Vancouver, BC

Equinox Gold Corp. (TSX-V: EQX, OTC: EQXFF) (“Equinox Gold” or the “Company”) is pleased to announce it has entered into a definitive agreement with Mubadala Investment Company (“Mubadala”) whereby Mubadala has agreed to purchase $130 million in convertible notes (the “Notes”) from Equinox Gold (the “Investment”). Proceeds from the Investment will be used to refinance a portion of existing corporate and project debt, for general and working capital purposes and toward construction of Phase 1 at Castle Mountain.

Investment Highlights

• Investment of $130 million in 5-year convertible notes with a 5% interest rate convertible at $1.05 (C$1.38) per share, a 25% premium to the 10-day volume weighted average share price (“VWAP”).
• Significantly reduces the Company’s borrowing costs and increases near-term financial flexibility by deferring principal payments up to five years.
• Establishes Mubadala, which actively manages its diversified portfolio to deliver sustainable returns to its shareholder, the Government of Abu Dhabi, as a cornerstone and long-term financial partner to Equinox Gold as the Company executes on its growth strategy.

“Mubadala’s investment underscores the value and upside of Equinox Gold’s existing asset base and significantly enhances our near-term financial capacity as we prepare for Phase 1 construction at the Castle Mountain project,” said Christian Milau, CEO of Equinox Gold.

Ross Beaty, Equinox Gold’s Chairman, added, “Mubadala has an excellent reputation for being a long-term supportive shareholder. I warmly welcome them as partners in our mission to build a great gold mining company.”

“Equinox Gold combines experienced leadership with a strong suite of assets and a clear value creation strategy,” said Mohamed Al Suwaidi, Director of Metals and Mining at Mubadala. “We see a great opportunity to develop our partnership with the business over the years ahead.”

Investment Terms

The Notes will have a 5-year term and bear interest at 5% per year payable quarterly in arrears. The Notes will be convertible at the holder’s option into common shares of the Company (the “Shares”) at a conversion price of $1.05 (C$1.38), representing a 25% premium to the 10-day VWAP of the Shares on the TSX Venture Exchange. Assuming full conversion of the Notes, the holder would be entitled to receive approximately 123.8 million Shares of the Company, representing approximately 18% of Equinox Gold’s outstanding Shares on a partially diluted basis.

The Notes will be secured against all assets of the Company and subordinate to existing senior credit facilities. The Company and the holder of the Notes will have certain early redemption and other rights subject to the provisions of the Notes.

In connection with the Investment, Equinox Gold and Mubadala will enter into an investor rights agreement providing Mubadala, among certain other rights, the right to a nominee on the Company’s board of directors and standard anti-dilution rights.

Closing of the Investment is subject to receipt of all necessary regulatory and stock exchange approvals, as well as satisfaction of customary closing conditions, the consent of certain lenders to the Company, execution of intercreditor agreements and execution of definitive documentation.

The Notes, and the Shares into which the Notes are convertible, have not been and will not be registered under the U.S. Securities Act of 1933, as amended or qualified by a prospectus in Canada. This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.