Q4 2025 RESULTS & CORPORATE UPDATE FEBRUARY 19, 2026 Cautionary Notes Gaining Momentum Streamlined Portfolio Strong Balance Sheet Date X, 2025 Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations and the ensuing financial res ...

Core Viewpoint - Equinox Gold has sold its Brazilian operations to China's CMOC Group for over $1 billion, marking a strategic shift towards becoming a North American-focused gold producer [1][4]. Group 1: Sale Details - The sale includes Equinox's 100% interest in the Aurizona mine, RDM mine, and Bahia complex, which are expected to produce 250,000–270,000 ounces of gold this year [2]. - The total consideration for the sale consists of an upfront cash payment of $900 million and a contingent cash payment of up to $115 million based on production, due one year after closing [3]. Group 2: Strategic Shift - The CEO of Equinox Gold stated that the asset sale is a pivotal step that positions the company as a pure North American-focused gold producer, supported by robust cash flow and a strong growth profile [4]. - Following the divestment, the company's portfolio will focus on the Valentine and Greenstone mines in Canada, along with the Mesquite mine in California [4][6]. Group 3: Financial Impact - The sale is expected to strengthen Equinox's financial position, allowing the company to repay its $500 million term loan and a $300 million loan with Sprott [8]. - This immediate debt retirement will significantly reduce interest expenses and enhance per-share cash flow, facilitating organic growth funding [9]. Group 4: Future Production Outlook - Equinox anticipates that the Valentine and Greenstone mines will contribute significantly to production, with expectations of 700,000–800,000 ounces next year as they reach nameplate capacity [10].

Equinox Gold Conference Call Summary Company Overview - **Company Name**: Equinox Gold (NYSEAM: EQX) - **Industry**: Gold Mining - **Market Presence**: Significant trading volume on NYSE, averaging between 10 and 15 million shares daily [8][12] Key Points and Arguments - **Production Guidance**: Equinox Gold has reset its production guidance for 2025 to between 785,000 and 915,000 ounces of gold, excluding the new Valentine Gold Mine [12][19] - **Debt Position**: The company has approximately $1.7 billion to $1.8 billion in debt, with net debt around $1.3 billion. Transitioning from capital investment to cash harvesting and deleveraging [13][24] - **Valentine Gold Mine**: First gold production occurred a month ago, with expectations to produce between 15,000 and 30,000 ounces in Q4 2025. Long-term production potential is estimated at 175,000 to 200,000 ounces annually [19][22] - **Greenstone Asset**: Revised guidance for Greenstone is between 220,000 and 260,000 ounces, with production tracking towards the lower end of this range [20] - **Grade Improvement**: Average gold grade increased from 0.9 grams per ton in Q2 to 1.05 grams in Q3, with September reaching 1.3 grams per ton due to improved operating practices [21][29] - **Exploration Potential**: Significant exploration opportunities at Los Filos, which has over 15 million ounces of gold in reserves and resources. Current drilling is ongoing [28] Financial Outlook - **Cash Flow and Shareholder Returns**: Anticipated rapid deleveraging could lead to capital returns to shareholders within 12 to 18 months, potentially through dividends or buybacks [24] - **Exploration Budget**: Expected exploration spend of $80 million to $100 million in 2026, focusing on organic growth [25] - **Market Position**: Equinox Gold trades at a discount compared to peers, presenting an opportunity for valuation rerating as production increases and confidence builds [15][17] Additional Insights - **Management Changes**: New leadership team in place, including Darren Hall as CEO, aimed at improving operational performance and meeting production expectations [18] - **Market Conditions**: Positive outlook for gold producers in 2026, assuming stable gold prices, with potential for significant cash generation [32] - **Community Relations**: Ongoing negotiations with communities regarding land rights for Los Filos, with multi-decade agreements already established with two communities [28] This summary encapsulates the key aspects of Equinox Gold's conference call, highlighting the company's strategic direction, production capabilities, financial outlook, and exploration potential.

