Equinox Gold Announces Significant New AI-Supported Gold Discovery 8 km from Valentine Mill and Additional High-Grade Gold Mineralization Outside of Resources at The Valentine Gold Mine, Canada

Rhea-AI Summary

Equinox Gold (TSX: EQX) announced a new AI-supported gold discovery, the Minotaur Zone, 8 km northwest of the Valentine mill, plus expanded high-grade mineralization at the Frank Zone outside current resources. Initial 2025 drilling defines Minotaur over a 700 m strike (open) and multiple high-grade intercepts. The company plans 15,000–20,000 m at Minotaur and ~25,000 m at Frank in 2026, targeting resource expansion across the 320 km2 Valentine package with under 15% explored to date.

Positive

• New Minotaur discovery 8 km from mill
• Initial Minotaur strike length defined at 700 m
• Planned 15,000–20,000 m drilling at Minotaur in 2026
• Planned ~25,000 m drilling at Frank in 2026
• Visible surface gold sample up to 650 g/t

Negative

• Less than 15% of 320 km2 property explored
• Minotaur results are at an early exploration stage

News Market Reaction

-1.05%

6 alerts

-1.05% News Effect

+11.1% Peak in 35 hr 17 min

-$127M Valuation Impact

$11.95B Market Cap

1.5x Rel. Volume

On the day this news was published, EQX declined 1.05%, reflecting a mild negative market reaction. Argus tracked a peak move of +11.1% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $127M from the company's valuation, bringing the market cap to $11.95B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Frank Zone intercept: 3.12 g/t gold over 63.90 m ETW High-grade intercept: 22.10 g/t gold over 6.30 m ETW Frank prior highlight: 2.43 g/t gold over 172.80 m ETW +5 more

8 metrics

Frank Zone intercept 3.12 g/t gold over 63.90 m ETW New drilling at Frank Zone outside current Resources

High-grade intercept 22.10 g/t gold over 6.30 m ETW Frank Zone drill hole FZ-25-082

Frank prior highlight 2.43 g/t gold over 172.80 m ETW Previously reported Frank Zone drilling

Minotaur highlight 2.68 g/t gold over 32 m Initial drilling in new Minotaur Zone

Visible gold grab sample 650 g/t gold Surface grab samples in Minotaur Zone

Valentine land package 320 square kilometres Total area of Valentine property

2026 Minotaur drilling 15,000–20,000 m Planned drilling in Minotaur Zone for 2026

2026 Frank drilling 25,000 m Planned drilling in Frank Zone for 2026

Market Reality Check

Price: $16.34 Vol: Volume 14,320,013 is 1.37...

normal vol

$16.34 Last Close

Volume Volume 14,320,013 is 1.37x the 20-day average of 10,421,226, indicating elevated trading activity ahead of and around this news. normal

Technical Shares at 14.30 are trading above the 200-day MA of 9.79, despite a -10.68% 24h move.

Peers on Argus

EQX fell -10.68% while peers like EGO and CDE declined around -4–5%. Two peers i...

2 Down

EQX fell -10.68% while peers like EGO and CDE declined around -4–5%. Two peers in the momentum scan also moved down, and sector commentary notes broader gold weakness (median move -4.3%). This points to sector pressure amplifying EQX’s drop.

Common Catalyst Gold sector downside; one peer (EGO) had corporate combination news but the broader move reflects sector dynamics.

Historical Context

5 past events · Latest: Jan 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 23	Asset sale completion	Positive	+1.6%	Completed Brazil asset sale, repaid major loans, sharply reduced net debt.
Jan 14	Production update	Positive	+0.8%	Reported record FY 2025 gold production and outlined 2026 guidance.
Dec 14	Asset sale agreement	Positive	-5.1%	Announced agreement to sell Brazil operations for $1.015B and refocus.
Nov 18	Mine milestone	Positive	+1.2%	Announced commercial production at Valentine with strong recoveries.
Nov 05	Earnings/operations	Positive	+2.2%	Reported record Q3 production and revenue with debt reduction.

Pattern Detected

Over the last five events, EQX generally traded higher on operational and portfolio-strengthening news, with four positive reactions and one notable selloff on the Brazil sale announcement.

Recent Company History

Recent EQX news has focused on portfolio reshaping and production growth. On Nov 5, 2025, the company reported record Q3 2025 production of 236,382 oz and revenue of $819.0 million, followed by commercial production at Valentine on Nov 18, 2025. December and January updates detailed the $1.015 billion Brazil asset sale and completion, reducing net debt to about $150 million. Record FY 2025 production of 922,827 oz and 2026 guidance of 700,000–800,000 oz frame today’s exploration results within a growth-focused strategy centered on North America and Valentine.

Market Pulse Summary

This announcement highlights substantial new drilling results from the Minotaur and Frank zones near...

