Equinox Gold Updates Mineral Resource and Mineral Reserve Estimates at Aurizona and Mesquite, Announces Maiden Resource at Aurizona Tatajuba Deposit
TSX: EQX
NYSE-A: EQX
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NEWS RELEASE
Equinox Gold Updates Mineral Resource and Mineral Reserve Estimates at Aurizona and Mesquite,
Announces Maiden Resource at Aurizona Tatajuba Deposit
All dollar amounts are expressed in US$
May 12, 2020 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the
“Company”) has completed updated Mineral Reserve and Mineral Resource estimates for its Aurizona Gold Mine
(“Aurizona”) in northeastern Brazil and for its Mesquite Gold Mine (“Mesquite”) in California, USA.
Highlights
• Aurizona exploration success offset 2019 mining depletion with Proven and Probable Reserves essentially
unchanged at 19.8 million tonnes (“Mt”) grading 1.51 grams per tonne (“g/t”) gold for 958,000 ounces
(“oz”) of contained gold
• Aurizona Measured and Indicated (“M&I”) Resources increased 22% to 844,000 oz of contained gold
through the addition of a maiden Indicated Resource at Tatajuba of 2.1 Mt grading 1.62 g/t gold for
112,000 oz of contained gold
• At Mesquite, newly identified mineralized material within dumps from historical operations accounted for
greater than 60% of gold production in 2019
• Immediate additional exploration upside at Mesquite from over 40 million tons of potentially mineralized
oxide dump material and new in-pit and near-pit targets
Christian Milau, CEO of Equinox Gold, stated: “ Exploration efforts at Aurizona in 2019 successfully replaced
mined reserves and increased mineral resources with the addition of a maiden open-pit resource at Tatajuba.
Exploration at Aurizona during 2020 will focus on adding further resources along the Piaba trend, expanding the
Tatajuba resource and upgrading inferred resources to indicated in the Piaba underground area to support a
pre-feasibility study for the potential underground mine. Collectively, these endeavours are focused on
extending the mine life, optimizing operations and increasing annual production at Aurizona.”
Mr. Milau added: “When we acquired Mesquite in October 2018, gold was $1,200 per ounce and the mine had
a three -year reserve mine life followed by several years of significant cash flow from residual leaching. Our
exploration team has extended the mine life, identifying ounces in historical mineralized dumps and leach pads
with gold grades above our current cut-off grade. As a result of these efforts, after more than a year and a half
of mining we still have a reserve mine life of more than two years plus residual leaching ahead of us, with a gold
price significantly higher than in 2018 . The current 24,500 -metre drill program will test further upside in the
historical dumps and new targets with the expectation of demonstrating further mine life extension.”
Technical reports for each project will be filed within 45 days on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov/EDGAR and on the Company’s website at www.equinoxgold.com . Mineral Reserves and Mineral
Resources are reported in compliance with CIM Definition Standards (2014) using a gold price of $1,350 and
$1,500 per oz, respectively. Mineral Resources are reported exclusive of Mineral Reserves.
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Aurizona Mineral Reserve and Mineral Resource Update
Aurizona achieved commercial production on July 1, 2019 and produced 75,282 oz of gold in its first six months
of operation. Reserve depletion in 2019 was largely offset by mining and processing ore-grade material that was
outside of the previous res erve model , and also through successful exploration drilling at Piaba East that
identified additional Mineral Reserves. As a result, th e Mineral Reserve at December 31, 2019 (Table 1) net of
depletion, was reduced by only 1% (~13,000 oz of gold) compared to the 2017 Feasibility Study Mineral Reserve.
Mineral Reserve design pits and cut-off grades are unchanged from the 2017 Feasibility Study.
