Equinox Gold Delivers Solid Second Quarter 2025 Financial and Operating Results

Press Release

August 13, 2025

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce its Q2 2025 financial and operating results. The Company’s unaudited condensed consolidated interim financial statements (“Financial Statements”) and related management’s discussion and analysis (“MD&A”) are 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. All financial figures are in US dollars, unless otherwise indicated.

Darren Hall, CEO of Equinox Gold, commented: “Equinox Gold is entering a pivotal growth phase. Q2 delivered solid results, led by Greenstone, where mining rates increased 23% and processing rates improved 20% over Q1. Building on that momentum, Q3 is off to a strong start, with quarter-to-date ex-pit mining volumes 10% higher than Q2 and process plant throughput averaging 24.5 kptd over the last 30 days, including more than one-third of the days above nameplate capacity of 27 ktpd. This sets the stage for our true inflection point in Q3, driven by a full-quarter contribution from the Calibre assets, first ore processed at Valentine, and continued improvement at Greenstone.

“If the Calibre transaction had been effective from January 1, 2025, our pro-forma consolidated revenue for the first half would have been approximately $1.33 billion, highlighting the enhanced scale and earnings power of the combined company.

“We expect a strong second half of the year, with production on track to meet our full-year consolidated guidance of 785,000 to 915,000 ounces and anticipate continued growth in both production and cash flow into 2026.

“Our focus is clear as we grow into a top-tier producer – operational excellence, disciplined capital allocation, and deliver on our commitments to drive debt reduction, optimize our balance sheet, and maximize returns for shareholders.”

>HIGHLIGHTS FOR Q2 2025 AND SUBSEQUENT EVENTS ⁽¹⁾

• On June 17, 2025, Equinox Gold closed its acquisition of Calibre Mining Corp. (“Calibre”)
• Produced 219,122 ounces (“oz”) of gold, including full period contributions of 72,823 oz of gold from the Nicaragua operations and Pan Mine (“Calibre Assets”)⁽²⁾, excluding 1,975 oz from Castle Mountain and 1,495 oz from Los Filos⁽³⁾
• Total cash costs of $1,478 per oz and all-in sustaining costs (“AISC”) of $1,959 per oz⁽⁴⁾
• Cash flow from operations before changes in non-cash working capital of $126.0 million ($132.9 million after changes in non-cash working capital)
• Mine-site free cash flow before changes in non-cash working capital of $154.5 million ($178.4 million after changes in non-cash working capital) ⁽⁴⁾
• Adjusted EBITDA of $200.5 million⁽⁴⁾
• Income from mine operations of $159.8 million
• Net income of $23.8 million or $0.05 per share (basic)
• Adjusted net income of $56.7 million or $0.11 per share⁽⁴⁾
• Sustaining expenditures of $71.1 million⁽⁴⁾ and non-sustaining expenditures of $42.3 million
• Cash and equivalents (unrestricted) of $406.7 million at June 30, 2025
• Net debt⁽⁴⁾ of $1,373.7 million at June 30, 2025
• The Castle Mountain Mine was designated as a FAST-41 Project by the United States Federal Permitting Improvement Steering Council. According to the FAST-41 project dashboard as of August 8, 2025, the federal permitting process is expected to be completed in December 2026 (see link)
• Announced agreement to sell non-core Nevada assets for US$115 million (see link)
• Valentine Gold Mine enters the final stages of commissioning with ore processing expected to commence before the end of August 2025, followed by the first gold pour approximately one month later
• On June 30, 2025, Equinox Gold ratified the new long-term land access agreements with Mezcala and Xochipala, two of the three communities near the Los Filos Mine. These agreements enable a new mine development project, starting with an exploration program in Q3 2025 and followed by engineering studies to evaluate alternative locations for the carbon-in-leach plant needed for a potential expansion.
• Senior leadership transition: Darren Hall was appointed Chief Executive Officer and Director on July 22, 2025.
• Nicaragua exploration results: Reported new high-grade resource expansion drill results, including:
  • 36.77 g/t gold over 6.9 metres, 8.55 g/t gold over 14.6 metres, 10.19 g/t gold over 6.0 metres

1. Unless otherwise noted, the sections of this news release titled “Highlights for Q2 2025 and Subsequent Events” and “Consolidated Operational and Financial Highlights” include contributions from the Calibre Assets from June 17 to June 30, 2025 only. The section titled “2025 Guidance & Reconciliation” includes full-period production from the Calibre Assets for the three and six months ended June 30, 2025, to align with the Company’s revised 2025 production guidance issued on June 11, 2025 (“2025 Guidance”).