Analysis

This announcement highlights substantial new drilling results from the Minotaur and Frank zones near the Valentine mine, including multiple high-grade intercepts such as 3.12 g/t over 63.90 m ETW and surface grab samples up to 650 g/t. Set against recent milestones—record production, commercial start-up at Valentine, and a completed $1.015 billion Brazil asset sale—the update reinforces a strategy centered on North American growth. Investors may watch follow-up drilling, resource updates, and integration of AI-supported targeting for indications of longer-term impact.

Key Terms

g/t au, ai-powered exploration software, grab samples, diamond drill program, +2 more

6 terms

g/t au technical

"Initial Drilling Highlights from newly discovered Minotaur Gold Zone include1: 2.68 grams per tonne gold (“g/t Au”)"

g/t Au stands for grams per tonne of gold and measures how much gold is contained in one tonne of rock or ore. Investors use it like a yield rate: higher g/t Au means more gold recovered from the same amount of material, which usually improves a mine’s revenue potential and lowers production cost per unit of metal. Think of it as the sweetness level of fruit—more sugar per piece makes each piece more valuable.

ai-powered exploration software technical

"renewed interest through Equinox Gold’s use of VRIFY’s AI-powered exploration software, DORA"

AI-powered exploration software is a computer tool that uses artificial intelligence to sift through large, messy datasets and highlight promising targets—such as mineral deposits, drilling locations, or patterns worth investigating—much like a smart metal detector that points you to likely spots. For investors it matters because the software can speed discoveries, cut search costs, and reduce the chance of expensive failures, potentially improving project economics and giving companies a competitive edge.

grab samples technical

"combined with the discovery of visible gold and grab samples grading as high as 650 g/t Au"

A grab sample is a single, one-time collection of air, water, soil or product taken at a specific place and moment to test for contaminants or composition, like taking a single snapshot rather than a time-lapse. Investors care because those test results can trigger regulatory actions, cleanup costs, product recalls or permit changes, so a single positive or negative grab sample can materially affect a company’s compliance standing and financial outlook.

diamond drill program technical

"new results from the 2025 diamond drill program at its Valentine Gold Mine"

A diamond drill program is a mining exploration campaign that uses a rotating drill fitted with a diamond-studded bit to cut and retrieve solid rock cores from underground. Think of it like taking a reliable subsurface “biopsy” that lets geologists see the actual rock and mineral content directly; for investors, the cores provide the most trustworthy evidence of whether valuable minerals exist, in what quantity and quality, and therefore shape project value and financing decisions.

open pit technical

"supporting the potential for a new open pit capable of contributing to both production growth"

A large, surface excavation where rock and soil are removed in stepped layers to reach and extract mineral deposits; picture a terraced, man‑made quarry reaching down to the ore. It matters to investors because open‑pit operations tend to produce high volumes at lower unit cost but require large up‑front investment, long operating life, and carry visible environmental and permitting risks that can affect production, costs and company value.

mineral resources technical

"along trend from defined Mineral Reserves and Mineral Resources"

Mineral resources are naturally occurring concentrations of metals or other valuable materials in the earth that could be mined and sold, like pockets of useful ingredients inside a giant pantry. For investors they show the raw-material potential behind a mining project: bigger or higher-quality resources can mean more future revenue, while the cost, technical difficulty and regulatory hurdles determine how much of that value can actually be realized.

AI-generated analysis. Not financial advice.

Highlight intercepts include 2.68 g/t gold over 32 metres, 22.10 g/t gold over 6.3 metres, 3.12 g/t gold over 63.9 metres, 7.50 g/t gold over 12.6 metres

VANCOUVER, British Columbia, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce new results from the 2025 diamond drill program at its Valentine Gold Mine (“Valentine”) located in Newfoundland & Labrador, Canada. Drilling has confirmed a new gold discovery – the Minotaur Zone – located 8 km northwest of the mill, and broad zones of high-grade. Drilling also encountered continuous gold mineralization in the Frank Zone, located along trend southwest of the existing Leprechaun open pit. These results further reinforce the Company’s confidence in the potential for new discoveries and resource expansion, underscoring the relatively untapped potential of the district (see previous news releases dated November 25, 2024 and February 11, 2025). The 2026 exploration program is targeting approximately 100 km of drilling across the Valentine property, focusing on Frank, Minotaur, resource expansion and additional greenfield discoveries.

Darren Hall, Chief Executive Officer of Equinox Gold commented: “These latest drill results continue to strengthen our confidence in the scale and quality of the Valentine Gold District. At the Frank Zone, located outside of current Resources we are seeing consistent, high-grade gold mineralization over broad widths, supporting the potential for a new open pit capable of contributing to both production growth and mine life extension beyond the current 14-year mine plan.

