Equinox Gold (NYSE: EQX) lifts Q1 profit to $310M and slashes debt

Q: How much profit did Equinox Gold (EQX) generate in Q1 2026?

Equinox Gold generated net income of $310.1 million in Q1 2026, compared with a $75.5 million net loss a year earlier. Continuing operations contributed $187.2 million , while discontinued Brazil Operations added $122.9 million in net income.

Q: What were Equinox Gold (EQX)’s Q1 2026 gold production and costs?

Equinox Gold produced 197,628 ounces of gold from all operations in Q1 2026 at cash costs of $1,633/oz and all-in sustaining costs of $1,950/oz . Continuing operations delivered 184,155 ounces , with realized gold prices of $4,630/oz from those mines.

Q: What did Equinox Gold receive from selling its Brazil Operations?

Equinox Gold received $891.1 million in cash consideration at closing for the sale of its Brazil Operations, recognizing a pre-tax gain of $105.6 million . It is also entitled to up to $115.0 million of additional production-linked cash consideration payable on January 23, 2027.

Q: How did Equinox Gold’s debt and net debt change in Q1 2026?

Loans and borrowings fell to $614.7 million at March 31, 2026 from $1.55 billion year-end, after repaying the Term Loan and Sprott Loan. With cash of $363.0 million , net debt declined to $251.8 million , significantly strengthening the balance sheet.

Q: What is Equinox Gold (EQX)’s 2026 production and cost guidance?

For 2026, Equinox Gold guides to 700,000–800,000 ounces of gold production at cash costs of $1,425–$1,525/oz and all-in sustaining costs of $1,775–$1,875/oz . Guidance excludes Brazil, Castle Mountain and Los Filos, and includes Greenstone, Valentine, Mesquite and the Nicaragua operations.

Q: Is Equinox Gold returning capital to shareholders in 2026?

Yes. Equinox Gold repurchased 307,100 shares under its normal course issuer bid for about $4.7 million and paid a $0.015 per share cash dividend totaling $11.8 million in Q1 2026. It also declared another quarterly dividend of $0.015 per share.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Equinox Gold Corp. delivered a sharply stronger Q1 2026 driven by higher gold prices, new assets and a major asset sale. Revenue from continuing operations rose to $861.6M, with income from mine operations jumping to $438.8M and net income reaching $310.1M, or $0.39 per basic share.

The company completed the sale of its Brazil Operations for cash consideration of $891.1M, recognizing a pre-tax gain of $105.6M and treating those mines as discontinued operations. Net income from continuing operations was $187.2M, while discontinued operations added $122.9M. Adjusted EBITDA from all operations was $527.2M, supported by 197,628 ounces of gold produced at cash costs of $1,633 per ounce and AISC of $1,950 per ounce.

Strong proceeds from the Brazil sale funded debt reduction: loans and borrowings fell to $614.7M, and net debt declined to $251.8M with cash of $363.0M at March 31, 2026. The company also began returning capital via a normal course issuer bid, repurchasing 307,100 shares for $4.7M, and paid a quarterly dividend of $0.015 per share while reiterating 2026 guidance of 700,000–800,000 ounces at targeted cash costs of $1,425–$1,525 per ounce.

Positive

Strong profitability and earnings turnaround: Q1 2026 net income from all operations reached $310.1M (vs. a $75.5M loss a year earlier), with income from mine operations increasing to $438.8M as higher gold prices and new assets lifted margins.
Major deleveraging and balance sheet improvement: Loans and borrowings dropped from $1.55B to $614.7M, and net debt fell to $251.8M, after using Brazil sale proceeds to fully repay the $500M Term Loan and the $261.3M Sprott Loan.
Brazil portfolio exit on favorable terms: The company received cash consideration of $891.1M for the Brazil Operations, recognized a pre-tax gain of $105.6M, and retained exposure to up to $115.0M of additional production-linked consideration.
Capital returns alongside growth spending: Equinox Gold initiated a normal course issuer bid, repurchasing 307,100 shares for $4.7M, paid a $0.015 per share dividend ($11.8M), and still plans $325–$375M of growth capital and $70–$80M of exploration in 2026.

Negative

None.

Insights

Equinox Gold’s Q1 shows stronger profitability, major deleveraging and portfolio simplification.

Equinox Gold reported revenue from continuing operations of $861.6M and net income of $310.1M, helped by higher realized gold prices of $4,630/oz from continuing operations and contributions from Greenstone, Valentine and the Nicaragua mines. Adjusted EBITDA from all operations reached $527.2M, indicating robust underlying cash generation.

The completed sale of the Brazil Operations for cash consideration of $891.1M generated a pre-tax gain of $105.6M and simplified the asset base. Management applied part of the proceeds to repay the $500M Term Loan and the $261.3M Sprott Loan, reducing loans and borrowings to $614.7M. Net debt fell to $251.8M with period-end cash of $363.0M.

Total gold production from all operations was 197,628 ounces at cash costs of $1,633/oz and AISC of $1,950/oz. For 2026, guidance remains 700,000–800,000 ounces at cash costs of $1,425–$1,525/oz and AISC of $1,775–$1,875/oz, with $325–$375M of growth capital and $70–$80M of exploration. Subsequent filings may provide more detail on ramp-up progress at Greenstone and Valentine and on the contingent production-linked payment of up to $115.0M related to the Brazil sale.

Key Figures

Revenue (continuing operations): $861.6M Net income (all operations): $310.1M Basic EPS (all operations): $0.39/share +5 more

8 metrics

Revenue (continuing operations) $861.6M Three months ended March 31, 2026

Net income (all operations) $310.1M Three months ended March 31, 2026

Basic EPS (all operations) $0.39/share Three months ended March 31, 2026

Gold production (all operations) 197,628 oz Three months ended March 31, 2026

Cash costs per ounce $1,633/oz All operations, Q1 2026

AISC per ounce $1,950/oz All operations, Q1 2026

Brazil sale cash consideration $891.1M Cash consideration received on closing January 23, 2026

Net debt $251.8M As of March 31, 2026

Key Terms

All-in sustaining costs (AISC), discontinued operations, normal course issuer bid, Adjusted EBITDA, +2 more

6 terms

All-in sustaining costs (AISC) financial

"Cash costs per oz of $1,633 and AISC per oz of $1,950 from All Operations"

All-in sustaining costs (AISC) is a per-unit measure that shows the total ongoing cost to keep a producing asset running, including operating expenses, routine maintenance, sustaining capital, and a share of corporate and administrative costs. For investors it provides a more complete picture than simple production cost numbers—think of it as the full monthly bill to maintain a business divided by its output—helping compare profitability and cash flow durability across producers.

discontinued operations financial

"The Brazil Operations were sold on January 23, 2026 and have been reported as Discontinued Operations"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

normal course issuer bid financial

"approval of a normal course issuer bid (“NCIB”) to repurchase, for cancellation, up to an aggregate of 39,414,095 common shares"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

Adjusted EBITDA financial

"Adjusted EBITDA from All Operations of $527.2 million, and adjusted EBITDA from Continuing Operations of $493.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Greenstone Contingent Consideration financial

"the Company’s obligation under the Greenstone Contingent Consideration to deliver 11,111 ounces of refined gold"

non-IFRS measures financial

"cash costs, AISC, adjusted net income, adjusted EPS, EBITDA, net debt, and sustaining capital expenditures are non-IFRS financial measures"

Non-IFRS measures are financial figures that companies create on their own to show aspects of their performance, beyond what standard accounting rules require. They can help investors better understand how a company is really doing by highlighting information that might be more relevant or easier to interpret, much like a sports coach emphasizes certain stats to showcase team strengths not captured by official scores.

Form 6-K: How Foreign Companies Report to the SEC →

05/06/2026 - 04:36 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026.

Commission File Number: 001-39038


EQUINOX GOLD CORP.
(Translation of registrant’s name into English)

700 West Pender Street, Suite 1501, Vancouver, British Columbia, V6C 1G8
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F

INCORPORATION BY REFERENCE

Exhibits 99.1, 99.2, and 99.3 of this Form 6-K are incorporated by reference as additional exhibits to the registrant’s Registration Statements on Form F-10 (File No. 333-282467) and Form S-8 (File No. 333-288142).

EXHIBIT INDEX


Exhibit Number						Description
99.1						Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2026 and 2025
99.2						Management’s Discussion and Analysis for the three months ended March 31, 2026
99.3						Consent of Matthew MacPhail P.Eng., dated May 6, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	EQUINOX GOLD CORP.
	(Registrant)


Date: May 6, 2026	By:	/s/ Jacqlin Anthony
		Name: Jacqlin Anthony
		Title: General Counsel

Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited, expressed in thousands of United States dollars, unless otherwise stated)

Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025


CONTENTS
Condensed Consolidated Interim Statements of Financial Position			3
Condensed Consolidated Interim Statements of Income (Loss)			4
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)			5
Condensed Consolidated Interim Statements of Cash Flows			6
Condensed Consolidated Interim Statements of Changes in Equity			7

Notes to the Consolidated Financial Statements
Note 1 – Nature of operations			8
Note 2 – Basis of preparation and material accounting policies			8
Note 3 – Sale of Brazil operations and discontinued operations			9

Consolidated Statements of Financial Position
Note 4 – Marketable securities			11
Note 5 – Inventories			12
Note 6 – Mineral properties, plant and equipment			12
Note 7 – Other non-current assets			13
Note 8 – Loans and borrowings			13
Note 9 – Deferred revenue			15
Note 10 – Derivative financial instruments			16
Note 11 – Share capital and dividends			19

Consolidated Statements of Income
Note 12 – Operating expense			20
Note 13 – General and administration expense			20
Note 14 – Other expense			20
Note 15 – Net income (loss) per share			21

Other Disclosures
Note 16 – Segment information			22
Note 17 – Supplemental cash flow information			23
Note 18 – Fair value measurements			24
Note 19 – Contingencies			25

Condensed Consolidated Interim Statements of Financial Position

At March 31, 2026 and December 31, 2025

(Expressed in thousands of United States dollars)

(Unaudited)


	Note	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	362,965	$	407,355
Marketable securities	4	136,654		162,683
Trade and other receivables		61,149		65,468
Inventories	5	392,045		369,759
Prepaid expenses		33,474		26,352
Other current assets		2,022		10,608
Assets held for sale	3	—		928,332
		988,309		1,970,557
Non-current assets
Restricted cash		9,727		7,567
Inventories	5	433,152		368,130
Mineral properties, plant and equipment	6	7,948,829		7,910,329

Other non-current assets	7	276,038		278,812
Total assets		$	9,656,055	$	10,535,395

Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities		$	335,525	$	302,420
Income taxes payable		92,959		153,118
Current portion of loans and borrowings	8	29,080		181,330
Current portion of deferred revenue	9	101,779		127,597
Current portion of derivative liabilities	10(b)	169,576		184,171
Other current liabilities		68,902		82,663
Liabilities relating to assets held for sale	3	—		230,675
		797,821		1,261,974
Non-current liabilities
Loans and borrowings	8	585,649		1,373,350
Deferred revenue	9	166,284		165,130
Derivative liabilities	10(b)	49,098		46,710
Reclamation and closure cost provisions		232,303		229,787
Deferred income tax liabilities		1,447,497		1,411,851
Other non-current liabilities		252,183		251,286
Total liabilities		3,530,835		4,740,088
Shareholders’ equity
Common shares		4,903,602		4,874,712
Reserves		83,989		93,081
Accumulated other comprehensive income		11,042		7,516
Retained earnings		1,126,587		819,998
Total equity		6,125,220		5,795,307
Total liabilities and equity		$	9,656,055	$	10,535,395

Contingencies (notes 3, 10(b)(iii) and 19)

Subsequent events (notes 8(a) and 11(b))

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Income (Loss)

For the three months ended March 31, 2026 and 2025

(Expressed in thousands of United States dollars, except number of shares and per share amounts)

(Unaudited)


	Note	2026		2025(1)
Continuing operations
Revenue		$	861,593	$	265,706
Cost of sales
Operating expense	12	(310,901)		(196,064)
Depreciation and depletion		(111,936)		(50,832)
		(422,837)		(246,896)
Income from mine operations		438,756		18,810

Care and maintenance expense		(20,771)		(9,945)
Exploration and evaluation expense		(6,287)		(695)
General and administration expense	13	(21,466)		(17,366)
Income (loss) from operations		390,232		(9,196)

Finance expense		(31,693)		(46,427)
Finance income		4,201		1,801
Other expense	14	(48,729)		(15,720)
Income (loss) before income taxes from continuing operations		314,011		(69,542)

Income tax expense		(126,841)		(8,961)
Net income (loss) from continuing operations		187,170		(78,503)

Discontinued operations
Net income from discontinued operations	3	122,941		3,024
Net income (loss)		$	310,111	$	(75,479)

Net income (loss) per share
Basic	15	$	0.39	$	(0.17)
Diluted	15	$	0.38	$	(0.17)
Net income (loss) per share - continuing operations
Basic	15	$	0.24	$	(0.17)
Diluted	15	$	0.23	$	(0.17)
Weighted average shares outstanding
Basic	15	788,596,532		455,731,465
Diluted	15	825,750,643		455,731,465

(1) Restated. See note 3.

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Comprehensive Income (Loss)

For the three months ended March 31, 2026 and 2025

(Expressed in thousands of United States dollars)

(Unaudited)


	2026		2025
Net income (loss)	$	310,111	$	(75,479)
Other comprehensive income (loss)
Items that will not be reclassified subsequently to net income or loss:
Net fair value gain (loss) relating to marketable securities:
Held at the end of the period	11,354		(2,122)
Derecognized during the period	3,762		(678)
Income tax expense relating to fair value gain (loss) on marketable securities	(472)		—
	14,644		(2,800)
Total comprehensive income (loss)	$	324,755	$	(78,279)

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Cash Flows

For the three months ended March 31, 2026 and 2025

(Expressed in thousands of United States dollars)

(Unaudited)


	Note	2026		2025
Cash provided by (used in):
Operating activities
Net income (loss) for the period		$	310,111	$	(75,479)
Adjustments for:
Depreciation and depletion		116,100		97,561
Finance expense		32,130		48,333
Amortization of deferred revenue	9	(28,857)		(13,125)
Change in fair value of derivatives		18,857		10,206
Settlements of derivatives	10	(16,537)		(7,360)
Gain on sale of Brazil operations	3	(105,645)		—
Loss on extinguishment of debt	8(a)(b)	32,616		—
Unrealized foreign exchange loss		5,504		7,081
Income tax expense		135,960		10,626
Income taxes paid		(141,079)		(18,429)
Other		(18,156)		13,891
Operating cash flow before changes in non-cash working capital		341,004		73,305
Changes in non-cash working capital	17	(104,162)		(18,820)
		236,842		54,485
Investing activities
Expenditures on mineral properties, plant and equipment		(184,842)		(93,800)
Net proceeds on sale of Brazil operations	3	845,181		—
Proceeds from disposition of marketable securities	4	41,146		3,023
Investment in Calibre Mining Corp.		—		(40,000)
Other		7,495		(2,703)
		708,980		(133,480)
Financing activities
Proceeds from loans and borrowings	8	14,308		40,000
Repayments of loans and borrowings	8	(977,189)		—
Repayments of other financing arrangements		(8,950)		(4,108)
Interest paid		(16,713)		(28,432)
Lease payments		(7,337)		(6,735)
Repurchase of common shares	11(a)	(4,710)		—
Dividends paid	11(b)	(11,838)		—
Other		2,030		9,708
		(1,010,399)		10,433
Effect of foreign exchange on cash and cash equivalents		(2,462)		2,120
Decrease in cash and cash equivalents		(67,039)		(66,442)
Change in cash and cash equivalents held for sale		22,649		—
Cash and cash equivalents – beginning of period		407,355		239,329
Cash and cash equivalents – end of period		$	362,965	$	172,887

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Changes in Equity

For the three months ended March 31, 2026 and 2025

(Expressed in thousands of United States dollars, except number of shares)

(Unaudited)


		Common Shares
	Note	Number	Amount		Reserves		Accumulated other comprehensive income (loss)		Retained earnings		Total
Balance – December 31, 2025		785,632,450	$	4,874,712	$	93,081	$	7,516	$	819,998	$	5,795,307
Shares issued on exercise of stock options and warrants and settlement of restricted share units		3,753,162	30,798		(10,858)		—		—		19,940
Shares repurchased and cancelled	11(a)	(307,100)	(1,908)		—		—		(2,802)		(4,710)
Share-based compensation		—	—		1,766		—		—		1,766
Dividends paid	11(b)	—	—		—		—		(11,838)		(11,838)
Disposition of marketable securities	4	—	—		—		(11,118)		11,118		—
Net income and total comprehensive income		—	—		—		14,644		310,111		324,755
Balance – March 31, 2026		789,078,512	$	4,903,602	$	83,989	$	11,042	$	1,126,587	$	6,125,220

Balance – December 31, 2024		455,232,521	$	2,798,820	$	74,100	$	(89,027)	$	613,659	$	3,397,552
Shares issued on exercise of stock options and settlement of restricted share units		850,365	5,139		(4,210)		—		—		929
Share-based compensation		—	—		2,879		—		—		2,879
Disposition of marketable securities		—	—		—		15,132		(15,132)		—
Net loss and total comprehensive loss		—	—		—		(2,800)		(75,479)		(78,279)
Balance – March 31, 2025		456,082,886	$	2,803,959	$	72,769	$	(76,695)	$	523,048	$	3,323,081

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

1. NATURE OF OPERATIONS

Equinox Gold Corp. (the “Company” or “Equinox Gold”) was incorporated under the Business Corporations Act of British Columbia on March 23, 2007. Equinox Gold’s primary listing is on the Toronto Stock Exchange (the “TSX”) in Canada where its common shares trade under the symbol “EQX”. The Company’s shares also trade on the NYSE American Stock Exchange in the United States under the symbol “EQX”. The Company’s corporate office is at Suite 1501, 700 West Pender Street, Vancouver, British Columbia, Canada, V6C 1G8.

Equinox Gold is a mining company engaged in the operation, acquisition, exploration and development of mineral properties, with a focus on gold.

On January 23, 2026, the Company completed the sale of its 100% interest in the Aurizona Mine (“Aurizona”), Bahia Complex and RDM Mine located in Brazil (collectively, the “Brazil Operations”). The assets and liabilities relating to the Brazil Operations were classified as held for sale at December 31, 2025 and presented as discontinued operations for the three months ended March 31, 2026 and 2025 (note 3).

All of the Company’s principal properties are located in the Americas. Details of the Company’s wholly owned principal properties and material subsidiaries as at March 31, 2026 are as follows:

Ownership interest in subsidiary

Location

Principal property

Principal activity

Subsidiary

Premier Gold Mines Hardrock Inc. and PAG Holding Corp.

100

Canada

Greenstone Mine
(“Greenstone”)

Production

Marathon Gold Corporation

100

Canada

Valentine Gold Mine
(“Valentine”)

Production

Western Mesquite Mines, Inc.

100

USA

Mesquite Mine (“Mesquite”)

Production

Desarrollo Minero de Nicaragua S.A.

100

Nicaragua

La Libertad Mine Complex
(“Libertad”)

Production

Triton Minera S.A.

100

Nicaragua

El Limon Mine Complex (“Limon”)

Production

Castle Mountain Ventures

100

USA

Castle Mountain Mine
(“Castle Mountain”)

Development

Desarollos Mineros San Luis S.A. de C.V.