Table 1: Aurizona Mineral Reserve Estimate at December 31, 2019
Proven Reserves Probable Reserves Proven & Probable Reserves
Ore Type Tonnes
(kt)
Gold
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Gold
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Gold
Grade
(g/t)
Contained
Gold (koz)
Laterite 25 1.31 1 434 1.04 14 459 1.05 15
Saprolite 1,482 1.53 72 1,036 1.23 41 2,518 1.41 113
Transition 2,679 1.52 131 944 1.62 49 3,623 1.55 180
Fresh Rock 8,213 1.50 396 4,965 1.59 254 13,178 1.54 650
Total 12,399 1.51 600 7,379 1.51 358 19,778 1.51 958
Notes: This Mineral Reserve estimate has an effective date of December 31, 2019 and is based on the Mineral Resourc e estimate dated
December 31, 2019 for Aurizona completed by Equity Exploration. The Mineral Reserve calculation was completed under the supervision
of Gordon Zurowski, P.Eng. of AGP Mining Consultants, who is a Qualified Person as defined under NI 43-101. Mineral Reserves are stated
within the final design pits based on a $1,350/oz gold price. The cut-off grade used was 0.6 g/t gold for Piaba and Piaba East and 0.41 g/t
gold for Boa Esperança. The mining cost averaged $2.32/t mined, processing costs are $9.98/t for laterite/saprolite, $10.28/t for transition
and $12.13/t for fresh rock. G&A was $2.84/t or e processed. The ore recoveries were 92.6% for laterite/saprolite, 92.1% for transition
and 89.2% for fresh rock.
Measured and Indicated Mineral Resources are exclusive of Reserves and have increased by 22% to 16.0 Mt
grading 1.64 g/t gold for 844,000 oz of gold (Table 2). The increase was from exploration success at the Tatajuba
deposit resulting in a maiden Indicated Resource for Tatajuba of 2.1 Mt grading 1.62 g/t gold for 112,000 oz of
gold (Table 3).
The Tatajuba deposit is located 2.5 km west of the Piaba open -pit on the Aurizona Shear Zone (Figure 1). The
deposit currently measures approximately 700 metres (“m”) long, 5 to 30 m wide and has a 300 m down -dip
extent. The deepest part of the Tatajuba resource pit reaches 200 m below surface. The deepest drill hole to test
the deposit was BRAZD664, which intersected 1.14 g/t gold over 120.0 m (from 122 m; true thickness of 21.0 m)
and also a deeper, below-pit interval of 2.47 g/t gold over 69.0 m (from 253 m; true thickness of 27.0 m) including
3.81 g/t gold over 33.0 m (from 270.0 m) highlighting that the deposit is open at depth. Drilling confirmed the
geophysical, geochemical and structural interpretation that the deposit is offset at each end by dextra l faults
(right-lateral offsets). Drill hole BRAZD690, a 600 m step out hole to the west, targeted the offset extension of
the deposit and intersected 2.51 g/t gold over 6.0 m (from 54.0 m).
The Tatajuba Mineral Resource estimate has an effective date of January 24, 2020 and was constrained with an
optimized pit shell using a $1,500/oz gold price. A summary of the Tatajuba Indicated and Inferred Resources by
type of mineralization is summarized in Table 3. The Tatajuba open-pit Mineral Resources were not included in
the current Mineral Reserve update.
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Table 2: Aurizona Mineral Resource Estimate (Exclusive of Reserves)
Deposit Area Category Cut-off Grade
(g/t)
Tonnes
(kt)
Gold Grade
(g/t)
Contained
Gold
(koz)
Piaba Open-Pit
Measured 0.6 2,721 1.25 109
Indicated 0.6 3,339 1.36 146
Inferred 0.6 365 1.65 19
Boa
Esperança Open-Pit Indicated 0.6 445 1.22 17
Inferred 0.6 114 1.28 5
Tatajuba Open-Pit Indicated 0.6 2,144 1.62 112
Inferred 0.6 234 2.98 22
Total Open-Pit
Measured 0.6 2,721 1.25 109
Indicated 0.6 5,928 1.44 275
M&I 0.6 8,649 1.38 384
Inferred 0.6 712 2.02 46
Piaba Underground Indicated 1.0 7,317 1.96 460
Inferred 1.0 16,500 1.98 1,052
Total Underground
Measured 1.0 - - -
Indicated 1.0 7,317 1.96 460
M&I 1.0 7,317 1.96 460
Inferred 1.0 16,500 1.98 1,052
Total Aurizona Resource
Measured 2,721 1.25 109
Indicated 13,245 1.73 735
M&I 15,966 1.64 844
Inferred 17,212 1.98 1,098
Notes: Mineral Resources are reported exclusive of Mineral Reserves . Mineral Resources are reported using a gold price of $1 ,500/oz.