2. Produced 1,080 oz from the Calibre Assets from the date of acquisition, June 17, 2025, to June 30, 2025.

3. 2025 Guidance excludes results from Los Filos, Castle Mountain and Valentine.

4. Cash costs per oz sold, AISC per oz sold, mine-site free cash flow, adjusted net income, adjusted earnings per share, adjusted EBITDA, sustaining expenditures, and net debt 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, 2025(5)	March 31, 2025	June 30, 2024		June 30, 2025(5)	June 30, 2024
Gold produced from operating assets included in 2025 Guidance	oz	219,122	n/a	n/a		401,211	n/a
Less: Gold produced from Calibre Assets before close of Calibre transaction	oz	(71,743)	n/a	n/a		(143,282)	n/a
Add: Gold produced from assets not included in 2025 Guidance	oz	3,470	n/a	n/a		38,210	n/a
Gold produced(4)	oz	150,849	145,290	122,221		296,139	233,946
Gold sold(4)	oz	148,938	147,920	115,423		296,858	231,927
Average realized gold price	$/oz	3,207	2,858	2,328		3,033	2,197
Cash costs per oz sold(1)(2)	$/oz	1,478	1,769	1,747		1,624	1,653
Cash costs per oz sold(1)(2) – excluding Los Filos(3)	$/oz	1,478	1,637	1,640		1,548	1,567
AISC per oz sold(1)(2)	$/oz	1,959	2,065	2,041		2,012	1,993
AISC per oz sold(1)(2) – excluding Los Filos(3)	$/oz	1,959	1,979	1,925		1,968	1,861
Financial data
Revenue	M$	478.6	423.7	269.4		902.4	510.8
Income from mine operations	M$	159.8	33.7	21.2		193.5	32.6
Net income (loss)	M$	23.8	(75.5)	353.5		(51.6)	310.7
Earnings (loss) per share (basic)	$/share	0.05	(0.17)	0.90		(0.11)	0.87
Adjusted EBITDA(1)	M$	200.5	137.9	45.1		338.4	97.2
Adjusted net income (loss)(1)	M$	56.7	(36.6)	(46.4)		20.0	(60.8)
Adjusted EPS(1)	$/share	0.11	(0.08)	(0.12)		0.04	(0.17)
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)	M$	406.7	172.9	167.5		406.7	167.5
Net debt(1)	M$	1,373.7	1,220.0	1,308.9		1,373.7	1,308.9
Operating cash flow before changes in non-cash working capital	M$	126.0	73.3	39.7		199.3	87.4

1. Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income (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 months ended June 30, 2025 and March 31, 2025 and six months ended June 30, 2025 exclude Castle Mountain results after August 31, 2024 when residual leaching commenced. In addition, figures for the three months ended June 30, 2025 exclude Los Filos as operations were indefinitely suspended on April 1, 2025. Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. Consolidated cash cost per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos, which were excluded from 2025 Guidance.
4. Gold produced for the three months ended June 30, 2025 includes 1,495 and 1,975 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the three months ended June 30, 2025 includes 2,731 and 1,982 ounces sold at Los Filos and Castle Mountain, respectively.
5. Operating and financial data for the three and six months ended June 30, 2025 includes results from the Calibre Assets from the date of acquisition of June 17, 2025 to June 30, 2025.

Consolidated revenue for the six months ended June 30, 2025 was $902.4 million, including $3.6 million from the Calibre Assets recognized since the closing of the Calibre transaction on June 17, 2025. Had the transaction been effective from January 1, 2025, pro forma consolidated revenue for the first half of the year would have been approximately $1.33 billion, highlighting the enhanced scale and earnings power of the combined company. Looking ahead, the continued ramp-up of the Greenstone Mine and the commencement of production at the Valentine Mine during the third quarter are expected to further strengthen production volumes and financial performance.

2025 GUIDANCE & RECONCILIATION

On June 11, 2025, the Company issued its updated 2025 Guidance to reflect the transaction with Calibre and the slower-than-planned ramp-up of Greenstone. Guidance for Brazil was consolidated on a regional basis and reflects a narrower production guidance range and higher cost expectations due to operational cost pressures. The updated 2025 Guidance incorporates the Calibre Assets on a 100% basis from January 1, 2025. The Company’s primary focus for 2025 remains on ramping up the Greenstone Gold Mine and achieving first gold pour at the Valentine Gold Mine, with a targeted ramp-up to nameplate capacity in Q1 2026. Additional development priorities include advancing engineering and permitting for Castle Mountain Phase 2 and initiating underground portal development for the Aurizona underground expansion.

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