100

Mexico

Los Filos Mine Complex
(“Los Filos”)

Development

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

(a)Statement of compliance

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements do not include all the information required for annual financial statements prepared using International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025.

These unaudited condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors on May 6, 2026.

(b)Presentation currency

Except as otherwise noted, these unaudited condensed consolidated interim financial statements are presented in United States dollars (“$”, “US dollars” or “USD”). All references to C$ or “CAD” are to Canadian dollars.

(c)Material accounting policies

Except as described in note 3, the material accounting policies applied in the preparation of these unaudited condensed consolidated interim financial statements are consistent with those applied and disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2025.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES (CONTINUED)

(d)Amended IFRS standards effective January 1, 2026

In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9, Financial Instruments (“IFRS 9”) and IFRS 7, Financial Instruments: Disclosures (“IFRS 7”) effective January 1, 2026 on a prospective basis.

The amendments to IFRS 9 clarify that unless the Company makes an election as described below, a financial liability is derecognized on the settlement date, which is the date on which the liability is extinguished. The amendments permit the Company to elect, when settling a financial liability or part of a financial liability in cash using an electronic payment system, to deem the financial liability, or part of it, to be extinguished before the settlement date if the Company has initiated a payment instruction that resulted in: (a) the Company having no practical ability to withdraw, stop or cancel the payment instruction; (b) the Company having no practical ability to access the cash to be used for settlement as a result of the payment instruction; and (c) the settlement risk associated with the electronic payment system being insignificant. The Company applied the amendments to IFRS 9 effective January 1, 2026, which did not have a material impact on the Company’s consolidated financial statements for the three months ended March 31, 2026.

The amendments to IFRS 7 added requirements relating to investments in equity instruments designated at fair value through other comprehensive income (“FVOCI”) to disclose separately the change in fair values presented in other comprehensive income for investments derecognized during the reporting period and those held at the end of the reporting period. In addition, entities are required to disclose information to help users understand the effect of contingent features that are unrelated to basic lending risks and costs that could change the contractual cash flows of a financial asset measured at amortized cost or FVOCI and financial liability measured at amortized cost. The Company disclosed in the statements of comprehensive income (loss), the change in fair values of investments derecognized during the reporting period separately from those held at the end of the reporting period. No additional disclosures were considered necessary in the Company’s consolidated financial statements for the three months ended March 31, 2026.

3. SALE OF BRAZIL OPERATIONS AND DISCONTINUED OPERATIONS

On January 23, 2026, the Company completed the sale of its 100% interest in the Brazil Operations to a third-party group (the “Buyer”). The Company recognized a gain of $105.6 million before tax on sale of the Brazil Operations during the three months ended March 31, 2026, calculated as follows:


Cash consideration received on closing	$	891,085
Post-closing working capital adjustment(1)	2,410
Transaction costs	(4,977)
Net proceeds	888,518
Net carrying amount of the assets and liabilities sold	(758,575)
Accrual for future indemnity payments(2)	(24,298)
Gain on sale of Brazil Operations	$	105,645

(1) The cash consideration received is subject to a customary post-closing working capital adjustment. The net proceeds amount used to determine the gain on sale of the Brazil Operations includes an estimate of the post-closing working capital adjustment which is expected to be finalized in the second or third quarter of 2026.

(2) The gain on sale of the Brazil Operations recognized during the three months ended March 31, 2026 is net of the Company’s estimate as at March 31, 2026 of the most likely amount of future indemnity payments to the Buyer for taxes and losses incurred by the Buyer in connection with settlement of litigation claims relating to periods prior to the sale transaction closing date. The estimate excludes amounts relating to outstanding matters for which a cash outflow has been assessed by the Company to be less than probable (note 19).

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

3. SALE OF BRAZIL OPERATIONS AND DISCONTINUED OPERATIONS (CONTINUED)

In addition to the cash consideration received, the Company is entitled to additional production-linked cash consideration of up to $115.0 million payable on January 23, 2027, based on gold ounces sold by the Brazil Operations during the 12-month period following closing (the “Brazil Measurement Period”). The contingent consideration equals 12.5% of incremental revenue from gold sales above 200,000 ounces, subject to a maximum payment of $115.0 million if sales exceed 280,000 ounces during the Brazil Measurement Period.

The amount of consideration included in the calculation of gain on sale represents the amount that the Company expects to be entitled to in exchange for transferring the assets and liabilities of the Brazil Operations (the “Brazil Transaction Price”), which includes an estimate of the post-closing working capital adjustment. At March 31, 2026, the Company excluded the contingent production-linked consideration from the Brazil Transaction Price because the amount of the contingent payment has a high variability of possible outcomes that is dependent on factors outside of the Company’s influence including the operating, financial, regulatory and other risks specific to the underlying assets and the Buyer and volatility in future gold prices. The uncertainty about the amount of consideration will not be resolved until the end of the Brazil Measurement Period and the magnitude of any adjustment to any amount recognized as part of the gain on sale prior to the end of the Brazil Measurement Period could be significant.

Adjustments to the Brazil Transaction Price arising from the post-closing working capital adjustment, changes in the Company’s estimate of the amount of the contingent production-linked consideration it expects to receive and the most likely amount it expects to pay to the Buyer for future indemnity payments will be recognized in the statement of income or loss in the period in which the changes occur.

The carrying amounts of the assets and liabilities derecognized on disposition were as follows:


Assets
Cash and cash equivalents	$	40,927
Trade and other receivables(1)	36,890
Inventories	122,600
Mineral properties, plant and equipment	731,318
Deferred income tax assets	6,535
Other assets	33,442
	971,712
Liabilities
Accounts payable and accrued liabilities	126,148
Reclamation and closure cost provisions	56,996
Deferred income tax liabilities	2,417
Other liabilities	27,576
	213,137
Net assets	$	758,575

(1) Trade and other receivables includes $22.0 million payable by the Company to the subsidiaries disposed of which was repaid during the three months ended March 31, 2026.

The Brazil Operations, being a component that represents a separate major geographical area of operations of the Company, has been presented as discontinued operations in these condensed consolidated interim financial statements. The statement of income (loss) and related notes for the three months ended March 31, 2025 have been restated to conform with the current period presentation of the Brazil Operations as discontinued operations.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

3. SALE OF BRAZIL OPERATIONS AND DISCONTINUED OPERATIONS (CONTINUED)

The following tables present significant information about the results and cash flows of the Brazil Operations for the three months ended March 31, 2026 and 2025:


	2026		2025
Revenue	$	66,541	$	158,018
Operating expense	(31,841)		(96,513)
Depreciation and depletion	—		(46,600)
Other operating expenses	(506)		(1,453)
Income from operations	34,194		13,452
Finance expense	(437)		(1,906)
Finance income	47		294
Other expense	(7,389)		(7,151)
Income from discontinued operations before disposal	26,415		4,689
Income tax expense	(9,119)		(1,665)
Net income from discontinued operations before disposal	17,296		3,024
Gain on sale of discontinued operations	105,645		—
Net income from discontinued operations	$	122,941	$	3,024

Net income per share - discontinued operations
Basic	$	0.16	$	0.01
Diluted	0.15		0.01


	2026		2025
Cash provided by (used in):
Operating activities	$	3,984	$	40,530
Investing activities	(6,542)		(24,901)
Financing activities	(888)		(1,678)

4. MARKETABLE SECURITIES

In February 2026, the Company sold all of its common shares of Minera Alamos Inc. held for total proceeds of C$56.1 million ($41.1 million) and derecognized the carrying amount of the marketable securities of $41.1 million. In connection with the dispositions, the Company transferred the cumulative gain of $11.1 million, net of tax, on the marketable securities from accumulated other comprehensive gain to retained earnings.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

5. INVENTORIES


	March 31, 2026		December 31, 2025
Stockpiled ore	$	391,981	$	322,470
Heap leach ore	242,175		227,753
Work-in-process	39,835		62,062
Finished goods	19,323		12,072
Supplies	131,883		113,532
Total inventories	$	825,197	$	737,889

Classified and presented as:
Current	$	392,045	$	369,759
Non-current(1)	433,152		368,130
	$	825,197	$	737,889

(1) Non-current inventories at March 31, 2026 and December 31, 2025 primarily relate to heap leach ore at Mesquite, and stockpiled ore at Greenstone and Valentine.

During the three months ended March 31, 2026, the Company recognized within cost of sales $4.3 million in write-downs of inventories relating to non-current stockpiled ore at Valentine (2025 – $28.6 million primarily relating to heap leach ore at Los Filos to reflect the change in expected timing of recovery of the remaining ounces).

6. MINERAL PROPERTIES, PLANT AND EQUIPMENT


	Mineral properties		Plant and equipment		Construction- in-progress		Exploration and evaluation assets		Total
Cost
Balance – December 31, 2025	$	6,131,297	$	2,536,027	$	39,565	$	43,421	$	8,750,310
Additions(1)	63,857		99,311		4,266		—		167,434
Disposals	(4,754)		(3,399)		—		—		(8,153)

Change in reclamation and closure cost asset	1,544		—		—		—		1,544
Balance – March 31, 2026	$	6,191,944	$	2,631,939	$	43,831	$	43,421	$	8,911,135

Accumulated depreciation and depletion
Balance – December 31, 2025	$	578,583	$	261,398	$	—	$	—	$	839,981
Depreciation and depletion	77,723		44,790		—		—		122,513
Disposals	—		(188)		—		—		(188)
Balance – March 31, 2026	$	656,306	$	306,000	$	—	$	—	$	962,306
Net book value
At December 31, 2025	$	5,552,714	$	2,274,629	$	39,565	$	43,421	$	7,910,329
At March 31, 2026	$	5,535,638	$	2,325,939	$	43,831	$	43,421	$	7,948,829

(1)Non-cash additions for the three months ended March 31, 2026 primarily relate to $2.8 million of depreciation and depletion capitalized to mineral properties.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

7. OTHER NON-CURRENT ASSETS


	March 31, 2026		December 31, 2025
Heap leach ore	$	199,681	$	201,823
Indemnification asset	39,844		39,844
Corani net smelter returns royalty	18,750		—
Supplies	14,460		14,460
Convertible note receivable	—		18,750
Other	3,303		3,935
	$	276,038	$	278,812

Corani net smelter returns royalty and convertible note receivable

At December 31, 2025, the Company held a convertible note receivable from Bear Creek Mining Corporation (“Bear Creek”) with an outstanding balance of $28.4 million, which was issued in connection with an asset sale in a prior period (the “Bear Creek Convertible Note”). On February 26, 2026, Bear Creek and Highlander Silver Corp. (“Highlander”) completed a plan of arrangement under which Highlander acquired all of the issued and outstanding shares of Bear Creek (the “Arrangement”). As a result, the debt settlement agreement that the Company entered into with Highlander on December 19, 2025, which was conditional upon closing of the Arrangement, became effective.

Pursuant to the terms of the debt settlement agreement, the Company received a 0.5% unsecured net smelter returns royalty on the Corani silver project in Peru (“Corani NSR”) as settlement for the Bear Creek Convertible Note. Highlander has the right to buy back 0.167% of the Corani NSR, reducing the royalty to 0.333% of the net smelter returns, for $8.3 million until the earlier of: (i) January 1, 2033; and (ii) the date that is six months after a final investment decision.

Upon settlement, the Company derecognized the carrying amount of the Bear Creek Convertible Note of $18.8 million and recognized a separate other non-current asset at cost, representing the fair value of the Corani NSR on the date of settlement, with no gain or loss recognized.

8. LOANS AND BORROWINGS


	Note	March 31, 2026		December 31, 2025
Credit facility	8(a)	$	432,762	$	1,106,590
2023 convertible notes		142,992		140,635
2025 convertible notes		23,565		23,625
Sprott loan	8(b)	—		281,920
Other		15,410		1,910
Total loans and borrowings		$	614,729	$	1,554,680

Classified and presented as:
Current(1)		$	29,080	$	181,330
Non-current		585,649		1,373,350
		$	614,729	$	1,554,680

(1)The current portion of loans and borrowings at March 31, 2026 represents the debt host component of the 2025 convertible notes and the current portion of other borrowings (December 31, 2025 – debt host component of the 2025 convertible notes and the current portion of the credit facility, Sprott loan and other borrowings).

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

8. LOANS AND BORROWINGS (CONTINUED)

The following is a reconciliation of the changes in the carrying amount of loans and borrowings during the three months ended March 31, 2026 and 2025 to cash flows arising from financing activities:


	Note	2026		2025
Balance – beginning of period(1)		$	1,556,387	$	1,347,831
Financing cash flows:
Proceeds from loans and borrowings		14,308		40,000
Repayments of loans and borrowings	8(a),(b)	(977,189)		—
Interest paid		(12,822)		(26,158)
Other	8(b)	(12,202)		—
Other changes:
Interest and accretion expense		18,033		33,235
Loss on extinguishment of debt	8(a),(b)	32,616		—
Foreign exchange gain		(597)		—
Balance – end of period(1)		618,534		1,394,908
Less: accrued interest(2)		(3,805)		(2,048)
Balance – end of period, excluding accrued interest		$	614,729	$	1,392,860

(1) Includes accrued interest.

(2) Included in accounts payable and accrued liabilities.

(a)Credit facility

At December 31, 2025, the Company’s credit facility with a syndicate of lenders (the “Credit Facility”) consisted of an $850.0 million revolving credit facility (the “Revolving Facility”) and a $500.0 million term loan (the “Term Loan”).

On January 23, 2026, the Company repaid the $500.0 million balance under the Term Loan in full, without penalty, and the Term Loan facility was terminated. The Company recognized a loss of $16.0 million in other expense on extinguishment of the Term Loan. Pursuant to the terms of Credit Facility, the uncommitted accordion feature, which permits the Company to request an increase in the principal amount of the facility, was increased to $350.0 million upon full repayment of the Term Loan.

During the three months ended March 31, 2026, the Company repaid $190.0 million of the outstanding principal under the Revolving Facility. At March 31, 2026, there was $409.6 million undrawn on the Revolving Facility.

The Revolving Facility is subject to standard conditions and covenants, including financial covenants which are calculated as at the last day of each fiscal quarter. At March 31, 2026, the Company was in compliance with the applicable covenants.

On April 27, 2026, the Company amended certain terms of its Revolving Facility. The amendments include an increase in the facility size from $850.0 million to $1.0 billion, an extension of the maturity date from July 31, 2029 to July 31, 2030, and an increase in the accordion feature from $350.0 million to $500.0 million.

The amended terms also reduce the applicable interest rate from the applicable term rate based on the Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.875% to 3.125%, based on the Company’s total net leverage ratio, to SOFR plus a margin of 1.45% to 2.50%, and amend certain financial covenants, which include an increase to the senior net leverage ratio and a reduction in the interest coverage ratio.

Following the April 2026 amendment, the Revolving Facility is secured by a pledge over the shares of certain subsidiaries of the Company and asset level security on the property and assets of Greenstone, which will remain in place until the contingent payment obligation at Greenstone (“Greenstone Contingent Consideration”) (note 10(b)(iii)) is fully settled.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

8. LOANS AND BORROWINGS (CONTINUED)

(b)Sprott loan

On January 23, 2026, the Company repaid the outstanding principal of $261.3 million and remaining balance of $25.1 million in the additional payments payable under the credit facility with Sprott Private Resource Lending II (Collector-2), LP (the “Sprott Loan”) in full. Pursuant to the terms of the Sprott Loan, the Company paid an additional amount of $12.2 million, equal to the interest that would have been accrued on the principal amount prepaid from the date of prepayment to June 30, 2026. The Company recognized a loss of $16.6 million in other expense on extinguishment of the Sprott Loan.

9. DEFERRED REVENUE


	Stream arrangement (note 9(a))		Gold prepay transactions (note 9(b))		Gold purchase and sale arrangement (note 9(c))		Total
Balance – December 31, 2025	$	127,039	$	102,716	$	62,972	$	292,727
Gold delivered	(520)		(25,502)		(2,835)		(28,857)
Accretion expense	(1,477)		2,153		3,517		4,193
Balance – March 31, 2026	$	125,042	$	79,367	$	63,654	$	268,063

					March 31, 2026		December 31, 2025
Classified and presented as:
Current(1)					$	101,779	$	127,597
Non-current					166,284		165,130
					$	268,063	$	292,727

(1) The current portion of deferred revenue is based on the amounts of gold expected to be delivered within 12 months of the reporting date.

(a)Stream arrangement

During the three months ended March 31, 2026, the Company delivered 1,998 gold ounces (2025 – 1,174 gold ounces) under the stream arrangement it assumed in 2024. The Company received average cash consideration of $975 per ounce (2025 – $568 per ounce), representing 20% of the spot gold price at the time of delivery. Total revenue recognized during the three months ended March 31, 2026, which consists of the cash consideration received on delivery of the gold ounces and the portion of the deferred revenue obligation satisfied, amounted to $2.5 million (2025 – $2.5 million).

(b)Gold prepay transactions

During the three months ended March 31, 2026, the Company delivered 11,606 gold ounces (2025 – 3,869 gold ounces) under the gold prepay transactions with certain of its lenders (the “Gold Prepay Transactions”), of which 4,661 gold ounces (2025 – 1,554 gold ounces) were sold on a spot price basis.

The Company received average cash consideration of $2,778 per ounce (2025 – $955 per ounce) for the gold ounces sold on a spot price basis, representing the difference between the spot gold price at the time of delivery and the fixed price in accordance with the contracts. Total revenue recognized during the three months ended March 31, 2026, which consists of the cash consideration received on delivery of the gold ounces and the portion of the deferred revenue obligation satisfied, amounted to $38.5 million (2025 – $10.0 million). At March 31, 2026, there were 36,398 gold ounces (December 31, 2025 – 48,004 gold ounces) outstanding to be delivered over the remaining contract term to September 2026.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

9. DEFERRED REVENUE (CONTINUED)

(c)Gold purchase and sale arrangement

During the three months ended March 31, 2026, the Company delivered 1,500 gold ounces (2025 – 1,500 gold ounces) under the gold purchase and sale arrangement it entered into in 2023. The Company received average cash consideration of $977 per ounce (2025 – $570 per ounce), representing 20% of the spot gold price at the time of delivery. Total revenue recognized during the three months ended March 31, 2026, which consists of the cash consideration received on delivery of the gold ounces and the portion of the deferred revenue obligation satisfied, amounted to $4.3 million (2025 – $3.7 million). At March 31, 2026, there were 75,500 gold ounces (December 31, 2025 – 77,000 gold ounces) remaining to be delivered under the arrangement.

10. DERIVATIVE FINANCIAL INSTRUMENTS

(a)Derivative assets

The following is a summary of the Company’s derivative assets at March 31, 2026 and December 31, 2025:


		March 31, 2026		December 31, 2025
Foreign exchange contracts	10(b)(i)	$	2	$	9,176
Other		80		113
		$	82	$	9,289

Classified and presented as:
Current(1)		$	—	$	8,573
Non-current(2)		82		716
		$	82	$	9,289

(1) Included in other current assets.

(2) Included in other non-current assets.

