Equinox Gold Corporate Presentation

Equinox Gold and Leagold
Combine to Create Premier
Americas Gold Producer
CIBC CONFERENCE
January 2020

2
CAUTIONARY STATEMENTS
Forward-looking Statements
This presentation contains certain forward-looking information and forward-looking statements
within the meaning of applicable securities legislation and may include future-oriented financial
information. All statements, other than statements of historical fact, are forward-looking
statements. These include statements regarding Equinox Gold and Leagold’s intent, or the beliefs
or current expectations of the officers and directors of Equinox Gold and Leagold (the
“Companies”) for Equinox Gold post-closing. Forward-looking statements or information in this
presentation relate to, among other things: future operational performance, including estimated
production of gold; the ability of the Companies to successfully operate their respective assets
and achieve the anticipated production and financial metrics for each project prior to closing of
the Transaction; the ability of the combined company to successfully operate the assets and
achieve the expected operational metrics; development and timing of anticipated production at
Castle Mountain and the other growth projects; and the growth potential of the combined
company. As well, forward-looking statements may relate to future outlook and anticipated
events, such as the consummation and timing of the Transaction; the satisfaction of the
conditions precedent to the Transaction; the strengths, characteristics and potential of the
combined company; the underwritten term loan, revolving credit facility and the financings by
Ross Beaty and Mubadala; and discussion of future plans, projections, objectives, estimates and
forecasts and the timing related thereto. Forward-looking statements or information generally
identified by the use of the words “expects”, “will”, “underway”, “targeted”, “planned”, “objective”,
“expected”, “potential”, “continue”, “estimated”, “would”, “subject to” and similar expressions and
phrases or statements that certain actions, events or results “may”, “could”, “should”, “will be
taken” or “be achieved”, or the negative connotation of such terms, are intended to identify
forward-looking statements and information. Although the Companies believe the expectations
reflected in such forward-looking statements and information are reasonable, undue reliance
should not be placed on forward-looking statements since the Companies can give no assurance
that such expectations will prove to be correct. The Companies have based these forward-looking
statements and information on the Companies' current expectations and projections about future
events and these assumptions include: tonnage of ore to be mined and processed; ore grades
and recoveries; prices for gold remaining as estimated; the assets operating in accordance with
current expectations; construction at Castle Mountain being completed and performed in
accordance with current expectations; currency exchange rates remaining as estimated; capital,
decommissioning and reclamation estimates; the Companies' mineral reserve and resource
estimates and the assumptions on which they are based; prices for energy inputs, labour,
materials, supplies and services; and the Companies' ability to comply with permit requirements
and all environmental, health and safety laws. While the Companies consider these assumptions
to be reasonable based on information currently available, they may prove to be incorrect.
Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements
or information contained in this presentation. The Companies caution that forward-looking
statements and information involve known and unknown risks, uncertainties and other factors that
may cause actual results and developments to differ materially from those expressed or implied
by such forward-looking statements or information contained in this presentation and the
Companies have made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy
inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks
and hazards inherent with the business of mining (including environmental accidents and
hazards, industrial accidents, equipment breakdown, usual or unexpected geological or structural
formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain
insurance to cover these risks and hazards; employee relations; relationships with, and claims by,
local communities and indigenous populations; the Companies' ability to obtain all necessary
permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and
government practices, including environmental, export and import laws and regulations; legal
restrictions relating to mining; risks relating to expropriation, increased competition in the mining
industry; and those factors identified in the Companies’ respective management information
circulars and Annual Information Form for 2018, which are available on SEDAR at
www.sedar.com. Forward-looking statements and information are designed to help readers
understand management's views as of that time with respect to future events and speak only as
of the date they are made. Except as required by applicable law, the Companies assume no
obligation and do not intend to update or to publicly announce the results of any change to any
forward-looking statement or information contained or incorporated by reference to reflect actual
results, future events or developments, changes in assumptions or changes in other factors
affecting the forward-looking statements and information. If either of the Companies updates any
one or more forward-looking statements, no inference should be drawn that the Company will
make additional updates with respect to those or other forward-looking statements. All forward-
looking statements and information contained in this presentation are qualified in their entirety by
this cautionary statement.
Technical Information. James (Jim) Currie, P.Eng, Equinox Gold’s COO, and Scott Heffernan,
MSc, P.Geo, Equinox Gold’s EVP Exploration, are the Qualified Persons under NI 43-101 for
Equinox Gold and have reviewed, approved and verified the technical content of for the Equinox
Gold properties as discussed in this presentation. All technical information related to Equinox
Gold properties is available at www.equinoxgold.com and www.SEDAR.com. Adriaan (Attie)
Roux, Pr.Sci.Nat., Leagold’s COO, and Doug Reddy, P.Geo, Leagold’s Senior Vice President
Technical Services, are the Qualified Persons under NI 43-101 for Leagold and have reviewed,
approved and verified the technical content of the Leagold properties as discussed in this
presentation. All technical information related to Leagold properties is available at
www.leagold.com and www.SEDAR.com.
Cautionary Note to U.S. Investors Concerning Estimates of Reserves and Resources.
These estimates have been prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of U.S. securities laws. The terms "mineral resource",
"measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are
defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms under
the U.S. Securities and Exchange Commission ("SEC") Guide 7 ("SEC Guide 7") or recognized
under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be upgraded to mineral reserves. "Inferred mineral
resources" have a great amount of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred
mineral resource" will ever by upgraded to a higher category. Under Canadian securities laws,
estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility
studies. U.S. investors are cautioned not to assume that all or any part of an inferred mineral
resource exists or is economically or legally mineable. In addition, the definitions of “Proven
Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain
respects from the standards of the SEC. Accordingly, these mineral reserve and resource
estimates and related information may not be comparable to similar information made public by
U.S. companies subject to the reporting and disclosure requirements under the U.S. federal
securities laws and the rules and regulations thereunder, including SEC Guide 7.
Numbers may not add due to rounding. All dollar amounts in USD unless otherwise noted.

