026 to 2029, averaging more than 160,000 oz of gold
  • $944/oz average AISC from 2024 onward and $1,058/oz average AISC LOM
• Updated Mineral Reserve and Mineral Resource estimates for Aurizona, Mesquite, Fazenda and RDM
• Completed more than 60,000 metres of drilling across the Company’s portfolio of assets
• Greenstone early works focused on roadworks, tree clearing and construction of the temporary effluent water treatment, temporary lodging facility and construction administrative offices
• Santa Luz construction 70% complete as of the date of this news release and on schedule for first gold pour in Q1 2022

POST QUARTER END HIGHLIGHTS

• Announced groundbreaking for full-scale construction at Greenstone with a construction budget of C$1.53 billion (100% basis) ($1.23 billion at a rate of USD:CAD 1.25), including more than $50 million spent to date and a $177 million contingency⁽³⁾
  • Initial cash spend could be reduced by approximately $100 million through lease financing for mobile equipment and offset economically by up to $70 million of pre-commercial production revenues (at a gold price of $1,750 per oz)
  • Equinox Gold will fund its 60% portion from the Company’s existing treasury, cash flow from producing mines and a revolving credit facility from which the Company has $200 million available to draw. Equinox Gold also has a portfolio of investments with a current market value of approximately $450 million
  • First gold pour targeted for first half of 2024 (“H1 2024”)

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The Company recognized revenue of $245.1 million on sales of 137,144 oz of gold during the three months ended September 30, 2021, compared to revenue for the three months ended June 30, 2021 of $226.2 million on sales of 124,712 oz of gold. The increase in ounces sold from Q2 2021 to Q3 2021 is mainly due to increased production at Aurizona as the change to dry season conditions allowed for increased material movement and access to higher grade material deeper in the pit, and increased production at Los Filos as full operations resumed in late July following the resolution of two blockades.

In Q3 2021, earnings from mine operations were $49.2 million, in-line with $45.6 million in Q2 2021, while net loss in Q3 2021 of $5.2 million compared to net income of $325.7 million in Q2 2021, driven by a $50.3 million gain on sale of Solaris shares, a $186.1 million gain on reclassification of the Company’s Solaris investment from cost to fair value accounting, and a $45.4 million gain on the sale of the Pilar mine in Q2 2021. Q3 2021 net loss was also impacted by smaller increases in the fair value of share purchase warrants and gold contracts as gold prices declined as compared to Q2 2021.

Adjusted EBITDA for Q3 2021 of $62.0 million increased from $52.4 million in Q2 2021, partially due to a decrease in care and maintenance costs, which are expensed directly, at Los Filos as operations resumed following the resolution of blockades. Adjusted net income was $6.7 million for Q3 2021 compared to adjusted net income of $3.1 million in Q2 2021.

SELECTED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

Additional information regarding the Company’s financial results and activities underway at the Company’s projects is available in the Company’s Q3 2021 Financial Statements and accompanying management’s discussion and analysis for the three and nine months ended September 30, 2021, which will be available for download on the Company’s website at www.equinoxgold.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

ABOUT EQUINOX GOLD

Equinox Gold is a Canadian mining company operating entirely in the Americas, with seven operating gold mines and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.