Valentine Expansion

Overview

Equinox Gold is advancing studies and engineering for a Phase 2 expansion at Valentine that is expected to increase processing thoughput from 2.5 million to more than 4.5 million tonnes per year. The Phase 2 expansion is expected to increase annual production by approximately 25% to 225,000 to 250,000 ounces of gold per year.

The expansion contemplates upgrading 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.

Completion of the Phase 2 feasibility study is targeted for the end of Q1 2026, following which the Company expects to seek approval from its Board of Directors to advance the Phase 2 expansion.

Equinox Gold is also exploring across the Valentine property. 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. 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.