3
STRATEGIC MERGER TO CREATE A PREMIER GOLD PRODUCER
1. M&I Resources shown inclusive of reserves.
FULLY
FUNDED
GROWTH
CLEAR PATH
TO MARKET
RE-RATE
TOP 20
PRIMARY
GOLD
PRODUCER
• Organic growth to 1 Moz annual gold production in near term, based on
analyst consensus estimates for combined company operations
• 6 producing mines, 2 development projects and 2 mine expansion projects
• 12.7 Moz P&P Reserves, 23.6 Moz M&I Resources 1
• All assets in Americas: USA, Mexico, Brazil
• Strong internal cash flows and $670 M financing package
- New $40 M at-market equity investment from Ross Beaty
- New $130 M convertible note from Mubadala
- New $500 M underwritten bank financing
• Net debt < $300 M
• Dual listing in US and Canada with potential for near-term index inclusion
• Increased liquidity and size will attract new institutional investors
• Significant scale, diversification, synergies and growth profile

4
TRANSACTION SUMMARY
Transaction
Structure
• Equinox Gold and Leagold to merge via a Plan of Arrangement
• Unanimously recommended by the Board of Directors of both Equinox Gold and Leagold
• Voting support agreements representing 21% of Equinox Gold shares and 42% of Leagold shares
All Share
Consideration
• Leagold shareholders receive 0.331 of an Equinox Gold share for each Leagold share held
• At-market merger: C$2.70 per Leagold share using December 13, 2019 TSX closing prices
• Pro forma ownership: 55% Equinox Gold and 45% Leagold on an issued shares basis
Concurrent
Financing
• Ross Beaty to invest US$40 M in at-market private placement at C$8.15 per share
• Mubadala Investment Company to subscribe for US$130 M in a 5-year, 4.75% convertible
debenture with a conversion price of US$7.80 per share
• US$500 M underwritten bank financing: US$100 M term loan and US$400 M revolver
Leadership &
Governance
• Ross Beaty as Chairman and Neil Woodyer as CEO
• Continuing company named Equinox Gold trading as EQX on both TSX and NYSE American
• Head office in Vancouver, Canada
• Board with 8 directors: 4 appointed by Equinox Gold and 4 appointed by Leagold
Key
Approvals &
Conditions
• Approval from the shareholders of Equinox Gold and securityholders of Leagold
• Customary regulatory and court approvals
• COFECE (Mexican Federal Anti-Trust Commission) approval

5
AT-MARKET MERGER: A TRUE MERGER OF EQUALS
Share Exchange Ratio (2019 – current)
EQX shares per LMC share
Transaction Share
Exchange Ratio: 0.331
YTD 2019 Avg: 0.318
• At-market exchange ratio based on December 13, 2019 TSX closing prices
• Equinox Gold and Leagold shareholders will own approximately 55% and 45% of the merged company
• Exchange ratio is a blend of accretive and dilutive metrics for each company, but in-line with average
exchange ratio since start of 2019

6
CREATING A PREMIER AMERICAS GOLD PRODUCER
~700 Koz
GOLD PRODUCTION
IN 2020 2
Gold Producing Assets
Gold Development Site
4
GROWTH
PROJECTS
6
PRODUCING
MINES
12.7 Moz
P&P GOLD
RESERVES
23.6 Moz
M&I GOLD
RESOURCES 1
$300 M
CASH FLOW FROM
OPERATIONS IN 2020 2
$350 M
EBITDA
IN 2020 2
1. M&I Resources shown inclusive of reserves. 2. Analyst consensus estimates for combined company operations.
Los Filos / Expansion
Aurizona
RDM
Santa Luz
Pilar
Fazenda
Castle Mountain Phase 1 & 2
Mesquite
1 Moz
PATH TO GOLD
PRODUCTION DURING 2021 2