Core Insights - Lode Gold Resources Inc. has reported promising results from prospecting and soil geochemical surveys at its McIntyre Brook and Riley Brook properties, indicating high-grade gold samples of up to 7 g/t [2][4][7] - The Acadian Gold joint venture, which includes Lode Gold and Fancamp Exploration, holds a significant land package of 445 km² in a highly prospective region for gold and polymetallic mineral discovery in northern New Brunswick [3][18] - The upcoming drill program planned for Fall 2025 will be guided by the encouraging results from the recent exploration work [2][4] Exploration Highlights - A prospecting and trenching program conducted in May-June 2025 revealed high-grade rock grab samples, extending the known favorable horizon of Area 2 (McIntyre Brook Prospect) to a minimum strike length of 3 km [4][6] - Soil geochemical surveys have identified gold-in-soil anomalies and prominent electromagnetic conductors, supporting the exploration strategy [6][7] - Notable assay results include up to 6.9 g/t Au from trench T25-1 and a 275 ppb Au stream sediment sample, the highest value from a 1981 regional sampling program [4][5] Strategic Positioning - The McIntyre Brook property is adjacent to Puma Exploration's Williams Brook Project, which has an option agreement with Kinross Gold, enhancing its strategic value [3][18] - The joint venture's holdings are positioned in a geologic domain that hosts other gold-focused firms, indicating potential for significant discoveries [18][19] - The combination of high-grade assays and extensive land holdings positions the company as a key player in the emerging gold exploration landscape in New Brunswick [7][18]

Equinox Gold Conference Call Summary Company Overview - **Company**: Equinox Gold (NYSEAM:EQX) - **Industry**: Gold Mining - **Date of Conference**: September 11, 2025 Key Points Strategic Transition - Equinox Gold is transitioning from a capital investment phase to a cash harvesting environment, indicating a pivotal inflection point for the company [3][4] - The company has undergone a significant strategic merger with Calibre Mining, enhancing its leadership and asset portfolio [4][5] Asset Portfolio and Production - Equinox Gold aims to become a top quartile valued gold producer with high-quality, high-margin assets located in tier-one jurisdictions [4][6] - The company has over 50% of its Net Asset Value (NAV) located in Canada, with 65% coming from North America [5] - The production guidance for 2025 is between 750,000 to 915,000 ounces, with the addition of the Valentine Gold Mine expected to contribute approximately 195,000 to 200,000 ounces annually [10][15] Financial Performance and Market Position - The company is currently trading at a low valuation compared to its peers, with a focus on deleveraging the balance sheet and delivering on production expectations [19] - Gold prices have increased significantly, with gold up 100% since 2022 and Equinox Gold's share price up about 60% [8][19] - The company is expected to return capital to shareholders within 18 to 24 months as cash flow increases [5] Key Assets - **Greenstone Mine**: Located in Northern Ontario, expected to produce 240,000 to 260,000 ounces at approximately $1,750 per ounce, with a long reserve life of over 15 years [11] - **Valentine Gold Mine**: A new asset in Newfoundland, with first gold pour anticipated by the end of September 2025 [13] - **Other Assets**: Includes production from Central America (200,000 to 250,000 ounces), California (80,000 ounces), and Brazil (250,000 to 270,000 ounces) [15] Future Growth Opportunities - The Castle Mountain asset is undergoing permitting and could generate about 200,000 ounces annually once operational [17][18] - The Los Filos asset is currently on care and maintenance, with plans to explore and negotiate with local communities for potential development [18][21] Conclusion - Equinox Gold is positioned for significant growth and value creation through its strategic merger, high-quality asset portfolio, and favorable market conditions. The focus remains on operational excellence, cash flow generation, and shareholder returns [19]

Q2 2025 Performance - Q2 production was 219,122 ounces [13] - Total Cash Costs were $1,373/oz [13] - All-in Sustaining Costs were $1,746/oz [13] - Gold sold was 148,938 oz at a realized gold price of $3,207/oz [13] - Adjusted net income was $56.7 million; Adjusted earnings per share was $0.11 [13] - Adjusted EBITDA was $200.5 million [13] 2025 Guidance - Consolidated production guidance is 785,000 - 915,000 ounces [13, 33] - Consolidated Total Cash Costs guidance is $1,400 - $1,500/ounce [33] - Consolidated All-in Sustaining Cost guidance is $1,800 - $1,900/ounce [33] - Consolidated Growth Capital guidance is $190 - $220 million [33] - Consolidated Exploration guidance is $70 - $90 million [30, 33] Asset Allocation - 54% of consolidated NAV is from Brazil [11] - 18% of consolidated NAV is from Mexico [11] - 13% of consolidated NAV is from USA [11] - 10% of consolidated NAV is from Canada [11] - 5% of consolidated NAV is from Nicaragua [11]