Open-pit Mineral Resources are reported using a cut-off grade of 0.6 g/t gold and are constrained using an optimized pit generated using
Lerchs-Grossman pit optimisation algorithm using $1,500/oz gold price, costs of $2.32/t mining, up to $12.13/t processing, $2.84/t G&A
and gold recovery up to 92.6% . Underground Mineral Resources are reported using a cut -off grade of 1.0 g/t gold and constrained by
using a 1.0 g/t gold confining solid. The Mineral Resource statement has been prepared by Trevor Rabb, P.Geo. (Equity) who is a Qualified
Person as defined by NI 43 -101. Mineral Resources from the Piaba Open-Pit, Piaba Underground and Bo a Esperança have an effective
date of December 31, 2019. Mineral Resources from Tatajuba have an effective date of January 24, 2020. Numbers may not total due to
rounding. Mineral Resources are not Mineral Reserves and do not have demonstrated economic via bility. See Cautionary Notes and
Technical Disclosure Statement.
Table 3: Mineral Resource Statement for Tatajuba Deposit at January 24, 2020
Classification Type of
Mineralization
Cut-off Grade
(g/t)
Tonnes
(kt)
Gold Grade
(g/t)
Contained Gold
(koz)
Indicated
Laterite 0.6 135 1.15 5
Saprolite 0.6 526 2.36 40
Transition 0.6 417 1.16 16
Fresh Rock 0.6 1,066 1.50 51
Total Indicated 0.6 2,144 1.62 112
Inferred Fresh Rock 0.6 234 2.98 22
Total Inferred 0.6 234 2.98 22
Notes: Mineral Resources are reported exclusive of Mineral R eserves. Mineral Resources are reported using a gold price of
$1,500/oz gold. Mineral Resources are constrained using an optimized pit generated using a Lerchs-Grossman pit optimisation algorithm.
The Mineral Resource statement has been prepared by Trevor Rabb, P.Geo. (Equity) who is a Qualified Person as defined by NI 43- 101.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Any discrepancies in the totals are due
to rounding. See Cautionary Notes and Technical Disclosure Statement.
A total of 6,662 m of core ( 38 holes) was dr illed in 2019 in the Tatajuba area bringing the total to 14,072 m
(101 holes) in support of the maiden Mineral Resource estimate. Tatajuba represents a potential 4-km extension
to the Piaba Trend that hosts the Aurizona Mine (Figure 1). Exploration to date has identified gold mineralization
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with the same character as that currently being mined at the Piaba gold deposit. The Company has planned a
14,000 m drill program to expand the resource base along the Piaba Trend and within the near-mine concessions
with the objective of extending the open-pit mine life.
The Company is also reviewing the potential to extend the mine life and potentially increase annual production
by developing the Aurizona underground deposit. As announced on May 7, 2020, the Company has completed
a preliminary economic assessment ( “PEA”) for potential development of an underground mine that may
operate concurrently with the open-pit mine using the existing plant and other surface infrastructure, delivering
an estimated 740,500 oz of life-of-mine gold production in addition to existing open-pit gold production. Equinox
Gold has commenced a 17,000 m drill program aimed primarily at converting underground Inferred Resources
to Indicated Resources in support of a pre-feasibility study for the underground mine. The PEA is preliminary in
nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral reserves. There
is no certainty that the results contemplated in the PEA will be realized.
Figure 1: Aurizona Shear Zone and Gold Deposit Location Map
Mesquite Mineral Reserve and Mineral Resource Update
A total of 125,736 oz of gold was produced at Mesquite in 2019, of which more than 60% was sourced from the
mining and leaching of historic al dump material. During 2019 the Company completed 48,045 m of drilling on
historical low-grade dumps and leach pads . A total of 13.1 Mt of economic-grade material identified through
these drill programs was placed on the leach pad, resulting in 76,900 oz of the total 2019 gold production.
During 2019 the Company also completed a drilling program and reinterpretat ion of geological domains that
was developed to address reconciliation issues with historical information, which led to the application of a more
robust and conservative resource and reserve estimation and classification methodology. The new geological
model was developed from relogging and interpretation of historical drill data, a new structural model and
20,147 m of infill and step-out drilling. The new model provides significantly improved confidence in the Mineral
Reserves and Resources and future gold production plans for Mesquite.