7
Castle Mountain
Mesquite
Aurizona RDM Fazenda
Pilar Santa Luz
Los Filos
Mexico
4.5 Moz
USA
4.6 Moz
Brazil
3.6 Moz
One-third of 12.7 Moz
P&P Reserves is in each of
the USA, Mexico and Brazil

8
GROWING PRODUCTION IN MINING FRIENDLY JURISDICTIONS
Source: Street research, Wood Mackenzie. 1. Analyst consensus estimates for combined company production.
Growth projects take annualized gold production to 1 Moz by end of 2021 1
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Current Operations Plus In-Progress Growth Projects
(Los Filos Expansion and Castle Mountain Phase 1)
Plus Future Growth Projects
(Santa Luz and Castle Mountain Phase 2)
GoldProduction(oz)
Los Filos - Current
Pilar
Fazenda
RDM
Aurizona
Mesquite
Castle Mtn - Phase 1
Los Filos Expansion
Castle Mtn - Phase 2
Santa Luz
Current
Operations
+ In-Progress
Growth Projects
Los Filos Expansion
Castle Mountain Phase 1
+ Future
Growth Projects
Santa Luz Restart
Castle Mountain Phase 2

9
(10%) 10% 30%
New Equinox
Pretium
Alamos
OceanaGold
Saracen
Centerra
Endeavour Mining
Detour
Regis
Kirkland Lake
SSR Mining
IAMGOLD
B2Gold
Yamana
Northern Star
Torex
Sibanye-Stillwater
Eldorado
Evolution
Alacer
St Barbara
0 10 20 30
Sibanye-Stillwater
IAMGOLD
Eldorado
Detour
Centerra
New Equinox
Yamana
Alamos
Evolution
Endeavour Mining
Saracen
Pretium
St Barbara
Kirkland Lake
B2Gold
OceanaGold
Northern Star
Regis
SSR Mining
Alacer
Torex
0 600 1,200
Sibanye-Stillwater
Kirkland Lake
Yamana
IAMGOLD
New Equinox
B2Gold
Centerra
Saracen
Alamos
Detour
Northern Star
OceanaGold
Pretium
Evolution
Endeavour Mining
Regis
Torex
Eldorado
St Barbara
SSR Mining
Alacer
WELL POSITIONED WITHIN NEW PEER GROUP
Source: Company filings, street research, Wood Mackenzie, analyst consensus. Note: Kirkland Lake not shown pro forma Detour acquisition.
2019E-2021E Growth (%) P&P Au Reserves (Moz)2021E Au Production (koz)
2021E gold production
at higher end of peer set
Peer leading gold
production growth
Significant reserve base is
double the peer median
Equinox Gold
Equinox Gold
Equinox Gold

10
Alacer
SSRMining
Saracen
Torex
StBarbara
Regis
Endeavour
Alamos
Pretium
Eldorado
OceanaGold
Detour
NorthernStar
Evolution
EquinoxGold
Centerra
IAMGOLD
Yamana
B2Gold
KirklandLake
Sibanye-Stillwater
Equinox Gold will be one of the
largest primary gold producers
operating entirely in the Americas
Fully funded to achieve 1 Moz
annualized production during 2021 1
EquinoxGold20202021
1 Moz
Source: Street research, Wood Mackenzie. 1. Analyst consensus estimates for combined company production.
AnalystConsensus2020EProduction

11
FULLY FUNDED FOR GROWTH
Strong balance sheet and cash flow funds growth
1. Excludes Transaction costs. 2. Preliminary December 31, 2019 cash balances as reported on January 8, 2020.
3. Existing $149.6M in convertible notes are in the money and treated as equity.
Cash
~$300M 1
Cash on hand 2
$130M
Mubadala investment
$130M
Drawn Debt
$550M
Term loan
$100M
New Mubadala
convertible note 3
$130M
Corporate revolver
$320M drawn
$80M available
• Ross Beaty to invest US$40M
at C$8.15 per share
• Mubadala to subscribe for
US$130M in 5-year, 4.75%
convertible debentures
convertible to Equinox Gold
shares at US$7.80 per share
• Fully underwritten bank facility
comprising:
- US$400M 4-year revolver
- US$100M 5-year term loan
Financing Package
$670M
Ross Beaty equity
$40M
Low net debt of < $300M 3