(b)Derivative liabilities

The following is a summary of the Company’s derivative liabilities at March 31, 2026 and December 31, 2025:


	Note	March 31, 2026		December 31, 2025
Foreign exchange contracts	10(b)(i)	$	1,772	$	18
Gold contracts	10(b)(ii)	47,615		58,472
Greenstone Contingent Consideration	10(b)(iii)	98,391		94,328
2025 convertible notes conversion option	10(b)(iv)	41,976		40,816
Equinox Gold warrant liability	10(b)(v)	28,920		37,247
		$	218,674	$	230,881

Classified and presented as:
Current		$	169,576	$	184,171
Non-current		49,098		46,710
		$	218,674	$	230,881

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

10. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)

(b)Derivative liabilities (continued)

(i)Foreign exchange contracts

In accordance with its foreign currency exchange risk management program, the Company uses foreign exchange contracts to manage its exposure to currency risk on expenditures denominated in currencies other than USD. On January 23, 2026, the Company fully settled its outstanding USD:Brazilian Réal foreign exchange contracts, prior to their contractual maturities. At March 31, 2026, the Company had in place USD:CAD put and call options with the following notional amounts, maturity dates and weighted average rates:


	USD notional amount				Call options’ weighted average strike price	Put options’ weighted average strike price
Currency	Within 1 year		1-2 years
CAD	$	360,000	$	71,000	1.34	1.40

The following table summarizes the changes in the carrying amount of the foreign exchange contracts during the three months ended March 31, 2026 and 2025:


	2026		2025
Net (asset) liability – beginning of period	$	(9,158)	$	54,280
Settlements	10,295		(3,659)
Change in fair value	633		(30,665)
Net liability – end of period	$	1,770	$	19,956

The fair value of the foreign exchange contracts at March 31, 2026 and December 31, 2025 is presented as follows:


	March 31, 2026		December 31, 2025
Net liability (asset) presented as:
Current derivative assets	$	—	$	(8,573)
Non-current derivative assets	(2)		(603)
Current derivative liabilities	1,473		1
Non-current derivative liabilities	299		17
	$	1,770	$	(9,158)

(ii)Gold contracts

At March 31, 2026, the Company had 9,999 total notional ounces remaining under its outstanding gold collar contracts which mature over the period to June 2026 with a weighted average put and call strike price of $2,100 and $3,487, respectively.

At March 31, 2026, the Company also had 14,721 total notional ounces remaining under its outstanding financial swap agreements that were entered into in connection with certain of the Gold Prepay Transactions (note 9(b)). Under the swap agreements, which are cash-settled, the Company receives a weighted average price of $2,204 per ounce in exchange for paying the spot price for 34,919 total notional ounces over the period from March 2025 to September 2026.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

10. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)

(b)Derivative liabilities (continued)

(ii)Gold contracts (continued)

The following table summarizes the changes in the carrying amount of the gold contracts during the three months ended March 31, 2026 and 2025:


	2026		2025
Liability – beginning of period	$	58,472	$	20,501
Settlements	(26,832)		(3,701)
Change in fair value	15,975		30,769
Liability – end of period	$	47,615	$	47,569

(iii)Greenstone Contingent Consideration

At March 31, 2026, the Company’s obligation under the Greenstone Contingent Consideration to deliver 11,111 ounces of refined gold, the cash equivalent value of such refined gold, or a combination thereof, upon reaching specific production milestones at Greenstone relates to the production milestones of 500,000 ounces and 700,000 ounces.

The following table summarizes the changes in the carrying amount of the Greenstone Contingent Consideration during the three months ended March 31, 2026 and 2025:


	2026		2025
Balance – beginning of period	$	94,328	$	86,223
Change in fair value	4,063		14,964
Balance – end of period	$	98,391	$	101,187

The fair value of the Greenstone Contingent Consideration at March 31, 2026 and December 31, 2025 is presented as follows:


	March 31, 2026		December 31, 2025
Current derivative liabilities	$	49,592	$	47,635
Non-current derivative liabilities	48,799		46,693
	$	98,391	$	94,328

(iv)2025 convertible notes conversion option

The following table summarizes the changes in the carrying amount of the conversion option component (the “2025 Convertible Notes Conversion Option”) of the 2025 convertible notes (the “2025 Convertible Notes”) assumed by the Company on the acquisition of Calibre in June 2025 (the “Calibre Acquisition”) during the three months ended March 31, 2026 and 2025:


	2026		2025
Balance – beginning of period	$	40,816	$	—
Change in fair value	1,160		—
Balance – end of period	$	41,976	$	—

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

10. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)

(b)Derivative liabilities (continued)

(v)Equinox Gold warrant liability

The following table summarizes the change in the number of outstanding warrants, which were previously issued by Calibre and became exercisable for Equinox Gold common shares on closing of the Calibre Acquisition, (“Equinox Gold Warrants”) during the three months ended March 31, 2026:


	Number of warrants	Weighted average exercise price (C$)
Outstanding and exercisable – December 31, 2025	4,271,060	$	10.43
Exercised	(1,195,789)	12.84

Outstanding and exercisable – March 31, 2026	3,075,271	$	9.49

The following table summarizes information about the Equinox Gold Warrants outstanding at March 31, 2026:


Exercise price (C$)	Number of warrants	Expiry date
$6.26	1,569,002	January 31, 2028
$12.86	1,506,269	March 4, 2030
	3,075,271

The following table summarizes the changes in the carrying amount of the Equinox Gold Warrants during the three months ended March 31, 2026 and 2025:


	2026		2025
Balance – beginning of period	$	37,247	$	—
Exercised	(5,708)		—
Change in fair value	(2,619)		—
Balance – end of period	$	28,920	$	—

11. SHARE CAPITAL AND DIVIDENDS

(a)Normal course issuer bid

On February 25, 2026, the Company received approval from the TSX for the implementation of a normal course issuer bid (“NCIB”) to repurchase, for cancellation, up to an aggregate of 39,414,095 common shares of Equinox Gold, representing approximately 5% of the Company’s issued and outstanding common shares as of February 18, 2026. Under the NCIB, the Company may repurchase its common shares at the prevailing market price during the 12-month period from March 2, 2026 to March 1, 2027.

During the three months ended March 31, 2026, the Company repurchased 307,100 of its outstanding common shares at an average share price of C$20.93 per share for total consideration of $4.7 million. The shares were cancelled upon repurchase. The difference of $2.8 million between the total amount paid and the amount deducted from common shares of $1.9 million, representing the average paid in capital per common share outstanding prior to the repurchase date, was recorded as a decrease to retained earnings.

(b)Dividends paid

On March 26, 2026, the Company paid total cash dividends of $11.8 million to shareholders of record as of March 12, 2026 at $0.015 per common share. On May 6, 2026, the Company declared a quarterly cash dividend of $0.015 per common share, which is payable on June 5, 2026 to shareholders of record as of May 21, 2026.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

12. OPERATING EXPENSE

Operating expense during the three months ended March 31, 2026 and 2025 consists of the following expenses by nature:


	2026		2025
Raw materials and consumables	$	129,027	$	58,336
Salaries and employee benefits(1)	67,805		43,623
Contractors	98,915		28,812
Repairs and maintenance	39,836		11,127
Site administration	20,669		21,496
Royalties	20,947		5,773
	377,199		169,167
Change in inventories	(66,298)		26,897
Total operating expense	$	310,901	$	196,064

(1) Total salaries and employee benefits, excluding share-based compensation, for the three months ended March 31, 2026, including amounts recognized within care and maintenance expense, exploration and evaluation expense and general and administration expense, was $84.8 million (2025 – $57.5 million).

13. GENERAL AND ADMINISTRATION EXPENSE

General and administration expense during the three months ended March 31, 2026 and 2025 consists of the following expenses by nature:


	2026		2025
Salaries and employee benefits	$	9,101	$	6,209
Professional fees	6,952		4,720
Office and other expenses	4,030		2,628
Share-based compensation	1,123		3,719
Depreciation	260		90
Total general and administration expense	$	21,466	$	17,366

14. OTHER EXPENSE

Other expense during the three months ended March 31, 2026 and 2025 consists of the following:


	Note	2026		2025
Change in fair value of foreign exchange contracts	10	$	(633)	$	30,665
Change in fair value of gold contracts	10	(15,975)		(30,769)
Change in fair value of Greenstone Contingent Consideration	10	(4,063)		(14,964)
Change in fair value of 2025 Convertible Notes Conversion Option	10	(1,160)		—
Change in fair value of Equinox Gold Warrants	10	2,619		—
Loss on extinguishment of debt	8(a), (b)	(32,616)		—
Foreign exchange gain		3,802		876
Other expense		(703)		(1,528)
Total other expense		$	(48,729)	$	(15,720)

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

15. NET INCOME (LOSS) PER SHARE

The calculations of basic and diluted net income (loss) per share (“EPS”) for the three months ended March 31, 2026 and 2025 are as follows:


		Net income						Net income per share
2026	Weighted average shares outstanding	Continuing operations		Discontinued operations		Total		Continuing operations	Discontinued operations		Total
Basic EPS	788,596,532	$	187,170	$	122,941	$	310,111	0.24	$	0.16	$	0.39
Dilutive restricted share units	2,163,210	—		—		—
Dilutive stock options	5,756,390	—		—		—
Dilutive warrants	1,852,120	(2,619)		—		(2,619)
Dilutive convertible notes	27,382,391	3,863		—		3,863
Diluted EPS	825,750,643	$	188,414	$	122,941	$	311,355	0.23	$	0.15	$	0.38


		Net (loss) income						Net (loss) income per share
2025	Weighted average shares outstanding	Continuing operations		Discontinued operations		Total		Continuing operations	Discontinued operations		Total
Basic and diluted EPS	455,731,465	$	(78,503)	$	3,024	$	(75,479)	(0.17)	$	0.01	$	(0.17)

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

16. SEGMENT INFORMATION

Operating results of operating segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segments and to assess performance. The Company’s operating segments are managed and assessed separately, with each segment comprising a single mine or mines that are exposed to similar operating, financial and regulatory risks.

The following tables present significant information about the Company’s reportable operating segments as reported to the Company’s CODM. The segment information for the current and comparative periods reflects the presentation of the Brazil Operations as discontinued operations (note 3).


Three months ended March 31, 2026
	Revenue		Operating expense		Depreciation and depletion		Exploration and evaluation expense		Other operating expenses		Income (loss) from operations
Continuing operations
Greenstone	$	280,165	$	(92,483)	$	(46,841)	$	—	$	—	$	140,841
Valentine	120,248		(52,426)		(20,720)		(2,582)		—		44,520
Mesquite	60,640		(24,880)		(6,581)		—		—		29,179
Nicaragua(1)	391,328		(134,725)		(37,398)		(3,319)		—		215,886
Castle Mountain(2)	9,167		(5,827)		(396)		(85)		(2,070)		789
Los Filos(2)	45		(560)		—		(131)		(18,701)		(19,347)
Corporate	—		—		—		(170)		(21,466)		(21,636)
	861,593		(310,901)		(111,936)		(6,287)		(42,237)		390,232
Discontinued operations
Brazil Operations	66,541		(31,841)		—		(504)		(2)		34,194
	$	928,134	$	(342,742)	$	(111,936)	$	(6,791)	$	(42,239)	$	424,426


Three months ended March 31, 2025
	Revenue		Operating expense		Depreciation and depletion		Exploration and evaluation expense		Other operating expenses		Income (loss) from operations
Continuing operations
Greenstone	$	129,550	$	(70,416)	$	(34,733)	$	—	$	—	$	24,401
Mesquite	35,476		(21,547)		(5,041)		—		—		8,888
Castle Mountain(2)	9,243		(5,982)		(341)		(142)		(417)		2,361
Los Filos(2)	91,437		(98,119)		(10,717)		(415)		(9,528)		(27,342)
Corporate	—		—		—		(138)		(17,366)		(17,504)
	265,706		(196,064)		(50,832)		(695)		(27,311)		(9,196)
Discontinued operations
Brazil Operations	158,018		(96,513)		(46,600)		(1,121)		(332)		13,452
	$	423,724	$	(292,577)	$	(97,432)	$	(1,816)	$	(27,643)	$	4,256

(1)The Nicaragua reportable segment consists of Libertad and Limon.

(2)Other operating expenses at Castle Mountain and Los Filos for the three months ended March 31, 2026 and 2025 relate to care and maintenance costs. Care and maintenance costs for Los Filos for the three months ended March 31, 2026 includes $5.3 million relating to salaries, employee benefits and severance costs, and $3.9 million relating to depreciation and depletion (2025 – $7.4 million and nil, respectively).

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

16. SEGMENT INFORMATION (CONTINUED)


	Total assets				Total liabilities
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Continuing operations
Greenstone	$	3,997,293	$	3,922,963	$	(1,267,073)	$	(1,263,416)
Valentine	2,315,920		2,225,144		(628,332)		(869,978)
Mesquite	333,858		319,723		(54,518)		(58,831)
Nicaragua	1,244,436		1,208,712		(431,189)		(462,009)
Castle Mountain	355,455		357,732		(12,215)		(14,082)
Los Filos	1,025,833		1,034,275		(178,273)		(195,147)
Corporate	383,260		538,514		(959,235)		(1,645,950)
	9,656,055		9,607,063		(3,530,835)		(4,509,413)
Discontinued operations
Brazil Operations	—		928,332		—		(230,675)
	$	9,656,055	$	10,535,395	$	(3,530,835)	$	(4,740,088)


	Capital expenditures(1)
Three months ended March 31	2026		2025
Continuing operations
Greenstone	$	52,969	$	39,816
Valentine	47,875		—
Mesquite	10,249		9,918
Nicaragua	46,523		—
Castle Mountain	2,300		1,705
Los Filos	1,156		5,906

	161,072		57,345
Discontinued operations
Brazil Operations	6,362		35,322
	$	167,434	$	92,667

(1)Capital expenditures in the above table represent capital expenditures on an accrual basis. Expenditures on mineral properties, plant and equipment in the consolidated statements of cash flows represent capital expenditures on a cash basis. Expenditures on mineral properties, plant and equipment in the consolidated statement of cash flows for the three months ended March 31, 2026 exclude non-cash additions (note 6) and include a decrease in accrued expenditures of $20.3 million (2025 – exclude $5.5 million of non-cash additions to right-of-use assets and $3.3 million of capitalized depreciation and depletion, and include a decrease in accrued expenditures of $13.7 million).

17. SUPPLEMENTAL CASH FLOW INFORMATION

The changes in non-cash working capital during the three months ended March 31, 2026 and 2025 were as follows:


	2026		2025
Increase in trade and other receivables	$	(9,337)	$	(22,427)
(Increase) decrease in inventories	(81,134)		24,466
(Increase) decrease in prepaid expenses and other current assets	(7,961)		7,508
Decrease in accounts payable and accrued liabilities	(5,730)		(28,367)
Changes in non-cash working capital	$	(104,162)	$	(18,820)

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

18. FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy categorizes inputs to valuation techniques used in measuring fair value into the following three levels:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly, such as prices, or indirectly (derived from prices).

Level 3 – unobservable inputs for which market data are not available.

(a)Financial assets and financial liabilities measured at fair value

The fair values of the Company’s financial assets and financial liabilities that are measured at fair value in the statement of financial position and the levels in the fair value hierarchy into which the inputs to the valuation techniques used to measure the fair values are categorized are as follows:


At March 31, 2026	Level 1(3)		Level 2(4)		Level 3(5)		Total
Marketable securities	$	136,654	$	—	$	—	$	136,654
Derivative assets(1)	—		82		—		82

Derivative liabilities(1)	—		(120,283)		(98,391)		(218,674)
Net financial assets (liabilities)	$	136,654	$	(120,201)	$	(98,391)	$	(81,938)

At December 31, 2025
Marketable securities	$	162,683	$	—	$	—	$	162,683
Derivative assets(1)	—		9,289		—		9,289
Other financial asset(2)	—		—		18,750		18,750
Derivative liabilities(1)	—		(136,553)		(94,328)		(230,881)
Net financial assets (liabilities)	$	162,683	$	(127,264)	$	(75,578)	$	(40,159)

(1)Includes current and non-current derivatives (note 10).

(2)The other financial asset measured at fair value at December 31, 2025 relates to the Bear Creek Convertible Note (note 7).

(3)The fair values of marketable securities are based on their quoted market price.

(4)The fair value of the Company’s foreign currency contracts included in derivative liabilities is based on forward foreign exchange rates and the fair value of the Company’s gold contracts is based on forward metal prices.

The fair value of the 2025 Convertible Notes Conversion Option included in derivative liabilities at March 31, 2026 was estimated using the Black-Scholes option pricing model which uses market-derived inputs including the Company’s share price and share price volatility (December 31, 2025 – estimated using a convertible debt valuation model which considers the contractual terms of the convertible notes and market-derived inputs including the Company’s share price and share price volatility, and a market interest rate that reflects the risks associated with the financial instruments). Management determined that the fair value estimated using the Black-Scholes option pricing model approximates the fair value that would have been estimated using the convertible debt valuation model used as at December 31, 2025.

The fair value of the Equinox Gold Warrants included in derivative liabilities is determined using the Black-Scholes option pricing model which uses market-derived inputs including the Company’s share price and share price volatility.

(5)The fair value of the Greenstone Contingent Consideration included in derivative liabilities is calculated as the present value of projected future cash flows using a market interest rate that reflects the risk associated with the delivery of the contingent consideration. The projected cash flows are affected by assumptions related to the achievement of production milestones.

The fair value of the Bear Creek Convertible Note at December 31, 2025 was deemed to equal the fair value of the Corani NSR (note 7). The fair value of the Corani NSR was estimated using a discounted cash flow model.

There were no amounts transferred between levels of the fair value hierarchy during the three months ended March 31, 2026.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(Tabular amounts expressed in thousands of United States dollars, unless otherwise noted)

(Unaudited)

18. FAIR VALUE MEASUREMENTS (CONTINUED)

(b)Financial assets and financial liabilities not already measured at fair value

At March 31, 2026 and December 31, 2025, the carrying amounts of the Company’s cash and cash equivalents, trade and other current receivables, restricted cash, and trade payables and accrued liabilities approximate their fair values due to the short-term nature of the instruments.

The fair values of the Company’s other financial liabilities, excluding lease liabilities, that are not measured at fair value in the statement of financial position as compared to the carrying amounts were as follows:


		March 31, 2026				December 31, 2025
	Level	Carrying amount		Fair value		Carrying amount		Fair value
Credit Facility(1)	2	$	432,762	$	439,228	$	1,106,590	$	1,131,898
2023 convertible notes(2)	1	142,992		376,792		140,635		407,618
2025 Convertible Notes(3)	2	23,565		24,426		23,625		24,323
Sprott Loan(1)	2	—		—		281,920		281,509
Equipment financing facilities(4)	2	172,683		177,935		181,633		188,878

(1)The fair values of the Credit Facility (note 8(a)) at March 31, 2026 and December 31, 2025, and of the Sprott Loan (note 8(b)) at December 31, 2025, were calculated as the present value of contractual future cash flows using market interest rates for similar instruments.

(2)The carrying amount of the 2023 convertible notes issued in September 2023 (the “2023 Convertible Notes”) represents the liability component of the instruments, while the fair value reflects both the liability and equity components. The fair value is determined using the quoted market price of the 2023 Convertible Notes.

(3)The carrying amount and fair value of the 2025 Convertible Notes represent the debt host component of the hybrid financial instruments. The fair value is calculated as the present value of contractual future cash flows, discounted using a market interest rate for similar instruments.

