Equinox Gold Reports Continued Exploration Success Along the Musselwhite Mine Trend and Advances New Minotaur Discovery at Valentine

Equinox Gold Corp. (EQX) released a multi-asset exploration update on September 29, 2026, detailing drilling results from its Musselwhite, Valentine, and Greenstone operations. The update focuses on mine-level drilling rather than a company-wide resource statement. The company reported 45 active rigs globally, including 16 in Canada, with approximately 308,000 meters drilled year-to-date in 2026 against a planned total of approximately 477,000 meters. The global exploration budget stands at approximately US$155 million.

At the Musselwhite mine in Ontario, deep directional surface holes extended the mine trend approximately 2 kilometers beyond current operations. Results included 22.9 meters grading 10.00 grams per tonne of gold (Au) from hole 26-NSD01-008W; 12.4 meters grading 5.77 grams per tonne of Au from 26-NSD01-006W, including 3.2 meters grading 16.25 grams per tonne of Au; 20.5 meters grading 7.31 grams per tonne of Au from 26-NSD02-009W, including 1.2 meters grading 21.07 grams per tonne of Au; and 0.9 meters grading 288.74 grams per tonne of Au from 26-NSD02-008W. Underground results included 9.2 meters grading 16.96 grams per tonne of Au from the Lynx zone (26-LNX-056); 9.2 meters grading 12.39 grams per tonne of Au from the PQE zone (26-PQE-007); 1.0 meter grading 471.00 grams per tonne of Au from the PQE zone (26-PQE-054); and 13.2 meters grading 9.55 grams per tonne of Au from the Redwings zone (26-RDW-007). A near-mine surface program completed in September yielded 18.9 meters grading 2.94 grams per tonne of Au from hole 26-CMP-015 at Camp Bay and 0.7 meters grading 42.22 grams per tonne of Au from hole 26-KAZ-002.

At the Valentine mine in Newfoundland and Labrador, the Frank Zone returned 99.4 meters grading 0.98 grams per tonne of Au. The Banshee zone (BN-26-005) returned 44.0 meters grading 3.57 grams per tonne of Au, including 1.6 meters grading 23.38 grams per tonne of Au and 5.0 meters grading 16.65 grams per tonne of Au. The Marathon pit northeast side (MA-24-489) returned 164.0 meters grading 2.55 grams per tonne of Au, including 22.0 meters grading 7.28 grams per tonne of Au and 2.0 meters grading 19.96 grams per tonne of Au. The Leprechaun pit (LP-24-001) returned 126.0 meters grading 2.15 grams per tonne of Au, including 28.0 meters grading 4.99 grams per tonne of Au. The Frank zone (FZ-26-168) returned 22.0 meters grading 4.00 grams per tonne of Au, including 6.1 meters grading 10.25 grams per tonne of Au.

The Minotaur discovery, located 8 kilometers northwest of the Valentine mill, returned 27.3 meters grading 2.11 grams per tonne of Au and 33.2 meters grading 1.57 grams per tonne of Au from hole MT-26-029, including 0.9 meters grading 31.21 grams per tonne of Au and 2.1 meters grading 8.49 grams per tonne of Au. The company stated the strike length is now greater than 1 kilometer, with a broader deformation and mineralization envelope described as "over two kilometres in length and one kilometre in width," open in all directions.

At the Greenstone mine in Ontario, the first major exploration program since 2020 began on August 14, 2026, ramping up to four rigs. Mineralized intervals were intersected in targeted horizons, though assays are pending and no grades were provided. Data from Musselwhite and Valentine through July 2026 will feed into year-end 2026 resource and reserve updates, with a Musselwhite update expected in the first quarter of 2027. Greenstone is targeted for a year-end 2027 update. The release contained no new resource, reserve, tonnage, or mine-life numbers.

Equinox Gold Corp. (EQX) is a senior producer with roughly 1.1 moz/yr pro forma output, a C$18.6B equity value, six producing mines, approximately 23 moz stated P&P reserves, and about $1.2B in liquidity. At this stage, a drill result typically moves the equity only if it changes reserves, mine life, or net asset value in a material way. This release changes none of those three metrics.

The update does, however, provide confidence in the Musselwhite mine trend as a reserve-replacement pipeline. With a Musselwhite reserve grade of 4.64 g/t against approximately 235 koz/yr long-term production, mine life is genuinely thin and extension matters. The results also bolster confidence that Valentine's 32 km shear can feed the Phase 2 5.0 Mtpa mill at grades above the 1.69 g/t life-of-mine feed assumption.