12
PRO FORMA CAPITALIZATION & SHAREHOLDERS
9%
2%
14%
19%
20%
36%
Ross Beaty
Other Insiders
Corporate
Institutional
High Net Worth
Float
PRO FORMA SHAREHOLDERS
* Mubadala Investment Company would
hold approximately 16% if it fully converted
both of its convertible notes.
NEW
EQX
Pro forma 6
Share Price (at Jan 14, 2020) C$10.90 / US$8.40
+30% since Dec 16
Market Cap 1 C$2.3 B / US$1.8 B
Shares Outstanding 2 214.3 M
Fully Diluted Shares 3 310.2 M
Cash (US$) 4 ~$300 M
Avg Daily Trading (US$) 5 +$10 M
POTENTIAL INDEX INCLUSION IN H1-2020
GDXJ: Following 3 quarters with US$1M daily trading value
GDX: With >US$750M market cap
TSX Composite: Following 6 months on TSX main board
PRO FORMA MARKET CAPITALIZATION
1. At January 14, 2020. 2. At September 30, 2019. 3. Includes Equinox Gold convertible notes with a U$5.25 conversion rate.
4. At December 31, 2019 using preliminary year-end unaudited numbers as disclosed on January 8, 2020, excluding
transaction costs. 5. Since the merger was announced on December 16, 2019. 6. Adjusted for transaction exchange ratio,
$40M equity financing and $130M convertible note financing.
Peer-leading insider ownership at ~11%

13
Median: 1.1x
SIGNIFICANT RE-RATE OPPORTUNITY
Potential immediate re-rate with enhanced
production profile and capital markets scale
Source: Company filings, FactSet, street research, Wood Mackenzie. Note: Kirkland Lake not shown pro forma Detour acquisition.
Equinox Gold

14
SHARED COMMITMENT TO RESPONSIBLE MINING
ENVIRONMENT SOCIAL GOVERNANCE
Equinox Gold is a signatory to
the International Cyanide
Management Code
Aurizona received Excellence
in Mining & Metallurgy Industry
award in 2018 and 2019
Insiders have personally
invested to own ~11% of
combined company shares
Established Independent
Tailings Review Board
Majority of workforce at all
sites from local regions
At-market merger aligned with
prevailing market sentiment
Using ISO:4001 environmental
management standards
More than 3.3 M worked hours
with only two LTI’s at EQX
Performance-based incentive
compensation program
Implementing SASB based
sustainability reporting in 2020
Programs to increase skills
capacity in local communities
Strong corporate governance
using industry best practices

15
TRANSACTION TIMELINE
1. Assuming all regulatory, court and shareholder approvals have been received.
DECEMBER 16, 2019
Merger Announcement
DECEMBER 27, 2019
Mail Special Meeting Materials
JANUARY 28, 2020
Shareholder Vote
FEBRUARY 2020
Expected Close 1

16
2020 VALUE CREATION
Create premier
Americas gold
producer
Complete at-market merger with Leagold Mining
Achieve corporate and site integration benefits
Operations Accelerate Los Filos expansion
Complete Castle Mountain Phase 1 for 45,000 oz/yr gold 1
Advance Castle Mountain Phase 2 for 200,000 oz/yr gold 1
Expedite Santa Luz restart
Optimize Mesquite operations
Complete PEA for Aurizona underground mine
Exploration Extend mine life at Aurizona, Fazenda, Los Filos and Mesquite
Corporate Qualify for multiple index inclusions in H1-2020
Formalize external ESG reporting
1. Average annual run rate as estimated in July 2018 prefeasibility study.
2. Analyst consensus estimates for combined company.
Fully funded to achieve growth objectives

18
BOARD OF DIRECTORS
Peter Marrone, Director
• Founder, Chairman and CEO of Yamana Gold
• 30 years of mining, business, and capital markets
experience
• Prior to Yamana, was head of investment banking at a
major Canadian investment bank
• Also practiced law with a strong focus on corporate law,
securities law and international transactions
General Wesley K. Clark , Director
• Retired 4-star U.S. Army General
• Held several Commands including Supreme Allied
Commander Europe of NATO and Commander, U.S.
Southern Command responsible for Latin America and the
Caribbean
• Currently heads a strategic advisory and consulting firm
Gordon Campbell, Director
• Former Canadian High Commissioner to the United
Kingdom from 2011 to 2016, 34th Premier of British
Columbia from 2001 to 2011 and leader of the Official
Opposition in British Columbia from 1994 to 2001
• From 1986 to 1993, he was Mayor of Vancouver, BC
Neil Woodyer, Non-independent Director, CEO
• Founder of Leagold in August 2016
• Founder and former CEO of Endeavour Mining until
June 2016
• Previously Managing Director of Endeavour Financial, a
merchant bank focused on the natural resource sector
founded in 1988
Ross Beaty, Chairman, Non-independent Director
• Founder and Chairman of Pan American Silver
• Geologist and resource company entrepreneur with more
than 40 years of industry experience
• Has successfully founded and divested a number of
public mineral resource and clean energy companies
Len Boggio, Director
• Formerly a partner of PricewaterhouseCoopers where he
served for more than 20 years until his retirement in 2012
• Fellow of the Chartered Professional Accountants of
Canada
• Served as president of the BC Institute of Chartered
Accountants and chairman of the Canadian Institute of
Chartered Accountants
Tim Breen, Director
• Long-standing member of Mubadala Investment
Company’s senior leadership team
• Currently serving as Executive Director in Mubadala’s
Technology, Manufacturing and Mining platform
Marshall Koval, Director
• Geologist with 38 years of corporate management, M&A,
finance, mineral exploration, mine development and
operations experience
• Has held CEO and senior management positions with
numerous mineral resource companies