“Early drilling at the newly discovered Minotaur Zone also confirms that significant gold mineralization exists well outside the main Valentine Lake Shear Zone structure. Initial drilling in 2025 defined mineralization over a 700-metre strike length and remaining open in all directions, with step-outs suggesting the potential for the mineralized system to extend over approximately 2 km. While Minotaur exploration is still at an early stage, the presence of surface grab samples with visible gold grading as high at 650 g/t gold and multiple high-grade drill intercepts over meaningful widths underscores the broader, district-scale potential of the property. Given the significance of this new discovery, we are planning 15,000 – 20,000 m of drilling in the Minotaur Zone in 2026.

“With less than 15% of the 320-square-kilometre Valentine land package explored to date, results from Frank, Minotaur and other emerging targets continue to demonstrate that Valentine has the potential to support long-term growth well beyond the current mine plan.”

Initial Drilling Highlights from newly discovered Minotaur Gold Zone include¹:

• 2.68 grams per tonne gold (“g/t Au”) over 32 metres (“m”) and 2.67 g/t Au over 18 m (MT-25-011) – two separate zones
• 5.74 g/t Au over 8 m, 1.22 g/t Au over 12 m and 2.03 g/t Au over 8 m (MT-25-019) – three separate zones
• 1.78 g/t Au over 39 m (including 4.25 g/t Au over 11 m); 10.08 g/t Au over 1 m (MT-25-024)
• 5.85 g/t Au over 3 m (MT-25-022)
• 1.67 g/t Au over 7 m and 1.01 g/t Au over 14 m (MT-25-025)
• 0.83 g/t Au over 16 m (MT-25-003)
• 1.03 g/t Au over 13 m (MT-25-004)
  
  

Drill Highlights from Expanding Frank Gold Zone (Outside current Resources) include:

• 22.10 g/t Au over 6.30 m estimated true width (“ETW”); 1.05 g/t Au over 26.1 m (FZ-25-082)
• 3.12 g/t Au over 63.90 m ETW (FZ-25-095)
• 7.50 g/t Au over 12.60 m ETW (FZ-25-083)
• 1.06 g/t Au over 63.90 m ETW; 2.05 g/t Au over 18.90 m ETW; 10.64 g/t Au over 1.80 m ETW (FZ-25-074)
• 2.10 g/t Au over 31.28 m ETW (FZ-23-019-EXT)
• 16.45 g/t Au over 3.60 m ETW (FZ-25-085)
• 3.56 g/t Au over 16.02 m ETW (FZ-25-084)
• 2.36 g/t Au over 19.14 m ETW (FZ-25-100)
• 1.13 g/t Au over 30.69 m ETW; 2.92 g/t Au over 11.88 m ETW (FZ-25-075)
• 1.84 g/t Au over 21.84 m ETW (FZ-25-112)
  
  

Highlights from previously reported drilling at the Frank Zone include:

• 2.43 g/t Au over 172.80 m ETW (FZ-24-048)
• 2.12 g/t Au over 95.40 m ETW (FZ-24-046)
• 2.26 g/t Au over 78.32 m ETW (FZ-24-040)
• 3.08 g/t Au over 48.23 m ETW (FZ-24-062)
• At surface, 97.87 g/t Au over 3.89 m ETW; 1.62 g/t Au over 44.59 m ETW (FZ-24-064)
  
  

Minotaur Zone
The Minotaur Zone represents an exciting new gold discovery at the Valentine property, showcasing the early impact of integrating artificial intelligence with traditional exploration. Initially flagged in 2013 through grab samples grading up to 7 g/t Au, the area gained renewed interest through Equinox Gold’s use of VRIFY’s AI-powered exploration software, DORA. Using DORA, Equinox Gold’s geological team integrated multiple data layers including geochemistry, geophysics, and structural geology, which led to the Minotaur Zone being identified as a high-priority target with a top-tier VRIFY Prospectivity Score. This AI-supported analysis, combined with the discovery of visible gold and grab samples grading as high as 650 g/t Au, led to the first-ever drill program in the area. The results highlight how Equinox Gold is leveraging cutting-edge AI technology to enhance exploration success and accelerate value creation.

Frank Zone
Drilling at the Frank Zone, located immediately southwest of the active Leprechaun pit, has continued to identify broad zones of gold mineralization, delineating a gold corridor more than one km in length along trend from defined Mineral Reserves and Mineral Resources. Equinox Gold believes the Frank Zone has the potential to be developed as a new open pit and has planned approximately 25,000 m of drilling in 2026.