(4)The fair value of the equipment financing facilities at Greenstone and Valentine (the “Equipment Facilities”) is calculated as the present value of contractual future cash flows, discounted using market interest rates for similar instruments. At March 31, 2026, the carrying amount of the Equipment Facilities, excluding accrued interest, was $172.7 million (December 31, 2025 – $181.6 million), of which $36.9 million (December 31, 2025 – $36.1 million) is included in other current liabilities and $135.8 million (December 31, 2025 – $145.6 million) is included in other non-current liabilities.

19. CONTINGENCIES

The Company is a defendant in various lawsuits and is exposed to contingent liabilities arising from legal and other actions relating to tax, environmental and other matters. Management regularly reviews these matters with external counsel to assess the likelihood of a material cash outflow. Where management believes that a cash outflow is probable, a provision for the estimated settlement amount is recognized. Liabilities relating to uncertain tax treatments are recognized as part of income tax liabilities. At March 31, 2026, the Company’s provision for legal, environmental and other matters amounted to $24.3 million, which was included in other non-current liabilities and primarily relates to the Company’s estimate of future indemnity payments in connection with the sale of the Brazil Operations (note 3) (December 31, 2025 – $10.3 million which was primarily included in liabilities relating to assets held for sale).

The Company is exposed to contingent liabilities related to civil and criminal proceedings concerning a former subsidiary that owns Aurizona, arising from a March 2021 rain event and resulting flooding. As part of the sale of the Brazil Operations (note 3), the Company provided indemnities in respect of certain claims, including this matter. At March 31, 2026, no provision has been recognized against the gain on sale of the Brazil Operations in respect of this matter, as the Company believes these proceedings are without merit and that a cash outflow under the indemnities in respect of this matter is not probable.

There were no other significant matters which arose during the three months ended March 31, 2026, nor significant changes to the Company’s outstanding matters during the three months ended March 31, 2026.

Management’s Discussion and Analysis

For the three months ended March 31, 2026

(Expressed in United States Dollars, unless otherwise stated)


Management’s Discussion and Analysis For the three months ended March 31, 2026

This Management’s Discussion and Analysis (“MD&A”) of the financial position and results of operations for Equinox Gold Corp. (the “Company” or “Equinox Gold”) should be read in conjunction with the audited consolidated financial statements of the Company as at and for the year ended December 31, 2025 and the unaudited condensed consolidated interim financial statements of the Company as at and for the three months ended March 31, 2026 and the related notes thereto, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Further information about Equinox Gold can be found in the Company’s regulatory filings, including the Company's Annual Information Form, available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.equinoxgold.com.

This MD&A is prepared by management and approved by the Board of Directors as of May 6, 2026. This discussion and analysis covers the three months ended March 31, 2026 (“Q1 2026” or the “Quarter”) and the subsequent period up to the date of issuance of this MD&A. All dollar amounts are in United States Dollars (“USD”), except where otherwise noted.

This MD&A contains forward-looking statements. Readers are cautioned as to the risks and uncertainties related to the forward-looking statements, the risks and uncertainties associated with investing in the Company’s securities, and the risks and uncertainties associated with technical and scientific information under National Instrument 43-101 (“NI 43-101”) concerning the Company’s material properties, including information about Mineral Reserves and Mineral Resources. All Forward-looking Information is qualified by cautionary notes in this MD&A, as well as the risks and uncertainties discussed in the Company’s Annual Information Form and its MD&A for the three months and year ended December 31, 2025, both of which are filed on SEDAR+ and EDGAR.

Throughout this MD&A, cash costs, cash costs per ounce (“oz”) sold, all-in sustaining costs (“AISC”), AISC per oz sold, adjusted net income, adjusted earnings per share (“EPS”), mine-site free cash flow, EBITDA (earnings before interest, taxes, depreciation and amortization) (“EBITDA”), adjusted EBITDA, net debt, and sustaining capital expenditures are non-IFRS financial measures with no standard meaning under IFRS. Non-IFRS measures are further discussed in the Non-IFRS Measures section of this MD&A.

The following additional abbreviations may be used within this MD&A: Brazilian Real (“BRL”); Canadian dollar (“CAD”); carbon-in-leach (“CIL”); gold (“Au”); grams per tonne (“g/t”); lost-time injury frequency rate (“LTIFR”), metre (“m”); Mexican Peso (“MXN”); million tonnes per annum (“Mtpa”); Nicaraguan Cordoba (“NIO”); reverse circulation (“RC”); significant environmental incident frequency rate (“SEIFR”); tailings storage facility (“TSF”); tonnes per day (“tpd”); tonnes per annum (“tpa”); troy ounce (“oz”), total recordable injury frequency rate (“TRIFR”); United States Dollars in millions (“M$”).


Management’s Discussion and Analysis For the three months ended March 31, 2026


CONTENTS
Business Overview			4

Highlights for the Three Months Ended March 31, 2026			4
Recent Developments			7
Consolidated Operational and Financial Highlights			7

Guidance and Outlook			9
Operations			10
Development Projects			18
Health, Safety and Environment			18
Sustainability			19
Corporate			19
Financial Results			20
Liquidity and Capital Resources			24
Outstanding Share Data			25
Commitments and Contingencies			26
Related Party Transactions			26
Non-IFRS Measures			27

Accounting Matters			38
Internal Controls Over Financial Reporting and Disclosure Controls and Procedures			38
Mineral Reserves and Mineral Resources			39
Cautionary Notes and Forward-looking Statements			41
Technical Information			41


Management’s Discussion and Analysis For the three months ended March 31, 2026


BUSINESS OVERVIEW

Equinox Gold is an Americas-focused mining company delivering on its strategy of creating a premier Americas gold producer. In its first nine years, the Company has grown from a single-asset developer to a multi-asset gold producer with a portfolio of gold mines in the Americas, a multi-million-ounce gold reserve base and a strong growth profile from a pipeline of development and expansion projects. At the date of this MD&A, the Company’s operating gold mines are the Greenstone Gold Mine (“Greenstone”) and Valentine Gold Mine (“Valentine”) in Canada, the Mesquite Mine (“Mesquite”) in the United States, and La Libertad Mine Complex (“Libertad”) and El Limon Mine Complex (“Limon”) in Nicaragua (together, the “Nicaragua Operations”). All of the Company’s mines are 100% owned.

The Company’s Castle Mountain Mine (“Castle Mountain”) in the United States was transitioned to development status in September 2024 to focus on advancing permitting for the planned expansion, although residual leaching and rinsing of the heap leach pad continues to yield small amounts of gold production.

At the Los Filos Mine Complex (“Los Filos”) in Mexico, operations were indefinitely suspended in April 2025 and Los Filos was reclassified as a development project while the Company evaluates the long-term potential of the project, which includes consideration of the results of ongoing exploration, technical studies and engineering activities. The Company ratified land access and community support arrangements with two of the three host communities, and continues to engage in constructive dialogue with the third community for the same.

On June 17, 2025, Equinox Gold completed the business combination (the “Calibre Acquisition”) with Calibre Mining Corp. (“Calibre”) which owned and operated mines in Nicaragua, the United States and Canada (collectively, the “Calibre Assets”). On October 1, 2025, the Company sold the Pan Mine (“Pan”), a producing gold mine in Nevada, United States and the Gold Rock and Illipah gold development projects, all in Nevada, United States, to Minera Alamos Inc. (“Minera Alamos”). In November 2025, Valentine, located in Newfoundland & Labrador, Canada, achieved commercial production.

The Company’s Aurizona Mine (“Aurizona”), RDM Mine and Bahia Complex in Brazil (together, the “Brazil Operations”) were owned and operated by Equinox Gold up to January 23, 2026 when the sale of the Company’s 100% interest in the Brazil Operations (the “Brazil Sale Transaction”) was completed. The operating and financial results from the Brazil Operations for the period from January 1 to 23, 2026 are reported as discontinued operations (“Discontinued Operations”) in the Company’s condensed consolidated interim financial statements for the three months ended March 31, 2026. The Brazil Sale Transaction is described in further detail in the Corporate section of this MD&A.

Equinox Gold was founded with the strategic vision of building a diversified, Americas-focused gold company focused on high-quality and high-margin production. The Company’s goal is to be a top-quartile valued gold producer, delivering strong per-share returns while maintaining a disciplined approach to capital allocation. Equinox Gold is focused on continuing to optimize its portfolio, prioritizing long-life, low-cost assets and organic growth opportunities to maximize shareholder value. The Company is committed to operating responsibly and safely, creating lasting economic and social benefits for its host communities, and fostering a safe and inclusive workplace for its employees and contractors.

Equinox Gold’s common shares trade under the symbol “EQX” on the Toronto Stock Exchange (“TSX”) in Canada and on the NYSE American Stock Exchange (“NYSE-A”) in the United States.


Management’s Discussion and Analysis For the three months ended March 31, 2026


HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2026

Operational

•Produced 197,628 ounces of gold from all of the Company’s assets (“All Operations”)(1) during the Quarter, including 60,338 ounces from Greenstone, 27,064 ounces from Valentine, 81,280 ounces from the Nicaragua Operations and 13,174 ounces from Mesquite, all of which are included in the Company’s 2026 Guidance, as well as 2,299 ounces from Castle Mountain (collectively, “Continuing Operations”) and 13,473 ounces from Brazil Operations for the period of ownership. The Brazil Operations were sold on January 23, 2026 and have been reported as Discontinued Operations in the Company’s condensed consolidated interim financial statements for the three months ended March 31, 2026 (see the Corporate section below).

•Sold 199,217 ounces of gold from All Operations during the Quarter at an average realized gold price of $4,604 per oz; sold 183,960 ounces of gold at an average realized gold price of $4,630 per oz from Continuing Operations

•Cash costs per oz(2) of $1,633 and AISC per oz(2) of $1,950 from All Operations; cash costs of $1,601 per oz(2) and AISC of $1,908 per oz(2) from Continuing Operations

•Total recordable injury frequency rate(3) of 1.52 for the Quarter; one lost-time injury during the Quarter

Earnings

•Income from mine operations from Continuing Operations of $438.8 million

•Net income from All Operations of $310.1 million or $0.39 per share (basic), and net income from Continuing Operations of $187.2 million or $0.24 per share (basic)

•Adjusted net income from All Operations of $234.0 million(2) or $0.30 per share(2), and adjusted net income from Continuing Operations of $217.2 million(2) or $0.28 per share (basic)(2)

Financial

•Cash flow from All Operations before changes in non-cash working capital of $341.0 million ($236.8 million after changes in non-cash working capital)

•Adjusted EBITDA from All Operations of $527.2 million(2), and adjusted EBITDA from Continuing Operations of $493.0 million(2)

•Sustaining capital expenditures of $58.6 million(2) and non-sustaining capital expenditures of $105.7 million for All Operations

•Cash and cash equivalents (unrestricted) of $363.0 million at March 31, 2026

•Net debt(2) of $251.8 million at March 31, 2026

Corporate

•On January 14, 2026, the Company provided 2026 production and cost guidance (“2026 Guidance”) of 700,000 to 800,000 ounces of gold at cash costs per oz of $1,425 to $1,525 and AISC per oz of $1,775 to $1,875, with expenditures estimated at $325 to $375 million for growth capital, $70 to $80 million for exploration and $80 to $90 million for general and administrative expenses. Guidance does not include production from the Brazil Operations or from the Company’s Castle Mountain and Los Filos development projects.

•On January 23, 2026, the Company completed the sale of its 100% interest in the Brazil Operations to a third-party group (the “Buyer”). The Company received cash consideration of $891.1 million at closing. In addition to the cash consideration received, the Company is entitled to an additional production-linked cash consideration of up to $115.0 million payable on January 23, 2027, based on gold ounces sold by the Brazil Operations during the 12-month period following closing. The Brazil Sale Transaction is described in more detail in the Corporate section of this MD&A.


(1) All Operations relates to Continuing Operations and Discontinued Operations.
(2) Cash costs per oz sold, AISC per oz sold, adjusted net income, adjusted EPS, adjusted EBITDA, sustaining capital expenditures and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(3) Total recordable injury frequency rate (“TRIFR”) is reported per million hours worked. TRIFR is the total number of injuries excluding those requiring simple first aid treatment.


Management’s Discussion and Analysis For the three months ended March 31, 2026


Management’s Discussion and Analysis For the three months ended March 31, 2026


HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2026 (CONTINUED)

•Liquidity

◦Payments to extinguish and reduce loans and borrowings during the Quarter of $988.6 million:

▪On January 23, 2026, the Company fully repaid the $500 million term loan (“Term Loan”) and paid $298.6 million to repay the secured term credit facility with Sprott Private Resource Lending II (Collector-2), LP (the “Sprott Loan”)

▪During the three months ended March 31, 2026, the Company repaid $190.0 million of the outstanding principal under the revolving credit facility (“Revolving Facility”). At March 31, 2026, there was $409.6 million available to be drawn and $440.4 million drawn on the Revolving Facility

◦In February 2026, the Company sold all of its common shares held of Minera Alamos for total proceeds of C$56.1 million ($41.1 million)

•On February 26, 2026, the Company announced the approval of a normal course issuer bid (“NCIB”) to repurchase, for cancellation, up to an aggregate of 39,414,095 common shares of Equinox Gold, representing approximately 5% of the Company’s issued and outstanding common shares as of February 18, 2026. During the three months ended March 31, 2026, the Company repurchased 307,100 of its outstanding common shares at an average share price of C$20.93 per share for total consideration of $4.7 million. The shares were cancelled upon repurchase.

•On March 26, 2026, the Company paid a $0.015 per common share cash dividend to shareholders of record as of March 12, 2026 totalling $11.8 million

Development and Exploration

•Drilled a total of 53,638 metres across the portfolio during the Quarter; exploration expenditures for Continuing Operations of $13.4 million

•Issued updated technical reports for Greenstone and Valentine that outlined the expectation of producing on average 543,000 ounces of gold per year from Canada for the years 2026 to 2036

◦Greenstone production is expected to average 320,000 ounces of gold per year from 2026-2036, based on achieving an average of 9.82 Mtpa milled with an average mill feed grade of 1.16 grams per tonne (“g/t”) gold and an average recovery of 87.5%

◦Valentine production is expected to average 223,000 ounces of gold per year from 2026-2036, based on completing the Phase 2 expansion and achieving an average of 4.31 Mtpa throughput with an average mill feed grade of 1.69 g/t gold and an average recovery of 93%

▪The study contemplates increasing Valentine mill throughput from 2.5 Mtpa to 5.0 Mtpa with a capital cost of $414 million for the expansion of the mill, fleet and on-site infrastructure, including a 20% contingency

•Reported the Company’s year-end 2025 consolidated Mineral Reserve and Mineral Resource estimate, as summarized below, see Mineral Reserves and Mineral Resources section of this MD&A for a complete breakdown of the Mineral Reserve and Mineral Resource estimates:

◦699.2 million tonnes of Proven and Probable Mineral Reserves grading 0.84 g/t gold for 19.0 million contained ounces of gold

◦655.9 million tonnes of Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, grading 0.90 g/t gold for 19.1 million contained ounces of gold

◦356.4 million tonnes of Inferred Mineral Resources grading 0.97 g/t gold for 11.1 million contained ounces of gold

•Announced exploration results from the Valentine property, including additional gold mineralization in the Frank Zone, located along trend southwest from existing Mineral Reserves, and a new high-grade gold discovery, called the Minotaur Zone, located 8 km northwest of the Valentine mill


Management’s Discussion and Analysis For the three months ended March 31, 2026


RECENT DEVELOPMENTS

•On April 17, 2026, the draft Environmental Impact Statement (“EIS”), issued by the Bureau of Land Management, and the draft Environmental Impact Report (“EIR”) issued by the state lead agency under the California Environmental Quality Act were both published, with the public comment period scheduled to run through through June 1, 2026

•On April 27, 2026, the Company amended the Revolving Facility to increase the facility size from $850.0 million to $1.0 billion and extend its maturity date from July 31, 2029 to July 31, 2030. The amendment is described in more detail in the Corporate section of this MD&A.

•On May 6, 2026, the Company declared a quarterly cash dividend of $0.015 per common share, which is payable on June 5, 2026 to shareholders of record as of May 21, 2026


CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS


		Three months ended
Operating data	Unit	March 31, 2026	December 31, 2025	March 31, 2025
Gold produced from operating assets included in Guidance(1)	oz	181,856	222,481	182,089
Less: Gold produced from Calibre Assets before close of Calibre Acquisition	oz	—	—	(71,539)
Add: Gold produced from assets not included in Guidance(1)	oz	15,772	24,543	34,740
Gold produced - All Operations	oz	197,628	247,024	145,290
Gold produced - Continuing Operations	oz	184,155	173,278	91,460
Gold produced - Discontinued Operations	oz	13,473	73,745	53,830
Gold sold - All Operations	oz	199,217	242,392	147,920
Gold sold - Continuing Operations	oz	183,960	168,558	92,468
Gold sold - Discontinued Operations	oz	15,257	73,834	55,452
Average realized gold price - All Operations	$/oz	4,604	4,060	2,858
Average realized gold price - Continuing Operations	$/oz	4,630	4,024	2,869
Average realized gold price - Discontinued Operations	$/oz	4,285	4,140	2,841
Cash costs per oz sold - All Operations(2)(3)	$/oz	1,633	1,392	1,769
Cash costs per oz sold - All Operations, excluding Los Filos(2)(3)(4)	$/oz	1,633	1,392	1,637
Cash costs per oz sold - Continuing Operations(3)	$/oz	1,601	1,211	1,793
Cash costs per oz sold - Discontinued Operations	$/oz	2,010	1,773	1,732
AISC per oz sold - All Operations(2)(3)	$/oz	1,950	1,907	2,065
AISC per oz sold - All Operations, excluding Los Filos(2)(3)(4)	$/oz	1,950	1,907	1,979
AISC per oz sold - Continuing Operations(3)	$/oz	1,908	1,673	2,001
AISC per oz sold - Discontinued Operations	$/oz	2,452	2,397	2,168

(1)The Brazil Operations, Los Filos and Castle Mountain are excluded from the 2026 Guidance. Valentine, Los Filos and Castle Mountain were excluded from the 2025 production and cost guidance issued in June 2025 (“2025 Guidance”). References to 2025 Guidance and 2026 Guidance for the respective periods are interchangeably referred to as “Guidance”.

(2)Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

(3)Consolidated cash costs per oz sold and AISC per oz sold exclude Castle Mountain’s results after August 2024 when residual leaching commenced (see Development Projects) and Los Filos’ results after March 2025 when operations were indefinitely suspended on April 1, 2025 (see Development Projects). Consolidated cash costs per oz sold and AISC per oz sold include Valentine commencing December 2025 after the mine achieved commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.

(4)Consolidated cash costs per oz sold and AISC per oz sold for Q1 2025 have been adjusted to exclude the results from Los Filos which were excluded from the 2025 Guidance.

(5)Numbers in tables throughout this MD&A may not sum due to rounding.