19
SENIOR EXECUTIVE TEAM
Christian Milau, EVP Corporate
• CEO of Equinox Gold since August 2016, leading the
team through two mergers, an asset acquisition and
this potential Transaction
• CEO of True Gold until it was acquired by Endeavour
Mining in April 2016
• Prior to True Gold, held senior positions with
Endeavour Mining, New Gold, BNP Paribas and
Deloitte
Neil Woodyer, CEO
• Founder of Leagold in August 2016
• Founder and former CEO of Endeavour Mining until
June 2016
• Previously Managing Director of Endeavour
Financial, a merchant bank focused on the natural
resource sector founded in 1988
Peter Hardie, CFO
• CFO of Equinox Gold since August 2016
• CFO of True Gold until it was acquired by Endeavour
Mining in April 2016
• Prior to True Gold, spent 10 years at Nevsun
Resources including as VP Finance and CFO
• Chartered Professional Accountant
Attie Roux, COO
• Metallurgical Engineer and Registered Professional
with the South African Council for Natural Scientific
Professions
• Former COO of Endeavour Mining with over 40
years of operational, technical and management
experience in the mining industry, including 30
years with AngloGold Ashanti

20
AURIZONA – BRAZIL
1. Company guidance for 2019, analyst consensus estimates for 2020 and beyond.
Note: Resources shown inclusive of reserves.
Production 1 (koz Au) Reserves & Resources
• 100% owned open-pit gold mine in Maranhão
State, Brazil
• Conventional open-pit operation with 8,000 tpd
CIL plant
• Poured first gold May 14, 2019, achieved
commercial production July 1, 2019
• Significant potential to extend mine life along
strike with exploration success; drilling underway
• Evaluating potential to develop an underground
mine; PEA results targeted for mid-2020
Open-pit mine with large land package and exploration upside
75-90,000 oz
$950-$1,025/oz AISC
--
50
100
150
200
2019
Guidance
2020E
Street
2021E
Street
2022E
Street
Grade Contained Metal
Tonnes Gold Gold
(Mt) (g/t) (koz)
P&P Reserves 20 1.52 971
M&I Resources 33 1.58 1,663
Inferred Resources 17 1.98 1,080

21
MESQUITE – CALIFORNIA
Open-pit heap leach mine with long history of successful operations
• 100% owned open-pit, run-of-mine heap leach
gold mine in Imperial County, California
• Produced more than 4 Moz of gold since it
commenced operations in 1985
• Averaged 135 koz of annual production over last
10 years
• Acquired by Equinox Gold in October 2018
• Optimization opportunities include stacking
mineralized historical waste dumps and
exploring new targets
• Significant synergies with Castle Mountain
125-145,000 oz
$930-$980/oz AISC
--
50
100
150
200
2017A 2018A 2019
Guidance
2020E
Street
2021E
Street
2022E
Street
Tonnes Gold Gold
(Mt) (g/t) (koz)
P&P Reserves 55 0.57 1,004
M&I Resources 183 0.49 2,902
Inferred Resources 15 0.38 184

22
CASTLE MOUNTAIN – CALIFORNIA
Construction underway to achieve production in 2020
Highlight
Mine Life (years) 16
LOM Total Production (koz) 2,798
LOM Average Production (koz) 173
LOM Average AISC ($/oz) $763
Base Case(1)
After-tax NPV5% ($ M) $406
Base Case(1)
After-tax IRR (%) 20%
Prefeasibility Study Highlights (2018) Reserves & Resources
• 100% owned open-pit heap leach mine in San
Bernadino County, California
• Past producer with more than 1 Moz gold produced
from 1992 to 2004
• Two-phase development with 16-year mine life
• Phase 1: 45 koz Au/y in years 1-3
- Construction underway with first gold pour
targeted for Q3 2020
- $58 M capex fully funded
• Phase 2: 200 koz Au/y in years 4-16
- Feasibility and permitting underway
- Capex estimated at ~$175 M + fleet
1. Based on $1,250/oz gold.
Tonnes Gold Gold
(Mt) (g/t) (koz)
P&P Reserves 198 0.56 3,563
M&I Resources 242 0.56 4,333

23
LOS FILOS – MEXICO
• 100% owned gold mine comprising two large open pits
(Los Filos and Bermejal) and one high-grade
underground mine (Los Filos) with heap leach recovery
• Large, well-established mining operation in production
since 2008, with 5.5 Moz gold mined historically
• Los Filos Expansion is underway with completion
targeted for Q4 2021
- Enlarged Los Filos open pit
- Development of second underground mine
(Bermejal)
- Development of the Guadalupe open pit
- New 4,000 tpd CIL plant
Mexico’s fourth largest gold mine with significant expansion underway
200-220,000 oz
$925-$975/oz AISC
--
100
200
300
400
2017A 2018A 2019
Guidance
2020E
Street
2021E
Street
2022E
Street
Tonnes Gold Gold
(Mt) (g/t) (koz)
P&P Reserves(1)
104 1.31 4,395
M&I Resources 326 0.93 9,773
1. Includes leach pad inventory of 114 koz Au. 2. Company guidance for 2019, analyst consensus estimates for 2020 and beyond.