Following 2019 mining depletion and completion of the new geological model, Mesquite Proven and Probable
Reserves at December 31, 2019 are estimated at 28.2 Mt grading 0.62 g/t gold for 584,000 oz (Table 4, with
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Imperial units provided in the Appendix to this news release). When compared to the previous December 2018
Mineral Reserve estimate this represents a 30% reduction net of mining depletion but excludes production
during the year from economic -grade material stacked to the pads that was not previously included in the
Mineral Reserve estimate. The new model also resulted in a 77% decrease of contained gold in Measured and
Indicated Mineral Resources to 432,000 oz in 28.9 Mt grading 0.46 g/t gold (Table 5) , and a 277% increase of
contained gold in Inferred Mineral Resources to 510,000 oz in 47.7 Mt grading 0.33 g/t gold.
The updated Mineral Reserve estimate includes 2.9 Mt of oxide mineralized dump material grading 0.24 g/t gold
for 22,000 oz of contained gold that is classified as Probable Reserves. The Company has identified an additional
40 million short tons of potentially mineralized material from previous operations that has not been drill tested.
A 24,500 m ($5.2 million budget) exploration program is underway to expand drilling coverage of the Big Chief,
Midway and Brownie dumps and also to explore several near-pit and in-pit in-situ targets to identify additional
ore-grade mineralized material that can be stacked on the leach pad.
The Company will continue to review and test opportunities to extend the Mesquite mine life, including:
• Drilling and resource estimation of mineralized dumps and leach pads from historical operations;
• Conversion of resources to reserves within current pits and adjacent areas; and
• Drilling of in-pit, near-mine and regional exploration opportunities.
Table 4: Mesquite Mineral Reserve Estimate at December 31, 2019
Ore Type
Proven Reserves Probable Reserves Proven & Probable Reserves
Tonnes
(kt)
Gold
Grade
(g/t)
Contained
Gold
(koz)
Tonnes
(kt)
Gold
Grade
(g/t)
Contained
Gold
(koz)
Tonnes
(kt)
Gold
Grade
(g/t)
Contained
Gold (koz)
Oxide 5 0.94 - 13,755 0.42 185 13,760 0.37 185
Transition 40 0.95 1 2,274 0.81 59 2,314 0.81 60
Non-oxide 183 1.27 8 11,943 0.86 331 12,126 0.87 339
Total 228 1.21 9 27,972 0.64 575 28,200 0.62 584
Notes: This Mineral Reserve estimate has an effective date of December 31 , 2019 and is based on the Mineral Resource estimate dated December 31 ,
2019 prepared by Lions Gate Geological Consulting Inc. The Mineral Reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng.
of AGP Mining Consultants Inc., who is a Qualified Person as defined under NI 43 -101. Mineral Reserves are stated within the final design pit based on a
$1,350/oz gold price. The cut-off grade varied by material type from 0. 125 g/t for oxide and oxide- transition and 0.281 g/t for non-oxide transition and
non-oxide materials. The mining cost averaged $1.60/t mined, processing costs are $2.26/t ore and G&A was $0.77/t ore placed. The ore recoveries were
75% for oxide and oxide-transition, and 35% for non-oxide transition and non-oxide material. Oxide ore contains the reserves identified in dump material.
Table 5: Mesquite Mineral Resource Estimate (Exclusive of Reserves) at December 31, 2019
Type
Measured Indicated Measured & Indicated Inferred
Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
Oxide - - - 8,501 0.40 110 8,501 0.40 110 10,753 0.40 139
Non-oxide 20 0.73 0 15,148 0.60 291 15,168 0.60 292 10,495 0.52 176
Dumps - - - 5,255 0.18 30 5,255 0.18 30 26,425 0.23 195
Total 20 0.73 0 28,904 0.46 432 28,924 0.46 432 47,672 0.33 510
Notes: Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources were restricted between the December 31, 2019 Reserve pit
designs and the ultimate resource limiting pit shell based on a gold price of $1,500/oz, mining cost of $1.60/t mined and a processing cost of $2.26/t ore
and G&A of $0.77/t ore. Oxide and oxide transition have an assumed recovery of 75% and cut -off grade of 0.09 g/t. Non-oxide and non-oxide transition
have an assumed recovery of 35% and cut-off grade of 0.18 g/t. Waste dump material has an assumed recovery of 75% and cut-off grade of 0.14 g/tonne.
