# EDGAR Filing Document

**Accession Number:** 0001756607
**File Stem:** 0000950142-25-001641
**Filing Date:** 2025-6
**Character Count:** 158012
**Document Hash:** 8e01d7bdde21cf330f972f16073f554a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950142-25-001641.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0000950142-25-001641

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**EFFECTIVENESS DATE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Equinox Gold Corp.
- **CENTRAL INDEX KEY:** 0001756607
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288142
- **FILM NUMBER:** 251056951

**BUSINESS ADDRESS:**
- **STREET 1:** 700 WEST PENDER ST., SUITE 1501
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1G8
- **BUSINESS PHONE:** 604-558-0560

**MAIL ADDRESS:**
- **STREET 1:** 700 WEST PENDER ST., SUITE 1501
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1G8

**As filed with the Securities and Exchange Commission on June 18, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER**

**THE SECURITIES ACT OF 1933**

**EQUINOX GOLD CORP.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **British Columbia, Canada** | **Not applicable** |
| (State or other jurisdiction of | (IRS Employer Identification No.) |
| incorporation or organization) |  |

---

**Suite 1501, 700 West Pender St.**

**Vancouver, BC Canada**

**V6C 1G8**

**+1-604- 558-0560**

(Address, including zip code, of Registrant's principal executive offices)

**Calibre Long-Term Incentive Plan**

(Full title of the plan)

**CT Corporation**

**28 Liberty Street**

**New York, New York 10005**

(Name and address of agent for service)

**(212) 894-8940**

(Telephone number, including area code, of agent for service)

**COPIES TO:**

---

| | |
|:---|:---|
| **Susan Toews**<br> **Equinox Gold Corp.**<br> **Suite 1501, 700 West Pender Street**<br> **Vancouver, British Columbia**<br> **Canada V6C 1G8**<br> **(604) 558-0560** | **Christopher Cummings** <br> **Paul, Weiss, Rifkind, Wharton & Garrison LLP**<br> **Toronto-Dominion Centre**<br> **77 King Street West, Suite 3100**<br> **Toronto, Ontario**<br> **Canada M5K 1J3**<br> **(416) 504-0522** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ <br> Non-accelerated filer ☐ (Do not check if a smaller reporting company.) Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

On February 23, 2025, the Registrant entered into an Arrangement Agreement, as amended on April 23, 2025, with Calibre Mining Corp. ("Calibre") pursuant to which the Registrant agreed to acquire all of the issued and outstanding common shares of Calibre (the "Arrangement"). In connection with the Arrangement, each option of Calibre (each, a "Calibre Option") granted under the amended and restated long-term incentive plan of Calibre, as amended (the "Calibre Long-Term Incentive Plan"), will be exchanged for an option (each, a "Replacement Option") to purchase 0.35 common shares, no par value of the Registrant (the "Common Shares"), with an exercise price per Common Share equal to the exercise price per share of such Calibre Option divided by 0.35 and rounded up to the nearest whole cent.

The Registrant has prepared this Registration Statement in accordance with the requirements of Form S-8 under the Securities Act to register 2,000,000 Common Shares that are reserved for issuance upon the exercise of the Calibre Options.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

Item 1. Plan Information.

The documents containing the information specified in Part I of Form S-8 will be sent or given to certain participants in the Calibre Long-Term Incentive Plan, as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act"). In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission, but each such document constitutes, along with the documents incorporated by reference into this registration statement (the "Registration Statement"), a prospectus that meets the requirements of Section 10(a) of the Securities Act.

Item 2. Registrant Information and Employee Plan Annual Information.

Equinox Gold Corp. (the "Registrant") will furnish without charge to each person to whom a prospectus is delivered, upon the written or oral request of such person, a copy of any and all of the documents incorporated by reference in Item 3 of Part II of this Registration Statement, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference to the information that is incorporated). Those documents are incorporated by reference in each Section 10(a) prospectus. The Registrant will also furnish without charge to any person to whom a prospectus is delivered, upon written or oral request, all other documents required to be delivered pursuant to Rule 428(b) under the Securities Act. Requests should be directed to the Corporate Secretary of Equinox Gold Corp. at Suite 1501, 700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8, telephone: (604) 558-0560.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

Item 3. Incorporation of Documents by Reference

The following documents filed with or furnished to the Commission are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's annual report on [Form 40-F](https://www.sec.gov/Archives/edgar/data/1756607/000162828025013606/eqx-20241231_d2.htm) , filed with the Commission on March 19, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All reports filed by the Registrant pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), since December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The description of the common shares of the Registrant, no par value (the "Common Shares")
under the section captioned "Description of the Securities" in the Registrant's Registration Statement on [Form 40-F](https://www.sec.gov/Archives/edgar/data/1756607/000127956919001891/equinox40f.htm) filed with the Commission on September 10, 2019 including any amendment or report filed for the purpose of amending such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, subsequent to the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents. Also, the Registrant may incorporate by reference its future reports on Form 6-K by stating in those Form 6-K's that they are being incorporated by reference into this Registration Statement.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement, or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this Registration Statement, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4. Description of Securities

Not Applicable.

Item 5. Interests of Named Experts and Counsel

Not Applicable.

Item 6. Indemnification of Directors and Officers

Equinox Gold Corp. ("we", "us" or "our company") is subject to the provisions of Part 5, Division 5 of the Business Corporations Act (British Columbia) (the "Act").

Under Section 160 of the Act, we may, subject to Section 163 of the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) indemnify an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is or was a director or officer of our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is or was a director or officer of another corporation (i) at a time when such corporation is or was an affiliate of our company;
or (ii) at our request, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· at our request, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint
venture or other unincorporated entity,

and including, subject to certain limited exceptions, the heirs and personal or other legal representatives of that individual (collectively, an "eligible party"), against all eligible penalties to which the eligible party is or may be liable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) after final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding, where:

"**eligible penalty**" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding.

"**eligible proceeding**" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.

"**expenses**" includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding.

"**proceeding**" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

Under Section 161 of the Act, and subject to Section 163 of the Act, we must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding if the eligible party (a) has not been reimbursed for those expenses, and (b) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding.

Under Section 162 of the Act, and subject to Section 163 of the Act, we may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of the proceeding, provided that we must not make such payments unless we first receive from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited under Section 163 of the Act, the eligible party will repay the amounts advanced.

Under Section 163 of the Act, we must not indemnify an eligible party against eligible penalties to which the eligible party is or may be liable or pay the expenses of an eligible party in respect of that proceeding under Sections 160(b), 161 or 162 of the Act, as the case may be, if any of the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to
indemnify or pay expenses was made, we were prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the
indemnity or payment is made, we are prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a
view to the best interests of our company or the associated corporation, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing
that the eligible party's conduct in respect of which the proceeding was brought was lawful.

If an eligible proceeding is brought against an eligible party by or on behalf of our company or by or on behalf of an associated corporation, we must not either indemnify the eligible party against eligible penalties to which the eligible party is or may be liable, or pay the expenses of the eligible party under Sections 160(b), 161 or 162 of the Act, as the case may be, in respect of the proceeding.

Under Section 164 of the Act, and despite any other provision of Part 5, Division 5 of the Act and whether or not payment of expenses or indemnification has been sought, authorized or declined under Part 5, Division 5 of the Act, on application of our company or an eligible party, the Supreme Court of British Columbia may do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· order us to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· order us to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· order the enforcement of, or payment under, an agreement of indemnification entered into by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· order us to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order under Section 164
of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make any other order the Supreme Court of British Columbia considers appropriate.

Section 165 of the Act provides that we may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation.

Under our articles, and subject to the Act, we must indemnify a director or former director of our company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and we must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director is deemed to have contracted with our company on the terms of the indemnity contained in our articles.

Under our articles, and subject to the Act, we may agree to indemnify and may indemnify any person (including an eligible party). We have entered into indemnity agreements with certain of our directors and officers.

Pursuant to our articles, the failure of a director or officer of our company to comply with the Act or our articles, or, if applicable, any former Companies Act (British Columbia) or former articles, does not, of itself, invalidate any indemnity to which he or she is entitled under our articles.

Under our articles, we may purchase and maintain insurance for the benefit of an eligible person (or his or her heirs or legal personal representatives) against any liability incurred by him or her as a director, officer or person who holds or held such equivalent position.

Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to directors, officers or persons controlling our company pursuant to the foregoing provisions, we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Item 7. Exemption from Registration Claimed

Not Applicable.

Item 8. Exhibits

The exhibits listed under the caption "Exhibits Index" of this Registration Statement are incorporated by reference herein.

Item 9. Undertakings

The Registrant hereby undertakes:

(a)(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement;

*provided, however, that,* paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered
hereby which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities
Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

**<u>INDEX TO EXHIBITS</u>**

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description of Document** |
| 4.1 | [Calibre Long-Term Incentive Plan](eh250642922_ex0401.htm) |
| 5.1 | [Opinion of Blake, Cassels & Graydon LLP as to legality of the Common Shares](eh250642922_ex0501.htm) |
| 23.1 | [Consent of Blake, Cassels & Graydon LLP (included in Exhibit 5.1 to this Registration Statement)](eh250642922_ex0501.htm) |
| 23.2 | [Consent of KPMG LLP, Independent Registered Public Accounting Firm](eh250642922_ex2302.htm) |
| 23.3 | [Consent of Alexandre Dorval](eh250642922_ex2303.htm) |
| 23.4 | [Consent of Ali Shahkar](eh250642922_ex2304.htm) |
| 23.5 | [Consent of AMC Mining Consultants (Canada) Ltd.](eh250642922_ex2305.htm) |
| 23.6 | [Consent of Benoit Poupeau](eh250642922_ex2306.htm) |
| 23.7 | [Consent of Bruce Davis](eh250642922_ex2307.htm) |
| 23.8 | [Consent of Carl Michaud](eh250642922_ex2308.htm) |
| 23.9 | [Consent of Darrol van Deventer](eh250642922_ex2309.htm) |
| 23.10 | [Consent of David Warren](eh250642922_ex2310.htm) |
| 23.11 | [Consent of Dominic Claridge](eh250642922_ex2311.htm) |
| 23.12 | [Consent of Eleanor Black](eh250642922_ex2312.htm) |
| 23.13 | [Consent of Gene Tucker](eh250642922_ex2313.htm) |
| 23.14 | [Consent of Gabriel Freire](eh250642922_ex2314.htm) |
| 23.15 | [Consent of Gabriel Secrest](eh250642922_ex2315.htm) |
| 23.16 | [Consent of Glenn Bezuidenhout](eh250642922_ex2316.htm) |
| 23.17 | [Consent of Gordon Zurowski](eh250642922_ex2317.htm) |
| 23.18 | [Consent of Grant A. Malensek](eh250642922_ex2318.htm) |
| 23.19 | [Consent of Hugo R. A. Filho](eh250642922_ex2319.htm) |
| 23.20 | [Consent of Jeffrey Woods](eh250642922_ex2320.htm) |
| 23.21 | [Consent of João Paulo Santos](eh250642922_ex2321.htm) |
| 23.22 | [Consent of John Nilsson](eh250642922_ex2322.htm) |
| 23.23 | [Consent of Kelly Boychuk](eh250642922_ex2323.htm) |
| 23.24 | [Consent of Ken Bocking](eh250642922_ex2324.htm) |
| 23.25 | [Consent of Laurie M. Tahija](eh250642922_ex2325.htm) |
| 23.26 | [Consent of Mark B. Mathisen](eh250642922_ex2326.htm) |
| 23.27 | [Consent of Michelle Fraser](eh250642922_ex2327.htm) |
| 23.28 | [Consent of Mo Molavi](eh250642922_ex2328.htm) |
| 23.29 | [Consent of Nathan Robison](eh250642922_ex2329.htm) |
| 23.30 | [Consent of Neil Lincoln](eh250642922_ex2330.htm) |
| 23.31 | [Consent of Paul Salmenmaki](eh250642922_ex2331.htm) |
| 23.32 | [Consent of Paul Sterling](eh250642922_ex2332.htm) |
| 23.33 | [Consent of Pierre Roy](eh250642922_ex2333.htm) |
| 23.34 | [Consent of R. Douglas Bartlett](eh250642922_ex2334.htm) |
| 23.35 | [Consent of R. Réjean Sirois](eh250642922_ex2335.htm) |
| 23.36 | [Consent of Robert Sim](eh250642922_ex2336.htm) |
| 23.37 | [Consent of Tommaso Raponi](eh250642922_ex2337.htm) |
| 23.38 | [Consent of Stephen La Brooy](eh250642922_ex2338.htm) |
| 23.39 | [Consent of Travis O'Farrell](eh250642922_ex2339.htm) |
| 23.40 | [Consent of Trevor Rabb](eh250642922_ex2340.htm) |
| 23.41 | [Consent of Doug Reddy](eh250642922_ex2341.htm) |
| 23.42 | [Consent of Scott Heffernan](eh250642922_ex2342.htm) |
| 23.43 | [Consent of Philippe Lebleu](eh250642922_ex2343.htm) |
| 23.44 | [Consent of Nicolas Vanier](eh250642922_ex2344.htm) |
| 24.1 | [Powers of Attorney (included on signature pages of this Part II)](#a_001) |
| 107 | [Calculation of Filing Fee Table](eh250642922_ex107.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, Province of British Columbia, Country of Canada, on the 18<sup>th</sup> day of June, 2025.