24
FAZENDA – BRAZIL
Primarily underground mine with long history of operations
• 100% owned gold mine in Bahia State, Brazil
• Steady-state operations for more than 30 years;
acquired by Leagold in May 2018
• Primarily an underground operation being mined by
conventional retreat longitudinal longhole open
stoping with a 1.3 Mtpa CIL milling facility
• Exploration for mine-life extension underway, current
drilling programs demonstrating strong results
63-70,000 oz
$900-$950/oz AISC
--
20
40
60
80
2017A 2018A 2019
Guidance
2020E
Street
2021E
Street
2022E
Street
Tonnes Gold Gold
(Mt) (g/t) (koz)
M&I Resources 8 2.30 558

25
RDM – BRAZIL
Conventional open-pit mine with optimization opportunities
• 100% owned gold mine in Minas Gerais State, Brazil
• Conventional open-pit operation with 7,000 tpd
CIL plant
• Commenced production in early 2014; acquired by
Leagold in May 2018
• New power line and switchover to grid power
complete, leading to improved gold recoveries and
annual savings of $6 million
72-80,000 oz
$900-$950/oz AISC
--
25
50
75
100
2017A 2018A 2019
Guidance
2020E
Street
2021E
Street
2022E
Street
Tonnes Gold Gold
(Mt) (g/t) (koz)

26
PILAR – BRAZIL
Underground mining complex
• 100% owned underground gold mine complex in
Goiás State, Brazil
• Primary mining methods are modified room and pillar
and longhole open stoping
• Processing plant is a conventional milling, gravity and
CIP circuit with 1.0 Mtpa capacity
• Achieved commercial production in October 2014;
acquired by Leagold in May 2018
45-50,000 oz
$950-$1,000/oz AISC
--
20
40
60
80
2017A 2018A 2019
Guidance
2020E
Street
2021E
Street
2022E
Street
Tonnes Gold Gold
(Mt) (g/t) (koz)

27
Highlight
Mine Life (years) 11
LOM Total Production (koz) 1,060
LOM Average Production (koz) 96
LOM Average AISC ($/oz) $856
Base Case(1)
After-tax NPV5% ($ M) $149
Base Case(1)
After-tax IRR (%) 47%
SANTA LUZ – BRAZIL
Re-start opportunity with potential to add more than 100,000 oz Au/y
Feasibility Study Highlights (2018) Reserves & Resources
• 100% owned open-pit gold mine in Bahia State, Brazil
• Operated from mid-2013 until 2014 by a previous
owner to focus on optimizing gold recoveries
• Leagold acquired the project in May 2018 and a re-
start is planned with production targeted for 2021
• Initial capex of $82 M
• October 2018 Feasibility Study estimated 100 koz of
annual gold production within 10 months of
construction commencement
• Permits in place for construction/resumption of
operations; minor adjustments needed to modify
existing tailings facility
Tonnes Gold Gold
(Mt) (g/t) (koz)
P&P Reserves 28 1.39 1,259
1. Based on $1,250/oz gold.

28
COMBINED PROVEN & PROBABLE MINERAL RESERVES
Mine/Project
Proven Probable Proven and Probable
Tonnes
(kt)
Grade
(g/t)
Contained
gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
gold (koz)
Aurizona 8,438 1.44 392 11,398 1.58 579 19,836 1.52 971
Castle Mountain 136,611 0.58 2,559 60,977 0.51 1,004 197,589 0.56 3,563
Mesquite 1,167 0.62 23 53,468 0.57 981 54,635 0.57 1,004
Los Filos 26,168 0.91 768 78,052 1.44 3,626 104,220 1.31 4,395
Leach pad
inventory
114 114
RDM 5,647 0.73 133 19,079 1.08 656 24,726 0.99 789
Fazenda 2,632 1.77 150 2,756 1.91 169 5,387 1.84 319
Pilar 961 1.51 47 6,044 1.13 219 7,005 1.18 266
Santa Luz 25,000 1.43 1,153 3,200 1.03 106 28,200 1.39 1,259
Total Proven and
Probable
5,225 7,454 12,680

29
COMBINED MEASURED & INDICATED MINERAL RESOURCES
Mine
Measured Indicated Measured and Indicated
Tonnes
(kt)
Grade
(g/t)
Contained
gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
gold (koz)
Aurizona 8,957 1.43 414 23,670 1.64 1,249 32,627 1.58 1,663
Castle Mountain 160,711 0.58 2,989 81,377 0.51 1,344 242,089 0.56 4,333
Mesquite 6,567 0.46 96 175,968 0.49 2,793 182,535 0.49 2,902
Los Filos 114,631 0.77 2,851 211,678 1.02 6,922 326,309 0.93 9,773
RDM 3,195 0.77 79 36,107 1.02 1,181 39,303 1.00 1,259
Fazenda 4,870 2.17 339 2,670 2.55 219 7,540 2.30 558
Pilar 2,389 3.50 269 13,479 2.13 922 15,868 2.33 1,191
Santa Luz 31,200 1.36 1,364 9,700 1.96 612 40,900 1.50 1,976
Total Measured
and Indicated
332,520 8,401 554,649 15,242 887,171 23,655

