Equinox Gold extends Fazenda Mine life by seven years with updated mineral reserve and resource estimates

Equinox Gold’s commitment to sustained exploration and operational excellence positions Fazenda as a cornerstone of its growth strategy in Brazil.

Equinox Gold Corp has announced a significant update to its Mineral Reserve and Resource estimates for the Fazenda Mine in Bahia State, Brazil. Effective June 30, 2024, this update extends the mine's life to 2033 and underscores the continued potential for growth through strategic exploration and resource development.

Key Highlights

• 142% Increase in Mineral Reserves: Fazenda now holds 763,000 ounces (koz) of contained gold in Proven and Probable Reserves, significantly extending its operational life. This figure accounts for 242 koz of mining depletion since the last update in 2021.
• 418% Increase in Measured and Indicated Mineral Resources: Exclusive of Mineral Reserves, Fazenda’s resources have grown to 1.524 million ounces (Moz) of contained gold.
• Higher Grades: Average grades for Mineral Reserves and Mineral Resources have risen by 22% and 25%, respectively, enhancing the overall quality of the deposit.

Exploration Success and Future Plans

Scott Heffernan, EVP Exploration at Equinox Gold, emphasized the impact of focused exploration over the past three years:

“The success of our exploration efforts has exceeded expectations, delivering a significant mine life extension and resource growth. This lays a strong foundation to evaluate expansion opportunities at Fazenda while continuing to explore its vast potential."

Building on this momentum, Equinox Gold has approved a 60,000-meter diamond drilling program for 2025. This initiative will prioritize replacing mined reserves and identifying additional near-mine resources.

Comprehensive Reserve and Resource Update

The updated Mineral Reserve and Resource estimates reflect extensive drilling efforts, improved geological modeling, and revised economic parameters:

• Drilling Campaign: 197,098 meters across 1,599 holes were completed between January 2021 and December 2023, supporting updated geologic interpretations and connectivity between mineralized zones.
• Revised Geological Model: The new model integrates data from the Fazenda Brasileiro and Canto Units, capturing previously isolated mineralized zones and significantly expanding the resource base.

Updated Reserve and Resource Figures

• Proven and Probable Reserves: 13.2 million tonnes (Mt) grading 1.80 grams per tonne (g/t) gold for 763 koz.
• Measured and Indicated Resources (Exclusive of Reserves): 21.4 Mt grading 2.21 g/t gold for 1.524 Moz.
• Inferred Resources: 4.7 Mt grading 1.77 g/t gold for 266 koz.

Key contributors to the updated resource include new deposits at Barrocas Southwest, Papagaio, and Raminhos, which will be focal points for future exploration.

Geological Advancements at Fazenda

Fazenda’s gold mineralization occurs in veins across multiple horizons, including the historically productive CLX zones within the Fazenda Brasileiro Unit and the underexplored Canto Unit. Detailed re-logging and structural analysis over the past three years have revealed greater continuity of mineralized zones, enhancing resource estimation accuracy.

Compliance and Reporting Standards

All estimates adhere to CIM Definition Standards (2014) and utilize updated gold price assumptions:

• Reserves: $1,500/oz for open pits, $1,800/oz for underground operations.
• Resources: Open pit resources reported within a $1,700/oz pit shell and underground resources at a $2,000/oz conceptual stope.

Looking Ahead

With a robust foundation of increased reserves and resources, Fazenda is poised for long-term success. The planned exploration activities aim to uncover additional underground potential and assess the broader regional opportunities within the greenstone belt, including connections to Equinox Gold’s Santa Luz Mine.