The expectation anchor for these results includes the Valentine/Minotaur discovery published on 2026-02-02, which featured best intercepts of 2.68 g/t over 32 m, 5.74 g/t over 8 m, and 1.78 g/t over 39 m. Additional historical data included Frank 22.10 g/t over 6.30 m ETW and 3.12 g/t over 63.9 m ETW, as well as Musselwhite deep extension previously illustrated with 4.1 m @ 15.1 g/t at 1.6 km and 5.0 m @ 5.57 g/t at 2 km.

The stock closed at C$19.37 on the discovery date, peaked at C$25.62 on 2026-03-02, then round-tripped to C$12.10 on 2026-07-17 and is currently at C$15.94. This is below where it traded when the Minotaur discovery and the Musselwhite extension were first announced. The current price is a function of gold price, the Orla merger integration, guidance, and Greenstone recoveries; it is not pricing repetition of the February discovery.

On Valentine, today's Minotaur and Frank numbers are comparable-to-weaker than the anchor. The strong Valentine numbers (164 m @ 2.55, 126 m @ 2.15) come from in-pit/resource-definition holes, where interval length varies with collar position and the correct comparator is the resource grade (~1.5 g/t), which they clear comfortably. On Musselwhite, 22.9 m @ 10.00 and 20.5 m @ 7.31 represent a genuine improvement in grade-width over the 4.1 m @ 15.1 and 5.0 m @ 5.57 previously showcased for the same 2 km trend, with 229 and 150 g.m versus 62 and 28 g.m.

This is an incremental exploration update with one genuinely improving sub-theme (Musselwhite deep extension) and several confirming intercepts, delivered to an equity whose story is production, cost, and integration rather than discovery.

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) describes itself as the "new North American senior gold producer" following the 31 July 2026 completion of the Orla Mining combination. The transaction involved 1.00 EQX share plus US$0.0001 cash per Orla share, with former Orla holders holding approximately 33% of the combined entity.

The company’s producing assets include Greenstone in Ontario, its largest production centre; Musselwhite in Ontario, an underground operation that has produced over 6 moz over approximately 30 years; and Valentine in Newfoundland & Labrador, which reached commercial production in November 2025. Additional producing assets include Mesquite and Castle Mountain in the USA, Camino Rojo and Los Filos in Mexico, with Los Filos currently restarting, and operations in Nicaragua.

The growth pipeline features the Valentine Phase 2 expansion, which has a US$436M budget including US$54M contingency. This project aims to double throughput to approximately 5.0 Mtpa, targeting an average of approximately 223 koz/yr post-completion by late-2028. In Nevada, the South Railroad project received its Record of Decision with early works underway, targeting first gold in 2028 with approximately 130 koz/yr in the first five years and an initial capital cost of approximately US$395M. Other development projects include Castle Mountain Phase 2, Camino Rojo underground (with a PFS targeted for 2027), and the Los Filos restart following 20-year community land access agreements.

Corporate disclosures reference approximately 23 moz proven and probable reserves and approximately 25.1 moz measured and indicated resources (exclusive of reserves) and 13.0 moz inferred at the time of the combination. However, an inconsistency exists: the investor brief's reserves table totals only about 8.06 moz P&P and 25.05 moz M&I, which does not reconcile with the approximately 22.7-23 moz P&P figures stated in the transaction releases. The deck table should not be relied on without checking the technical reports.

Financially, Equinox Gold reported H1 2026 revenue of US$1.631bn, net income of US$540.7M (EPS US$0.68), and operating cash flow of US$440.3M. Cash stood at US$317.8M at 30 June 2026, rising to approximately US$729M at 31 July 2026 per the deck. Net debt was US$265.2M, with approximately US$1.2bn total liquidity. Total equity was US$6.37bn, representing a book value of approximately US$8.07/share. A Brazil divestiture for US$891.1M cash retired US$798.6M of debt.

The company raised its quarterly dividend by 50% to US$0.0225, equating to US$0.09 annualised, and announced a normal course issuer bid for up to 5% of shares outstanding.

Current guidance projects 870,000-920,000 oz for 2026 at cash costs of US$1,600-1,700/oz and AISC of US$1,900-2,000/oz. Growth capital is estimated at US$600-650M, with growth exploration at US$110-120M.

In leadership changes, Darren Hall retires as CEO effective 31 October 2026. Jason Simpson, former Orla CEO, becomes CEO, and Chuck Jeannes replaces Ross Beaty as Chairman.