Equinox Gold Corp.

Management’s Discussion and AnalysisFor the three months and year ended December 31, 2025

COMMITMENTS AND CONTINGENCIES

The Company enters into contracts in the normal course of business that give rise to commitments for future payments. The following table summarizes the contractual maturities of the Company’s financial liabilities, and operating and capital purchase commitments at December 31, 2025, excluding those relating to the Brazil Operations:

(1)Amount includes principal and interest payments, except accrued interest which is included in accounts payable and accrued liabilities.

(2)Derivative liabilities in the above table represent the fair values of the derivative instruments that are expected to be cash-settled.

(3)Other financial liabilities mainly relate to the equipment facilities.

(4)Amounts represent undiscounted future cash flows.

In January 2026, the Company fully repaid the $500 million Term Loan and paid $300.4 million to extinguish the Sprott Loan and related obligations and repaid $75 million of the amount drawn on the Revolving Facility. With these repayments subsequent to December 31, 2025, the commitments for Loans and borrowings outlined above are estimated to be reduced by the following amounts: $210 million (within 1 year), $370 million (within 1-2 years), $240 million (within 2-3 years) and $130 million (within 3-4 years).

Contingencies

The Company is a defendant in various lawsuits, and is exposed to contingent liabilities arising from legal and other actions relating to tax, environmental and other matters in the jurisdictions in which it operates. Management regularly reviews these matters with external counsel to assess the likelihood of a material cash outflow. Where management believes that a cash outflow is probable, a provision for the estimated settlement amount is recognized. Liabilities relating to uncertain tax treatments are recognized as part of income tax liabilities. At December 31, 2025, the Company’s provision for legal, environmental and other matters amounted to $10.3 million which was primarily included in liabilities relating to assets held for sale (2024 – $6.4 million included in other non-current liabilities).

At December 31, 2025, the Company had the following significant outstanding matters:

Tax

Mercedes Mine 2016 tax year audit

The Company sold the Mercedes Mine to a third party in 2022 and the sale agreement included tax indemnity provisions. The Mexican tax authority is currently auditing the 2016 tax year for the Mercedes Mine. As a final assessment has not been issued, the Company determined that no present obligation existed under the tax indemnity at December 31, 2025 and, accordingly, no provision was recognized. The amount and timing of any final assessment remain uncertain and may be subject to appeal.

Management’s Discussion and AnalysisFor the three months and year ended December 31, 2025

COMMITMENTS AND CONTINGENCIES (CONTINUED)

Environmental

A historic rain event caused widespread flooding in the Aurizona region in March 2021 resulting in the overflow of a freshwater pond at the Aurizona site. The tailings facility and other infrastructure remained operational. Public civil actions have been filed against Mineração Aurizona S.A. (“MASA”) in the state and federal courts seeking various damages related to the rain event, and criminal proceedings have been initiated by the federal public prosecutor. The Company, together with its advisors, believes the public civil actions and criminal proceedings are without merit and that a cash outflow is not probable. Accordingly, no provision has been recognized in relation to the public civil actions and criminal proceedings at December 31, 2025. In connection with the Brazil Sale Transaction, the Company has provided indemnities to the Buyer in respect of certain claims, including this matter. The Brazil Sale Transaction is described in more detail in the Corporate section of this document.