Management’s Discussion and Analysis For the three months ended March 31, 2026


CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS (CONTINUED)


		Three months ended
Financial data	Unit	March 31, 2026	December 31, 2025	March 31, 2025
Revenue	M$	861.6	681.4	265.7
Income from mine operations	M$	438.8	342.3	18.8
Net income (loss) - All Operations	M$	310.1	197.5	(75.5)
Net income (loss) - Continuing Operations	M$	187.2	82.3	(78.5)
Net income - Discontinued Operations	M$	122.9	115.2	3.0
Earnings (loss) per share (basic) - All Operations	$/share	0.39	0.25	(0.17)
Earnings (loss) per share (basic) - Continuing Operations	$/share	0.24	0.10	(0.17)
Earnings per share (basic) - Discontinued Operations	$/share	0.16	0.15	0.01
Adjusted EBITDA - All Operations(1)	M$	527.2	579.0	141.5
Adjusted EBITDA - Continuing Operations	M$	493.0	405.1	81.4
Adjusted EBITDA - Discontinued Operations	M$	34.2	173.9	60.1
Adjusted net income (loss) - All Operations(1)	M$	234.0	272.9	(33.9)
Adjusted net income (loss) - Continuing Operations	M$	217.2	163.2	(38.2)
Adjusted net income - Discontinued Operations	M$	16.8	109.7	4.4
Adjusted EPS - All Operations(1)	$/share	0.30	0.35	(0.07)
Adjusted EPS - Continuing Operations	$/share	0.28	0.21	(0.08)
Adjusted EPS - Discontinued Operations	$/share	0.02	0.14	0.01

Balance sheet and cash flow data
Cash and cash equivalents (unrestricted)	M$	363.0	407.4	172.9
Net debt(1)	M$	251.8	1,147.3	1,220.0
Operating cash flow before changes in non-cash working capital	M$	341.0	396.0	73.3

(1)Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

(2)Numbers in tables throughout this MD&A may not sum due to rounding.

Gold ounces sold from All Operations in Q1 2026 were 35% higher compared to Q1 2025 primarily due to the impact of production from Valentine and the Nicaragua Operations which were acquired as part of the Calibre Acquisition, and an increase in production at Greenstone, as it was in the early stages of ramp-up in Q1 2025 after reaching commercial production in November 2024. These increases were partially offset by the impact of the sale of the Brazil Operations and the indefinite suspension of operations at Los Filos in April 2025.

Revenue from Continuing Operations was higher in Q1 2026 compared to Q1 2025 due to a 61% increase in the realized gold price per oz sold and an increase in gold ounces sold. The realized gold price per oz sold for Q1 2026 was $4,630 and generated $861.6 million in revenue from Continuing Operations, compared to $2,869 per ounce sold of gold in Q1 2025 which generated $265.7 million in revenue from Continuing Operations.

Cash costs per oz sold from All Operations were 8% lower in Q1 2026 compared to Q1 2025 due to the impact of lower cash costs from the Nicaragua Operations relative to the rest of the Company’s portfolio and the impact of a reduction in production from Los Filos which had higher cash costs per oz sold, offset partially by higher cash costs per oz of gold sold from the Brazil Operations.

AISC per oz sold from All Operations was 6% lower in Q1 2026 compared to Q1 2025 due to the lower cash costs mentioned above, offset partially by an increase in the sustaining capital expenditures at Mesquite related to capital stripping of the Brownie Pit and an increase in sustaining capital expenditures at Greenstone related to additional mobile equipment, a TSF raise and capital stripping to support ongoing operations.


Management’s Discussion and Analysis For the three months ended March 31, 2026


CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS (CONTINUED)

In Q1 2026, income from mine operations was $438.8 million (Q1 2025 - $18.8 million). Income from mine operations for Q1 2026 includes income from the Nicaragua Operations of $215.9 million compared to $nil for Nicaragua Operations in Q1 2025. In addition, income from mine operations was higher Q1 2026 compared to Q1 2025 due to increased production resulting from the ramp up at Greenstone, the inclusion of Valentine production, and a 61% increase in the average realized gold price per ounce sold.

Net income for Q1 2026 was $310.1 million (Q1 2025 - net loss of $75.5 million). The higher net income in Q1 2026 compared to Q1 2025 is mainly driven by higher income from mine operations and the gain on sale of the Brazil Operations, which is included in net income from discontinued operations. These positive variances were partially offset by higher income tax expense driven by higher income, primarily relating to operations in Canada and Nicaragua, a loss of $32.6 million on the extinguishment of the Term Loan and the Sprott Loan in Q1 2026 and a decrease in the gain on change in value of foreign exchange contracts in Q1 2026 compared to Q1 2025, driven by unrealized gains on BRL foreign exchange contracts in Q1 2025, which were settled in January 2026 following the sale of the Brazil Operations.

In Q1 2026, adjusted EBITDA from All Operations was $527.2 million (Q1 2025 - $141.5 million). In Q1 2026, adjusted net income from All Operations was $234.0 million (Q1 2025 - adjusted net loss from All Operations of $33.9 million). The increase in adjusted EBITDA and adjusted net income in Q1 2026 compared to Q1 2025 was primarily due to higher income from mine operations as described above. In addition, adjusted net income is impacted by higher income tax expense as described above.


2026 GUIDANCE AND OUTLOOK

For 2026, the Company expects to produce 700,000 to 800,000 ounces of gold. Cash costs for 2026 are estimated at $1,425 to $1,525 per ounce and AISC is estimated at $1,775 to $1,875 per ounce. Total production and cash flows are expected to grow each quarter through 2026.


2026 Guidance
	Production (oz)	Cash Costs ($/oz) (1)	AISC ($/oz) (1)	Growth Capital (2) (M$)	Growth Exploration(2) (M$)
Greenstone	250,000 - 300,000	$1,350 - $1,450	$1,750 - $1,850	$130 - $160	$5 - $10
Valentine	150,000 - 200,000	$1,100 - $1,200	$1,200 - $1,300	$95 - $115	$20 - $25
Nicaragua	200,000 - 250,000	$1,750 - $1,850	$2,100 - $2,200	$90 - $110	$20 - $25
Mesquite	70,000 - 80,000	$1,550 - $1,650	$2,300 - $2,400	$5 - $10	$5 - $10
Total (4)	700,000 - 800,000	$1,425 - $1,525	$1,775 - $1,875	$325 - $375	$70 - $80

(1)Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

(2)The terms ‘Growth’ and ‘Non-sustaining’ are used interchangeably in this document. See Non-IFRS Measures.

(3)Exchange rates used to forecast 2026 cash costs and AISC per oz include a rate of CAD 1.34 to USD 1 and NIO 35 to USD 1.

(4)Total is the sum of the individual mine-level amounts. Numbers may not sum due to rounding.

The Company’s primary operating focus for 2026 is to continue ramping up Greenstone and Valentine to full capacity. For development activities, the Company is advancing studies and engineering for a Phase 2 expansion at Valentine that is expected to increase processing throughput from 2.5 Mtpa to approximately 5.0 Mtpa. The Valentine Phase 2 expansion is expected to result in an annual average gold production of approximately 223,000 ounces per year for ten years. The Company is also expecting to advance engineering and permitting for the Castle Mountain Phase 2 expansion.

The Company expects to meet its consolidated cost and production Guidance for the year.


Management’s Discussion and Analysis For the three months ended March 31, 2026


OPERATIONS

Greenstone, Ontario, Canada

Greenstone is an open-pit mine with a 9.8 Mpta per year carbon-in-pulp process plant located in Ontario, Canada. The Company acquired its initial 60% interest in Greenstone in April 2021 and consolidated 100% ownership in May 2024. Commissioning activities at Greenstone commenced in Q1 2024 and commercial production was achieved in November 2024. Greenstone is in the late-stages of ramping up to full design capacity.

Operating and financial results for the three months ended March 31, 2026


		Three months ended
Operating data	Unit	March 31, 2026	December 31, 2025	March 31, 2025
Ore mined	kt	2,754	5,033	2,328
Waste mined	kt	13,469	13,216	9,984
Open pit strip ratio	w:o	4.89	2.63	4.29
Tonnes processed	kt	2,209	2,195	1,659
Average gold grade processed	g/t	0.98	1.29	1.06
Recovery	%	80.4	83.7	80.7
Gold produced	oz	60,338	72,091	44,449
Gold sold	oz	61,264	71,466	44,808
Financial data


Revenue(2)	M$	279.7	286.2	129.5
Cash costs(1)	M$	92.0	80.8	70.4
Sustaining capital(1)	M$	25.7	31.7	11.6

Reclamation expenses	M$	1.5	3.6	0.3
Total AISC(1)	M$	119.2	116.1	82.3


Non-sustaining expenditures	M$	31.0	49.7	29.3
Unit analysis
Realized gold price per oz sold	$/oz	4,565	4,004	2,889
Cash costs per oz sold(1)	$/oz	1,502	1,131	1,570
AISC per oz sold(1)	$/oz	1,945	1,626	1,836
Mining cost per tonne mined	$/t	4.04	3.17	3.11
Processing cost per tonne processed	$/t	16.18	14.70	15.14
G&A cost per tonne processed	$/t	10.18	11.62	8.49

(1)Cash costs, sustaining capital, AISC, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

(2)Revenue is reported net of silver revenue.

Q1 2026 Analysis

Production

Greenstone gold production was 36% higher for the three months ended March 31, 2026 compared to the same period in 2025 due to an 18% increase in ore mined and 33% increase in tonnes processed, offset partially by the impact of lower average grade processed. Gold production was 16% lower for the three months ended March 31, 2026 compared to Q4 2025 as mining volumes and grade were impacted by severe winter conditions and underground voids temporarily restricted efficient mining techniques. Ore mined volumes in Q1 2026 are in line with expectations of the planned mine sequence.

Mining unit costs for the three months ended March 31, 2026 were 30% higher compared to the same period in 2025 due to ongoing investment in drilling and equipment maintenance to enable continued increases in tonnes moved. The winter condition and underground voids in Q1 2026 limited the volume of material moved and therefore, unit costs were elevated.


Management’s Discussion and Analysis For the three months ended March 31, 2026

Processing unit costs for the three months ended March 31, 2026 were 7% higher compared to the same period in 2025 due to increases in the price of cyanide and consumables spend. Processing unit costs for the three months ended March 31, 2026 were 10% higher compared to Q4 2025 due to increased shutdown and maintenance activities.

Cash costs per oz sold were 4% lower for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in gold ounces sold, offset partially by higher operating costs associated with the continuing ramp up. Cash costs per oz sold were 33% higher for the three months ended March 31, 2026 compared to Q4 2025 with the impact of lower mined grades being reflected in 24% lower grade processed and 14% lower gold ounces sold, and higher costs associated with the winter conditions in the Quarter.

AISC per oz sold was 6% higher for the three months ended March 31, 2026 compared to the same period in 2025 due to an increase in sustaining capital expenditures. Sustaining capital expenditures for the three months ended March 31, 2026 of $25.7 million primarily related to machinery and equipment and infrastructure.

Non-sustaining expenditures for the three months ended March 31, 2026 of $31.0 million primarily related to initial capital, fleet leasing costs, purchases of machinery, equipment and infrastructure and costs associated with relocating the Ontario Provincial Police station.

Exploration and Development

Planned exploration and resource development at Greenstone in 2026 comprises a 20,000-metre core drilling program, designed to test the mineral potential of prospective near-surface and deeper targets within the Greenstone area and Brookbank deposit, in addition to supplementary geophysical surveys, modelling and compilation activities. Mobilization and commencement of the drilling program is expected by the end of Q2 2026. Exploration expenditures at Greenstone for the Quarter were $0.1 million.

Outlook

The focus for the near term at Greenstone is to: (i) improve mining efficiency around voids using recently acquired remote operated equipment which is expected to enable access to higher grade ore in the pit and improve overall volumes mined; and (ii) to improve plant runtime and throughput by further reducing unplanned downtime.


Management’s Discussion and Analysis For the three months ended March 31, 2026

Valentine, Newfoundland and Labrador, Canada

Valentine is an open-pit mine with a conventional 2.5 Mtpa crush-grind CIL operation located in central Newfoundland & Labrador, Canada, that Equinox Gold acquired on June 17, 2025 as part of the Calibre Acquisition. First gold pour was achieved in September 2025, followed by commercial production at the end of November 2025. During the Quarter, an updated technical report for Valentine was released, which included details of the planned Phase 2 expansion. Following the completion of the Phase 2 construction, which is targeted for the second half of 2028, throughput is expected to increase to approximately 5.0 Mtpa. Valentine’s annual gold production is expected to average approximately 223,000 ounces per year for ten years.

Figures for periods prior to the Calibre Acquisition are not presented in the table below.

Operating and financial results


		Three months ended
Operating data	Unit	March 31, 2026	December 31, 2025	September 30, 2025
Ore mined	kt	1,309	1,007	445
Waste mined	kt	8,930	6,139	4,989
Open pit strip ratio	w:o	6.82	6.10	11.22
Tonnes processed	kt	557	558	127
Average gold grade processed	g/t	1.50	1.53	0.78
Recovery	%	93.4	91.7	89.7
Gold produced	oz	27,064	23,207	609
Gold sold	oz	26,106	19,155	—
Financial data


Revenue(3)	M$	120.0	80.5	—
Cash costs(1)	M$	52.2	30.2	—
Sustaining capital(1)	M$	6.3	—	—

Reclamation expenses	M$	0.4	0.2	0.1
Total AISC(1)	M$	58.9	30.4	0.1

Non-sustaining expenditures	M$	44.2	70.3	97.2

Unit analysis
Realized gold price per oz sold	$/oz	4,598	4,204	—
Cash costs per oz sold(1)(2)	$/oz	2,000	1,579	—
AISC per oz sold(1)(2)	$/oz	2,256	1,588	—
Mining cost per tonne mined	$/t	5.21	5.13	—
Processing cost per tonne processed	$/t	28.25	18.15	—
G&A cost per tonne processed	$/t	36.84	25.46	—

(1)Cash costs, sustaining capital, AISC, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

(2)Consolidated cash cost per oz sold and AISC per oz sold for the three months and year ended December 31, 2025 includes results from Valentine from December 2025 after the mine reached commercial production in November 2025.

(3)Revenue is reported net of silver revenue.

Q1 2026 Analysis

Production

Valentine produced 27,064 ounces for the three months ended March 31, 2026, an increase of 17% compared to Q4 2025. Tonnes moved were 43% higher for the three months ended March 31, 2026 compared to the three months ended December 31, 2025. A severe winter in Newfoundland hampered ramp-up activities, resulting in slower than anticipated mining rates and delays in accessing planned ore zones. The process plant averaged 6,192 tpd, or 90% of nameplate capacity, for the quarter, and exceeded nameplate capacity in both February and March.


Management’s Discussion and Analysis For the three months ended March 31, 2026

Cash costs per oz sold were 27% higher for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 due to additional contractor support for operations ramp-up and incremental costs due to severe winter conditions.

AISC per oz sold was 42% higher for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 due to the increase in cash costs per oz sold and increased sustaining capital associated with increased stripping activity in Q1 2026.

Exploration and Development

On February 2, 2026, the Company announced the discovery of high-grade gold mineralization at the new Minotaur Zone, located approximately 8 km northwest of the Valentine mill. Highlight intercepts from the Minotaur Zone include 2.68 g/t Au over 32 metres, 2.67 g/t Au over 18 metres, 5.74 g/t Au over 8 metres and 1.78 g/t Au over 39 metres. Drilling also encountered continuous gold mineralization in the Frank Zone southwest of the existing Leprechaun open pit, with highlight results of 22.10 g/t Au over 6.3 metres, 3.12 g/t Au over 63.9 metres and 7.50 g/t Au over 12.6 metres.

The 2026 exploration program is targeting approximately 100 km of drilling across the Valentine property, focusing on the Frank Zone, Minotaur Zone, resource expansion and additional greenfield discoveries. During the three months ending March 31, 2026, the Company drilled 18,440 metres at Valentine. Construction on a new core logging and cutting facility adjacent to the site helicopter pad was also completed during the Quarter. Exploration expenditures for the Quarter totaled $4.6 million.

Outlook

The focus for the near term at Valentine is to increase ore grade delivered to the plant through continued optimization of high precision GPS guidance systems on the shovels and increase blasted material inventory, which enables improvement of selective mining practices and ore blending options.


Management’s Discussion and Analysis For the three months ended March 31, 2026

Nicaragua Operations

Equinox Gold acquired La Libertad Mine Complex (“Libertad”) and El Limon Mine Complex (“Limon”) in Nicaragua (together, the “Nicaragua Operations”) on June 17, 2025, as part of the Calibre Acquisition. Limon and Libertad are both mine and mill operations and form part of Nicaragua’s hub-and-spoke strategy, where ore from multiple open-pit and underground deposits is processed at either the Limon or Libertad mills, which together have 2.7 Mtpa installed processing capacity.

Figures for periods prior to the Calibre Acquisition are not presented in the table below.

Operating and financial results


		Three months ended
Operating data - Nicaragua Operations	Unit	March 31, 2026	December 31, 2025	September 30, 2025
Ore mined - open pit	kt	483	485	740
Waste mined - open pit	kt	11,168	10,957	10,375
Open pit strip ratio	w:o	23.14	22.57	14.02
Average open pit gold grade	g/t	2.21	3.86	3.51
Ore mined - underground	kt	96	110	114
Average underground gold grade	g/t	2.98	2.77	2.93
Ore mined - total	kt	579	596	854
Tonnes processed	kt	587	589	598
Average gold grade processed	g/t	3.79	3.83	4.05
Recovery	%	90.8	91.0	91.1
Gold produced	oz	81,280	61,884	71,119
Gold sold	oz	81,120	61,654	71,435
Operating data - El Limon Mill
Tonnes processed	kt	121	129	124
Average gold grade processed	g/t	4.82	5.01	5.61
Recovery	%	89.9	89.5	90.5
Gold produced	oz	20,293	17,449	22,838
Gold sold	oz	20,228	17,401	22,944
Operating data - La Libertad Mill
Tonnes processed	kt	466	460	474
Average gold grade processed	g/t	3.52	3.50	3.64
Recovery	%	91.2	91.6	91.3
Gold produced	oz	60,987	44,435	48,281
Gold sold	oz	60,891	44,253	48,491
Financial data - Nicaragua Operations


Revenue(2)	M$	382.3	243.9	239.9
Cash costs(1)	M$	125.6	75.1	94.2
Sustaining capital(1)	M$	11.9	21.4	12.5
Sustaining lease payments	M$	0.1	0.2	0.2
Reclamation expenses	M$	0.6	0.8	0.7
Total AISC(1)	M$	138.2	97.4	107.7

Non-sustaining expenditures	M$	37.9	19.9	24.0

(1)Cash costs, sustaining capital, AISC, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

(2)Revenue is reported net of silver revenue.


Management’s Discussion and Analysis For the three months ended March 31, 2026

Operating and financial results (continued)


		Three months ended
Unit analysis - Nicaragua Operations	Unit	March 31, 2026	December 31, 2025	September 30, 2025
Realized gold price per oz sold	$/oz	4,712	3,956	3,358
Cash costs per oz sold(1)	$/oz	1,548	1,218	1,319
AISC per oz sold(1)	$/oz	1,703	1,580	1,507

(1)Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

Q1 2026 Analysis

Gold production from the Nicaragua Operations was 31% higher for the three months ended March 31, 2026 compared to the three months ended December 31, 2025, primarily due to a drawdown of gold from inventory in-circuit in December 31, 2025.

Cash costs per oz sold were 27% higher for the three months ended March 31, 2026 compared to the three months ended December 31, 2025, primarily due to higher spend on production taxes and artisanal miners, driven by an increase in gold prices, and reduced capitalized stripping in Q1 2026.

AISC per oz sold was 8% higher for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 due to the higher cash costs described above, offset partially by lower sustaining exploration expenditures in Q1 2026.

