NEWS RELEASE: Equinox Gold and Leagold Mining Combine to Create a Premier Americas Gold Producer (December 16, 2019)

Vancouver, Canada – December 16, 2019 – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold”) and Leagold Mining Corporation (TSX: LMC, OTCQX: LMCNF) (“Leagold”) have entered into a definitive agreement (the “Arrangement Agreement”) to combine in an at-market merger (the “Transaction”), creating one of the world’s top gold producing companies operating entirely in the Americas. The combined entity will continue as Equinox Gold and be headquartered in Vancouver, Canada.

Transaction Highlights

• Gold production of 700,000 ounces in 2020, increasing to 1 million ounces annualized production during 2021 and beyond, based on analyst consensus estimates
• Diversified operating platform with six operating mines in USA, Mexico and Brazil
• Substantial gold reserve and resource base
• Robust revenue, EBITDA and free cash flow
• Concurrent $670 million financing package: an at-market $40 million equity investment from Ross Beaty, a new $130 million convertible debenture issued to Mubadala Investment Company (“Mubadala”) and $500 million in underwritten commitments from a syndicate of lenders to refinance existing credit facilities

• Strong balance sheet and operating cash flow fully funds growth from two development projects and two expansion projects
• Operating and administrative synergies in excess of $10 million annually
• Pro forma market capitalization of $1.3 billion providing scale, liquidity and re-rate potential
• Board of Directors, led by Ross Beaty as Chairman, will have eight members with four from each company
• Experienced, integrated management team led by Neil Woodyer as CEO, Christian Milau as EVP Corporate, Attie Roux as COO and Peter Hardie as CFO

Pursuant to the Transaction, Leagold shareholders will receive 0.331 of an Equinox Gold share for each Leagold share held (the “Exchange Ratio”). This implies at-market consideration of C$2.70 per Leagold common share, using
closing prices for both Equinox Gold and Leagold common shares on the Toronto Stock Exchange on December 13, 2019. At closing, existing Equinox Gold and Leagold shareholders will own approximately 55% and 45% of the
merged company, respectively, on an issued share basis.

Ross Beaty, Chairman of Equinox Gold, stated: “This merger will create one of the world’s largest gold companies operating entirely in the Americas. In addition to having strong financial and operating metrics, our large scale will provide improved liquidity, greater asset and country diversification and a lower risk profile for all shareholders. This is the kind of gold company investors want today and I’m very pleased we are combining forces to achieve it.”

For the rest of this news release: https://www.equinoxgold.com/_resources/news/20191216-EQX-PR-Merger.pdf

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