---

| | |
|:---|:---|
| **EQUINOX GOLD CORP.** | **EQUINOX GOLD CORP.** |
| By: | /s/ Greg Smith |
| Name: | Greg Smith |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints each of Greg Smith and Peter Hardie, such person's true and lawful attorneys-in-fact and agents, each acting alone, with full power of substitution and resubstitution, for such person in such person's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) and supplements to this Registration Statement, and to file the same, with all exhibits hereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as they might or could do themselves, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them acting alone, or his or her or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Greg Smith | Chief Executive Officer and Director | June 18, 2025 |
| Greg Smith | (Principal executive officer) |  |
| /s/ Peter Hardie | Chief Financial Officer | June 18, 2025 |
| Peter Hardie | (Principal financial officer and principal accounting officer) |  |
| /s/ Ross Beatty | Chair and Director | June 18, 2025 |
| Ross Beatty |  |  |
| /s/ Lenard Boggio | Lead Director | June 18, 2025 |
| Lenard Boggio |  |  |
| /s/ Maryse Bélanger | Director | June 18, 2025 |
| Maryse Bélanger |  |  |
| /s/ Omaya Elguindi | Director | June 18, 2025 |
| Omaya Elguindi |  |  |
| /s/ Trudy Curran | Director | June 18, 2025 |
| Trudy Curran |  |  |
| /s/ Douglas Forster | Director | June 18, 2025 |
| Douglas Forster |  |  |
| /s/ Marshall Koval | Director | June 18, 2025 |
| Marshall Koval |  |  |
| /s/ Blayne Johnson | Director | June 18, 2025 |
| Blayne Johnson |  |  |
| /s/ Mike Vint | Director | June 18, 2025 |
| Mike Vint |  |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement, solely in the capacity of the duly authorized representative of Equinox Gold Corp in the United States, on the 18<sup>th</sup> day of June, 2025.

---

| | | |
|:---|:---|:---|
| **SOLIUS ACQUIRECO INC.** | **SOLIUS ACQUIRECO INC.** | **SOLIUS ACQUIRECO INC.** |
| Authorized representative in the United States | Authorized representative in the United States | Authorized representative in the United States |
| By: | /s/ William Martinich | /s/ William Martinich |
|  | Name: | William Martinich |
|  | Title: | Director |

---

## Exhibit 4.1

**EXHIBIT 4.1**

**AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN**

**CALIBRE MINING CORP.**

**LONG-TERM INCENTIVE PLAN**

**1.** **PURPOSE** 

The purpose of the Plan is (i) to attract, retain and motivate persons of training, experience and leadership as directors, officers, employees and consultants of the Corporation and its subsidiaries, (ii) to advance the long-term interests of the Corporation by providing such persons with the opportunity and incentive, through equity-based compensation, to acquire an ownership interest in the Corporation, and (iii) to promote a greater alignment of interests between such persons and shareholders of the Corporation.

**2.** **DEFINITIONS AND INTERPRETATION** 

**2.1** **Definitions**. For purposes of the Plan, the following words and terms shall have the following meanings:

**"Addendum"** means the addendum for US Taxpayers (as defined in the Addendum) attached hereto as Addendum A - Special Provisions Applicable to US Taxpayers and forming part of the Plan;

**"affiliate"** means an **"affiliated company"** as determined in accordance with the Securities Act and also includes those entities that are similarly related, whether or not any of the entities are corporations, companies, partnerships, limited partnerships, trusts, income trusts or investment trusts or any other organized entity issuing securities;

**"associate"** means an **"associate"** as determined in accordance with the Securities Act;

**"Award"** means an Option, Performance Share Unit, Restricted Share Unit and/or Deferred Share Unit granted under the Plan (as applicable);

**"Award Agreement"** means an Option Award Agreement, a PSU Award Agreement, a RSU Award Agreement and/or a DSU Award Agreement (as applicable);

**"Blackout Period"** means an interval of time during which (a) trading in securities of the Corporation is restricted in accordance with the policies of the Corporation; or (b) the Corporation has otherwise determined that one or more Participants may not trade in securities of the Corporation because they may be in possession of undisclosed material information (as defined under applicable securities laws);

**"Board"** means the board of directors of the Corporation or, if established and duly authorized to act, a committee of the board of directors of the Corporation;

**"Business Day"** means any day, other than Saturday, Sunday or any statutory holiday in the Province of British Columbia, Canada;

**"Canadian Taxpayer"** means a Participant (other than a consultant) liable to pay income taxes in Canada as a result of the receipt of an Award or the settlement thereof;

"**Change in Control**" means the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a consolidation, merger, amalgamation, arrangement or other reorganization
or acquisition involving the Corporation or any of its subsidiaries and another corporation or other entity, as a result of which the
holders of Shares prior to the completion of the transaction hold less than 50% of the votes attached to all of the outstanding voting
securities of the successor corporation or entity after completion of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution is adopted
to wind-up, dissolve or liquidate the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any person, entity or group of persons or entities acting jointly or in concert (the "**Acquiror** ")
acquires, or acquires control (including the power to vote or direct the voting) of, voting securities of the Corporation which, when
added to the voting securities owned of record or beneficially by the Acquiror or which the Acquiror has the right to vote or in respect
of which the Acquiror has the right to direct the voting, would entitle the Acquiror and/or associates and/or affiliates of the Acquiror
to cast or direct the casting of 50% or more of the votes attached to all of the Corporation's outstanding voting securities which
may be cast to elect directors of the Corporation or the successor corporation (regardless of whether a meeting has been called to elect
directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the sale, transfer or other disposition of all or substantially all of the assets of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as a result of or in
connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the contested election of directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a transaction referred to in
paragraph (a) of this definition of "**Change in Control** ",

the nominees named in the most recent management information circular of the Corporation for election to the board of directors of the Corporation shall not constitute a majority of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Board adopts a resolution to the effect that a transaction or series of transactions involving the
Corporation or any of its affiliates that has occurred or is imminent is a Change in Control,

and for purposes of the foregoing, "**voting securities**" means the Shares and any other shares entitled to vote for the election of directors, and shall include any securities which are not shares entitled to vote for the election of directors but which are convertible into or exchangeable for shares which are entitled to vote for the election of directors, including any options or rights to purchase such shares or securities;

"**consultant**" means a person, other than a director, officer or employee of the Corporation or of any subsidiary of the Corporation, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is engaged to provide *bona fide* services to the Corporation or subsidiary, other than services provided in relation to a distribution of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provides the services under a
written contract with the Corporation or subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) spends or will spend a
 significant amount of his, her or its time and attention on the affairs and business of the Corporation or subsidiary;

and includes, for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner, and, for greater certainty, includes consultants who provide outsourced or contract labour to the Corporation or a subsidiary, and employees of such consultants;

"**Corporation**" means Calibre Mining Corp., a corporation existing under the laws of British Columbia;

"**Deferred Annual Amount**" has the meaning ascribed thereto in Section 8.1(b);

"**Deferred Share Unit**" or "**DSU**" means a deferred share unit granted in accordance with Section 8.1, the value of which on any particular date shall be equal to the Market Price of one Share, and that represents the right to receive cash and/or Shares equal to the Market Price of one Share on settlement of the Deferred Share Unit;

"**Disability**" means a medical condition that would qualify a Participant for benefits under a long-term disability plan of the Corporation or a subsidiary of the Corporation;

"**Disinterested Shareholder Approval**" means approval by a majority of the votes cast by all the Corporation's shareholders at a duly constituted shareholders' meeting, excluding votes attached to shares of the Corporation beneficially owned by Insiders to whom Awards may be granted under the Plan and their associates and affiliates;

"**Dividend Equivalents**" means the right, if any, granted under Section 14, to receive payments in cash or in Shares, based on dividends declared on Shares;

"**DSU Account**" has the meaning ascribed thereto in Section 8.3;

"**DSU Award Agreement**" means a written confirmation agreement, substantially in the form(s) adopted by the Board from time to time, in physical or electronic format (including by way of an entry in any electronic incentive compensation system maintained by the Corporation or a third party service provider on its behalf), setting out the terms and conditions relating to a Deferred Share Unit and entered into in accordance with Section 8.2;

"**DSU Separation Date**" means, with respect to Deferred Share Units granted to a Participant, the date on which the Participant ceases to be a director, officer, employee or consultant of the Corporation or any subsidiary of the Corporation for any reason, without regard to any agreed or otherwise binding severance or notice period (whether express, implied, contractual, statutory or at common law);

"**Effective Date**" means April 26, 2017, as amended on October 8, 2019, December 3, 2019, June 16, 2020, December 1, 2021 and January 24, 2024;

"**Eligible Person**" means any director, officer, employee or consultant of the Corporation or any subsidiary of the Corporation who is eligible to receive Awards under the Plan;

"**Exchange**" means the Toronto Stock Exchange or, if the Shares are no longer listed for trading on the Toronto Stock Exchange, such other exchange or quotation system on which the Shares are listed or quoted for trading;

**"TSX Company Manual"** means the corporate finance manual published by the Exchange, as amended from time to time, or if the Shares are no longer listed for trading on the Exchange, the policies of such other exchange or quotation system on which the Shares are listed or quoted for trading;

**"Grant Date"** means the date on which an Award is made to an Eligible Person in accordance with the provisions hereof;

**"Insider"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a director or senior officer of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a director or senior officer
of a company that is an Insider or subsidiary of the Corporation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Person that beneficially owns
or controls, directly or indirectly, voting shares carrying more than 10% of the voting rights attached to all outstanding voting shares
of the Corporation,

provided, however, that so long as the Shares are listed on the Toronto Stock Exchange, **"Insider"** shall have the meaning as set out in the Toronto Stock Exchange Company Manual;

**"Investor Relations Activities"** has the meaning ascribed to such term in the Securities Act;

**"Management Corporation Employee"** means an individual employed by a Person providing management services to the Corporation, which are required for the ongoing successful operation of the business enterprise of the Corporation, but excluding a Person involved in Investor Relations Activities;

**"Market Price"** on a particular date shall mean the closing price at which Shares trade on the Toronto Stock Exchange on the last trading day immediately prior to such particular date. If the Shares are not trading on the Toronto Stock Exchange, then the Market Price shall be determined in the same manner based on the trading price on such stock exchange or over-the-counter market on which the Shares are listed and posted for trading as may be selected for such purpose by the Board. In the event that the Shares are not listed and posted for trading on any stock exchange or over-the-counter market, the Market Price shall be the fair market value of such Shares as determined by the Board, in its sole discretion;

**"Option"** means an option to purchase Shares granted under Section 5.1;

**"Option Award Agreement"** means a written award agreement, substantially in the form(s) adopted by the Board from time to time, in physical or electronic format (including by way of an entry in any electronic incentive compensation system maintained by the Corporation or a third party service provider on its behalf), setting out the terms and conditions relating to an Option and entered into in accordance with Section 5.2;

**"Option Price"** has the meaning ascribed thereto in Section 5.2(a);

**"Participant"** means an Eligible Person selected by the Board to participate in the Plan in accordance with the Plan, or his or her Personal Representatives, as the context requires;

"**Performance Share Unit**" or "**PSU**" means a performance share unit granted in accordance with Section 6.1, the value of which on any particular date shall be equal to the Market Price of one Share, and that represents the right to receive cash and/or Shares equal to the Market Price of one Share on settlement of the Performance Share Unit;

"**Person**" means any individual, firm, partnership, limited partnership, limited liability company or partnership, unlimited liability company, joint stock company, association, trust, trustee, executor, administrator, legal or personal representative, government, governmental body, entity or authority, group, body corporate, corporation, unincorporated organization or association, syndicate, joint venture or any other entity, whether or not having legal personality, and any of the foregoing in any derivative, representative or fiduciary capacity and pronouns have a similar meaning;

