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

Core Viewpoint - Equinox Gold Corp. has updated its 2025 gold production and cost guidance, reflecting the business combination with Calibre Mining Corp. and slower-than-expected ramp-up at the Greenstone Gold Mine, projecting a pro forma production of 785,000 to 915,000 ounces of gold with total cash costs between $1,400 and $1,500 per ounce and all-in sustaining costs between $1,800 and $1,900 per ounce [2][3][5]. Production and Cost Guidance - The pro forma full-year 2025 production is expected to be between 785,000 and 915,000 ounces of gold, with total cash costs of $1,400 to $1,500 per ounce and all-in sustaining costs of $1,800 to $1,900 per ounce [2][3]. - Greenstone Gold Mine's revised production guidance is set at 220,000 to 260,000 ounces of gold due to slower ramp-up and operational challenges [3][4]. - For Q2 2025, Equinox Gold anticipates consolidated production of 135,000 to 145,000 ounces, including 45,000 to 50,000 ounces from Greenstone [3]. Individual Mine Contributions - Greenstone: 220,000 - 260,000 ounces, TCC of $1,275 - $1,375, AISC of $1,700 - $1,800, Growth Capital of $80 - $85 million, Exploration of $2 - $3 million [4][6]. - Brazil: 250,000 - 270,000 ounces, TCC of $1,725 - $1,825, AISC of $2,275 - $2,375, Growth Capital of $35 - $40 million, Exploration of $21 - $24 million [4][6]. - Mesquite: 85,000 - 95,000 ounces, TCC of $1,200 - $1,300, AISC of $1,800 - $1,900, Growth Capital of $10 - $15 million, Exploration of $2 - $3 million [4][6]. - Nicaragua: 200,000 - 250,000 ounces, TCC of $1,200 - $1,300, AISC of $1,400 - $1,500, Growth Capital of $60 - $70 million, Exploration of $25 - $30 million [4][6]. - Pan: 30,000 - 40,000 ounces, TCC of $1,600 - $1,700, AISC of $1,600, Growth Capital of $5 - $10 million, Exploration of $5 - $10 million [4][6]. Comparison with Previous Guidance - The original guidance for Greenstone was 300,000 - 350,000 ounces, TCC of $790 - $890, and AISC of $1,045 - $1,145, indicating a significant downward revision [7]. - Consolidated original guidance projected 635,000 - 750,000 ounces, TCC of $1,075 - $1,175, and AISC of $1,455 - $1,550, which has also been adjusted downwards [7]. Future Outlook - The company is focusing on improving operational performance at Greenstone, with a 25% increase in mining rates observed in May 2025 compared to Q1 2025 [3]. - Construction and commissioning at the Valentine Gold Mine are on schedule, with first gold expected by the end of Q3 2025 [3].