Link 1 – Drill results figures
Link 2 – VRIFY figures
Link 3 – Drill results table

About Equinox Gold’s Valentine Gold Mine
The multi-million-ounce Valentine Gold Mine, located in Newfoundland & Labrador, Canada, poured first gold ahead of schedule in September 2025 and achieved commercial production in November 2025. The mine continues to ramp up with the expectation of achieving design capacity during Q2 2026 and producing 150,000 to 200,000 ounces of gold in 2026 with all-in sustaining costs² of US$1,200 to US$1,300 per ounce of gold sold. Once fully operational, Valentine will be the largest gold-producing mine in Atlantic Canada with production expected to average 175,000 to 200,000 ounces per year for the first 12 years of its 14-year reserve life. Encompassing a 320-square-km land package, Valentine has the potential to emerge as a new gold district. The project covers a highly prospective 32-km mineralized trend that hosts multiple deposits and offers strong exploration upside.

Quality Assurance/Quality Control
Equinox Gold maintains a Quality Assurance/Quality Control (“QA/QC”) program for all its exploration projects using industry best practices. QA/QC protocols followed at Valentine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site and the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for gold by fire assay (30g) with AA finish. All samples above 0.30 g/t Au and those in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in the drill results table as core lengths and estimated true width (60 - 100% of core length). Additional information regarding the Company’s data verification processes is set out in the Valentine Gold Project Technical Report, which can be found on the Company’s website at www.equinoxgold.com and on Calibre Mining’s profile on SEDAR+ at www.sedarplus.ca.

Qualified Person and Technical Information
The scientific and technical information contained in this news release was approved by Nic Capps, P.Geo., Vice President of Exploration, Newfoundland, for Equinox Gold who is a “Qualified Person” under National Instrument 43-101.

About Equinox Gold
Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact
Ryan King
EVP Capital Markets
T: 778.998.3700
E: ryan.king@equinoxgold.com
E: ir@equinoxgold.com

______________________
<sup>1. Highlight Minotaur intervals are reported as core lengths; insufficient data to estimate true widths due to varying vein orientations.
2. All-in sustaining cost per ounce is a non-IFRS measure. See Non-IFRS Measures and Cautionary Notes.</sup>

Cautionary Notes & Forward-looking Statements

This news release 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 results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things: the strategic vision for the Company and expectations regarding exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including exploration upside, future mining opportunities at Valentine and anticipated 2026 production and cost guidance. Forward-looking Information is generally identified using words like “will”, “potential”, “growth”, “future”, “continues”, “target”, “expect”, “increase”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct. The Company has based Forward-looking Information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects, including Valentine; prices for gold remaining as estimated; availability of funds for the Company’s projects and future cash requirements; the Company’s ability to maintain and obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; no unexpected geological formations or environmental hazards are encountered; tonnage of ore to be mined and processed and ore grades and recoveries remaining consistent with mine plans. While the Company considers these assumptions to be reasonable, they may prove to be incorrect.

Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section “Risk Factors in the Company’s MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section “Risk Factors” in Calibre Mining’s MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled “Risk Factors” in Calibre Mining’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Non-IFRS Measures

This news release refers to all-in sustaining costs per ounce sold, which is a measure with no standardized meaning under the International Financial Reporting Standards (“IFRS”) and may not be comparable to such measures as reported by other companies. This measure has been calculated on a basis consistent with historical periods. Please refer to the Company’s MD&A filed on SEDAR+ under the Company’s profile at www.sedarplus.ca for the third quarter of 2025 for an explanation of non-IFRS measures used.

FAQ

What did Equinox Gold (EQX) announce about the new Minotaur discovery on February 2, 2026?

The company confirmed a new AI-supported gold discovery 8 km from the mill with initial mineralization over a 700 m strike, open in all directions. According to the company, visible gold and high-grade drill intercepts prompted 15,000–20,000 m of planned 2026 drilling at Minotaur.

How will the Frank Zone drill results affect Equinox Gold (EQX) mine plans and exploration in 2026?

Frank drilling shows broad, high-grade zones outside current resources that could extend mine life beyond 14 years. According to the company, approximately 25,000 m of targeted 2026 drilling aims to test expansion and potential new open-pit contribution to production.

What are the notable drill intercepts reported by Equinox Gold (EQX) at Valentine in 2025?

Highlighted intercepts include 22.10 g/t Au over 6.3 m and 3.12 g/t Au over 63.9 m ETW plus multiple other multi‑metre zones. According to the company, these results support resource expansion and high-grade continuity outside current pits.

How did Equinox Gold (EQX) identify the Minotaur target using AI and what role did AI play?

Equinox used VRIFY’s DORA AI to integrate geochemistry, geophysics, and structural data, flagging Minotaur as a high-priority target. According to the company, AI-supported prospectivity scoring accelerated target selection leading to first-ever drilling and discovery.

What is Equinox Gold’s exploration scale and remaining upside at Valentine (EQX) after these results?

The company reports the 320 km2 Valentine package is underexplored with less than 15% covered to date, indicating district-scale upside. According to the company, 2026 programs will deliver ~100 km of drilling focused on Frank, Minotaur, resource expansion, and greenfield targets.