"**Personal Representative**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Participant
who, for any reason, is incapable of managing its affairs, the Person entitled by law to act on behalf of such Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a deceased Participant,
the executor or administrator of the deceased duly appointed by a court or public authority having jurisdiction to do so;

"**Plan**" means this Long-Term Incentive Plan, as amended or amended and restated from time to time;

"**PSU Account**" has the meaning ascribed thereto in Section 6.3;

"**PSU Award Agreement**" means a written confirmation agreement, substantially in the form(s) adopted by the Board from time to time, in physical or electronic format (including by way of an entry in any electronic incentive compensation system maintained by the Corporation or a third party service provider on its behalf), setting out the terms and conditions relating to a Performance Share Unit and entered into in accordance with Section 6.2;

"**PSU Vesting Date**" means, with respect to Performance Share Units granted to a Participant, the date determined in accordance with Section 6.4, which date, for Canadian Taxpayers, shall not be later than the date referred to in Section 6.2(b);

"**Restricted Share Unit**" or "**RSU**" means a restricted share unit granted in accordance with Section 7.1, the value of which on any particular date shall be equal to the Market Price of one Share, and that represents the right to receive cash and/or Shares equal to the Market Price of one Share on settlement of the Restricted Share Unit;

"**Retirement**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Age 62; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Age 55 and 10 years service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Age plus service is equal to 70,

or the Board agrees to treat the Participant as a retiree for the purposes of this Plan. Notwithstanding the forgoing, such a determination by the Administrator does not extend beyond the purposes of this Plan;

"**RSU Account**" has the meaning ascribed thereto in Section 7.3;

"**RSU Award Agreement**" means a written confirmation agreement, substantially in the form(s) adopted by the Board from time to time, in physical or electronic format (including by way of an entry in any electronic incentive compensation system maintained by the Corporation or a third party service provider on its behalf), setting out the terms and conditions relating to a Restricted Share Unit and entered into in accordance with Section 7.2;

"**RSU Vesting Date**" means, with respect to Restricted Share Units granted to a Participant, the date determined in accordance with Section 7.4, which date, for Canadian Taxpayers, shall not be later than the date referred to in Section 7.2(b);

"**Securities Act**" means the *Securities Act,* R.S.B.C. 1996, c.418, as amended, as at the date hereof;

"**Security-Based Compensation Arrangement**" shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) stock option plans for the benefit
of employees, Insiders, service providers, or any one of such groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stock purchase plans where the
Corporation provides financial assistance or where the Corporation matches the whole or a portion of the securities being purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) stock appreciation rights involving
issuances of securities from treasury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other compensation or incentive
mechanism involving the issuance or potential issuances of securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) security purchases from treasury
by an employee, Insider, or service provider which is financially assisted by the Corporation by any means whatsoever;

and for the avoidance of doubt, "Security-Based Compensation Arrangements" shall expressly exclude securities issued pursuant to employment inducements.

For greater certainty, arrangements which do not involve the issuance from treasury or potential issuance from treasury of securities of the Corporation shall not be considered Security-Based Compensation Arrangements;

"**Service Agreement**" means any written agreement between a Participant and the Corporation or any subsidiary of the Corporation (as applicable), in connection with that Participant's employment, service or engagement as a director, officer, employee or consultant or the termination of such employment, service or engagement, as amended, replaced or restated from time to time;

"**Shares**" mean common shares of the Corporation;

"**subsidiary**" means a "**subsidiary**" determined in accordance with National Instrument 45-106 - *Prospectus Exemptions*;

"**Termination Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for Awards granted before the Effective Date, the date on which a Participant ceases to be an Eligible
Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for Awards granted on and after the Effective Date, the date on which the Participant ceases to be actively
employed by, ceases to actively perform services to, or ceases to be actively engaged by the Corporation and/or any subsidiary of the
Corporation (and not, for greater certainty, the date that is the end of any agreed or otherwise binding severance or notice period (whether
express, implied, contractual, statutory or at common law)), without regard to whether the Participant continues thereafter to receive
any compensatory payments or other amounts from the Corporation or any subsidiary of the Corporation;

**2.2** **Headings**. The headings of all articles, sections, and paragraphs in the Plan are inserted for convenience
of reference only and shall not affect the construction or interpretation of the Plan.

**2.3** **Construction**. Whenever the singular or masculine are used in the Plan, the same shall be construed
as being the plural or feminine or neuter or vice versa where the context so requires.

**2.4** **Statutes**. Any reference to a statute, regulation, rule, instrument, or policy statement shall refer
to such statute, regulation, rule, instrument, or policy statement as the same may be amended, replaced or re-enacted from time to time.

**2.5** **Canadian Funds**. Unless otherwise specifically provided, all references to dollar amounts in the
Plan are references to lawful money of Canada. Any amounts paid on exercise or in settlement of an Award shall be paid in Canadian dollars.

**2.6** **Addendum**. The following addendum is attached to, forms part of, and shall be deemed to be incorporated
in, the Plan:

---

| | |
|:---|:---|
| **Addendum** | **Title** |
| Addendum A | Special Provisions Applicable to US Taxpayers |

---

**3.** **ADMINISTRATION OF THE PLAN** 

**3.1** The Plan shall be administered by the Board.

**3.2** The Board shall have the power, where consistent with the general purpose and intent of the Plan and subject
to the specific provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to establish policies and to
adopt rules and regulations for carrying out the purposes, provisions and administration of the Plan and to amend or revoke such policies,
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to interpret and construe the
Plan and to determine all questions arising out of the Plan and any Award awarded pursuant to the Plan, and any such interpretation, construction
or determination made by the Board shall be final, binding and conclusive for all purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to determine the time or times
when Awards will be awarded, subject to the requirements of applicable securities laws and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to determine which Eligible Persons
should be granted Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to determine the number of Awards to be awarded to Eligible
Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to determine the term of Awards
and the vesting criteria applicable to Awards (including performance vesting, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to determine if Shares which
are subject to an Award will be subject to any restrictions upon the exercise or vesting of such Award and/or if any Awards, Shares or
cash entitlement underlying any Awards shall be subject to the Corporation's claw back policy as it may exist from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to prescribe the form of the
instruments relating to the grant, exercise and other terms of Awards including the form of Option Award Agreements, RSU Award Agreements,
DSU Award Agreements and all ancillary documents and instruments related to the Plan and Awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section 13, to make
all other determinations under, and such interpretations of, and to take all such other steps and actions in connection with the proper
administration of the Plan as it, in its sole discretion, may deem necessary or advisable.

The Board's guidelines, rules, regulation, interpretations and determinations shall be conclusive and binding upon the Corporation and all other Persons.

Prior to its implementation by the Corporation, the Plan is subject to approval by the Exchange.

**3.3** **Delegation**. The Board may delegate to any director, officer or employee of the Corporation, including
but not limited to a committee of the Board, such of the Board's duties and powers relating to the Plan as the Board may see fit,
subject to applicable law.

**3.4** **Use of Administrative Agent**. The Board may in its sole discretion appoint from time to time one
or more entities to act as administrative agent to administer Awards granted under the Plan and to act as trustee to hold and administer
the Plan and the assets that may be held in respect of Awards granted under the Plan, the whole in accordance with the terms and conditions
determined by the Board in its sole discretion.

**3.5** **Limitation of Liability and Indemnification**. No member of the Board or a Committee of the Board
will be liable for any action or determination taken or made in good faith with respect to the Plan or any Awards granted thereunder and
each such member shall be entitled to indemnification by the Corporation with respect to any such action or determination in the manner
provided for by the Board or a Committee of the Board.

**4.** **SHARES SUBJECT TO THE PLAN AND PARTICIPATION LIMITS** 

**4.1** **Shares Subject to Awards**. Subject to adjustment under the provisions of Section 10, the aggregate
number of Shares to be reserved and set aside for issue upon the exercise or redemption and settlement for all Awards granted under this
Plan, together with all other established Security-Based Compensation Arrangements of the Corporation, shall be fixed at 75,000,000 Shares.
In respect of Performance Share Units, the maximum Shares issuable under the grant shall be included in the calculation for purposes of
this Section 4.1 (except for greater clarity that Performance Share Units, Deferred Share Units or Restricted Share Units that are specified
to be settled in cash only shall not be factored in such maximum). For the purposes of this Section 4.1 and for greater clarity, the terms
"Security Based Compensation Arrangements of the Corporation" shall not include

security based compensation arrangements (i) of a third party entity assumed by the Corporation; or (ii) created and issued by the Corporation in exchange for security based compensation arrangements of a third party entity, as part of an acquisition of, or a merger, amalgamation, business combination or other similar transaction with, such third party entity.

**4.2** **Shares Available for Future Grants**. Any Shares subject to an Award which for any reason expires
without having been exercised or is forfeited or terminated shall again be available for future Awards under the Plan and any Shares subject
to an Award that is settled in cash and not Shares shall again be available for future Awards under the Plan.

**4.3** **Participation Limits**. The Plan, when combined with all of the Corporation's other previously
established Security Based Compensation Arrangements, including the limitation imposed on the maximum number of Shares which may be issued
pursuant to the exercise or redemption and settlement of DSUs, PSUs and RSUs set out in Section 4.1 above, shall not result at any time
in the grant of an Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any one Person in any 12 month
period which could, when exercised, result in the issuance of Shares exceeding 5% of the issued and outstanding Shares of the Corporation,
calculated at the Award Date, unless the Corporation has obtained the requisite Disinterested Shareholder Approval to the grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any one Consultant in any
12 month period which could, when exercised, result in the issuance of Shares exceeding 2% of the issued and outstanding Shares of the
Corporation, calculated at the Award Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any 12 month period, to Persons
employed or engaged by the Corporation to perform Investor Relations Activities which could, when exercised, result in the issuance of
Shares exceeding, in aggregate, 2% of the issued and outstanding Shares of the Corporation, calculated at the Award Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a number of Shares issuable to
Insiders at any time exceeding 10% of the issued and outstanding Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to Insiders, within a 12 month
period, of a number of Shares issued exceeding 10% of the issued shares of the Corporation.

Any entitlement to acquire Shares granted pursuant to the Plan or other Securities Based Compensation Arrangement prior to the Participant becoming an Insider shall be excluded for the purposes of the limits set out in this Section 4.3.

**4.4** **Fractional Shares**. No fractional Shares shall be issued upon the exercise of Options or the settlement
of Performance Share Units, Restricted Share Units or Deferred Share Units in Shares, and the Board may determine the manner in which
fractional share value shall be treated.

**5.** **OPTIONS** 

**5.1** **Grant**. Options may be granted to Eligible Persons and Management Corporation Employees at such
time or times as shall be determined by the Board by resolution. The Grant Date of an Option for purposes of the Plan will be the date
on which the Option is awarded by the Board, or such later date determined by the Board, subject to applicable securities laws and regulatory
requirements.

**5.2** **Terms and Conditions of Options**. Options shall be evidenced by an Option Award Agreement, which
shall specify such terms and conditions, not inconsistent with the Plan, as the Board shall determine, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of Shares to which the Options to be awarded to
the Participant pertain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the exercise price per Share
subject to each Option (the "**Option Price** "), which shall in no event be lower than the Market Price at the Grant Date.
Options may not be awarded unless and until the Options have been allocated to specific Persons, and then, once allocated, a minimum Option
Price can be established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Option's scheduled
expiry date, which shall not exceed ten years from the Grant Date (provided that if no specific determination as to the scheduled expiry
date is made by the Board, the scheduled expiry date shall be ten years from the Grant Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other terms and conditions,
not inconsistent with the Plan, as the Board shall determine, including customary representations, warranties and covenants with respect
to securities law matters.

For greater certainty, each Option Award Agreement may contain terms and conditions in addition to those set forth in the Plan.

**5.3** **Vesting**. Subject to Section 12, all options granted pursuant to the Plan will be subject to such
vesting requirements as may be imposed by the Board or unless otherwise specified in the Participant's Service Agreement. The Option
Award Agreement representing any such Option will disclose any vesting conditions.

**5.4** **Exercise of Option**. Options may be exercised only to the extent vested. Options may be exercised
by the Participant by delivering to the Corporation a notice of exercise, substantially in the form prescribed by the Corporation, specifying
the number of Shares with respect to which the Option is being exercised. Payment of the Option Price may be made in cash, by certified
cheque made payable to the Corporation, by wire transfer of immediately available funds, or other instrument acceptable to the Board.