Ali Shahkar P.Eng. of Lions Gate Geological Consulting Inc. is the Qualified Person under NI 43-101 responsible for the in-situ mineral resource estimation.
Robert Sim, P.Geo. of SIM Geological Inc. is the Qualified Person under NI 43-101 responsible for the waste dump mineral resource estimation. Numbers
may not total due to rounding. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. See Cautionary Notes and
Technical Disclosure Statement.
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Qualified Persons
Gordon Zurowski, P. Eng. ( AGP Mining Consultants Inc. ), Neil Lincoln, P. Eng. (AGP Mining Consultants Inc. ),
Eleanor Black, P. Geo. (Equity Exploration Consultants Ltd.), and Trevor Rabb, P. Geo. (E quity Exploration
Consultants Ltd.) are the Qualified Persons as defined under National Instrument 43 -101 that prepared the
report entitled “Technical Report on the Aurizona Gold Mine, Brazil” with an effective date of January 24, 2020
that forms the basis of the disclosure related to the Aurizona Mine that is described in this news release.
Bruce Davis, FAusIMM (BD Resource Consulting, Inc.), Nathan Robison, PE (Robison Engineering Company Inc.),
Ali Shahkar P.Eng. ( Lions Gate Geological Consulting Inc. ), Robert Sim, P.Geo. (SIM Geological Inc. ), Jefferey
Woods, SME MMAS (Woods Process Services, LLC) and Gordon Zurowski, P.Eng (AGP Mining Consultants Inc.)
are the Qualified Person s as defined under National Instrument 43 -101 that prepared the report entitled
“Technical Report on the Mesquite Gold Mine, California, U.S.A.” with an effective date of December 31, 201 9
that forms the basis of the disclosure related to the Mesquite Mine that is described in this news release.
All of the Qualified Persons are independent of the Company and reviewed and approved of the contents of this
news release. The Mineral Reserve and Mineral Resource estimates were prepared in accordance with standards
as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) in “CIM Definition Standards
on Mineral Resources and Mineral Reserves” adopted by CIM Council on May 10, 2014.
Scott Heffernan, MSc, P.Geo., Equinox Gold’s EVP Exploration, is responsible for the drilling programs at Aurizona
and Mesquite, is a Qualified Person under National Instrument 43 -101 for Equinox Gold and has reviewed,
approved and verified the technical content of this news release. Adriaan (Attie) Roux, Pr.Sci.Nat., Equinox Gold’s
COO and Doug Reddy, Equinox Gold’s EVP Technical Services, are Qualified Persons under National Instrument
43-101 for Equinox Gold and have also reviewed and verified the technical content of this news release.
About Equinox Gold
Equinox Gold is a Canadian mining company with six producing gold mines, a multi- million-ounce gold reserve
base and a strong growth profile from two development projects and two expansion projects. Equinox Gold
operates entirely in the Americas, with two properties in the United States, one in Mexico and five in Brazil .
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 [email protected].
Equinox Gold Contacts
Christian Milau, Chief Executive Officer
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: [email protected]
Cautionary Notes and Forward-looking Statements
Technical Disclosure
Aurizona: Aurizona Mineral Reserves and Mineral Resources were reported in the “Technical Report on the Aurizona Gold
Mine” (the “Aurizona Technical Report”) dated April 27, 2020 with an effective date of January 24, 2020, prepared by AGP
Mining Consultants Inc. The Qualified Persons as defined by National Instrument 43 -101 who prepared or supervised the
preparation of the information contained in the report are Eleanor Black, P.Geo. and Trevor Rabb, P.Geo, of Equity
Exploration Consultants Ltd. and Neil Lincoln and Gordon Zurowski of AGP Mining Consultants Inc. Mineral Resources are
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reported exclusive of Mineral Reserves. The Mineral Resource statement was prepared by Trevor Rabb, P.Geo. of Equity
Exploration Consultants Ltd. who is a Qualified Person as defined by National Instrument 43 -101. Mineral Resources from
the Piaba Open-Pit, Piaba Underground and Boa Esperança have an effective date of December 31, 2019. Mineral Resources
from Tatajuba have an effective date of January 24, 2020. Mineral Resources are reported using a gold price of $1,500/oz.
