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PRESS RELEASE FOR EARLY WARNING REPORT REGARDING EQUINOX GOLD CORP.

VANCOUVER, British Columbia, March 10, 2020 (GLOBE NEWSWIRE) -- Ross J. Beaty, of 1550 - 625 Howe Street, Vancouver, British Columbia, V6C 2T6, today announced that on March 10, 2020, he acquired ownership of 5,825,242 common shares (“Common Shares”) in the capital of Equinox Gold Corp. (“Equinox”), a company with a head office at Suite 730, 800 West Pender St., Vancouver, BC V6C 2V6, at a purchase price of USD$6.18 per Common Share for an aggregate purchase price of USD $35,999,995.56. Mr. Beaty acquired ownership through a non-brokered private placement transaction (the “Private Placement”) previously announced by Equinox on December 16, 2019.

Prior to the acquisition of the Common Shares and closing of the Private Placement, Mr. Beaty owned, directly or indirectly, or exercised control or direction over 13,274,028 Common Shares, 4,070 stock options (“Options”) each entitling the holder to purchase one Common Share and 3,000,000 warrants (“Warrants”), each entitling the holder to purchase one-fifth of a Common Share. Mr. Beaty also held 800,000 restricted share units with performance-based vesting conditions (“pRSUs”) to be settled in Common Shares if certain performance criteria are met. The pRSUs vest in four separate tranches based on Equinox’s Common Share price performance and contain performance multipliers ranging from 1x to 3x, depending on the Common Share price achieved. The performance multipliers provide for a total of up to 1,880,000 Common Shares to be issued if all price thresholds are achieved, however if these thresholds are not achieved, no Common Shares will be issued. Immediately prior to the closing of the Private Placement, 520,000 pRSUs had vested, entitling Mr. Beaty to 1,040,000 Common Shares, none of which have been issued.

The 13,274,028 Common Shares represented approximately 11.56% of the total number of issued and outstanding Common Shares prior to the Private Placement. If all of the Options and Warrants were exercised and all the Common Shares issuable on vesting of the pRSUs (whether or not vested) were issued, Mr. Beaty would have owned, directly or indirectly, or exercised control or direction over, approximately 13.43% of the total number of issued and outstanding Common Shares, on a partially diluted basis.

After the completion of the acquisition of Common Shares (and the concurrent acquisition of Leagold Mining Corporation by Equinox through the issuance of 94,313,678 Common Shares of Equinox), Mr. Beaty now owns, directly or indirectly, or exercises control or direction over, 19,099,270 Common Shares. The 19,099,270 Common Shares represent approximately 8.85% of the total number of issued and outstanding Common Shares, resulting in a 2.71% change to Mr. Beaty’s Common Share holdings after the completion of the Private Placement. If all of the Options and Warrants were exercised and all the Common Shares issuable on vesting of the pRSUs (whether or not vested) were issued, Mr. Beaty would own, directly or indirectly, or exercise control or direction over, approximately 9.88% of the total number of issued and outstanding Common Shares, resulting in a decrease of 3.55% on a partially diluted basis.

Mr. Beaty’s acquisition was made for investment purposes. In accordance with applicable securities laws, Mr. Beaty may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Equinox in the open market or otherwise, and reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Equinox and other relevant factors.

For more information, or to obtain a copy of the subject early warning report, please contact:

Ross J. Beaty
1550 – 625 Howe Street
Vancouver, British Columbia
V6C 2T6

Telephone: (604) 806-3173
Facsimile: (604) 684-0147