No certificates (or direct registration statements or "DRS") for Shares so purchased will be issued to the Participant until the Participant and the Corporation have each completed all steps required by law to be taken in connection with the issuance and sale of the Shares, including receipt from the Participant of payment or provision for all withholding taxes due as a result of the exercise of the Option. The delivery of certificates or DRS representing the Shares to be purchased pursuant to the exercise of an Option will be contingent upon receipt from the Participant by the Corporation of the full purchase price for such Shares and the fulfillment of any other requirements contained in the Option Award Agreement or applicable provisions of laws.

The Corporation may, subject to Exchange approval (if applicable), from time to time, establish "net exercise" mechanisms or procedures pursuant to which a Participant may exercise vested Options and instead of the Corporation receiving a payment by the Participant to cover the aggregate Option Price of the Options, the Corporation may issue to the Participant the net number of Shares representing in value the difference between the aggregate Market Price of the Shares underlying the Options and the aggregate Option Price of the Options.

**5.5** **Termination of Option Due to Termination of Employment, Service or Engagement**. Unless otherwise
determined by the Board, or unless otherwise provided in the Participant's Service Agreement or Option Award Agreement, if a Participant's
employment, service or engagement terminates in any of the following circumstances, subject to Section 12, Options shall be treated in
the manner set forth below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reason for**<br> **Termination** | &nbsp;&nbsp;**Vesting** | &nbsp;&nbsp;**Expiry of Option** |
| &nbsp;&nbsp;Death | &nbsp;&nbsp;Unvested Options automatically vest as of the date of death. | &nbsp;&nbsp;Options expire on the earlier of the scheduled expiry date of the Option and one year following the date of death. |
| &nbsp;&nbsp;Disability | &nbsp;&nbsp;Unvested Options automatically vest on the date Participant is determined to be disabled. | &nbsp;&nbsp;Options expire on the earlier of the scheduled expiry date of the Option and one year following the date of Disability. |
| &nbsp;&nbsp;Retirement | &nbsp;&nbsp;Unvested Options automatically vest on the date of Retirement. | &nbsp;&nbsp;Options expire on the earlier of the scheduled expiry date of the Option and one year following the date of Retirement. |
| &nbsp;&nbsp;Resignation | &nbsp;&nbsp;Unvested Options as of the date of resignation automatically terminate and shall be forfeited. | &nbsp;&nbsp;Options expire on the earlier of the scheduled expiry date of the Option and 90 days following the date of resignation. |
| &nbsp;&nbsp;Termination without Cause/Constructive Dismissal - No Change in Control Involved | &nbsp;&nbsp;Unvested Options automatically vest as of the Termination Date | &nbsp;&nbsp;Options expire on the earlier of scheduled expiry date of the Option and 90 days following the Termination Date, or as otherwise allowed by the Board. |
| &nbsp;&nbsp;Change in Control | &nbsp;&nbsp;Options shall vest and become immediately exercisable. | &nbsp;&nbsp;Expiry Date to be determined in accordance with Section 12. |
| &nbsp;&nbsp;Termination with Cause | &nbsp;&nbsp;Options, whether vested or unvested as of the Termination Date, automatically terminate and shall be forfeited. | &nbsp;&nbsp;Options, whether vested or unvested as of the Termination Date, automatically terminate and shall be forfeited. |

---

**6.** **PERFORMANCE SHARE UNITS** 

**6.1** **Grant**. Performance Share Units may be granted to Eligible Persons at such time or times as shall
be determined by the Board by resolution, pursuant to recommendations of the Board from time to time. The Grant Date of a Performance
Share Unit for purposes of the Plan will be the date on which the Performance Share Unit is awarded by the Board, or such later date determined
by the Board, subject to applicable securities laws and regulatory requirements.

**6.2** **Terms and Conditions of Performance Share Units**. Performance Share Units shall be evidenced by a PSU Award Agreement, which
shall specify such terms and conditions, not inconsistent with the Plan, as the Board shall determine, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of Performance Share Units to be awarded to the
Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the performance cycle applicable
to each Performance Share Unit, which shall be the period of time between the Grant Date and the date on which the performance criteria
specified in Section 6.2(c) must be satisfied before the Performance Share Unit is fully vested and may be settled by the Participant,
before being subject to forfeiture or termination, which period of time, for Canadian Taxpayers, shall in no case end later than December
31 of the calendar year which is three years after the calendar year in which the Grant Date occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the performance criteria, which
may include criteria based on the Participant's personal performance and/or the performance of the Corporation and/or its subsidiaries,
that shall be used to determine the vesting of the Performance Share Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether and to what extent Dividend
Equivalents will be credited to a Participant's PSU Account in accordance with Section 14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if applicable, specify that PSUs
shall be satisfied in cash only or Shares only; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such other terms and conditions,
not inconsistent with the Plan, as the Board shall determine, including customary representations, warranties and covenants with respect
to securities law matters.

For greater certainty, each PSU Award Agreement may contain terms and conditions in addition to those set forth in the Plan. No Shares will be issued on the Grant Date and the Corporation shall not be required to set aside a fund for the payment of any such Awards.

**6.3** **PSU Accounts**. A separate notional account shall be maintained for each Participant with respect to Performance Share Units granted to such Participant (a "PSU Account") in accordance with Section 15.3. Performance Share Units awarded to the Participant from time to time pursuant to Section 6.1 shall be credited to the Participant's PSU Account and shall vest in accordance with Section 6.4. On the vesting of the Performance Share Units pursuant to Section 6.4 and the corresponding issuance of cash and/or Shares to the Participant pursuant to Section 6.5, or on the forfeiture or termination of the Performance Share Units pursuant to the terms of the Award, the Performance Share Units credited to the Participant's PSU Account will be cancelled.

**6.4** **Vesting**. Subject to Section 12, unless otherwise determined by the Board in accordance with the provisions hereof, or unless
otherwise specified in the Participant's Service Agreement or PSU Award Agreement, each Performance Share Unit shall vest and shall
be settled as at the date that is the end of the performance cycle (which shall be the "**PSU Vesting Date** "), subject
to any performance criteria having been satisfied.

**6.5** **Settlement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Performance Share Units may be settled by delivery by the Participant to the Corporation
 of a notice of settlement, substantially in the form prescribed by the Corporation from time
 to time, acknowledged by the Corporation. On settlement, the Corporation shall, for each
 vested Performance Share Unit being settled,

---

| | |
|:---|:---|
|  | subject to Section 6.2 (e), deliver to the Participant a cash payment equal to the Market Price of one Share as of the PSU Vesting Date, one Share, or any combination of cash and Shares equal to the Market Price of one Share as of the PSU Vesting Date, in the sole discretion of the Board. No certificates or DRS for Shares issued in settlement will be issued to the Participant until the Participant and the Corporation have each completed all steps required by law to be taken in connection with the issuance of the Shares, including receipt from the Participant of payment or provision for all withholding taxes due as a result of the settlement of the Performance Share Units. The delivery of certificates or DRS representing the Shares to be issued in settlement of Performance Share Units will be contingent upon the fulfillment of any requirements contained in the PSU Award Agreement or applicable provisions of laws. |
| (b) | A Participant may elect to defer the date of settlement following the PSU Vesting Date by providing written notice to the Corporation of the deferred settlement dates not later than five days prior to the PSU Vesting Date. For greater certainty, for Canadian Taxpayers, in no event shall such deferred settlement date be later than the period of time specified in Section 6.2(b). |

---

**6.6** **Termination of Performance Share Unit Due to Termination of Employment, Service or Engagement**.
Unless otherwise determined by the Board, or unless otherwise provided in the Participant's Service Agreement or PSU Award Agreement,
if a Participant's employment, service or engagement terminates in any of the following circumstances, Performance Share Units shall
be treated in the manner set forth below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Reason for Termination** | **Treatment of Performance Share Units** |
| &nbsp;&nbsp;Death | &nbsp;&nbsp;All outstanding Performance Share Units shall vest as of the date of death and be available for settlement in accordance with Section 6.5. |
| &nbsp;&nbsp;Retirement | &nbsp;&nbsp;All outstanding Performance Share Units shall vest as of the date of Retirement and shall be available for settlement in accordance with Section 6.5. |
| &nbsp;&nbsp;Disability | &nbsp;&nbsp;All outstanding Performance Share Units shall vest as of the date of Disability and shall be available for settlement in accordance with 6.5. |
| &nbsp;&nbsp;Resignation | &nbsp;&nbsp;Outstanding Performance Share Units that were vested on or before the date of resignation shall be available for settlement in accordance with Section 6.5 as of the date of resignation, after which time all remaining unvested Performance Share Units shall in all respects terminate. |
| &nbsp;&nbsp;Termination without Cause/Wrongful Dismissal - No Change in Control Involved | &nbsp;&nbsp;Outstanding Performance Share Units that were vested on or before the Termination Date shall be available for settlement in accordance with Section 6.5 as of the Termination Date. Outstanding Performance Share Units that would have vested on the next vesting date following the Termination Date, shall be available for settlement in accordance with Section 6.5 as of such vesting date. Subject to the foregoing, any remaining Performance |

---

---

| | |
|:---|:---|
| **Reason for Termination** | **Treatment of Performance Share Units** |
| | &nbsp;&nbsp;Share Units shall in all respects terminate as of the Termination Date. |
| &nbsp;&nbsp;Change in <br> Control | &nbsp;&nbsp;Performance Share Units vest immediately prior to Change of Control. |
| &nbsp;&nbsp;Termination of the Participant for Just Cause | &nbsp;&nbsp;All outstanding Performance Share Units, whether vested or unvested, shall automatically terminate on the Termination Date and be forfeited. |

---

---

| | |
|:---|:---|
| **7** | **RESTRICTED SHARE UNITS** |

---

**7.1** **Grant**. Restricted Share Units may be granted to Eligible Persons at such time or times as shall
be determined by the Board by resolution, pursuant to recommendations of the Board from time to time. The Grant Date of a Restricted Share
Unit for purposes of the Plan will be the date on which the Restricted Share Unit is awarded by the Board, or such later date determined
by the Board, subject to applicable securities laws and regulatory requirements.

**7.2** **Terms and Conditions of Restricted Share Units**. Restricted Share Units shall be evidenced by an
RSU Award Agreement, which shall specify such terms and conditions, not inconsistent with the Plan, as the Board shall determine, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of Restricted Share Units to be awarded to the
Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the period of time between the
Grant Date and the date on which the Restricted Share Unit is fully vested and may be settled by the Participant, before being subject
to forfeiture or termination, which period of time, for Canadian Taxpayers, shall in no case be later than December 31 of the calendar
year which is three years after the calendar year in which the Grant Date occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether and to what extent Dividend
Equivalents will be credited to a Participant's RSU Account in accordance with Section 14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a Canadian Taxpayer,
in respect of each Restricted Share Unit that may be awarded under the RSU Award Agreement, the year in which the services to which the
Restricted Share Unit relates were rendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if applicable, specify that RSUs
shall be satisfied in cash only or Shares only; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such other terms and conditions,
not inconsistent with the Plan, as the Board shall determine, including customary representations, warranties and covenants with respect
to securities law matters.

For greater certainty, each RSU Award Agreement may contain terms and conditions in addition to those set forth in the Plan and, if applicable, the Addendum. No Shares will be issued on the Grant Date and the Corporation shall not be required to set aside a fund for the payment of any such Awards.

**7.3** **RSU Accounts**. A separate notional account shall be maintained for each Participant with respect
to Restricted Share Units granted to such Participant (an "**RSU Account**") in

accordance with Section 15.3. Restricted Share Units awarded to the Participant from time to time pursuant to Section 7.1 shall be credited to the Participant's RSU Account and shall vest in accordance with Section 7.4. On the vesting of the Restricted Share Units pursuant to Section 7.4 and the corresponding issuance of cash and/or Shares to the Participant pursuant to Section 7.5, or on the forfeiture or termination of the Restricted Share Units pursuant to the terms of the Award, the Restricted Share Units credited to the Participant's RSU Account will be cancelled.

**7.4** **Vesting**. Subject to Section 12, unless otherwise determined by the Board in accordance with the provisions hereof, or unless
otherwise specified in the Participant's Service Agreement or RSU Award Agreement, each Restricted Share Unit shall vest and shall
be settled when all applicable restrictions shall have lapsed (which shall be the "**RSU Vesting Date** "). Unless otherwise
determined by the Board in accordance with the provisions hereof, or unless otherwise specified in the Participant's Service Agreement
or RSU Award Agreement, each Restricted Share Unit shall vest and shall be settled in three approximately equal instalments on the first
three anniversaries of the Grant Date.