Open-pit Mineral Resources are reported using a cut -off grade of 0.6 g/t gold and are constrai ned using an optimized pit
generated using Lerchs -Grossman pit optimisation algorithm using $1,500/oz gold price, costs of $2.32/t mining, up to
$12.13/t processing, $2.84/t G&A and gold recovery up to 92.6%. Underground Mineral Resources are reported using a cut-
off grade of 1.0 g/t gold and constrained by using a 1.0 g/t gold confining solid. Mineral Resources are not Mineral Reserves
and do not have demonstrated economic viability. The Mineral Reserve estimate has an effective date of December 31,
2019 a nd is based on the Mineral Resource estimate dated December 31, 2019 for Aurizona completed by Equity
Exploration. The Mineral Reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng. of AGP
Mining Consultants, who is a Qualified Person as defined under NI 43 -101. Mineral Reserves are stated within the final
design pits based on a $1,350/oz gold price. The cut -off grade used was 0.6 g/t gold for Piaba and Piaba East and 0.41 g/t
gold for Boa Esperança. The mining cost averaged $2.3 2/t mined, processing costs are $9.98/t for laterite/saprolite,
$10.28/t for transition and $12.13/t for fresh rock. G&A was $2.84/t ore processed. The ore recoveries were 92.6% for
laterite/saprolite, 92.1% for transition and 89.2% for fresh rock. Numbers may not sum due to rounding. See Cautionary
Notes. Section 24 of the Aurizona Technical Report includes reference to a preliminary economic assessment (“PEA”) of the
potential to development an underground mine at Aurizona. The PEA is preliminary in nature and includes Inferred Mineral
Resources that are considered too speculative geologically to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves. There is no certainty that the results contemplated in the PEA will be
realized. See Cautionary Notes.
Mesquite: Mesquite Mineral Reserves and Mineral Resources were reported in the “Technical Report on the Mesquite Gold
Mine, California, U.S.A. ” (the “Mesquite Technical Report”) dated March 18, 2020 with an effective date of December 31,
2019, prepared by AGP Mining Consultants Inc. The Qualified Persons as defined by National Instrument 43 -101 who
prepared or supervised the preparation of the information contai ned in the report are Bruce Davis, FAusIMM (BD Resource
Consulting, Inc.), Nathan Robison, PE (Robison Engineering Company Inc.), Ali Shahkar P.Eng. (Lions Gate Geological
Consulting Inc.), Robert Sim, P.Geo. (SIM Geological Inc.), Jefferey Woods, SME MMAS (Woods Process Services, LLC) and
Gordon Zurowski, P.Eng (AGP). Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources were
restricted between the December 31, 2019 Reserve pit designs and the ultimate resource limiting pit shell based on a gold
price of $1,500/oz, mining cost of $1.60/t on mined and a processing cost of $2.26/t on ore and G&A was $0.77/t on ore.
Oxide and oxide transition have an assumed recovery of 75% and cut -off grade of 0.078 g/t. Non- oxide and non- oxide
transition have an assumed recovery of 35% and cut-off grade of 0.166 g/t. Waste dump material has an assumed recovery
of 75% and cut -off grade of 0.125 g/t. Ali Shahkar P.Eng. of Lions Gate Geological Consulting Inc. is the Qualified Person
under NI 43 -101 responsible for the in- situ mineral resource estimation. Robert Sim, P.Geo. of SIM Geological Inc. is the
Qualified Person under NI 43-101 responsible for the waste dump mineral resource estimation. Numbers may not total due
to rounding. Mineral Resources are no t Mineral Reserves and do not have demonstrated economic viability. The Mineral
Reserve estimate has an effective date of December 31, 2019 and is based on the Mineral Resource estimate dated December
31, 2019 prepared by Lions Gate Geological Consulting I nc. The Mineral Reserve calculation was completed under the
supervision of Gordon Zurowski, P.Eng. of AGP , who is a Qualified Person as defined under NI 43 -101. Mineral Reserves are
stated within the final design pit based on a $1,350/oz gold price. The cut -off grade varied by material type from 0.125 g/t
for oxide and oxide- transition and 0.281 g/t for non- oxide transition and non- oxide materials. The mining cost averaged
$1.60/ton mined, processing costs are $2.26/t on ore and G&A was $0.77/t on ore placed. The ore recoveries were 75% for
oxide and oxide-transition, and 35% for non-oxide transition and non-oxide material. Numbers may not sum due to rounding.