Core Viewpoint - Equinox Gold Corp. has reported significant high-grade gold mineralization results from its El Limon Mine Complex in Nicaragua, indicating strong potential for resource expansion and new discoveries [1][4][8]. Group 1: Exploration Results - The exploration campaign at El Limon has yielded high-grade intercepts, including 36.77 g/t gold over 6.9 metres and 8.55 g/t gold over 14.6 metres, among others [1][6]. - The drilling results demonstrate the extension of gold mineralization in three key areas: near the Panteon underground mine, along the VTEM Gold Corridor, and in the vicinity of the past-producing Talavera mine [4][8]. Group 2: Resource Growth - Since acquiring El Limon in Q4 2019, the company has achieved over a 700% increase in Mineral Reserves, now totaling 1.12 million ounces of gold at a grade of 4.36 g/t as of year-end 2024 [3][8]. - The company has successfully permitted and brought four new satellite mines into production in Nicaragua, enhancing the long-term value of its assets [5][8]. Group 3: Future Plans - The 2025 exploration strategy will focus on resource expansion and discovery drilling at existing resource zones and high-priority targets, including the VTEM Gold Corridor and Talavera mine [8][9]. - Talavera represents a new opportunity with a newly delineated Inferred Mineral Resource of 630,000 ounces grading 5.09 g/t gold, located less than three kilometres from the El Limon processing facility [9].

Leadership Transition - Equinox Gold Corp. announces a leadership transition with Greg Smith stepping down as CEO and Director, and Darren Hall appointed as the new CEO and Director effective immediately [1][2] - Darren Hall has extensive mining experience, previously serving as President and CEO of Calibre Mining, where he significantly increased production and drove strong shareholder returns [2][3] Company Growth and Strategy - Greg Smith highlighted the company's evolution from a concept to a multi-asset, multi-billion-dollar gold producer, with a clear pathway to producing over one million ounces annually [2] - The company is transitioning from growth through acquisition to disciplined execution and operational excellence, focusing on optimizing its expanded portfolio [2][4] New Leadership Focus - Darren Hall emphasized the importance of disciplined execution and operational excellence as the company enters a new phase of growth and optimization [4] - David Schummer has been appointed as Chief Operating Officer, bringing over 35 years of mining experience and a focus on health and safety culture [4]

Core Insights - Equinox Gold reported a total gold production of 219,122 ounces for Q2 2025, with contributions from both Greenstone and Calibre Mining assets [4][7] - The company anticipates a stronger second half of 2025, driven by the ramp-up at Greenstone and progress at the Valentine Gold Mine [3][5] - Equinox Gold has a consolidated guidance for 2025 of 785,000 to 915,000 ounces, reflecting a solid operational foundation [3][4] Production and Financial Performance - Total consolidated gold production for the year to date is 401,211 ounces, with Q1 production at 182,089 ounces and Q2 production at 219,122 ounces [7] - Cash and equivalents stood at $406 million as of June 30, 2025, positioning the company well for future growth [3][7] Strategic Developments - The successful merger with Calibre Mining has added a second high-quality, long-life Canadian gold mine to Equinox Gold's portfolio, enhancing its operational capabilities [2][7] - The integration of new senior executives and board members is expected to strengthen the company's leadership and operational expertise [2][3] Project Updates - The Valentine Gold Mine is on track for first ore through the mill in late August 2025, with first gold expected approximately a month later [5][7] - Discovery drilling at the Valentine Gold Mine has shown promising results, with significant gold grades reported [10]

Five multi-kilometre-scale gold targets defined through newly compiled and reprocessed geophysical datasets spanning the gold belt from Equinox's Valentine mine through Canterra's Wilding Gold Project. Each target demonstrates key geological characteristics analogous to those at the Valentine Mine, a 4.0 Moz Au M&I and 1.1 Moz Au Inferred resource (2024)1. The newly interpreted data supports a targeted and systematic basal till sampling program to accelerate drill targeting across multiple gold-bearing stru ...