Equinox Gold Provides Updated 2025 Gold Production and Cost Guidance, 2025 Full-year Pro Forma Guidance, Including Calibre Mining Assets, of 785,000 – 915,000 Ounces of Gold, Greenstone Mine Expecting Strong H2 2025

Press Release

Vancouver, B.C. – June 11, 2025 – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is updating its 2025 production and cost guidance to reflect the business combination with Calibre Mining Corp. (“Calibre”), which is expected to close around the end of June 2025, and the slower-than-planned ramp-up at the Company’s Greenstone Gold Mine (“Greenstone”) in Ontario, Canada. The Company expects pro forma full-year 2025 production of 785,000 to 915,000 ounces of gold, with total cash costs (“TCC”) of $1,400 to $1,500 per ounce and all-in sustaining costs (“AISC”) of $1,800 to $1,900 per ounce, including Calibre’s full-year guidance (see Calibre news release dated January 8, 2025). Pro forma guidance excludes production and costs from Calibre’s Valentine Gold Mine (“Valentine”) and Equinox Gold’s Los Filos Complex. Equinox Gold will host a conference call and webcast to discuss pro forma guidance on Thursday, June 12, 2025 commencing at 7:00 am PT (10:00 am ET). Login and dial-in details are included at the end of this news release.

Greg Smith, President & CEO of Equinox Gold, stated: “Since achieving commercial production at Greenstone in Q4 2024, the ramp-up has been slower than planned. Mine productivity and equipment availability, particularly with the primary loading fleet, have fallen short of plan, impacting mining rates and delaying access to higher-grade ore zones. Further, year-to-date mined grades have been below expectations, in part due to higher-than-anticipated dilution. On the processing side, while we are seeing improvements in throughput and recovery, year-to-date performance is also below plan. We are addressing the shortfalls and are revising Greenstone full-year production guidance to 220,000 to 260,000 ounces of gold. Reflecting this change, some refinements to our other assets and the anticipated completion of the business combination with Calibre, consolidated pro forma 2025 guidance is 785,000 to 915,000 ounces of gold at an AISC of $1,800 to $1,900 per ounce, excluding Valentine and Los Filos. For Q2 2025, we expect consolidated production of 135,000 to 145,000 ounces of gold from Equinox Gold mines, including 45,000 to 50,000 ounces from Greenstone. Calibre’s Q2 2025 production is estimated at 70,000 to 72,500 ounces of gold. Full-year Calibre and pro forma consolidated guidance is included below to provide visibility into the scale of the combined company.”

Darren Hall, President & CEO of Calibre Mining, stated: “As incoming President and Chief Operating Officer of Equinox Gold, I have been working closely on integration and to address the operational opportunities identified through due diligence and subsequent reviews. I believe a reset of expectations is necessary to establish a foundation for long-term shareholder value creation. While Greenstone is one part of the broader portfolio, it is a key asset and an immediate focus. The Company has mobilized additional human capital to support the site, and an improvement and optimization plan is underway. In May, mining rates averaged 175,000 tonnes per day, representing a 25% increase over Q1 2025 performance. With early gains visible in mining performance, I anticipate continued quarter-over-quarter improvement at Greenstone, with stronger production expected in the second half of the year. Construction and commissioning at Valentine in Newfoundland are progressing well and the mine remains on schedule, with first gold anticipated by the end of Q3 2025. I am encouraged with progress at Valentine, with the primary crusher recently commissioned and delivering material to the coarse ore stockpile (watch the video here). Given the commissioning experience of our operating team, I anticipate an effective and efficient ramp-up to name plate capacity.”