**7.5** **Settlement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Restricted Share Units may
be settled by delivery by the Participant to the Corporation of a notice of settlement, substantially in the form prescribed by the Corporation
from time to time, acknowledged by the Corporation. On settlement, the Corporation shall, for each vested Restricted Share Unit being
settled, subject to Section 7.2 (e), deliver to the Participant a cash payment equal to the Market Price of one Share as of the RSU Vesting
Date, one Share, or any combination of cash and Shares equal to the Market Price of one Share as of the RSU Vesting Date, in the sole
discretion of the Board.<sup>1</sup> No certificates or DRS for Shares issued in settlement will be issued to the Participant until the
Participant and the Corporation have each completed all steps required by law to be taken in connection with the issuance of the Shares,
including receipt from the Participant of payment or provision for all withholding taxes due as a result of the settlement of the Restricted
Share Units. The delivery of certificates or DRS representing the Shares to be issued in settlement of Restricted Share Units will be
contingent upon the fulfillment of any requirements contained in the RSU Award Agreement or applicable provisions of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Participant may elect to defer
the date of settlement following the RSU Vesting Date by providing written notice to the Corporation of the deferred settlement dates
not later than five days prior to the RSU Vesting Date. For greater certainty, for Canadian Taxpayers, in no event shall such settlement
be later than the period of time specified in Section 7.2(b).

**7.6** **Termination of Restricted Share Unit Due to Termination of Employment, Service or Engagement**. Unless otherwise determined
by the Board, or unless otherwise provided in the Participant's Service Agreement or RSU Award Agreement, if a Participant's
employment, service or engagement terminates in any of the following circumstances, Restricted Share Units shall be treated in the manner
set forth below:

<sup>1</sup> For Participants who are US Taxpayers, settlements shall take place in accordance with such further limitations as may be prescribed by the Addendum.

---

| | |
|:---|:---|
| **Reason for**<br> **Termination** | **Treatment of Restricted Share Units** |
| &nbsp;&nbsp;Death | &nbsp;&nbsp;All outstanding Restricted Share Units shall vest as of the date of death and shall be available for settlement in accordance with Section 7.5. |
| &nbsp;&nbsp;Retirement | &nbsp;&nbsp;All outstanding Restricted Share Units shall vest as of the date of Retirement and shall be available for settlement in accordance with Section 7.5. |
| &nbsp;&nbsp;Disability | &nbsp;&nbsp;All outstanding Restricted Share Units shall vest as of the date of Disability and shall be available for settlement in accordance with Section 7.5. |
| &nbsp;&nbsp;Resignation | &nbsp;&nbsp;Outstanding Restricted Share Units that were vested on or before the date of resignation shall be available for settlement in accordance with Section 7.5 as of the date of resignation, after which time all other Restricted Share Units shall in all respects terminate. |
| &nbsp;&nbsp;Termination without Cause/Wrongful Dismissal - No Change in Control Involved | &nbsp;&nbsp;Outstanding Restricted Share Units that were vested on or before the Termination Date shall be available for settlement in accordance with Section 7.5 as of the Termination Date. Outstanding Restricted Share Units that would have vested on the next vesting date following the Termination Date shall be settled in accordance with Section 7.5 as of such vesting date. Subject to the foregoing, any remaining Restricted Share Units shall in all respects terminate as of the Termination Date. |
| &nbsp;&nbsp;Change in Control | &nbsp;&nbsp;Restricted Share Units vest immediately prior to Change of Control. |
| &nbsp;&nbsp;Termination of the Participant for Just Cause | &nbsp;&nbsp;All outstanding Restricted Share Units, whether vested or unvested, shall automatically terminate on the Termination Date and be forfeit. |

---

**8.** **DEFERRED SHARE UNITS** 

**8.1** **Grant**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Discretionary Deferred Share Units**. Deferred Share Units may be granted to Eligible Persons at such time or times as shall be determined by the Board by resolution,
pursuant to recommendations of the Board from time to time. The Grant Date of a Deferred Share Unit for purposes of the Plan will be the
date on which the Deferred Share Unit is awarded by the Board, or such later date determined by the Board, subject to applicable securities
laws and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Mandatory or Elective Deferred Share Units**. In addition to the foregoing, on fixed dates established by the Board and subject to such terms and conditions and other
procedures as the Board shall determine, pursuant to recommendations of the Board, the Board may require a Participant to defer, or may
permit a Participant to elect to defer, receipt of all or a portion of the following amounts payable by the Corporation or any subsidiary
of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Director's Retainer</u> - in the case of a member of the Board who is not also an officer or employee of the Corporation, an amount equal to all or a portion
of his or her annual directors' retainer payable on account of his or her services as a member of the Board (which amount shall
not include committee chairperson retainers, committee members retainers, Board or committee meeting fees, or special remuneration for
ad hoc services rendered to the Board); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Officers' and Employees' Annual Incentive</u> - in the case of an officer or employee of the Corporation or any subsidiary of the Corporation, an amount equal
to all or a portion of his or her annual incentive bonus for a calendar year,

(the "**Deferred Annual Amount**"), and receive in lieu thereof an Award of Deferred Share Units equal to the greatest whole number which may be obtained by dividing (i) the amount of the Deferred Annual Amount, by (ii) the Market Price of one Share on the date of payment of such Deferred Annual Amount. For elective Deferred Share Units, the form of election shall be substantially in the form as adopted by the Board from time to time.

**8.2** **Terms and Conditions of Deferred Share Units**. Deferred Share Units shall be evidenced by a DSU
Award Agreement, which shall specify such terms and conditions, not inconsistent with the Plan, as the Board shall determine, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of
Deferred Share Units to be awarded to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for Deferred
Share Units awarded under Section 8.1(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the period of time between the
Grant Date and the date on which the Deferred Share Unit is fully vested and may be settled by the Participant, before being subject to
forfeiture or termination, subject to Section 8.5(b) for Canadian Taxpayers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any performance criteria, which
may include criteria based on the Participant's personal performance and/or the financial performance of the Corporation and/or
its subsidiaries, that may be used to determine the vesting of the Deferred Share Units (if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such other terms and conditions,
not inconsistent with the Plan, as the Board shall determine, including customary representations, warranties and covenants with respect
to securities law matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of Deferred Share Units awarded to a Canadian Taxpayer, such terms and conditions as may be
necessary to meet the requirements of paragraph 6801(d) of the Regulations under the *Income Tax Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of Deferred Share Units awarded to a US Taxpayer, such terms and conditions as may be necessary
to meet the requirements of US Code Section 409A (as defined in the Addendum); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if applicable,
specify that DSUs shall be satisfied in cash only or Shares only.

For greater certainty, each DSU Award Agreement may contain terms and conditions in addition to those set forth in the Plan and, if applicable, the Addendum. No Shares will be

issued on the Grant Date and the Corporation shall not be required to set aside a fund for the payment of any such Awards.

**8.3** **DSU Accounts**. A separate notional account shall be maintained for each Participant with respect to Deferred Share Units granted
to such Participant (a "**DSU Account**") in accordance with Section 15.3. Deferred Share Units awarded to the Participant
from time to time pursuant to Section 8.1 shall be credited to the Participant's DSU Account and shall vest in accordance with Section
8.4. On the vesting of the Deferred Share Units pursuant to Section 8.4 and the corresponding issuance of cash and/or Shares to the Participant
pursuant to Section 8.5, or on the forfeiture and termination of the Deferred Share Units pursuant to the terms of the Award, the Deferred
Share Units credited to the Participant's DSU Account will be cancelled.

**8.4** **Vesting**. Subject to Section 12, unless otherwise determined by the Board in accordance with the provisions hereof, or unless
otherwise specified in the Participant's Service Agreement or DSU Award Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Deferred Share Unit awarded
under Section 8.1(a) shall vest in accordance with the DSU Award Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Deferred Share Unit awarded
under Section 8.1(b) shall immediately vest at the time it is credited to the Participant's DSU Account.

**8.5** **Settlement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Deferred Share Units may
be settled by delivery by the Participant to the Corporation of a notice of settlement, substantially in the form prescribed by the Corporation
from time to time, acknowledged by the Corporation. On settlement, the Corporation shall, for each such vested Deferred Share Unit, subject
to Section 8.2(e), deliver to the Participant a cash payment equal to the Market Price of one Share as of the DSU Separation Date, one
Share, or any combination of cash and Shares equal to the Market Price of one Share as of the DSU Separation Date, in the sole discretion
of the Board. No certificates or DRS for Shares issued in settlement will be issued to the Participant until the Participant and the Corporation
have each completed all steps required by law to be taken in connection with the issuance of the Shares, including receipt from the Participant
of payment or provision for all withholding taxes due as a result of the settlement of the Deferred Share Units. The delivery of certificates
or DRS representing the Shares to be issued in settlement of Deferred Share Units will be contingent upon the fulfillment of any requirements
contained in the DSU Award Agreement or applicable provisions of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing,
all settlements of Deferred Share Units granted to a Participant who is a Canadian Taxpayer shall take place (i) after the DSU Separation
Date; and (ii) by December 31 of the first calendar year that commences after such time.

**8.6** **Termination of Deferred Share Unit Due to Termination of Employment, Service or Engagement**. Unless otherwise determined
by the Board, or unless otherwise provided in the Participant's Service Agreement or DSU Award Agreement, if a Participant's
employment, service or engagement terminates in any of the following circumstances, Deferred Share Units shall be treated in the manner
set forth below:

---

| | |
|:---|:---|
| **Reason for**<br> **Termination** | **Treatment of Deferred Share Units** |
| &nbsp;&nbsp;Death | &nbsp;&nbsp;All outstanding Deferred Share Units shall vest as of the date of death and shall be available for settlement in accordance with Section 8.5. |
| &nbsp;&nbsp;Retirement | &nbsp;&nbsp;All outstanding Deferred Share Units shall vest as of the date of Retirement and shall be available for settlement in accordance with Section 8.5. |
| &nbsp;&nbsp;Disability | &nbsp;&nbsp;All outstanding Deferred Share Units shall vest as of the date of Disability and shall be available for settlement in accordance with Section 8.5. |
| &nbsp;&nbsp;Resignation | &nbsp;&nbsp;Outstanding Deferred Share Units that were vested on or before the date of resignation shall be available for settlement in accordance with Section 8.5 as of the date of resignation, after which time all remaining Deferred Share Units shall in all respects terminate. |
| &nbsp;&nbsp;Termination without Cause/Wrongful Dismissal - No Change in Control Involved | &nbsp;&nbsp;Outstanding Deferred Share Units that were vested on or before the Termination Date shall be available for settlement in accordance with Section 8.5 as of the Termination Date. Outstanding Deferred Share Units that would have vested on the next vesting date following the Termination Date shall be available for settlement in accordance with Section 8.5 as of such vesting date. Subject to the foregoing, any remaining Deferred Share Units shall in all respects terminate as of the Termination Date. |
| &nbsp;&nbsp;Change in Control | &nbsp;&nbsp;Deferred Share Units vest immediately prior to Change of Control |
| &nbsp;&nbsp;Termination of the Participant for Just Cause | &nbsp;&nbsp;All outstanding Deferred Share Units, whether vested or unvested, shall automatically terminate on the Termination Date and be forfeited. |

---

**9.** **NON-ASSIGNABILITY AND NON-TRANSFERABILITY OF AWARDS** 

An Award granted pursuant to this Plan is personal to the Participant and may not be assigned, transferred, charged, pledged or otherwise alienated, other than to a Participant's Personal Representative(s).

**10.** **ADJUSTMENTS** 

**10.1** The number and kind of Shares to which an Award pertains and, with respect to Options, the Option Price,
shall be adjusted in the event of a reorganization, recapitalization, stock split or redivision, reduction, combination or consolidation,
stock dividend, combination of shares, merger, consolidation, rights offering or any other change in the corporate structure or shares
of the Corporation, in such manner, if any, and at such time, as the Board, in its sole discretion, may determine to be equitable in the
circumstances. Failure of the Board to provide for an adjustment shall be conclusive evidence that the Board has determined that it is
equitable to make no adjustment in the circumstances. If an adjustment results in a fractional share, the fraction shall be disregarded.

**10.2** If at any time the Corporation grants to its shareholders the right to subscribe for and purchase pro
rata additional securities of any other corporation or entity, there shall be no adjustments made to the Shares or other securities subject
to an Award in consequence thereof and the Awards shall remain unaffected.