See Cautionary Notes.
Estimates of Measured, Indicated and Inferred Mineral Resources
Information regarding reserve and resource estimates has been prepared in accordance with Canadian standards under
applicable Canadian securities laws and may not be comparable to similar information for United States companies. The
terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource”
used in this news release are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves
adopted by the CIM Council on May 10, 2014. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated
Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian regulations, they are not
defined terms under standards of the United States Securities and Exchange Commission. Under United States standards,
mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could
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be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information
contained in this news release concerning descriptions of mineralization and resources under Canadian standards is not
comparable to similar information made public by United States companies subject to the reporting and disclosure
requirements of the United States Securities and Exchange Commission. An “Inferred Mineral Resource” has a great amount
of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an
“Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral
Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or
any part of Measured or Indicated Resources will ever be converted into Mineral Reserves. Readers are also cautioned not
to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable. In addition,
the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects
from the standards of the United States Securities and Exchange Commission.
Forward-looking Statements
This news release includes certain statements that constitute “forward- looking statements”, and “forward -looking
information” within the meaning of applicable securities laws collectively “forward -looking statements”. These include
statements regarding the growth potential of the Company. When used in this news release, words such as “will”, “upside”,
“potential”, “potentially”, “planned”, “objective”, “would”, “can”, “budget”, “continue”, “ estimate, “growth” and similar
expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions,
events or results “may”, “could”, “would”, “should”, “occur” or “be achieved” or the negative connotation of such terms. As
well, forward-looking statements may relate to future outlook and anticipated events, such as the results of planned and
future drill programs at the Company’s Aurizona and Mesquite projects, the Company’s ability to expand the existing
resource base and extend the mine life at either project, the Company’s ability to replace Mineral Reserves, the Company’s
ability to upgrade Aurizona underground Inferred Resources to Indicated Resources to support a pre- feasibility study, the
Company’s intention and ability to advance the Aurizona underground mine to a pre-feasibility level , the Company’s ability
to achieve the production estimates outlined in the preliminary economic assessment and the likelihood of the Company
ultimately advancing the underground mine to production. The Aurizona preliminary economic assessment is preliminary in
nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the
results contemplated in the preliminary economic assessment will be realized. Forward-looking statements also refer to the
Company’s ability to advance its development and expansion projec ts and achieve its growth objectives.
These forward-looking statements involve assumptions, numerous risks and uncertainties, certain of which are beyond the
Company’s control including risks associated with or related to the volatility of metal prices and the Company’s shares, risks
associated with exploration, development and operating permits, land access and Government regulation at the Company’s
projects, there being no significant disruptions affecting the Company’s operations or projects, risks related to the COVID -
19 pandemic including government and health authority responses and increased regulations and restrictions regarding the
flow of labour, materials and impact on the Company’s business, projects and operations, as well as the risk factors identified
in Equinox Gold’s year-end MD&A dated February 28, 2020, which is available on SEDAR at www.sedar.com and EDGAR at
www.sec.gov. Additional project-specific risks are outlined in the Technical Report on the Aurizona Gold Mine dated April
27, 2020 and the Technical Report on the Mesquit e Gold Mine, California, U.S.A. dated March 18, 2020, both of which are
filed on SEDAR, EDGAR and the Company’s website. Forward -looking statements are based on information available at the
time those statements are made and/or management’s good faith beli ef as of that time with respect to future events and
are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed
in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date those statements
are made. The COVID -19 situation is changing rapidly and Equinox Gold will continue to review and adapt its response
protocols as the situation unfolds, applying guidelines outlined by the World Health Organization and governments of
countries within which the Company operates. The extent to which COVID -19 (or any other disease, epidemic or pandemic)
impacts business activity, operations or financial results, and the duration of any such impact, will depend on future
developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning
COVID-19 and the actions required to contain or treat its impact, among others. Except as required by applicable law,
Equinox Gold assumes no obligation to update or to publicly announce the results of any change to any forward -looking
statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes
in assumptions or changes in other factors affecting the forward- looking statements. If Equinox Gold updates any one or
more forward -looking statements, no inference should be drawn that the company will make additional updates with
respect to those or other forward- looking statements. All forward- looking statements contained in this news release are
expressly qualified in their entirety by this cautionary statement.