Equinox Gold Corp.

Management’s Discussion and AnalysisFor the three months and year ended December 31, 2023

DEVELOPMENT PROJECTS

Greenstone Project, Ontario, Canada

Greenstone is being advanced in a 60/40 partnership between Equinox Gold and Orion Mine Finance Group (“Orion”) through their respective interests in Greenstone Gold Mine GP Inc., which manages the project. The Company acquired a 50% interest in Greenstone in April 2021, and subsequently purchased an additional 10% interest from Orion to bring its total interest in the project to 60%. Greenstone will be an open-pit mine with the expectation of producing more than 5 million ounces of gold over an initial 14-year mine life. Gold production for the first five years of operations is estimated at more than 400,000 ounces annually with life-of-mine production expected to average 360,000 ounces annually, with 60% attributable to Equinox Gold.

On October 27, 2021, Equinox Gold announced groundbreaking for full-scale construction of Greenstone with a construction budget of US$1,225 million (100% basis) (at a rate of USD:CAD 1.25). Construction is being funded on a pro rata basis with Equinox Gold funding 60% and Orion funding 40%.

During Q1 2023, the last of the plant site buildings were enclosed and heated as planned. Installation of the two ball mills commenced on schedule and most major equipment had arrived on site. Work on the TSF continued to progress and water was diverted through the new Goldfield Creek Diversion. The sewage treatment plant, potable water treatment plant, pit fuel station and site-mixed emulsion plant were released to the operations team. Three additional CAT 793F haul trucks, one Komatsu PC5500 shovel and one Komatsu D375A-8 bulldozer were commissioned during Q1 2023. Ramp-up of operational readiness activities was underway, and mine pre-production activities have been operating 24/7 since Q4 2022.

During Q2 2023, mechanical, piping and electrical teams ramped up at site. The crusher retaining wall was completed, paving started on the new highway realignment ahead of schedule, the demolition of the old Ministry of Transport patrol yard was completed and the natural gas pipeline to site was commissioned. In addition, the truck shop was released to the operations team and the first two pit viper 235 drill rigs and the eighth CAT 793F haul truck were commissioned.

During Q3 2023, the realigned portion of Highway 11 was opened to traffic, ahead of schedule, and the power plant was commissioned. In the process plant, both ball mills were mechanically complete, crushing, reclaim and high-pressure grinding rolls were substantially complete, the conveyors were installed and belt installation was underway. Pre-commissioning activities in the process plant commenced and hydrotesting of leach tanks was underway. Work continued to advance on the TSF and the tailings and reclaim water pipeline corridor.

During Q4 2023, the TSF was completed and handed over to the operations team, and the site was transitioned from grid power to the power plant. Process plant installations were effectively completed and ramp-down of the construction labour force commenced during the Quarter. Commissioning of the compressed air system, process water distribution systems and the ore storage dome was completed during the Quarter, while wet commissioning progressed on the crusher circuit, ball mills, high-pressure grinding rolls, thickener, leach tanks and CIP tanks. As of December 31, 2023, the mine had moved 18.7 million tonnes of material, with approximately 1 million tonnes of ore stockpiled, exceeding the 800,000 tonnes planned for start-up. Ramp-up of the mining fleet was on schedule at the end of 2023, with 14 CAT 793F trucks, two Epiroc D65 drills, two Epiroc Pit Viper 235 drills, two Komatsu PC5500 shovels and four Komatsu D375A-8 bulldozers in service. Plant operational readiness activities continued to progress on schedule, with a focus on hiring, procedures, systems implementation, procurement activities to support start up, and workforce training. All key operations positions have been filled and hiring is tracking to plan, with over 370 operations personnel hired at the date of this MD&A.

At the end of Q4 2023, $1,210 million (99%) of the $1,225 million construction budget had been spent (100% basis). The Company’s share was $74 million during the Quarter, $338 million year to date and $726 million project to date, which excludes capitalized interest and other non-cash amounts capitalized. The Company capitalized interest of $14 million during the Quarter, $46 million year to date and $61 million project to date.

At December 31, 2023, construction was effectively complete and initial commissioning had commenced. All other site facilities, including the TSF, had been completed and handed over to the operations team by year end.

The operations team expects to complete the assembly and commissioning of one additional Komatsu PC5500 shovel and one Komatsu L1850 wheel loader during Q1 2024. Commissioning activities are expected to continue through Q1 2024. Plant operational readiness activities are progressing well, with hot commissioning of the crushing and ore storage dome complete, and wet commissioning of the mills advancing.

Management’s Discussion and AnalysisFor the three months and year ended December 31, 2023

DEVELOPMENT PROJECTS (CONTINUED)

Los Filos Expansion, Guerrero, Mexico

On October 19, 2022, the Company released the results of an updated feasibility study for a potential expansion. While the economic and production estimates outlined in the feasibility study are predicated on construction of the CIL plant commencing in 2023, Equinox Gold has not made a construction decision at this time. Any decision to proceed with the Los Filos expansion will be made considering the operating stability in the region, the Company’s ability to successfully renegotiate existing land access agreements, market conditions, and availability and cost of capital. The Los Filos team focused on implementation of operational improvements, advancing community dialogue, and an organizational restructuring in 2023.

Castle Mountain Expansion, California, USA

In March 2021, the Company announced the results of the feasibility study for a Phase 2 expansion at Castle Mountain. The current operation consists of placing 12,700 tonnes per day of ROM and crushed ore on a heap leach facility. Phase 2 is expected to increase production to an average of 218,000 ounces per year for 14 years followed by leach pad rinsing to recover residual gold. Life-of-mine production including Phase 1 operations and end of mine life rinsing is estimated at 3.4 million ounces of gold over a 21-year mine life. On a standalone basis, Phase 2 is expected to produce 3.2 million ounces of gold with AISC in the lower industry quartile.

The Company continued to advance optimization work on the processing circuit and continued work on Front End Engineering Design (“FEED”) in 2023. While Phase 2 is expected to operate within the existing approved mine boundary, the changes to previously analyzed impacts, such as increased land disturbance within the mine boundary and increased water use, require modification to the Company’s approved Mine and Reclamation Plan (“Plan”) for the project. The Plan amendment application was submitted to the lead agencies (San Bernardino County and U.S. Bureau of Land Management (BLM)) in March 2022. The lead agencies reviewed Plan completeness in early 2023 and the BLM requested minor Plan changes, which were resubmitted for final BLM review in Q3 2023. The Company anticipates the BLM will determine the Plan complete during Q1 2024 following its review and then enter into a Memorandum of Understanding with the County and Castle Mountain to conduct an Environmental Impact Statement (“EIS”) for the Phase 2 expansion. The Company anticipates the draft EIS stage of formal environmental analysis to occur throughout 2024 and 2025.

Aurizona Expansion, Brazil

The Company sees potential to extend the Aurizona mine life to more than 10 years and increase annual production through development of a new underground mine and satellite open pit deposits. The underground mine would operate concurrently with the existing open pit until the pit is fully mined out; afterwards, the satellite open pits would be mined concurrently with the underground mine.

In 2023, the Company advanced engineering studies for the addition of an underground mine at Piaba. Initial assessments indicate the potential for a long-life underground mine at Aurizona. The Company has determined more work is warranted prior to completion of a feasibility study and is currently focused on planning for construction of a portal and underground decline to commence in 2024 that would allow for bulk sampling and underground drilling. The portal and underground development would be sized to ultimately be useable as a production decline for underground operations.