Valentine Expansion

Longer mine life, increased production

Increased throughput and exploration success could increase production and extend the Valentine mine life.

Overview

Equinox Gold is advancing a Phase 2 expansion at Valentine that is expected to increase processing throughput from the current 2.5 million tonnes per year to 5 million tonnes per year and increase production by approximately 25%. From 2026-2036, including throughput at current levels until the Phase 2 expansion is complete, Valentine is expected to produce on average 223,000 ounces of gold per year. Life of mine (2026-2037), cash costs are estimated at $1,580/oz with all-in sustaining costs of $1,665/oz.

Initial capital for the Phase 2 expansion is estimated at $414 million, including a 20% contingency, for a mill expansion, fleet expansion and on-site infrastructure expansion. The expansion will upgrade the plant with a twin crushing line, an additional ball mill and a pebble crusher circuit to process material from the SAG mill more efficiently. The mine’s fleet would also be expanded with additional haul trucks to support higher production. Construction is expected to take 24 months.

The Company expects to seek approval from its Board of Directors in early Q2 2026 to advance the Phase 2 expansion, and would fund construction using cash flow from operating mines as well as the company’s available credit facility. More information about the expansion is available in the March 2026 technical report.



Exploration Upside

The Valentine property is one of Equinox Gold’s key exploration priorities. Drilling to date has confirmed broad zones of high-grade, continuous mineralization in the Frank Zone, located along trend southwest of the existing Leprechaun open pit, and the Company has also made a number of new discoveries including the new Minotaur Zone, located 8km from the mill (see February 2, 2026 news release). Exploration in 2026 will focus on upgrading and expanding existing resources, continuing to test the Frank Zone, and conducting grassroots exploration to make new discoveries on this promising 320-square-kilometre land package. Less than 15% of the Valentine property has been explored to date.

Related Operating Mine

Valentine achieved commercial production in November 2025 and is expected to be ramped up to capacity by Q2 2026.

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Growth Projects

Equinox Gold is advancing expansion projects in Canada, the USA and Mexico.

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