30
COMBINED INFERRED RESOURCES
Mine Tonnes (kt) Grade (g/t)
Contained Gold
(koz)
Aurizona 16,960 1.98 1,080
Castle Mountain 171,395 0.40 2,210
Mesquite 15,000 0.38 184
Los Filos 98,204 0.83 2,633
RDM 8,305 1.50 401
Fazenda 6,040 2.45 476
Pilar 20,399 3.21 2,108
Santa Luz 7,700 2.02 501
Total Inferred 344,003 9,593

31
TECHNICAL DISCLOSURE
Notes to Mineral Reserves and Mineral Resources (Leagold)
• CIM (2014) Definition Standards were followed for Mineral Reserves.
• Mineral Reserves used a gold price of US$1,200/oz; exchange rate of R$3.70:US$1 or
Mex$19:US$1.
• Mineral Resources are inclusive of Mineral Reserves.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Mineral Resources used a gold price of US$1,500/oz and exchange rate of R$3.70:US$1 for Brazil
Mines; gold price of US$1,400/oz, silver price of US$4.39/oz and exchange rate of Mex$19:US$1 for
Los Filos.
• Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces.
• Summation errors may be present due to rounding.
• Mineral resources do not include factors such as mining dilution or mining recovery.
• Details of cut-off grades, bulk densities, mining widths, dilution, mining factors and process recovery
assumptions applied to Mineral Reserves and Mineral Resources are provided in the Technical
Reports for each mine/project.
• "Independent Technical Report for the Los Filos Mine Complex, Mexico" by SRK Consulting
(Canada) Inc., and dated March 11, 2019 with an effective date of October 31, 2018. Dr. G.
Arseneau, P.Geo., E. Olin, RM-SME, T. Olson, FAusIMM, N. Winkelmann, FAusIMM, N. Lincoln,
P.Eng., M. Rykaart, P.Eng., D. Nicholas, P.E. are the Qualified Persons that prepared or supervised
preparation of the information contained in the Technical Report.
• “Technical Report on the Riacho dos Machados Gold Mine, Minas Gerais, Brazil” by Roscoe Postle
Associates Inc., and dated November 20, 2018 with an effective date of May 31, 2018. H.M.
Miranda, MBA, ChMc (RM), M.B. Mathisen, C.P.G. and K.A. Altman, Ph.D., P.E., are the Qualified
Persons that prepared or supervised preparation of the information contained in the Technical
Report.
• “Technical Report on the Fazenda Brasileiro Mine, Bahia State, Brazil” by Roscoe Postle Associates
Inc., and dated November 26, 2018 with an effective date as of May 31, 2018. Mark B. Mathisen,
C.P.G., H.M. Miranda, MBA, ChMC (RM), R.L. Michaud, P.Eng. and A.P. Hampton, P.Eng. are the
Qualified Persons that prepared or supervised preparation of the information in the Technical Report.
• “Technical Report on the Pilar Operations, Goiás State, Brazil” by Roscoe Postle Associates Inc.,
and dated December 20, 2018 with an effective date of May 31, 2018. M.B. Mathisen, C.P.G., P.A.
Geusebroek, P.Geo., H.M. Miranda, MBA, ChMC (RM), R.L. Michaud, P.Eng., and A.P. Hampton,
P.Eng. are the Qualified Persons that prepared or supervised preparation of the information
contained in the Technical Report.
• “Technical Report on the Santa Luz Project, Bahia State, Brazil” by Roscoe Postle Associates Inc.,
and dated November 14, 2018 with an effective date of October 22, 2018. M.B. Mathisen, C.P.G.,
H.M. Miranda, MBA, ChMC (RM), R.L. Michaud, P.Eng. and R. Addison, P.E., are the Qualified
Persons who prepared or supervised preparation of the information contained in the Technical
Report.
• Adriaan (Attie) Roux, Pr.Sci.Nat., Leagold’s COO, and Doug Reddy, P.Geo, Leagold’s Senior Vice
President Technical Services, are the Qualified Persons under NI 43-101 for Leagold and have
reviewed, approved and verified the technical content of this presentation as it relates to Leagold’s
properties.
Notes to Mineral Reserves and Mineral Resources (Equinox Gold)
• The Mesquite reserve and resource estimates were disclosed in the technical report entitled
“Technical Report on the Mesquite Gold Mine, Imperial County, California, U.S.A.” prepared by AGP
with an effective date of December 31, 2018, which is available for download on SEDAR at
www.sedar.com. The Mesquite resource estimate was prepared by Robert Sim P.Geo, SIM
Geological Inc. and Bruce Davis, FAusIMM, BD Resource Consulting, Inc. The Mesquite reserve
estimate was based on the Mesquite mineral resource estimate prepared by SIM Geological Inc. The
mineral reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng of
AGP, who is a Qualified Person as defined under NI 43-101.The estimated mineral resources