Exploration and Development

The 2026 exploration budget for the Nicaragua Operations is $28.0 million for 100 km of drilling at Limon, Libertad, and the Atlantic exploration region of Nicaragua. Approximately 65% of the exploration drilling is planned to focus on adding new resources at the Limon district. During the Quarter, a total of 19,830 metres were completed over Temerario Sur, Babilonia, Veta Nueva Oeste Talavera, Santa Emilia Sur and Las Ramadas veins at Limon and the Volcan vein system at Libertad. A total of 7 drilling rigs were active during the Quarter (6 rigs at Limon and 1 rig at Libertad). Exploration expenditures at the Nicaragua Operations for the Quarter were $5.2 million.

Outlook

Production for 2026 for the Nicaragua Operations is expected to be weighted more toward the first half of the year and Q1 2026 gold production was as planned.


Management’s Discussion and Analysis For the three months ended March 31, 2026

Mesquite Mine, California, USA

Mesquite is an open pit, run-of-mine heap leach gold mine located in Imperial County, California. Mesquite has been operating since 1986.

Operating and financial results for the three months ended March 31, 2026:


		Three months ended
Operating data	Unit	March 31, 2026	December 31, 2025	March 31, 2025
Ore mined and stacked on leach pad	kt	2,028	667	1,392
Waste mined	kt	10,347	11,337	10,998
Open pit strip ratio	w:o	5.10	17.00	7.90
Average gold grade stacked to leach pad	g/t	0.31	0.25	0.71
Gold produced	oz	13,174	14,761	12,271
Gold sold	oz	13,177	14,599	12,305
Financial data


Revenue(2)	M$	60.6	60.0	35.4
Cash costs(1)	M$	21.0	21.4	17.9
Sustaining capital(1)	M$	9.1	13.6	1.2

Reclamation expenses	M$	0.3	0.3	1.2
Total AISC(1)	M$	30.4	35.3	20.3

Non-sustaining expenditures	M$	0.8	2.6	8.7

Unit analysis
Realized gold price per oz sold	$/oz	4,599	4,111	2,881
Cash costs per oz sold(1)	$/oz	1,591	1,465	1,457
AISC per oz sold(1)	$/oz	2,305	2,417	1,649
Mining cost per tonne mined	$/t	2.08	1.74	1.64
Processing cost per tonne processed	$/t	5.53	15.34	7.46
G&A cost per tonne processed	$/t	2.83	5.94	3.99

(1)Cash costs, sustaining capital, AISC, cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

(2)Revenue is reported net of silver revenue.

Q1 2026 Analysis

Production

Production was 7% higher in the three months ended March 31, 2026 compared with the same period of 2025 due to improved residual leaching results.

Mining unit costs were 27% higher for the three months ended March 31, 2026 compared to the same period in 2025 due to higher maintenance costs as Mesquite’s mobile equipment fleet began a planned major overhaul cycle in the second half of 2025, that continued into the Quarter.

Processing unit costs were 26% lower for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the impact of the increase in tonnes stacked during Q1 2026.

Cash costs per oz sold were 9% higher for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to the impact of higher mining unit costs.

AISC per oz sold was 40% higher for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to the impact of higher cash costs and an increase in sustaining capital expenditures of $8.0 million. Sustaining capital expenditures for the three months ended March 31, 2026 of $9.1 million primarily related to capital stripping in the Brownie 4 Pit. In Q1 2025, capital stripping activity related to the Ginger Pit and was classified as non-sustaining expenditures.


Management’s Discussion and Analysis For the three months ended March 31, 2026

Non-sustaining expenditures for the three months ended March 31, 2026 were $0.8 million primarily related to capitalized exploration.

Exploration and Development

Exploration activities at Mesquite during the Quarter focused on near‑mine resource expansion and delineation, with 12,485 metres of RC drilling completed in the western and central‑north areas of the mine. An additional 432 metres of diamond drilling was completed at Vista East for geometallurgical test work to refine oxidation boundaries and recovery models. Exploration expenditures totaled $2.2 million for the Quarter.

Outlook

Mesquite began stacking ore from Brownie 4, the primary ore source for the year, in Q1 2026. Based on the leach recovery curve, gold produced from Brownie 4 ore is expected in late Q2 2026 onward. As a result, Mesquite gold production is weighted into the second half of the year.


Management’s Discussion and Analysis For the three months ended March 31, 2026


DEVELOPMENT PROJECTS

Valentine Phase 2 Expansion, Canada

The Company is completing Phase 2 engineering studies for the Valentine Phase 2 expansion, as outlined in the Technical Report issued on March 30, 2026, aimed at significantly increasing processing throughput. The expansion targets an increase from the current design capacity of approximately 2.5 Mtpa to approximately 5.0 Mtpa. Valentine’s annual gold production is expected to average approximately 223,000 ounces per year for ten years.

2026 Update and Outlook

Final technical updates for the expansion were completed in late-April 2026. The Company anticipates seeking a decision from its Board of Directors for approval in Q2 2026 to advance the Phase 2 expansion.

Castle Mountain Expansion, California, USA

Based on a 2021 feasibility study, the expanded operations at Castle Mountain (the “Castle Mountain Expansion”) are expected to produce over 200,000 ounces of gold per year for an initial 14-year mine life. The Company expects to issue an updated feasibility study in the second half of 2026.

In June 2025, the Castle Mountain Expansion was accepted as a FAST-41 Project by the United States Federal Permitting Improvement Steering Council. The FAST-41 permitting process is a federal permitting framework designed to streamline environmental reviews, improve inter-agency coordination and increase transparency, all of which is expected to reduce permitting timelines and enhance regulatory certainty.

2026 Update and Outlook

The Company is focused on advancing the engineering work for the Castle Mountain Expansion during 2026. An investment decision is expected during the first half of 2027 and is subject to a positive federal permitting decision, the receipt of county and state permits, and approval from the Company’s Board of Directors.

The draft EIS, issued by the Bureau of Land Management, and the draft EIR issued by the state lead agency under the California Environmental Quality Act were both published for public comment on April 17, 2026. The public comment period is scheduled to run for 45 days, from April 17 through June 1, 2026. The Company’s permitting schedule remains on track for issuance of the Final EIS and Record of Decision during Q4 2026. The publication of the draft EIR also initiates the review processes for certain additional state and local permits.

Los Filos Expansion, Guerrero, Mexico

On April 1, 2025, the Company suspended operations at Los Filos following the expiry of a land access agreement with one of the three host communities. The Company has since ratified new land access agreements with Mezcala and Xochipala, the two other host communities near Los Filos, and remains engaged in constructive, ongoing dialogue with the third community, with a shared focus on supporting a potential restart of operations. A 2022 feasibility study outlined opportunities to expand operations and extend mine life, including the potential construction of a CIL plant, which remains part of the longer-term potential of the asset.


HEALTH, SAFETY AND ENVIRONMENT

Health & Safety

Equinox had one lost-time injury during the Quarter. The Company’s LTIFR was 0.17 per million hours worked for the Quarter. The Company’s TRIFR, which is a measure of all injuries that require the attention of medically trained personnel, was 1.52 per million hours worked for the Quarter.

Environment

During Q1 2026, there was one significant environmental incident as defined by the Company’s environmental standards. The incident involved the mortality of a bird due to cyanide exposure at the Castle Mountain Mine. The Company’s SEIFR was 0.17 per million hours worked for the Quarter.


Management’s Discussion and Analysis For the three months ended March 31, 2026


SUSTAINABILITY

Sustainability considerations continue to form part of the Company’s approach to risk management, responsible operations and long‑term asset viability. During the first quarter of 2026, Equinox initiated a review of its sustainability strategy to ensure alignment with the Company’s business strategy, operating profile and risk framework, including a review of relevant policies and standards. The Company also continued work to further integrate its management systems to support consistent implementation and oversight. These efforts are intended to strengthen risk management, support effective stakeholder engagement, and maintain the Company’s social license to operate. Equinox recognizes the importance of its socio‑economic contributions to host communities and conducts its activities with respect for human rights, consistent with applicable laws and internal governance frameworks. Detailed sustainability information will be provided in the Company’s 2025 Sustainability Report, which is expected to be published in the second quarter of 2026.


CORPORATE

Sale of Brazil Operations

On January 23, 2026, the Company completed the sale of its 100% interest in the Brazil Operations. On closing of the Brazil Sale Transaction, the Company received cash consideration of $891.1 million, which is subject to customary post-closing working capital adjustments. The Company recognized a gain of $105.6 million on the Brazil Sale Transaction during the three months ended March 31, 2026. The gain on sale of the Brazil Operations recognized during the three months ended March 31, 2026 is net of the Company’s estimate as at March 31, 2026 of the most likely amount of future indemnity payments to the Buyer for taxes and losses incurred by the Buyer in connection with settlement of litigation claims relating to periods prior to the sale transaction closing date. The estimate excludes amounts relating to outstanding matters for which a cash outflow has been assessed by the Company to be less than probable.

The Brazil Operations, being a component that represents a separate major geographical area of operations of the Company, has been presented as Discontinued Operations. Prior periods have been restated to conform with the current period presentation of the Brazil Operations as Discontinued Operations.


Management’s Discussion and Analysis For the three months ended March 31, 2026


CORPORATE (CONTINUED)

Credit Facility

On January 23, 2026, the Company repaid the $500.0 million balance under the Term Loan in full, without penalty, and the Term Loan facility was terminated. The Company recognized a loss of $16.0 million in other (expense) income on extinguishment of the Term Loan. Pursuant to the terms of Credit Facility, the uncommitted accordion feature, which permits the Company to request an increase in the principal amount of the facility, was increased to $350.0 million upon full repayment of the Term Loan.

On April 27, 2026, the Company amended certain terms of its Revolving Facility. The amendments include an increase the facility size from $850.0 million to $1.0 billion, an extension of the maturity date from July 31, 2029 to July 31, 2030 and an increase in the accordion feature from $350.0 million to $500.0 million.

The amended terms also reduce the applicable interest rate from the applicable term rate based on the Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.875% to 3.125%, based on the Company’s total net leverage ratio, to SOFR plus a range of 1.45% to 2.50%, and amend certain financial covenants, which include an increase to the senior net leverage ratio and a reduction in the interest coverage ratio.

Sprott Loan

On January 23, 2026, the Company repaid the outstanding principal of $261.3 million and remaining balance of $25.1 million in additional payments payable under the Sprott Loan in full. Pursuant to the terms of the Sprott Loan, the Company paid an additional amount of $12.2 million, equal to the interest that would have been accrued on the principal amount prepaid from the date of prepayment to June 30, 2026. The Company recognized a loss of $16.6 million in other expense on extinguishment of the Sprott Loan.


FINANCIAL RESULTS

Net income from All Operations for Q1 2026 was $310.1 million (Q1 2025 - $75.5 million). Net income from Continuing Operations for Q1 2026 was $187.2 million (Q1 2025 - net loss of $78.5 million).

The higher net income from All Operations and from Continuing Operations in Q1 2026 compared to Q1 2025 is primarily due to the contribution from the Nicaragua Operations and Valentine following the close of the Calibre Transaction in June 2025, the continued ramp up of Greenstone’s operations following achievement of commercial production in November 2024, the impact of a 61% increase in the average realized gold price in Q1 2026 compared to Q1 2025 and the gain on sale of Brazil Operations of $105.6 million included in net income from Discontinued Operations in Q1 2026.


Management’s Discussion and Analysis For the three months ended March 31, 2026


FINANCIAL RESULTS (CONTINUED)

Selected financial results for the three months ended March 31, 2026 and 2025


$ amounts in millions, except per share amounts	Three months ended
	March 31, 2026		March 31, 2025(1)
Continuing Operations
Revenue	$	861.6	$	265.7
Cost of sales
Operating expense	(310.9)		(196.1)
Depreciation and depletion	(111.9)		(50.8)
Income from mine operations	438.8		18.8
Care and maintenance expense	(20.8)		(9.9)
Exploration and evaluation expense	(6.3)		(0.7)
General and administration expense	(21.5)		(17.4)
Income (loss) from operations	390.2		(9.2)
Finance expense	(31.7)		(46.4)
Finance income	4.2		1.8
Other expense	(48.7)		(15.7)
Net income (loss) before taxes from Continuing Operations	314.0		(69.5)
Income tax expense	(126.8)		(9.0)
Net income (loss) from Continuing Operations	187.2		(78.5)

Discontinued Operations
Net income from Discontinued Operations	122.9		3.0
Net income (loss)	$	310.1	$	(75.5)

Net income (loss) per share attributable to Equinox Gold shareholders - Continuing Operations
Basic	$	0.24	$	(0.17)
Diluted	$	0.23	$	(0.17)

Net income (loss) per share attributable to Equinox Gold shareholders
Basic	$	0.39	$	(0.17)
Diluted	$	0.38	$	(0.17)

(1) Restated. See ‘Sale of Brazil Operations’ in the Corporate section of this document.

Income from Mine Operations

Revenue for Q1 2026 was $861.6 million (Q1 2025 - $265.7 million) on sales of 183,960 ounces of gold (Q1 2025 - 92,468 ounces). Revenue increased by 224% in Q1 2026 compared to Q1 2025 primarily due to a 61% increase in the average realized gold price per ounce sold and a 99% increase in gold ounces sold.

Gold ounces sold for the three months ended March 31, 2026 was higher compared to the same period in the prior year, primarily due to the contribution of 81,120 gold ounces sold from Nicaragua Operations and 26,106 gold ounces sold from Valentine following the Calibre Acquisition in June 2025, higher production at Greenstone as its ramp up continues, offset partially by a reduction of gold sold by Los Filos as operations were indefinitely suspended in April 2025.

Operating expense in Q1 2026 was $310.9 million (Q1 2025 - $196.1 million). Operating expense in Q1 2026 increased 59% compared to Q1 2025 primarily due to additions related to the Nicaragua Operations and Valentine following the Calibre Acquisition and an increase at Greenstone due to higher sales, offset partially by the impact of suspension of operations at Los Filos.


Management’s Discussion and Analysis For the three months ended March 31, 2026


FINANCIAL RESULTS (CONTINUED)

Depreciation and depletion in Q1 2026 was $111.9 million (Q1 2025 - $50.8 million). The increase for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to the contribution of depreciation and depletion related to the Nicaragua Operations and Valentine and higher depreciation and depletion at Greenstone due to higher ounces sold.

General and Administration

General and administration expense in Q1 2026 was $21.5 million (Q1 2025 - $17.4 million). The increase for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to increases in professional fees and salaries and employee benefits associated with the growth of the Company.

Finance Expense

Finance expense in Q1 2026 was $31.7 million (Q1 2025 - $46.4 million). The decrease for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to repayment of the Term Loan in full on January 23, 2026.

Other Expense

Other expense for Q1 2026 was $48.7 million (Q1 2025 - other expense of $15.7 million). The following table summarizes the significant components of other expense:


	Three months ended
$’s in millions	March 31, 2026		March 31, 2025
Change in fair value of foreign exchange contracts	$	(0.6)	$	30.7
Change in fair value of gold contracts	(16.0)		(30.8)
Change in fair value of Greenstone Contingent Consideration	(4.1)		(15.0)
Loss on extinguishment of debt	(32.6)		—
Foreign exchange gain	3.8		0.9
Other income (expense)	0.8		(1.5)
Total other expense	$	(48.7)	$	(15.7)

The change in fair value of foreign exchange contracts for Q1 2026 was a loss of $0.6 million (Q1 2025 - gain of $30.7 million). The gain recognized in Q1 2025 was primarily due to the impact of strengthening of the BRL relative to the USD compared to the same period in 2024. The loss in Q1 2026 is driven by the weakening of the CAD relative to the USD compared to the same period in 2025, partially offset by the settlement of BRL and MXN foreign exchange contracts.

The change in fair value of gold contracts for Q1 2026 was a loss of $16.0 million (Q1 2025 - loss of $30.8 million). The loss recognized for the three months ended March 31, 2026 related to gold collar contracts entered into during 2025 and 2026. The changes in fair value of gold contracts in both 2025 and 2026 were driven by increases in the forward gold price relative to the gold contract strike price.

The change in the fair value of Greenstone Contingent Consideration derivative liability for Q1 2026 was a loss of $4.1 million (Q1 2025 - loss of $15.0 million). The loss in Q1 2026 was lower than Q1 2025 due to the impact of a smaller increase in the average forward gold price in Q1 2026 compared to Q1 2025.

The loss on extinguishment of debt in Q1 2026 of $32.6 million relates to the extinguishment of the Term Loan and the Sprott Loan in January 2026. Refer to the Corporate section of this MD&A for details of the extinguishments.


Management’s Discussion and Analysis For the three months ended March 31, 2026


FINANCIAL RESULTS (CONTINUED)

Income Tax Expense

In Q1 2026, the Company recognized a tax expense of $126.8 million (Q1 2025 $9.0 million).

The tax expense for the three months ended March 31, 2026 was primarily due to the profitable operations in Canada and Nicaragua. These expenses were partially offset by the tax recovery from the impact from the amortization of fair value adjustments on the mining properties acquired through the Calibre Acquisition.

The tax expense for the three months ended March 31, 2025 was mainly driven by the profitable operations in Canada.

Selected Quarterly Information

The following tables set out selected unaudited consolidated quarterly results for the last eight quarters through March 31, 2026:


$ amounts in millions, except per share amounts	March 31, 2026		December 31, 2025		September 30, 2025(1)		June 30, 2025(1)
Continuing Operations
Revenue	$	861.6	$	681.4	$	584.3	$	285.8
Cost of sales
Operating expense	(310.9)		(239.3)		(266.0)		(133.2)
Depreciation and depletion	(111.9)		(99.8)		(136.4)		(52.7)
Income from mine operations	438.8		342.3		181.9		99.9
Care and maintenance expense	(20.8)		(22.1)		(27.7)		(35.3)
Exploration and evaluation expense	(6.3)		(1.4)		(8.0)		(0.8)
General and administration expense	(21.5)		(26.5)		(35.4)		(25.5)
Income from operations	390.2		292.5		110.7		38.4
Finance expense	(31.7)		(39.5)		(49.4)		(43.9)
Finance income	4.2		3.6		3.2		2.4
Other (expense) income	(48.7)		(80.8)		(41.6)		5.4
Net income before taxes from Continuing Operations	314.0		175.7		23.0		2.3
Income tax expense	(126.8)		(93.4)		(17.2)		(30.7)
Net income (loss) from Continuing Operations	187.2		82.3		5.8		(28.4)

Discontinued Operations
Net income from Discontinued Operations	$	122.9	$	115.2	$	69.8	$	52.3
Net income	$	310.1	$	197.5	$	75.6	$	23.8

Net income (loss) per share attributable to Equinox Gold shareholders - Continuing Operations
Basic	$	0.24	$	0.10	$	0.01	$	(0.06)
Diluted	$	0.23	$	0.10	$	0.01	$	(0.06)

Net income per share attributable to Equinox Gold shareholders
Basic	$	0.39	$	0.25	$	0.10	$	0.05
Diluted	$	0.38	$	0.25	$	0.10	$	0.05


Management’s Discussion and Analysis For the three months ended March 31, 2026


FINANCIAL RESULTS (CONTINUED)

Selected Quarterly Information (Continued)


	March 31, 2025(1)		December 31, 2024(1)		September 30, 2024(1)		June 30, 2024(1)
Revenue	$	265.7	$	359.4	$	279.5	$	160.8
Cost of sales
Operating expense	(196.1)		(220.6)		(172.2)		(118.5)
Depreciation and depletion	(50.8)		(42.9)		(27.6)		(21.2)
Income from mine operations	18.8		95.9		79.7		21.0
Care and maintenance expense	(9.9)		(0.6)		—		—
Exploration and evaluation expense	(0.7)		(0.4)		(0.8)		(0.2)
General and administration expense	(17.4)		(12.6)		(13.2)		(12.5)
Income from operations	(9.2)		82.4		65.6		8.3
Finance expense	(46.4)		(36.7)		(18.8)		(19.7)
Finance income	1.8		1.5		1.7		2.0
Other (expense) income	(15.7)		(42.4)		(27.8)		553.9
Net (loss) income before taxes from Continuing Operations	(69.5)		4.8		20.7		544.5
Income tax expense	(9.0)		(34.4)		(36.4)		(197.2)
Net (loss) income from Continuing Operations	(78.5)		(29.6)		(15.7)		347.3

Discontinued Operations
Net income from Discontinued Operations, net of tax	$	3.0	$	57.9	$	16.0	$	6.2
Net (loss) income	$	(75.5)	$	28.3	$	0.3	$	353.5

Net (loss) income per share attributable to Equinox Gold shareholders - Continuing Operations
Basic	$	(0.17)	$	(0.07)	$	(0.04)	$	0.88
Diluted	$	(0.17)	$	(0.07)	$	(0.04)	$	0.74

Net (loss) income per share attributable to Equinox Gold shareholders
Basic	$	(0.17)	$	0.06	$	—	$	0.90
Diluted	$	(0.17)	$	0.06	$	—	$	0.76

(1) Restated. See ‘Sale of Brazil Operations’ in the Corporate section of this document.


LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2026, the Company had financial, operating, and capital commitments of $594.8 million that require settlement within the next 12 months. At March 31, 2026, the Company had cash and cash equivalents of $363.0 million. At March 31, 2026, $409.6 million of the $850 million Revolving Facility remained undrawn. On April 27, 2026, the Company amended the Revolving Facility to increase the facility size from $850.0 million to $1.0 billion and extended its maturity date from July 31, 2029 to July 31, 2030. Additionally, the uncommitted accordion feature was increased from $350.0 million to $500.0 million.

Upon receipt of cash proceeds on close of the Brazil Operations in January 2026, the Company: (i) fully repaid the $500.0 million Term Loan, without penalty, and the Term Loan facility was terminated; (ii) paid $298.6 million to extinguish the Sprott Loan and related obligations; and (iii) paid down $115.0 million of the outstanding principal under the Revolving Facility. The Company paid an additional $75.0 million in March 2026 under the Revolving Facility.

During the three months ended March 31, 2026, the Company generated cash flow from operations before changes in working capital of $341.0 million.

Management believes the Company’s operating cash flows expected over the next 12 months, in addition to its cash and cash equivalents and available credit from the Revolving Facility, are sufficient to satisfy its financial, operating, and capital commitments that require settlement within the next 12 months.


Management’s Discussion and Analysis For the three months ended March 31, 2026


LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)

Working Capital

Cash and cash equivalents at March 31, 2026 was $363.0 million (December 31, 2025 - $407.4 million) and working capital was $190.5 million (December 31, 2025 - working capital $708.6 million). Working capital at December 31, 2025 included all assets and liabilities associated with the Brazil Sale Transaction as the Brazil Operations were classified as held for sale at December 31, 2025 (Assets held for sale: $928.3 million; Liabilities relating to assets held for sale: $230.7 million). At March 31, 2026, all assets and liabilities associated with the Brazil Operations have been derecognized on disposition. Other significant components of working capital are described below.

Marketable securities at March 31, 2026 were $136.7 million (December 31, 2025 - $162.7 million). The decrease was primarily due to the sale of all of the Minera Alamos common shares in February 2026 for total proceeds of C$56.1 million ($41.1 million).

Current inventories at March 31, 2026 were $392.0 million (December 31, 2025 - $369.8 million). The increase was mainly due to higher supplies inventory at Greenstone and Valentine.

Current liabilities were $797.8 million at March 31, 2026 compared to $1,262.0 million at December 31, 2025. The decrease is primarily due to the disposal of the liabilities relating to Brazil Operations, a decrease in the current portion of loans and borrowings on extinguishment of the Term Loan and the Sprott Loan, a decrease in income taxes payable primarily due to tax payments made during Q1 2026, offset partially by an increase in taxes payable due to income from operations, and a decrease in the current portion of deferred revenue as a result of deliveries associated with the gold sale and prepay arrangements.

Cash Flow

Cash provided by operating activities for the three months ended March 31, 2026 was $236.8 million (three months ended March 31, 2025 - $54.5 million). The increase in cash provided by operating activities for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to higher income from mine operations, driven by contributions from the Nicaragua Operations and Valentine, which were acquired in June 2025, higher income from mine operations at Greenstone and the impact of higher realized gold prices. These increases were partially offset by higher income taxes paid in Q1 2026.

Cash provided by investing activities for the three months ended March 31, 2026 was $709.0 million (three months ended March 31, 2025 - used cash of $133.5 million). The increase in cash provided by investing activities for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to proceeds received on the sale of Brazil Operations.

Cash used in financing activities for the three months ended March 31, 2026 was $1,010.4 million (three months ended March 31, 2025 - provided cash of $10.4 million). The increase in cash used in financing activities for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to repayments of loans and borrowings utilizing cash received from the sale of the Brazil Operations in January 2026.

Corporate Investments

At March 31, 2026, the Company’s corporate investments included the following:

•11.6 million shares of Versamet Royalties Corporation (“Versamet”) (TSX-V: VMET), representing approximately 11.0% of Versamet on a basic basis

•4.5 million shares of Highlander Silver Corp (“Highlander”) (TSX: HSLV), representing approximately 2.2% of Highlander on a basic basis


OUTSTANDING SHARE DATA

As at the date of this MD&A, the Company has 789,106,134 shares issued and outstanding, 6,544,771 shares issuable under stock options and 3,961,873 shares issuable under restricted share units. The Company also has 31,513,965 shares potentially issuable on conversion of Convertible Notes and 3,075,271 shares issuable under share purchase warrants. The fully diluted outstanding share count at the date of this MD&A is 834,202,014.


Management’s Discussion and Analysis For the three months ended March 31, 2026


COMMITMENTS AND CONTINGENCIES

Commitments

The Company enters into contracts in the normal course of business that give rise to commitments for future payments. The following table summarizes the contractual maturities of the Company’s financial liabilities, and operating and capital purchase commitments, at March 31, 2026:


$’s in thousands	Within 1 year		1-2 years		2-3 years		3-4 years		4–5 years		Thereafter		Total
Trade payables and accrued liabilities	$	321,925	$	—	$	—	$	—	$	—	$	—	$	321,925
Loans and borrowings(1)(4)	43,004		42,329		211,027		485,123		—		—		781,483
Derivative liabilities(2)	49,088		299		—		—		—		—		49,387
Lease liabilities(4)	25,207		22,166		15,540		7,885		20,033		5,636		96,467
Other financial liabilities(1)(3)(4)	51,957		53,454		50,614		38,841		17,245		673		212,784
Reclamation and closure costs(4)	1,821		17,280		23,210		9,654		6,890		339,199		398,054
Purchase commitments(4)	98,766		115		—		—		—		—		98,881
Other operating commitments(4)	3,052		3,418		3,219		3,219		51,127		—		64,035
Total	$	594,820	$	139,061	$	303,610	$	544,722	$	95,295	$	345,508	$	2,023,016

(1)Amount includes principal and interest payments, except accrued interest which is included in accounts payable and accrued liabilities.

(2)Derivative liabilities in the above table represent the fair values of the derivative instruments that are expected to be cash-settled.

(3)Other financial liabilities mainly relate to the equipment facilities.

(4)Amounts represent undiscounted future cash flows.

Contingencies

The Company was exposed to contingent liabilities related to civil and criminal proceedings concerning a former subsidiary that owns Aurizona, arising from a March 2021 rain event and resulting flooding. As part of the sale of the Brazil Operations, the Company has provided indemnities in respect of certain claims, including this matter. At March 31, 2026, no provision has been recognized against the gain on sale of the Brazil Operations in respect of this matter, as the Company believes these proceedings are without merit and that a cash outflow under the indemnities in respect of this matter is not probable.


RELATED PARTY TRANSACTIONS

The Company’s related parties include its subsidiaries and key management personnel. The Company’s key management personnel consists of executive and non-executive directors and members of executive management. There were no significant related party transactions during Q1 2026.


Management’s Discussion and Analysis For the three months ended March 31, 2026


NON-IFRS MEASURES

This MD&A refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Numbers presented in the tables below may not sum due to rounding.

Cash Costs and Cash Costs per oz Sold

Cash costs is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs and are net of costs allocated to by-products. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts costs allocated to by-products as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

AISC per oz Sold

The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating AISC was developed internally and is outlined below. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. The Company believes AISC per oz sold provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. AISC includes cash costs (described above) and also includes sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization and exploration and evaluation costs.

This measure seeks to reflect the full cost of gold production from current operations, therefore, expansionary capital and non-sustaining expenditures are excluded.


Management’s Discussion and Analysis For the three months ended March 31, 2026


NON-IFRS MEASURES (CONTINUED)

Cash Costs, Cash Costs per oz Sold and AISC per oz Sold (Continued)

The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold sold to the most directly comparable IFRS measure on an aggregate basis:


$’s in millions, except ounce and per oz figures	Three months ended
	March 31, 2026		December 31, 2025		March 31, 2025
Operating expenses	$	310.9	$	239.3	$	196.1
Costs allocated to by-products	(9.8)		(3.1)		(0.4)
Fair value adjustment on acquired inventories	(3.9)		(27.8)		(3.6)
Non-recurring charges recognized in operating expenses(1)	—		—		(26.1)
Pre-commercial production and development stage operating expenses(2)	(6.4)		(20.9)		(6.0)
Total cash costs - Continuing Operations	290.8		187.5		160.0
Total cash costs - Discontinued Operations(3)	30.7		130.9		96.0
Total cash costs - All Operations	$	321.5	318.4		256.0

Gold oz sold - Continuing Operations	183,960		168,558		92,468
Less: gold oz sold during pre-commercial production period and development stage(2)	(2,293)		(13,667)		(3,222)
Adjusted gold oz sold - Continuing Operations	181,667		154,891		89,246
Gold oz sold - Discontinued Operations	15,257		73,834		55,452
Adjusted gold oz sold - All Operations	196,924		228,725		144,698

Cash costs per gold oz sold - Continuing Operations	$	1,601	$	1,211	$	1,793
Cash costs per gold oz sold - Discontinued Operations	$	2,010	$	1,773	$	1,732
Cash costs per gold oz sold - All Operations	$	1,633	$	1,392	$	1,769

Total cash costs - Continuing Operations	$	290.8	$	187.5	$	160.0
Sustaining capital	53.0		67.2		16.3
Sustaining lease payments	0.1		0.3		0.2
Reclamation expense	4.1		5.9		2.2

Pre-commercial production and development stage sustaining expenditures(2)	(1.4)		(1.7)		(0.2)
Total AISC - Continuing Operations	346.7		259.2		178.6
Total AISC - Discontinued Operations(3)	37.4		177.0		120.2
Total AISC - All Operations	$	384.1	436.2		298.8

AISC per gold oz sold - Continuing Operations	$	1,908	$	1,673	$	2,001
AISC per gold oz sold - Discontinued Operations	$	2,452	$	2,397	$	2,168
AISC per gold oz sold - All Operations	$	1,950	$	1,907	$	2,065

(1)Non-recurring charges recognized in operating expenses relates to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.

(2)Consolidated cash cost per oz sold and AISC per oz sold exclude Castle Mountain results after August 31, 2024 when residual leaching commenced, Los Filos results after March 31, 2025 as operations were indefinitely suspended on April 1, 2025 and Valentine results for the period prior to December 2025 after the mine achieved commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.


Management’s Discussion and Analysis For the three months ended March 31, 2026


NON-IFRS MEASURES (CONTINUED)

Cash Costs, Cash Costs per oz Sold and AISC per oz Sold (Continued)

(3) The following table provides a reconciliation of total cash costs and AISC from Discontinued Operations:


$’s in millions	Three months ended
	March 31, 2026		December 31, 2025		March 31, 2025
Discontinued Operations:
Operating expenses	$	31.8	$	131.6	$	96.5
Less: costs allocated to by-products	(1.2)		(0.7)		(0.5)
Total cash costs	30.7		130.9		96.0
Sustaining capital	5.6		40.4		21.2
Sustaining lease payments	0.9		3.3		1.7
Reclamation expense	0.3		2.3		1.3
Total AISC	$	37.4	$	177.0	$	120.2


Management’s Discussion and Analysis For the three months ended March 31, 2026

NON-IFRS MEASURES (CONTINUED)

Sustaining Capital and Sustaining Expenditures

Sustaining capital expenditures are defined as those expenditures which do not increase annual gold production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary. Sustaining capital expenditures can include, but are not limited to, capitalized stripping costs at open pit mines, underground mine development, mining and milling equipment and TSF raises. The following table provides a reconciliation of sustaining capital expenditures to the Company’s total capital expenditures for Continuing Operations:


	Three months ended
$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Capital additions to mineral properties, plant and equipment(1)	$	167.4	$	276.2	$	92.7
Less: Non-sustaining capital at operating sites	(102.4)		(69.1)		(41.1)
Less: Non-sustaining capital associated with pre-commercial production period and development projects(3)	(3.3)		(72.6)		(1.7)
Less: Sustaining capital associated with pre-commercial production period and development projects(3)	—		(0.4)		—
Less: Non-cash additions(2)	(3.1)		(26.5)		(12.4)
Sustaining capital - All Operations	58.6		107.6		37.5
Sustaining capital - Discontinued Operations(4)	5.6		40.4		21.2
Sustaining capital - Continuing Operations	$	53.0	$	67.2	$	16.3

Sustaining capital - All Operations	$	58.6	$	107.6	$	37.5
Add: Sustaining lease payments	1.0		3.6		1.8
Add: Sustaining reclamation expense	4.4		8.2		3.5

Less: Sustaining expenditures associated with pre-commercial production period and development projects(3)	(1.4)		(1.7)		—
Sustaining expenditures - consolidated	62.6		117.7		42.8
Sustaining expenditures - operating mine sites - Discontinued Operations(4)	6.7		46.1		24.2
Sustaining expenditures - operating mine sites - Continuing Operations	$	55.9	$	71.6	$	18.6

(1)Per note 6 of the consolidated financial statements. Capital additions exclude non-cash changes to reclamation assets arising from changes in discount rate and inflation rate assumptions in the reclamation provision.

(2)Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping activities, and capitalized non-cash share-based compensation.

(3)Relates to Castle Mountain after August 2024 when residual leaching commenced, Los Filos after March 2025 as operations were indefinitely suspended on April 1, 2025 and Valentine for the period prior to December 2025 after the mine achieved commercial production.


Management’s Discussion and Analysis For the three months ended March 31, 2026

NON-IFRS MEASURES (CONTINUED)

Sustaining Capital and Sustaining Expenditures (Continued)

(4)The following table provides a reconciliation of sustaining capital and sustaining expenditures from Discontinued Operations:


	Three months ended
$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Discontinued Operations:
Capital additions to mineral properties, plant and equipment	$	6.4	$	50.4	$	35.3
Less: Non-sustaining capital	(0.6)		(8.8)		(8.0)
Less: Non-cash additions	(0.1)		(1.2)		(6.2)
Sustaining capital	5.6		40.4		21.2
Add: Sustaining lease payments	0.9		3.3		1.7
Add: Sustaining reclamation expense	0.3		2.3		1.3

Sustaining expenditures - operating mine sites	$	6.7	$	46.1	$	24.2


Management’s Discussion and Analysis For the three months ended March 31, 2026

NON-IFRS MEASURES (CONTINUED)

Total Mine-Site Free Cash Flow

Mine-site free cash flow is a non-IFRS financial performance measure. The Company believes this measure is a useful indicator of its ability to operate without reliance on additional borrowing or usage of existing cash. In calculating total mine-site free cash flow, the Company excludes the impact of fair value adjustments on acquired inventories as these adjustments do not impact cash flow from operating mine sites. Mine-site free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Mine-site free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The following table provides a reconciliation of mine-site free cash flow to the most directly comparable IFRS measure on an aggregate basis:


	Three months ended
$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Operating cash flow before non-cash changes in working capital	$	341.0	$	396.0	$	73.3
Fair value adjustments on acquired inventories	3.9		27.8		3.6
Non-recurring charges recognized in operating expenses(1)	—		—		26.1
Operating cash flow used by non-mine site activity(2)	237.9		182.0		39.9
Cash flow from operating mine sites - All Operations	$	582.7	$	605.7	$	142.9
Cash flow from operating mine sites - Discontinued Operations(3)	$	20.7	$	181.6	$	51.7
Cash flow from operating mine sites - Continuing Operations	$	562.0	424.1		91.2

Cash flow from operating mine sites - All Operations	$	582.7	$	605.7	$	142.9
Less: Capital expenditures from operating mine sites
Mineral property, plant and equipment additions	167.4		276.2		92.7
Capital expenditures relating to pre-commercial production and development projects, corporate and other non-cash additions	(6.4)		(99.9)		(14.1)
Less: Capital expenditure from operating mine sites - All Operations	161.0		176.3		78.6
Less: Lease payments related to non-sustaining capital items	6.2		10.2		4.8
Less: Non-sustaining exploration expense	6.6		3.8		1.8
Total mine-site free cash flow before changes in working capital - All Operations	$	408.9	$	415.4	$	57.7
Total mine-site free cash flow before changes in working capital - Discontinued Operations(3)	$	14.5	$	132.3	$	22.5
Total mine-site free cash flow before changes in working capital - Continuing Operations	$	394.3	$	283.1	$	35.1

Increase in non-cash working capital - All Operations	(104.2)		(3.6)		(18.8)
Total mine-site free cash flow after changes in non-cash working capital - All Operations	$	304.7	$	411.8	$	38.8

(1)Non-recurring charges recognized in operating expenses for the year ended December 31, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.

(2)Includes taxes paid and proceeds from gold prepayments that are not factored into mine-site free cash flow and are included in operating cash flow before non-cash changes in working capital in the statement of cash flows.


Management’s Discussion and Analysis For the three months ended March 31, 2026

NON-IFRS MEASURES (CONTINUED)

Total Mine-Site Free Cash Flow (Continued)

(3)The following table provides a reconciliation of mine site free cash flow after changes in working capital from Discontinued Operations:


	Three months ended
$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Discontinued Operations:
Operating cash flow before non-cash changes in working capital	$	20.7	$	181.6	$	51.7
Less: Capital expenditures from operating mine sites	6.2		49.3		29.2


Total mine site free cash flow before changes in working capital	14.5		132.3		22.5
Increase in non-cash operating working capital	(17.9)		(9.0)		(11.2)
Total mine site free cash flow after changes in working capital	$	(3.3)	$	123.3	$	11.4


Management’s Discussion and Analysis For the three months ended March 31, 2026

EBITDA and Adjusted EBITDA

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and other stakeholders use adjusted EBITDA to evaluate the Company’s performance and ability to generate cash flows and service debt. EBITDA is defined as earnings before interest, tax, depreciation and amortization.

Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortization, adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as the impact of fair value changes of options, warrants, foreign exchange contracts and gold contracts; unrealized foreign exchange gains and losses, transaction costs, and non-cash share-based compensation expense. It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets.

