Equinox Gold Announces Change to Board of Directors

Rhea-AI Summary

Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) has announced a change to its Board of Directors. Mr. Fraz Siddiqui, who was the Board appointee of Mubadala Investment Company, has resigned effective October 9, 2024. This change comes after Mubadala's conversion of their convertible note and subsequent sale of issued shares, announced on October 3, 2024, which resulted in the expiration of Mubadala's right to a Board appointment.

Ross Beaty, Chair of Equinox Gold, expressed gratitude for Mr. Siddiqui's contributions as a director since October 2023 and thanked Mubadala Investment Company for their support of Equinox Gold's growth strategy since their initial investment in April 2019. The company's management, including Greg Smith (Chief Executive Officer) and Rhylin Bailie (Vice President, Investor Relations), remains available for investor inquiries.

Positive

• Streamlined Board structure following changes in major shareholder composition
• Continued support from management for investor relations and communication

Negative

• Loss of strategic input from Mubadala Investment Company representative on the Board
• Potential impact on investor confidence due to major shareholder reducing stake

Vancouver, British Columbia--(Newsfile Corp. - October 10, 2024) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") announces that Mr. Fraz Siddiqui has resigned from the Company's Board of Directors effective October 9, 2024. Mr. Siddiqui was the Board appointee of Mubadala Investment Company under an investor rights agreement. With conversion of their convertible note and subsequent sale of the issued shares, as announced on October 3, 2024, Mubadala's right to a Board appointment has fallen away.

Ross Beaty, Chair of Equinox Gold, commented: "Equinox Gold thanks Mr. Siddiqui for his contributions as a director on our Board since October 2023. We also thank Mubadala Investment Company for their guidance and advice in support of Equinox Gold's growth strategy since they first invested in the Company in April 2019."

Equinox Gold Contacts

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226283

FAQ

Why did Fraz Siddiqui resign from Equinox Gold's Board of Directors?

Fraz Siddiqui resigned from Equinox Gold's Board of Directors on October 9, 2024, following Mubadala Investment Company's conversion of their convertible note and sale of issued shares. This action resulted in Mubadala losing their right to a Board appointment under the investor rights agreement.

How long was Fraz Siddiqui on Equinox Gold's Board of Directors?

Fraz Siddiqui served on Equinox Gold's Board of Directors from October 2023 until his resignation on October 9, 2024, a period of approximately one year.

What impact does Mubadala's reduced stake have on Equinox Gold (EQX)?

Mubadala's reduced stake in Equinox Gold (EQX) has resulted in the loss of their Board appointment rights. This change may affect the company's strategic direction and potentially impact investor confidence, although the long-term effects remain to be seen.

When did Mubadala Investment Company first invest in Equinox Gold (EQX)?

According to the press release, Mubadala Investment Company first invested in Equinox Gold (EQX) in April 2019, providing guidance and advice in support of the company's growth strategy since then.