represent the material located between the surveyed topographic surface at December 31, 2018 and
the ultimate resource limiting pit shell generated at year-end 2018, excluding any surface stockpiles.
Cut-off grade for oxide material is 0.134 g/t Au and 0.288 g/t Au for transition and non-oxide material.
The reserves for Mesquite are based on the conversion of the Measured and Indicated resources
within the current mine plan. Measured Resources are converted to Proven Reserves and Indicated
Resources are converted directly to Probable Reserves. Mineral reserves are stated within the final
design pit based on a $1,250/oz gold price. The cutoff grade for oxide material is 0.15 g/t and 0.31
g/t for transition and non-oxide material. The mining cost averaged $1.45/t mined, processing costs
are $1.81/t ore and G&A was $0.75/t ore placed. The ore recoveries were 75% for oxide, and 35%
for transition and non-oxide material.
• The Aurizona reserve estimate was disclosed in the “Feasibility Study on the Aurizona Gold Mine
Project” prepared by Lycopodium Minerals Canada Ltd. with an effective date of July 10, 2017, which
is available for download on SEDAR at www.sedar.com. The Mineral Reserve estimate has an
effective date of May 29, 2017 and is based on the Mineral Resource estimate dated January 5,
2017 and prepared by SRK Consulting (Canada) Inc. The Mineral reserve calculation was completed
under the supervision of Gordon Zurowski, P.Eng of AGP, who is a Qualified Person as defined
under NI 43-101. Mineral Reserves are stated within the final design pit based on a $1,056 per
ounce gold price pit shell with a $1,200 per ounce gold price for revenue. The cutoff grade was 0.60
g/t Au for the Piaba pit area and 0.41 g/t Au for the Boa Esperança area. The mining cost averaged
$2.32/tonne mined, processing averages $11.30/tonne milled and G&A was $2.88/tonne milled. The
process recovery averaged 90.3%. The exchange rate assumption applied was R$3.30 equal to
US$1.00. The 2018 Piaba open-pit, Piaba underground and Boa Esperança open-pit resource
estimates, with an effective date of October 22, 2018, were prepared by Trevor Rabb, P.Geo (EGBC
#39599), B.Sc., who is a “qualified person” within the meaning of NI 43-101. Mr. Rabb is an
employee of Equity Exploration Consultants Ltd. and is considered to be “independent” for the
purposes of Section 1.5 of NI 43-101. Numbers may not sum due to rounding.
• The Castle Mountain Mineral Reserve and Mineral Resource Estimates were disclosed in the "NI 43-
101 Technical Report on the Preliminary Feasibility Study for the Castle Mountain Project" prepared
by Kappes, Cassiday and Associates with an effective date of July 16, 2018, which is available for
download on SEDAR at www.sedar.com. The Mineral Reserve estimate with an effective date of
June 29, 2018 is based on the Mineral Resource estimate with an effective date of March 29, 2018
that was prepared by Don Tschabrun, SME RM of Mine Technical Services. The Mineral Reserve
was estimated by Global Resource Engineering, LLC with supervision by Terre Lane, MMSA, SME
RM. Mineral Reserves are estimated within the final designed pit which is based on the $850/oz pit
shell with a gold price of $1,250/oz. The minimum cut-off grade was 0.14 g/t gold and 0.17 g/t gold
for Phases 1 and 2, respectively. Average life of mine costs are $1.39/tonne mining, $2.11/tonne
processing, and $0.80/tonne processed G&A. The average process recovery was 72.4% for ROM
and 94% for Mill/CIL. The Mineral Resource is based on a gold cut-off grade of 0.17 g/t. The Mineral
Resource is contained within an LG shell limit using a $1,400 gold price as well as cost and recovery
parameters presented in the technical report. Numbers may not sum due to rounding.
• James (Jim) Currie, P.Eng, Equinox Gold’s COO, and Scott Heffernan, MSc, P.Geo, Equinox Gold’s
EVP Exploration, are the Qualified Persons under NI 43-101 for Equinox Gold and have reviewed,
approved and verified the technical content of this presentation as it relates to Equinox Gold’s
properties.

Merger of Equals to Create a
Premier Americas Gold Producer
TSX: EQX, NYSE-A: EQX
Christian Milau, CEO
Rhylin Bailie, VP Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com
www.equinoxgold.com
TSX: LMC, OTC: LMCNF
Neil Woodyer, CEO
Meghan Brown, VP Investor Relations
Tel: +1 604-398-4505
Email: info@leagold.com
www.leagold.com

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