The following tables provide the calculation of EBITDA and adjusted EBITDA, as calculated by the Company:

EBITDA and Adjusted EBITDA


	Three months ended
$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Continuing Operations:
Net income (loss) - Continuing Operations	$	187.2	$	82.3	$	(78.5)
Income tax expense	126.8		93.4		9.0
Depreciation and depletion	116.1		104.8		50.9
Finance costs	31.7		39.5		46.4
Finance income	(4.2)		(3.6)		(1.8)
EBITDA - Continuing Operations	$	457.6	$	316.4	$	26.0
Non-cash share-based compensation	1.8		0.9		2.8
Unrealized (gain) loss on gold contracts	(10.9)		5.1		27.1
Unrealized (gain) loss on foreign exchange contracts	10.9		4.4		(34.3)
Unrealized foreign exchange (gain) loss	(8.8)		(4.6)		(2.0)
Change in fair value of Greenstone Contingent Consideration	4.1		11.7		15.0
Change in fair value of 2025 Convertible Notes conversion option	1.7		10.6		—
Change in fair value of Equinox warrant liability	(2.0)		10.7
Loss on extinguishment of debt	32.6		—		—

Other (income) expense	1.7		20.8		2.0
Transaction and integration costs	0.3		1.4		3.3
Fair value adjustments on acquired inventories	3.9		27.8		3.6
Non-recurring charges recognized in operating expense(1)	—		—		28.6
Non-recurring charges recognized in care and maintenance expense	—		—		9.4
Adjusted EBITDA - Continuing Operations	$	493.0	$	405.1	$	81.4
Adjusted EBITDA - Discontinued Operations(2)	$	34.2	$	173.9	$	60.1
Adjusted EBITDA - All Operations	$	527.2	$	579.0	$	141.5

(1)Non-recurring charges recognized in operating expenses for the three months ended March 31, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.


Management’s Discussion and Analysis For the three months ended March 31, 2026


NON-IFRS MEASURES (CONTINUED)

EBITDA and Adjusted EBITDA (Continued)

(2) The following table provides a reconciliation of adjusted EBITDA from Discontinued Operations:


	Three months ended
$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Discontinued Operations:
Net income	$	122.9	$	115.2	$	3.0
Income tax expense	9.1		36.4		1.7
Depreciation and depletion	—		35.2		46.6
Finance costs	0.4		1.6		1.9
Finance income	—		(0.5)		(0.3)
EBITDA - Discontinued Operations	$	132.5	$	187.9	$	52.9
Non-cash share-based compensation	—		0.1		0.1
Unrealized foreign exchange (gain) loss	7.2		(5.6)		8.0
Gain on sale of Brazil Operations	(105.6)		—		—
Other (income) expense	0.1		(8.4)		(0.9)
Adjusted EBITDA - Discontinued Operations	$	34.2	$	173.9	$	60.1

Adjusted Net Income and Adjusted EPS

Adjusted net income and adjusted EPS are used by management and investors to measure the underlying operating performance of the Company. Adjusted net income is defined as net income adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as the impact of fair value changes in the value of options, warrants, foreign exchange contracts and gold contracts, unrealized foreign exchange gains and losses, and non-cash share-based compensation expense. It is also adjusted to exclude items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance, such as impairments and gains and losses on disposals of assets. Adjusted net income per share amounts are calculated using the weighted average number of shares outstanding on a basic and diluted basis as determined by IFRS.

The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and calculated by the Company:


Management’s Discussion and Analysis For the three months ended March 31, 2026


NON-IFRS MEASURES (CONTINUED)

Adjusted Net Income and Adjusted EPS (Continued)


	Three months ended
$’s and shares in millions	March 31, 2026		December 31, 2025		March 31, 2025
Net income (loss) attributable to Equinox Gold shareholders - continuing operations	$	187.2	$	82.3	$	(78.5)
Add (deduct):
Non-cash share-based compensation	1.8		0.9		2.8
Unrealized (gain) loss on gold contracts	(10.9)		5.1		27.1
Unrealized loss (gain) on foreign exchange contracts	10.9		4.4		(34.3)
Unrealized foreign exchange gain	(8.8)		(4.6)		(2.0)
Change in fair value of Greenstone Contingent Consideration	4.1		11.7		15.0
Change in fair value of 2025 Convertible Notes conversion option	1.7		10.6		—
Change in fair value of warrant liability	(2.0)		10.7		—
Loss on extinguishment of debt	32.6		—		—

Other expense	1.7		20.8		2.0
Transaction costs	0.3		1.4		4.1
Fair value adjustments on acquired inventories	3.9		27.8		3.6
Non-recurring charges recognized in operating expense(1)	—		—		28.6
Non-recurring charges recognized in care and maintenance expense	—		—		9.4
Non-recurring charge recognized in tax expense	(1.2)		0.1		(14.8)
Income tax impact related to above adjustments	(5.6)		(2.4)		0.5
Unrealized foreign exchange loss (gain) recognized in deferred tax expense	1.4		(5.4)		(1.6)
Adjusted net income (loss) - Continuing Operations	$	217.2	$	163.2	$	(38.2)
Adjusted net income - Discontinued Operations(2)	16.8		109.7		4.4
Adjusted net income (loss) - All Operations	$	234.0	$	272.9	$	(33.9)

Basic weighted average shares outstanding	788.6		786.1		455.7
Diluted weighted average shares outstanding	825.8		794.7		455.7

Adjusted EPS - Continuing Operations
Per share - basic ($/share)	$0.28		$0.21		$(0.08)
Per share - diluted ($/share)	$0.26		$0.21		$(0.08)

Adjusted EPS - Discontinued Operations
Per share - basic ($/share)	$0.02		$0.14		$0.01
Per share - diluted ($/share)	$0.02		$0.14		$0.01

Adjusted EPS - All Operations
Per share - basic ($/share)	$0.30		$0.35		$(0.07)
Per share - diluted ($/share)	$0.28		$0.34		$(0.07)


Management’s Discussion and Analysis For the three months ended March 31, 2026


NON-IFRS MEASURES (CONTINUED)

Adjusted Net Income and Adjusted EPS (Continued)

(2) The following table provides a reconciliation of adjusted net income from Discontinued Operations:


	Three months ended
$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Discontinued Operations:
Net income attributable to Equinox Gold shareholders - Discontinued Operations	$	122.9	$	115.2	$	3.0
Add (deduct):
Non-cash share-based compensation	—		0.1		0.1
Unrealized foreign exchange loss (gain)	7.2		(5.6)		8.0
Gain on sale of Brazil Operations	(105.6)		—		—
Other expense (income)	0.1		(8.4)		(0.9)
Income tax impact related to above adjustments	(1.2)		2.1		(0.8)
Unrealized foreign exchange (gain) loss recognized in deferred tax expense	(6.7)		6.3		(5.1)
Adjusted net income - Discontinued Operations	$	16.8	$	109.7	$	4.4

Net Debt

The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use net debt to evaluate the Company’s performance. Net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performances prepared in accordance with IFRS. Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent (unrestricted) balance as at the balance sheet date. A reconciliation of net debt is provided below.


$’s in millions	March 31, 2026		December 31, 2025		March 31, 2025
Current portion of loans and borrowings	$	29.1	$	181.3	$	136.9
Non-current portion of loans and borrowings	585.6		1,373.4		$	1,256.0
Total debt	614.7		1,554.7		$	1,392.9
Less: Cash and cash equivalents (unrestricted)	(363.0)		(407.4)		$	(172.9)
Net debt	$	251.8	$	1,147.3	$	1,220.0


Management’s Discussion and Analysis For the three months ended March 31, 2026


ACCOUNTING MATTERS

Basis of Preparation and Accounting Policies

The Company’s consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB. Details of material accounting policies are disclosed in note 3 of the Company’s annual audited consolidated financial statements for the year ended December 31, 2025. Except as disclosed in note 2(c) of the Company’s condensed consolidated interim financial statements for the three months March 31, 2026, the accounting policies applied in the preparation of the condensed consolidated interim financial statements are consistent with those applied in the Company’s annual audited consolidated financial statements for the year ended December 31, 2025.

Critical Accounting Estimates and Judgments

In preparing the Company’s consolidated financial statements in conformity with IFRS, management has made judgments, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact the consolidated financial statements. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized in the period in which the estimates are revised and in any future periods affected. Areas of judgment are disclosed in note 4(a) of the Company’s consolidated financial statements for the year ended December 31, 2025. Key sources of estimation uncertainty, including those the Company believes to be critical accounting estimates, that have the most significant effect are disclosed in notes 4(b), 5(a) and 10(c) of the Company’s consolidated financial statements for the year ended December 31, 2025.


INTERNAL CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. These inherent limitations include the realities that judgements in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the actions of one individual, by collusion of two or more people, or by unauthorized override of the control. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. During the three months ended March 31, 2026, there were no changes in internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

On June 17, 2025, the Company completed the Calibre Acquisition. As permitted under Section 3.3(1)(b) of National Instrument 52-109 - Certification of Disclosure in Issuer’s Annual and Interim Filings, which allows for an issuer to limit the design of Internal Controls over Financial Reporting and Disclosure Controls and Procedures to exclude a business that the issuer acquired not more than 365 days before the end of March 31, 2026, the Company has excluded the internal controls of Calibre’s entities from its assessment of the effectiveness of internal control over financial reporting because Calibre was acquired not more than 365 days before the end of March 31, 2026. The Company is in the process of integrating Calibre’s operations and internal control framework and expects to include Calibre’s entities in the scope of its internal control assessments in future reporting periods.


Management’s Discussion and Analysis For the three months ended March 31, 2026


MINERAL RESERVES AND MINERAL RESOURCES

The following tables report the updated Mineral Reserves and Mineral Resources as at December 31, 2025, including 19 million ounces of gold in Mineral Reserves, 19 million ounces in Measured and Indicated Mineral Resources exclusive of Mineral Reserves, and 11 million ounces in Inferred Mineral Resources. For a detailed summary by asset, refer to the Company’s Annual Information Form, which is available on SEDAR+, EDGAR and on Equinox Gold’s website at www.equinoxgold.com.

Consolidated Proven & Probable Mineral Reserves(1)


Mine/Project, Location	Proven			Probable			Proven and Probable
	Tonnage (kt)	Grade (g/t Au)	Contained Gold (koz)	Tonnage (kt)	Grade (g/t Au)	Contained Gold (koz)	Tonnage (kt)	Grade (g/t Au)	Contained Gold (koz)
Greenstone, Canada	6,900	0.75	164	172,500	0.93	5,169	179,300	0.93	5,334
Valentine, Canada	22,096	1.87	1,330	29,394	1.50	1,418	51,490	1.66	2,748
Mesquite, USA	1,843	0.63	37	20,515	0.36	238	22,358	0.38	275
Castle Mountain, USA	81,398	0.57	1,485	162,410	0.50	2,620	243,808	0.52	4,105
Los Filos, Mexico	35,453	0.77	877	157,773	0.88	4,477	193,226	0.86	5,354
Nicaragua Operations	—	—	—	9,062	4.01	1,169	9,062	4.01	1,169
Total Proven and Probable	147,690	0.82	3,893	551,654	0.85	15,091	699,244	0.84	18,985

1 See Cautionary Notes. Numbers may not sum due to rounding.

Consolidated Measured & Indicated Resources(1)(2)


Mine/Project, Location	Measured			Indicated			Measured and Indicated
	Tonnage (kt)	Grade (g/t Au)	Contained Gold (koz)	Tonnage (kt)	Grade (g/t Au)	Contained Gold (koz)	Tonnage (kt)	Grade (g/t Au)	Contained Gold (koz)
Greenstone, Canada	22	0.51	—	53,949	1.71	2,966	53,970	1.71	2,966
Brookbank, Canada	—	—	—	9,046	2.45	713	9,046	2.45	713
Kailey, Canada	—	—	—	12,038	0.60	231	12,038	0.60	231
Key Lake, Canada	—	—	—	7,738	0.82	205	7,738	0.82	205
Hasaga, Canada	—	—	—	1,470	8.64	408	1,470	8.64	408
Valentine, Canada	6,428	1.18	243	22,961	1.25	926	29,389	1.24	1,169
Mesquite, USA	6,701	0.51	109	76,573	0.40	982	83,274	0.41	1,091
Castle Mountain, USA	781	0.68	17	73,452	0.62	1,453	74,234	0.62	1,470
Golden Eagle, USA	30,700	1.49	1,500	14,700	1.16	500	45,400	1.37	2,000
Los Filos, Mexico	47,306	1.15	1,757	278,020	0.69	6,140	325,326	0.75	7,897
Nicaragua Operations	—	—	—	14,015	2.00	904	14,015	2.00	904
Total Measured and Indicated	91,938	1.23	3,626	563,962	0.85	15,428	655,900	0.90	19,054

1 Resources are exclusive of Reserves.

2 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See Cautionary Notes. Numbers may not sum due to rounding.


Management’s Discussion and Analysis For the three months ended March 31, 2026


MINERAL RESERVES AND MINERAL RESOURCES (CONTINUED)

Consolidated Inferred Resources(1)


Mine/Project, Location	Inferred
	Tonnage (kt)	Grade (g/t Au)	Contained Gold (koz)
Greenstone, Canada	31,182	1.66	1,663
Brookbank, Canada	1,491	2.36	113
Kailey, Canada	7,758	0.55	138
Key Lake, Canada	4,905	1.00	158
Hasaga, Canada	2,059	7.31	484
Valentine, Canada	31,989	1.10	1,128
Mesquite, USA	5,590	0.32	58
Castle Mountain, USA	69,890	0.63	1,422
Golden Eagle, USA	5,400	0.90	200
Los Filos, Mexico	135,935	0.74	3,237
Nicaragua Operations	9,180	3.42	1,010
Cerro Aeropuerto, Nicaragua	6,052	3.64	708
Primavera, Nicaragua	44,974	0.54	782
Total Inferred	356,406	0.97	11,101

1 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See Cautionary Notes. Numbers may not sum due to rounding.

Notes to Mineral Resources and Mineral Reserve Estimates

1. Matt MacPhail, P. Eng, Niel de Bruin, P. Geo., and Philippe Lebleu, P. Eng., of Equinox Gold are the Qualified Persons under NI 43-101 for Equinox Gold and have reviewed and approved the above consolidated Mineral Reserves and Mineral Resources estimate.

2. There has been no material reduction in the aggregate amount of estimated Mineral Reserves or Mineral Resources for each mineral property from the amounts set forth in their relevant technical reports, except for depletion from mining operations in the ordinary course since the effective date of such reports.

3. The Mineral Reserves and Mineral Resources have been estimated in accordance with the provisions adopted by the CIM Definition Standards and NI 43-101.

4. Mineral Reserves are based on Measured and Indicated Mineral Resources, and Mineral Resources are stated exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that all or any part of a Mineral Resource will be converted into Mineral Reserves.

5. Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces. Numbers may not add due to rounding.

6. 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. See Cautionary Notes.

7. Unless otherwise stated, there are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources or Mineral Reserves.

8. For additional information, including key parameters and assumptions relating to the Mineral Reserve and Mineral Resource estimates, see the Greenstone Technical Report and the Valentine Technical Report, and disclosure related to Mineral Reserves and Mineral Resources in the Company’s most recently filed Annual Information Form, all of which are available under the Company’s profile on SEDAR+, on EDGAR and on the Company’s website.


CAUTIONARY NOTES AND FORWARD-LOOKING STATEMENTS

This MD&A includes forward-looking information and forward-looking statements within the meaning of applicable securities laws 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 MD&A includes: the Company’s strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; anticipated 2026 production and cost guidance; expectations for Greenstone and Valentine operations, including achieving design capacity; potential future mining opportunities around Valentine; receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; realization of the contingent cash consideration from the Brazil operations sale; and the Company’s ability to restart operations at Los Filos and the construction of a CIL plant.

Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “target”, “advance”, “increase”, and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them.

Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of exploration, production, cost and development goals; achieving design capacity at Greenstone and Valentine operations; timely execution of the Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; statements relating to the distribution of dividends to shareholders of the Company; the periodic review of, and changes to, the Company’s dividend policy; the declaration and payment of future dividends; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of new permits and regulatory approvals; geopolitical stability; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove 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 in the Company’s MD&A dated February 20, 2026 for the year ended December 31, 2025, 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. 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 MD&A is expressly qualified by this cautionary statement.


TECHNICAL INFORMATION

Matthew MacPhail, P.Eng, Senior Vice President, Business Planning and Technical Services, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved the technical content of this document.

EXHIBIT 99.3

CONSENT OF MATTHEW MACPHAIL, P.ENG.

The undersigned hereby consents to the incorporation by reference in the Registration Statement on Form F-10 of Equinox Gold Corp. (the “Company”) (File No. 333-282467) and the Registration Statement on Form S-8 of the Company (File No. 333-288142) of their name and the information that has been reviewed and approved by them in the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2026, dated May 6, 2026, included in the Current Report on Form 6-K of the Company, dated May 6, 2026.




Date: May 6, 2026						/s/ Matthew MacPhail
						By: Matthew MacPhail, P. Eng.

Source: View Original Filing on SEC EDGAR

FAQ

How much profit did Equinox Gold (EQX) generate in Q1 2026?

Equinox Gold generated net income of $310.1 million in Q1 2026, compared with a $75.5 million net loss a year earlier. Continuing operations contributed $187.2 million, while discontinued Brazil Operations added $122.9 million in net income.

What were Equinox Gold (EQX)’s Q1 2026 gold production and costs?

Equinox Gold produced 197,628 ounces of gold from all operations in Q1 2026 at cash costs of $1,633/oz and all-in sustaining costs of $1,950/oz. Continuing operations delivered 184,155 ounces, with realized gold prices of $4,630/oz from those mines.

What did Equinox Gold receive from selling its Brazil Operations?

Equinox Gold received $891.1 million in cash consideration at closing for the sale of its Brazil Operations, recognizing a pre-tax gain of $105.6 million. It is also entitled to up to $115.0 million of additional production-linked cash consideration payable on January 23, 2027.

How did Equinox Gold’s debt and net debt change in Q1 2026?

Loans and borrowings fell to $614.7 million at March 31, 2026 from $1.55 billion year-end, after repaying the Term Loan and Sprott Loan. With cash of $363.0 million, net debt declined to $251.8 million, significantly strengthening the balance sheet.

What is Equinox Gold (EQX)’s 2026 production and cost guidance?

For 2026, Equinox Gold guides to 700,000–800,000 ounces of gold production at cash costs of $1,425–$1,525/oz and all-in sustaining costs of $1,775–$1,875/oz. Guidance excludes Brazil, Castle Mountain and Los Filos, and includes Greenstone, Valentine, Mesquite and the Nicaragua operations.

Is Equinox Gold returning capital to shareholders in 2026?

Yes. Equinox Gold repurchased 307,100 shares under its normal course issuer bid for about $4.7 million and paid a $0.015 per share cash dividend totaling $11.8 million in Q1 2026. It also declared another quarterly dividend of $0.015 per share.

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Equinox Gold (NYSE: EQX) lifts Q1 profit to $310M and slashes debt

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FAQ

How much profit did Equinox Gold (EQX) generate in Q1 2026?

What were Equinox Gold (EQX)’s Q1 2026 gold production and costs?

What did Equinox Gold receive from selling its Brazil Operations?

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