**10.3** The adjustments provided for in this Section 10 shall be cumulative.

**10.4** On
the happening of each and every of the foregoing events, the applicable provisions of the Plan shall be deemed to be amended accordingly
and the Board shall take all necessary action so as to make all necessary adjustments in the number and kind of securities subject to
any outstanding Award (and the Plan) and, with respect to Options, the Option Price.

**11.** **PRIORITY OF AGREEMENTS** 

**11.1** **Priority of Agreements**. In the event of any inconsistency or conflict between the provisions of a Participant's Award Agreement and the
Plan, the provisions of the Plan shall prevail with respect to such Participant. In the event of any inconsistency or conflict between
the provisions of (i) the Plan and/or a Participant's Award Agreement, and (ii) a Participant's Service Agreement, the provisions
of the Participant's Service Agreement shall prevail with respect to such Participant unless the terms of the Participant's
Service Agreement would either (i) cause a violation of US Code 409A in respect of a US Taxpayer (as defined in the Addendum) or (ii)
cause the Plan to be a "salary deferral arrangement" as defined in the *Income Tax Act* (Canada) in respect of a Participant
that is a Canadian Taxpayer, in which case the terms of the Plan shall prevail.

**11.2** **Vesting and Termination Provisions in Service Agreements**. In the event that a Participant's Service Agreement contains provisions respecting
the vesting of the dates upon which any or all outstanding Awards shall be exercisable or settled, without regard to whether such Awards
have otherwise vested in accordance with their terms, or provisions respecting the expiry, forfeiture and termination of such Awards,
the vesting or expiry, forfeiture and termination of such Awards, as applicable, shall be governed by the terms and conditions of the
Participant's Service Agreement with respect to such Participant.

**12.** **CHANGE IN CONTROL - TREATMENT OF AWARDS** 

**12.1** **Change in Control**. Unless otherwise determined by the Board, or unless otherwise provided in the Participant's Service Agreement or
Award Agreement, if a Change in Control shall conclusively be deemed to have occurred, then there shall be immediate full vesting of each
outstanding Award granted subject to any required approval of the Exchange, which may be exercised and settled, in whole or in part, even
if such Award is not otherwise exercisable or vested by its terms.

In addition, if the Board determines that a Change of Control is imminent the Board, in its discretion, may authorize and implement any one or more of the following additional courses of action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terminate without any payment
or consideration, any Awards not exercised, settled or surrendered by the effective time of the Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cause the Corporation to offer
to acquire from each Award holder his or her Awards for a cash payment, and any Awards not so acquired, surrendered or exercised by the
effective time of the Change of Control will be deemed to have expired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cause
 an option granted under this Plan to be exchanged for an option to acquire for the same exercise
 price, the number and type of securities as would be distributed to the Option holder in
 respect of the Shares to be issued to the Option holder had he or she exercised the Option
 prior to the effective time of the Change of Control, provided that any such replacement
 option must provide that it survives for a period of not less than one year from the effective
 time of the Change of Control regardless of the continuing directorship, officership or employment
 of the holder.

**12.2** **Change in Control**. Notwithstanding Section 12.1, in the event of a Change in Control, the Board shall have the right, but not
the obligation, and without the consent of any Participant, to permit each Participant, within a specified period of time prior to the
completion of the Change in Control as determined by the Board, to exercise all of the Participant's outstanding Options and to
settle all of the Participant's outstanding Performance Share Units, Restricted Share Units and Deferred Share Units (to the extent
then vested and exercisable, including by reason of acceleration by the Board pursuant to Section 12.3 or in accordance with the Award
Agreement) but subject to and conditional upon the completion of the Change in Control and any required approval of the Exchange.

**12.3** **Discretion to Accelerate Awards**. Notwithstanding Section 12.1, and subject to any required approval of the Exchange, in the event of a
Change in Control, the Board may accelerate the dates upon which any or all outstanding Awards shall vest and be exercisable or
settled, without regard to whether such Awards have otherwise vested in accordance with their terms.

**12.4** **Termination of Awards on Change in Control**. Subject to and conditional upon completion of the Change in Control event, the Plan and all outstanding
Awards, vested and unvested, shall be deemed to be terminated, without further act or formality, except to the extent required under Sections
12.1 and 16.1, if applicable.

**12.5** **Further Assurances on Change in Control**. The Participant shall execute such documents and instruments and take such other actions, including
exercise or settlement of Awards vesting pursuant to Section 12.2 or the Award Agreement, as may be required consistent with the foregoing;
provided, however, that the exercise or settlement of Awards vesting pursuant to Section 12.2 or the Award Agreement shall be subject
to the completion of the Change in Control event.

**12.6** **Awards Need Not be Treated Identically**. In taking any of the actions contemplated by this Section 12, the Board shall not be obligated to treat
all Awards held by any Participant, or all Awards in general, identically.

**12.7** **Canadian Taxpayer**. In the case of a Deferred Share Unit held by a Participant that is a Canadian Taxpayer, and subject to any further
limitations provided in any Award Agreement, (i) no payment settlement shall be made to the Participant under this Section 12 until
after the time that the Participant ceases to be a Director of the Corporation or any subsidiary of the Corporation / an Employee or
consultant of the Corporation or any subsidiary of the Corporation for any reason, without regard to any agreed or otherwise binding
severance or notice period (whether express, implied, contractual, statutory or at common law); and (ii) all settlements to such
Participant under this Section 12 shall be made by December 31 of the first calendar year that commences after such time.

**13.** **AMENDMENT, SUSPENSION OR TERMINATION OF PLAN AND AWARDS** 

**13.1** **Discretion to Amend the Plan and Awards**. The Board may amend the Plan or Awards at any time without obtaining shareholder approval, provided,
however, that no such amendment may materially and adversely affect any Award previously granted to a Participant without the consent
of the Participant, except to the extent required by applicable law (including Exchange requirements). Any amendment under this Section
shall be subject to all necessary regulatory approvals.

**13.2** **Amendments Requiring Shareholder Approval**. Notwithstanding Section 13.1, no amendments to the Plan or Awards to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Options, reduce
the Option Price, or cancel and reissue any Options so as to in effect reduce the Option Price (Disinterested Shareholder Approval required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) extend (i) the term of an Option
beyond its original expiry date, or (ii) the date on which a Performance Share Unit, Restricted Share Unit or Deferred Share Unit will
be forfeited or terminated in accordance with its terms, other than in accordance with Section 16.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) increase the maximum number of
Shares reserved for issuance under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) revise the participation limits
set out in Section 4.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) revise Section 9 to permit Awards
granted under the Plan to be transferable or assignable other than for estate settlement purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amendment required to be
approved by shareholders under applicable law (including without limitation, pursuant to the TSX Company Manual); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) revise the amending provisions
set forth in Section 13.1 or 13.2;

shall be made without obtaining approval of the shareholders or Disinterested Shareholders, of the Corporation, as applicable, in accordance with the requirements of the Exchange.

**13.3** **Amendment, Suspension or Discontinuance**. No amendment, suspension or discontinuance of the Plan or of any Award may contravene the requirements
of the Exchange or any securities commission or other regulatory body to which the Plan or the Corporation is now or may hereafter be
subject to. Termination of the Plan shall not affect the ability of the Board to exercise the powers granted to it hereunder with respect
to Awards granted under the Plan prior to the date of such termination.

**13.4** **Tax Provisions**. Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no amendment to the Plan shall
cause the Plan or Performance Share Units, Restricted Share Units or Deferred Share Units granted to a Canadian Taxpayer hereunder to
be made without the consent of such Canadian Taxpayer if the result of such amendment would be to cause the Performance Share Units, Restricted
Share Units or Deferred Share Units to be a "salary deferral arrangement" under the *Income Tax Act* (Canada); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no amendment to the Plan shall
cause the Plan or Deferred Share Units granted to a Canadian Taxpayer hereunder to cease to meet the conditions of paragraph

6801(d) of the Regulations under the *Income Tax Act* (Canada) without the consent of such Canadian Taxpayer.

**14.** **DIVIDEND EQUIVALENTS**.

The Board may determine whether and to what extent Dividend Equivalents will be credited to a Participant's PSU Account, RSU Account and DSU Account with respect to Awards of Performance Share Units, Restricted Share Units or Deferred Share Units. Dividend Equivalents to be credited to a Participant's PSU Account, RSU Account or DSU Account shall be credited as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any cash dividends or distributions
credited to the Participant's PSU Account, RSU Account or DSU Account shall be deemed to have been invested in additional Performance
Share Units, Restricted Share Units or Deferred Share Units, as applicable, on the record date established for the related dividend or
distribution in an amount equal to the greatest whole number which may be obtained by dividing (i) the value of such dividend or distribution
on the record date by (ii) the Market Price of one Share on such record date, and such additional Performance Share Units, Restricted
Share Unit or Deferred Share Unit, as applicable, shall be subject to the same terms and conditions as are applicable in respect of the
Performance Share Unit, Restricted Share Unit or Deferred Share Unit, as applicable, with respect to which such dividends or distributions
were payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any such dividends or distributions
are paid in Shares or other securities, such Shares and other securities shall be subject to the same vesting, performance and other restrictions
as apply to the Performance Share Units, Restricted Share Units or Deferred Share Unit, as applicable, with respect to which they were
paid.

No Dividend Equivalent will be credited to or paid on Awards of Performance Share Units, Restricted Share Units or Deferred Share Units that have expired or that have been forfeited or terminated.

**15.** **MISCELLANEOUS** 

**15.1** **No Rights as a Shareholder**. Nothing contained in the Plan nor in any Award granted hereunder shall be deemed to give any Person any interest
or title in or to any Shares or any rights as a shareholder of the Corporation or any other legal or equitable right against the Corporation
whatsoever with respect to Shares issuable pursuant to an Award until such Person becomes the holder of record of Shares.

**15.2** **Employment**. Nothing contained in the Plan shall confer upon any Participant any right with respect to employment or continued employment or the right
to continue to serve as a Director or a consultant as the case may be, or interfere in any way with the right of the Corporation to terminate
such employment or service at any time. Participation in the Plan by an Eligible Person is voluntary. For stock options granted to Employees,
Consultants or Management Corporation Employees, the Corporation and the Option Holder are responsible for ensuring and confirming that
the Option Holder is a bona fide Employee, Consultant or Management Corporation Employee, as the case may be.

**15.3** **Record Keeping**. The Corporation shall (either physically or by electronic entry in any electronic incentive compensation system maintained
by the Corporation or a third party service provider on its behalf) maintain appropriate registers in which shall be recorded all

pertinent information with respect to the granting, amendment, exercise, vesting, expiry, forfeiture and termination of Awards. Such registers shall include, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Awards credited to each Participant's
account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all adjustments made to Awards recorded in each Participant's
account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other information which the Corporation considers appropriate
to record in such registers.

**15.4** **Income Taxes**. The Corporation may take such steps as are considered necessary or appropriate for the withholding of any taxes or other amounts which
the Corporation is required by any law or regulation of any governmental authority whatsoever to withhold in connection with any Award
including, without limiting the generality of the foregoing, the withholding of all or any portion of any payment or the withholding of
the issue of any Shares to be issued under this Plan, until such time as the Participant has paid the Corporation for any amount which
the Corporation is required to withhold by law with respect to such taxes or other amounts. Without limitation to the foregoing, the Board
may adopt administrative rules under this Plan, which provide for the automatic sale of Shares (or a portion thereof) in the market upon
the issuance of such Shares under this Plan on behalf of the Participant to satisfy withholding obligations under an Award.

**15.5** **No Representation or Warranty**. The Corporation makes no representation or warranty as to the future market value of any Shares issued pursuant to the
Plan.

**15.6** **Direction to Transfer Agents**. Upon receipt of a certificate of an authorized officer of the Corporation directing the issue of Shares
issuable under the Plan, the transfer agent of the Corporation is authorized and directed to issue and countersign share certificates
or DRS for the Shares subject to the applicable Award in the name of such Participant or as may be directed in writing by the Participant.

**15.7** **Unfunded Plan**. Unless otherwise determined by the Board, the Plan shall be unfunded. To the extent any Participant or his
or her estate holds any rights by virtue of a grant of Awards under the Plan, such rights (unless otherwise determined by the Board) shall
be no greater than the rights of an unsecured creditor of the Company.