Table 1: Pro Forma Consolidated Full-year 2025 Equinox Gold Guidance (including Calibre assets from Jan 1, 2025)

	Gold Production/Sales (ounces)	TCC ($/ounce)1	AISC ($/ounce)1	Growth Capital ($ million)1	Exploration ($ million)
Greenstone	220,000 – 260,000	$1,275 – $1,375	$1,700 – $1,800	$80 – $85	$2 – $3
Brazil	250,000 – 270,000	$1,725 – $1,825	$2,275 – $2,375	$35 – $40	$21 – $24
Mesquite	85,000 – 95,000	$1,200 – $1,300	$1,800 – $1,900	$10 – $15	$2 – $3
Nicaragua	200,000 – 250,000	$1,200 – $1,300	$1,400 – $1,500	$60 – $70	$25 – $30
Pan	30,000 – 40,000	$1,600 – $1,700	$1,600 – $1,700	$5 – $10	$5 – $10
Newfoundland	N/A	N/A	N/A	N/A	$15 – $20
Total	785,000 – 915,000	$1,400 – $1,500	$1,800 – $1,900	$190 – $220	$70 – $90

Table 2: Equinox Gold 2025 Revised Guidance

	Gold Production/Sales (ounces)	TCC ($/ounce)1	AISC ($/ounce)1	Growth Capital ($ million)1	Exploration ($ million)
Greenstone	220,000 – 260,000	$1,275 – $1,375	$1,700 – $1,800	$80 – $85	$2 – $3
Brazil	250,000 – 270,000	$1,725 – $1,825	$2,275 – $2,375	$35 – $40	$21 – $24
Mesquite	85,000 – 95,000	$1,200 – $1,300	$1,800 – $1,900	$10 – $15	$2 – $3
Consolidated	555,000 – 625,000	$1,460 – $1,560	$1,970 – $2,070	$125 – $140	$25 – $30

Table 3: Equinox Gold 2025 Original Guidance

	Gold Production/Sales (ounces)	TCC ($/ounce)1	AISC ($/ounce)1	Growth Capital ($ million)1	Exploration ($ million)
Greenstone	300,000 – 350,000	$790 – $890	$1,045 – $1,145	$35	N/A
Brazil	245,000 – 295,000	$1,365 – $1,465	$1,855 – $1,955	$51	N/A
Mesquite	90,000 – 105,000	$1,235 – $1,335	$1,725 – $1,825	$16	N/A
Consolidated	635,000 – 750,000	$1,075 – $1,175	$1,455 – $1,550	$102	N/A

Table 4: Calibre Mining 2025 Guidance

	Gold Production/Sales (ounces)	TCC ($/ounce)1	AISC ($/ounce)1	Growth Capital ($ million)1	Exploration ($ million)
Nicaragua	200,000 – 250,000	$1,200 – $1,300	$1,400 – $1,500	$60 – $70	$25 – $30
Nevada	30,000 – 40,000	$1,600 – $1,700	$1,600 – $1,700	$5 – $10	$5 – $10
Newfoundland	N/A	N/A	N/A	N/A	$15 – $20
Consolidated	230,000 – 280,000	$1,300 – $1,400	$1,500 – $1,600	$70 – $80	$50 – $60

Calibre guidance does not include Valentine, which is expected to pour first gold by the end of Q3 2025.

^{1. Total cash costs, all-in sustaining costs and growth capital (non-sustaining capital) are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.}

Conference Call and Webcast

Equinox Gold will host a conference call and webcast to discuss pro forma guidance on Thursday, June 12, 2025 commencing at 7:00 am PT (10:00 am ET). The webcast will be archived on Equinox Gold’s website until December 12, 2025.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813
Webcast login

About Equinox Gold

Equinox Gold is a growth-focused Canadian mining company operating entirely in the Americas. The Company has operating gold mines in Canada, the USA and Brazil and has a path to achieve more than one million ounces of annual gold production by advancing a pipeline of expansion projects. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at ir@equinoxgold.com.

Equinox Gold Contacts

Greg Smith, President & CEO
Rhylin Bailie, Vice President Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

Qualified Person

 The scientific and technical information contained in this news release related to Equinox Gold assets was approved by Doug Reddy, MSc, P.Geo., Equinox Gold’s Chief Operating Officer and a “Qualified Person” under National Instrument 43-101. The scientific and technical information contained in this news release related to Calibre assets was approved by David Schonfeldt, P.Geo., Calibre’s Corporate Chief Geologist and a “Qualified Person” under National Instrument 43-101.

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