**16.** **TERM OF AWARD, EXPIRY, FORFEITURE AND TERMINATION OF AWARDS / BLACKOUT PERIODS** 

**16.1** **Expiry, Forfeiture and Termination of Awards**. If for any reason an Award expires without having been exercised or is forfeited or
terminated, and subject to any extension thereof in accordance with the Plan, such Award shall forthwith expire and be forfeited and
shall terminate and be of no further force or effect

**16.2** **Blackout Periods**. Notwithstanding any other provision of the Plan, except as provided in Section 2.2 of the Addendum, if the expiry date
or vesting date of an Award, other than a Performance Share Unit, Restricted Share Unit or Deferred Share Unit awarded to a Canadian
Taxpayer, as applicable, is (i) during a Blackout Period, or (ii) within ten Trading Days following the end of a Blackout Period,
the expiry date or vesting date, as applicable, will be automatically extended for a period of ten Trading Days following the end of
the Blackout Period, provided that the following requirements are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Blackout Period must be formally
imposed by the Corporation pursuant to its internal trading policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Blackout Period must expire
upon the general disclosure of the undisclosed Material Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the automatic extension of a
Participant's Award will not be permitted where the Participant or the Corporation is subject to a cease trade order (or similar
order under securities laws) in respect of the Corporation's securities.

In the case of a Performance Share Unit, Restricted Share Unit or Deferred Share Unit awarded to a Canadian Taxpayer or US Taxpayer (as defined in the Addendum), any settlement that is effected during a Blackout Period in order to comply with Section 13.4 in the case of a Canadian Taxpayer or the Addendum in the case of a US Taxpayer shall (subject to the requirements of applicable law) be settled in cash, notwithstanding any other provision hereof.

**17.** **GOVERNING LAW** 

The Plan shall be construed in accordance with and be governed by the laws of British Columbia and shall be deemed to have been made therein.

**18.** **REGULATORY AND SHAREHOLDER APPROVAL** 

**18.1** The
Plan shall be subject to the approval of any relevant regulatory authority whose approval is required. Any Awards granted prior to
such approval and acceptance shall be conditional upon such approval and acceptance being given and no such Awards may be exercised
or shall vest unless such approval and acceptance is given.

**18.2** The
Plan shall be subject to the approval of the shareholders of the Corporation (or if required, Disinterested Shareholder Approval) to
be sought at the Corporation's next duly called annual general meeting.

**19.** **EFFECTIVE DATE OF THE PLAN** 

The Plan is dated with effect as of the Effective Date.

**ADDENDUM A**

**SPECIAL PROVISIONS APPLICABLE TO US TAXPAYERS**

This Addendum sets forth special provisions of the Plan that apply to US Taxpayers (as defined below) and forms part of the Plan. All capitalized terms, to the extent not otherwise defined herein, shall have the meanings set forth in the Plan.

**1.** **DEFINITIONS** 

**1.1** For
the purposes of this Addendum:

"**Change of Control**" has the meaning ascribed to that term in US Code Section 409A; "**Disability**" means "**disability**" as defined in US Code Section 409A;

"**Fair Market Price**" shall be last closing price of the Issuer's Shares before either the issuance of a press release or the filing with the Exchange of a price reservation form (Form A) required to fix the price at which the Shares are to be issued, less any applicable discount or, if the Shares are not listed on the Exchange, on such other principal stock exchange or over-the-counter market on which the Shares are listed or quoted, as the case may be. If the Shares are not publicly traded or quoted, then the "**Fair Market Price**" shall be the fair market value of the Shares, as determined by the Board, on the Grant Date. In the resolution allocating any Option, the Board may determine that the Grant Date shall be a future date determined in the manner specified in such resolution, in which case, for the purpose of this definition, "**Fair Market Price**" shall be deemed to be the last closing price of the Issuer's Shares before either the issuance of a press release or the filing with the Exchange of a price reservation form (Form A) required to fix the price at which the Shares are to be issued, less any applicable discount, or, if the Shares are not listed on the Exchange, on such other principal stock exchange or over-the-counter market on which the Shares are listed or quoted, as the case may be, or, if the Shares are not publicly traded or quoted, then the "**Market Price**" shall be the fair market value of the Shares, as determined by the Board, on the Grant Date; and "**Fair Market Price**" with respect to a Non-Qualified Stock Option will be the fair market value determined by the reasonable application of a reasonable valuation method, within the meaning of US Code Section 409A;

"**Incentive Stock Option**" means any Award designated and qualified as an "**incentive stock option**" as defined in Section 422 of the US Code;

"**Non-Qualified Stock Option**" means any Award that is not an Incentive Stock Option;

"**Separation From Service**" shall mean that employment with the Corporation and any entity that is to be treated as a single employer with the Corporation for purposes of United States Treasury Regulation Section 1.409A-1(h) terminates such that it is reasonably anticipated that no further services will be performed;

"**Specified Employee**" means a US Taxpayer who meets the definition of "**specified employee,**" as defined in Section 409A(a)(2)(B)(i) of the US Code;

"**subsidiary corporation**" means "**subsidiary corporation**" as defined in Section 424(f) of the US Code;

"**Ten Percent Owner**" means a US Taxpayer who, at the time an Award is granted, owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the US Code) more than 10% of the total combined voting power of all classes of stock of the Corporation or any parent or subsidiary corporation, within the meaning of Section 422(b)(6) of the US Code;

"**US Code**" means the United States *Internal Revenue US Code of 1986* and any applicable United States Treasury Regulations and other binding regulatory guidance thereunder;

"**US Code Section 409A**" means Section 409A of the US Code and the regulations and other guidance promulgated thereunder;

"**US Code Section 409A Award**" means an Award that is "**nonqualified deferred compensation**" within the meaning of US Code Section 409A;

"**US Exchange Act**" means the *Securities Exchange Act of 1934*, and the rules and regulations thereunder;

"**US Securities Act**" means the *Securities Act of 1933*, and the rules and regulations thereunder; and

"**US Taxpayer**" means a Participant who is a citizen or resident of the United States for purposes of the US Code, or whose Awards under the Plan are subject, or would be subject, absent an exemption, to US Code Section 409A.

**2.** **INCENTIVE STOCK OPTIONS** 

**2.1** **Incentive Stock Options and Non-Qualified Stock Options**. Awards granted under the Plan may be either Incentive Stock Options or
Non-Qualified Stock Options. Notwithstanding Sections 3.2 and 5.1 of the Plan, Incentive Stock Options may only be granted to an
Eligible Person who is an employee of the Corporation or a subsidiary corporation. To the extent that any Award does not qualify as
an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

**2.2** **Term of Option**. Notwithstanding any provision of the Plan arguably to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in no circumstances shall the
term of an Option exceed ten years from the Grant Date or be exercisable after the expiration of ten years from the Grant Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in no circumstances shall the
term of an Incentive Stock Option granted to a Ten Percent Owner exceed five years from the Grant Date or be exercisable after the expiration
of five years from the Grant Date.

**2.3** **Plan Limit on Incentive Stock Options**. Subject to adjustment pursuant to Section 10 of the Plan and Sections 422 and 424 of the US
Code, the aggregate number of Shares which may be issued under the Plan and which may be made subject to Incentive Stock Options
shall not exceed 1,500,000.

**2.4** **Annual Limit on Incentive Stock Options**. To the extent required for "incentive stock option" treatment under Section 422(d)
of the US Code, the aggregate Market Price (determined as of the Grant Date) of the Shares with respect to which Incentive Stock
Options granted under the Plan and any other plan of the Corporation and its parent and subsidiary corporations that become
exercisable or vest for the first time by a Participant

---

| | |
|:---|:---|
|  | during any calendar year shall not exceed US$100,000 or such other limit as may be in effect from time to time under Section 422 of the US Code. To the extent that any Award exceeds this limit, it shall constitute a Non-Qualified Stock Option. |
| **3.** | **OPTIONS** |

---

**3.1** **Option Price**. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the
 Option Price of such Incentive Stock Option shall not be less than 110% of the Fair Market Price of the Shares determined as of the
 Grant Date. For all other US Taxpayers, the Option Price of an Incentive Stock Option shall not be less than 100% of the Fair Market
 Price of the Shares determined as of the Grant Date. The Option Price of a Non-Qualified Stock Option shall not be less than 100% of
 the Fair Market Price of the Shares as determined as of the Grant Date.

**3.2** **Method of Exercise of Options**. Section 5.4 of the Plan shall not be available
if the Option being exercised is an Incentive Stock Option.

**3.3** **Option Award Agreement**. The Option Award Agreement for US Taxpayers shall specify
 whether such Option is an Incentive Stock Option or a Non-Qualified Stock Option. If no such specification is made,
 the Option will be (a) an Incentive Stock Option if all of the requirements under the US Code are satisfied, and (b)
 in all other cases, a Non-Qualified Stock Option.

**4.** **PERFORMANCE SHARE UNITS AND RESTRICTED SHARE UNITS** 

**4.1** **Settlement of Performance Share Units for US Taxpayers**. Notwithstanding the timing
of settlement described in Sections 6.5 and 6.6 of the Plan, but subject to Section 7.4 of this Addendum, for US Taxpayers, all settlements
of Performance Share Units credited to a US Taxpayer's PSU Account shall take place within 30 days of the date such Performance
Share Units vest without receipt of the Notice of Settlement of Restricted Share Units from the US Taxpayer.

**4.2** **Settlement of Restricted Share Units for US Taxpayers**. Notwithstanding the timing
of settlement described in Sections 7.5 and 7.6 of the Plan, but subject to Section 7.4 of this Addendum, for US Taxpayers, all settlements
of Restricted Share Units credited to a US Taxpayer's RSU Account shall take place within 30 days of the date such Restricted Share
Units vest without receipt of the Notice of Settlement of Restricted Share Units from the US Taxpayer.

**5.** **DEFERRED SHARE UNITS** 

**5.1** **Elections for US Taxpayers**. Section 8.1(b) of the Plan shall be applied in a manner
consistent with United States Treasury Regulation Section 1.409A-2(a). Except as otherwise permitted under such regulation, a Participant's
election to defer a Deferred Annual Amount must be made by the end of the calendar year prior to the calendar year in which services
giving rise to the right to payment of such amounts are to be performed. Without limiting the generality of the foregoing, during a US
Taxpayer's first calendar year of eligibility in the Plan (as described in United States Treasury Regulation Section 1.409A-2(a)(7))
such US Taxpayer may, within 30 days of becoming eligible, elect to participate in the Plan for such calendar year solely with respect
to compensation to be paid for services to be performed after the date such election is made.

**5.2** **Distribution Date for Settlement of DSUs Held By US Taxpayers**. Notwithstanding the
timing of settlement described in Sections 8.5 or 8.6 of the Plan, but subject to Section 7.4

---

| | |
|:---|:---|
|  | of this Addendum, for US Taxpayers, all settlements of Deferred Share Units credited to a US Taxpayer's DSU Account shall take place within 30 days of the date of the US Taxpayer's Separation From Service without receipt of the Notice of Settlement of Deferred Share Units from the US Taxpayer, unless a different fixed settlement date was specified in the applicable DSU Award Agreement at the time of grant of the Deferred Share Units (the "**distribution date**"). Notwithstanding any provision of the Plan arguably to the contrary (including Sections 12.2 and 13 of the Plan), any acceleration of the vesting of Deferred Share Units held by US Taxpayers will not result in the acceleration of the distribution date for such Deferred Share Units unless permitted under US Code Section 409A. |
| **5.3** | **Special Limitation Applicable to Eligible Persons Who Are Both a Canadian Taxpayer and a US Taxpayer**. If the Deferred Share Units of a US Taxpayer are subject to tax under the income tax laws of Canada and also are subject to tax under US Code Section 409A, the following special rules regarding forfeiture will apply. For greater clarity, these forfeiture provisions are intended to avoid adverse tax consequences under US Code Section 409A and/or under paragraph 6801(d) of the regulations under the *Income Tax Act* (Canada), that may result because of the different requirements as to the time of distribution of Deferred Share Units (and thus the time of taxation) with respect to a US Taxpayer's separation from service (under US tax law) and his retirement or loss of office (under Canadian tax law). The intended consequence of this Section 5.3 of the Plan is that distributions to US Taxpayers in payment of Deferred Share Units only will occur if such US Taxpayer experiences both a Separation From Service under US Code Section 409A and a retirement of loss of office within the meaning of paragraph 6801(d) of the regulations under the *Income Tax Act* (Canada). If a US Taxpayer otherwise would be entitled to payment with respect to Deferred Share Units in any of the following circumstances, such Deferred Share Units shall instead be immediately and irrevocably forfeited, unless the relevant taxation authorities have provided guidance that the payment with respect to Deferred Share Units in such circumstances would not result in adverse tax consequences to the Eligible Person or the Corporation under either the *Income Tax Act* (Canada) or the US Code, or that compliance with the tax rules of only one jurisdiction would not cause a failure to comply with the rules of the other taxing jurisdiction: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a US Taxpayer experiences a Separation
From Service as a result of a permanent decrease in the level of services such US Taxpayer provides to the Corporation and its affiliates
to less than 20% of his past service, but such US Taxpayer continues to provide some level of service to the Corporation or an affiliate
such that he has not had a retirement from, or loss of office or employment with, the Corporation or a corporation related thereto, within
the meaning of paragraph 6801(d) of the regulations under the *Income Tax Act* (Canada); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a US Taxpayer experiences a Separation
From Service for purposes of a distribution required under US Code Section 409A as a result of ceasing to be a member of the Board, but
such person continues providing services as an employee or as a member of the board of an affiliate, and as a result he has not experienced
a retirement from, or loss of office or employment with, the Corporation or a corporation related thereto, within the meaning of paragraph
6801(d) of the regulations under the *Income Tax Act* (Canada); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a US Taxpayer experiences a retirement
from, or loss of office or employment with, the Corporation or a corporation related thereto, within the meaning of paragraph 6801(d)
of the regulations under the *Income Tax Act* (Canada), by virtue of ceasing employment as both an employee and as
a director, but he continues to provide services as an independent contractor such that he has not experienced a Separation from Service.

**6.** **TAXES** 

**6.1** **Payment of Taxes**. Each US Taxpayer is solely responsible and liable for the satisfaction
of all taxes and penalties that may be imposed on or for the account of such US Taxpayer in connection with the Plan or any other plan
maintained by the Corporation (including any taxes and penalties under US Code Section 409A), and neither the Corporation nor any subsidiary
of the Corporation shall have any obligation to indemnify or otherwise hold such US Taxpayer (or any Participant) harmless from any
or all of such taxes or penalties.

**6.2** **Tax Withholding**. A US Taxpayer shall be required to pay to the Corporation, and the
Corporation shall have the right and is hereby authorized to withhold, from any cash or other compensation payable under the Plan, or
from any other compensation or amounts owing to the US Taxpayer, the amount of any required withholding taxes in respect of amounts paid
under the Plan and to take such other action as may be necessary in the opinion of the Corporation to satisfy all obligations for the
payment of such withholding and taxes.

**7.** **MISCELLANEOUS** 

**7.1** **Non-Assignability**. Section 9 of the Plan shall only be available to US Taxpayers if
the Option to be transferred is a Non-Qualified Stock Option and to the extent permissible under US law. No Incentive Stock Option shall
be transferable by the Participant otherwise than by will or by the laws of descent and distribution and all Incentive Stock Options
shall be exercisable, during the Participant's lifetime, only by the Participant, or by the Participant's legal representative
or guardian in the event of the Participant's Disability. Section 9 of the Plan shall only be available to US Taxpayers with respect
to Performance Share Units, Deferred Share Units and Restricted Share Units to the extent permissible under US law.

**7.2** **Amendments**. In addition to the provisions of Section 13 of the Plan, to the extent
determined by the Board to be required either by the US Code to ensure that Incentive Stock Options granted under the Plan are qualified
under Section 422 of the US Code or otherwise, Plan amendments as they relate to or affect US Taxpayers shall be subject to approval
by the Corporation shareholders entitled to vote at a meeting of shareholders. An amendment to increase the aggregate number of Shares
which may be issued under the Plan and which may be made subject to Incentive Stock Options as set forth in Section 2.3 of this Addendum
must be approved by shareholders within 12 months of adoption of such amendment. Notwithstanding the provisions of Section 13 of the
Plan, no amendment in respect of an Award to a US Taxpayer shall be made without the consent of such US Taxpayer if the result of such
amendment would be to cause the Award to violate the requirements of US Code Section 409A.

**7.3** **Effective Date; Shareholder Approval**. The Plan including the Addendum shall become effective
 upon the Effective Date. Awards may be granted under this Addendum from and after the Effective Date; provided however that if
 Corporation's shareholders fail to approve the Plan and this Addendum within 12 months of the Effective Date, any Incentive
 Stock Options granted under the Plan to a US Taxpayer from and after the Effective Date to the date that is 12 months of the
 Effective Date shall be deemed to be Non-Qualified Stock Options. No Incentive Stock Options may be granted after the tenth
 anniversary of

---

| | |
|:---|:---|
|  | the earlier of the Effective Date or the date the Plan including the Addendum are approved by the Corporation's shareholders. |
| **7.4** | **US Code Section 409A Awards**. If an Award is determined to constitute a US Code Section 409A Award, the Award shall be subject to such additional rules and requirements as specified by the Board from time to time in order to comply with US Code Section 409A. In this regard, if any amount under a US Code Section 409A Award is payable upon a Separation From Service to a Participant who is considered a Specified Employee, then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the Participant's date of Separation From Service, or (ii) the Participant's death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to US Code Section 409A. |
| **7.5** | **Priority**. Except as specifically provided in this Addendum, the provisions of the Plan and the Participant's Award Agreement shall govern. For Participants who are US Taxpayers, in the event of any inconsistency or conflict between the provisions of (i) the Plan and/or a Participant's Award Agreement, and (ii) this Addendum, the terms of this Addendum shall prevail. |

---

## Exhibit 5.1

**EXHIBIT 5.1**

---

| | |
|:---|:---|
| ![](header.jpg) | Blake, Cassels & Graydon LLP<br> Barristers & Solicitors<br> Patent & Trademark Agents<br> 1133 Melville Street<br> Suite 3500, The Stack<br> Vancouver, B. C. V6E 4E5, Canada<br> Tel: 604-631-3300 Fax: 604-631-3309 |

---

June 18, 2025 <br>Equinox Gold Corp. Suite 1501, 700 West Pender St. Vancouver, BC V6C 1G8

---

| | |
|:---|:---|
| **RE:** | **Registration Statement on Form S-8 relating to the Calibre Long-Term Incentive Plan (the "Plan") of Equinox Gold Corp. (the "Company"), a corporation incorporated under the *Business Corporations Act* (British Columbia)** |

---

Dear Sir or Madam:

Reference is made to the above-captioned Registration Statement on Form S-8 (the "**Registration Statement**") in the form in which it is to be filed by the Company on the date hereof with the Securities and Exchange Commission under the United States Securities Act of 1933, as amended, relating to the registration of an aggregate of up to 2,000,000 common shares in the capital of the Company (the "**Shares**") issuable from treasury pursuant to the exercise of stock options (the "**Options**") granted under the Plan.

We have examined, and are familiar with, and have relied as to factual matters solely upon, a copy of the Plan, the currently effective articles of the Company, resolutions of the board of directors and shareholders of the Company and such other documents, certificates and proceedings as we have deemed necessary for the purpose of rendering this opinion. We have assumed the genuineness of all signatures, and the authenticity of all documents submitted to us as certified, conformed, photostatic or electronically transmitted copies or facsimiles thereof.

We are solicitors qualified to carry on the practice of law in the Canadian provinces of British Columbia, Alberta, Ontario and Québec. The opinions expressed below are limited to the laws of the province of British Columbia and the federal laws of Canada applicable therein on the date hereof, and we express no opinion as to any other laws, or matters governed by any other laws.

Based on and subject to the foregoing, we are of the opinion as of the date hereof that the Shares to be issued pursuant to the exercise of Options that may be granted under the Plan, including following proper exercise of the Options under the Plan and full payment of the exercise price in respect of such Options, have been duly authorized and will be validly issued as fully paid and non-assessable common shares in the capital of the Company.

We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement. This opinion is given as of the date hereof and we disclaim any obligation or undertaking to advise any person of any change in law or fact which may come to our attention after the date hereof.

Yours truly,

/s/ Blake, Cassels & Graydon LLP

![](footer.jpg)

## Exhibit 23.2

**EXHIBIT 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Board of Directors

Equinox Gold Corp.

We consent to the use of our report dated March 13, 2025 on the consolidated financial statements of Equinox Gold Corp. (the Entity), which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, cash flows and changes in equity for each of the years then ended, and the related notes (collectively the consolidated financial statements), and our report dated March 13, 2025 on the effectiveness of the Entity's internal control over financial reporting as of December 31, 2024, which are incorporated by reference in the Registration Statement on Form S-8 dated June 18, 2025 of Equinox Gold Corp.

Yours very truly,

**/s/ KPMG LLP**

Chartered Professional Accountants

June 18, 2025

Vancouver, Canada

## Exhibit 23.3

**EXHIBIT 23.3**

**CONSENT OF ALEXANDRE DORVAL, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Alexandre Dorval |
| By: Alexandre Dorval, P. Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.4

**EXHIBIT 23.4**

**CONSENT OF ALI SHAHKAR, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Ali Shahkar |
| By: Ali Shahkar, P. Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.5

**EXHIBIT 23.5**

**CONSENT OF AMC MINING CONSULTANTS (CANADA) LTD.**

AMC Consultants (Canada) Ltd. ("AMC"), as a company whose principal business is providing engineering or geoscientific services, and whose business gives authority to a statement made by the company, hereby consents to the use of AMC's report(s), and the information derived therefrom, as well as the reference to AMC's name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Gene Tucker |
| By: Gene Tucker, P.Eng. |
| Authorized Signatory |
| Dated: June 18, 2025 |

---

## Exhibit 23.6

**EXHIBIT 23.6**

**CONSENT OF BENOIT POUPEAU, FAUSIMM**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Benoit Poupeau |
| By: Benoit Poupeau, FAusIMM |
| Dated: June 18, 2025 |

---

## Exhibit 23.7

**EXHIBIT 23.7**

**CONSENT OF BRUCE DAVIS, FAUSIMM**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Bruce Davis |
| By: Bruce Davis, FAusIMM. |
| Dated: June 18, 2025 |

---

## Exhibit 23.8

**EXHIBIT 23.8**

**CONSENT OF CARL MICHAUD, P. ENG**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Carl Michaud |
| By: Carl Michaud, P. Eng. |
| Dated: June 17, 2025 |

---

## Exhibit 23.9

**EXHIBIT 23.9**

**CONSENT OF DARROL VAN DEVENTER, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Darrol van Deventer |
| By: Darrol van Deventer, P.Eng. |
| Dated: June 11, 2025 |

---

## Exhibit 23.10

**EXHIBIT 23.10**

**CONSENT OF DAVID WARREN, P. ENG**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ David Warren |
| By: David Warren, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.11

**EXHIBIT 23.11**

**CONSENT OF DOMINIC CLARIDGE, P. ENG**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Dominic Claridge |
| By: Dominic Claridge, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.12

**EXHIBIT 23.12**

**CONSENT OF ELEANOR BLACK, P.GEO.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Eleanor Black |
| By: Eleanor Black, P.Geo. |
| Dated: June 18, 2025 |

---

## Exhibit 23.13

**EXHIBIT 23.13**

**CONSENT OF GENE TUCKER, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Gene Tucker |
| By: Gene Tucker, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.14

**EXHIBIT 23.14**

**CONSENT OF GABRIEL FREIRE, FAUSIMM**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Gabriel Freire |
| By: Gabriel Freire, FAusIMM |
| Dated: June 11, 2025 |

---

## Exhibit 23.15

**EXHIBIT 23.15**

**CONSENT OF GABRIEL SECREST, P.E.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Gabriel Secrest |
| By: Gabriel Secrest, P.E. |
| Dated: June 18, 2025 |

---

## Exhibit 23.16

**EXHIBIT 23.16**

**CONSENT OF GLENN BEZUIDENHOUT, FSAIMM**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Glenn Bezuidenhout |
| By: Glenn Bezuidenhout, FSAIMM |
| Dated: June 18, 2025 |

---

## Exhibit 23.17

**EXHIBIT 23.17**

**CONSENT OF GORDON ZUROWSKI, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Gordon Zurowski |
| By: Gordon Zurowski, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.18

**EXHIBIT 23.18**

**CONSENT OF GRANT A. MALENSEK, M. ENG, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Grant A. Malensek |
| By: Grant A. Malensek, M. Eng, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.19

**EXHIBIT 23.19**

**CONSENT OF HUGO R. A. FILHO, FAusIMM (CP)**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Hugo R. A. Filho |
| By: Hugo R. A. Filho, FAusIMM (CP) |
| Dated: June 18, 2025 |

---

## Exhibit 23.20

**EXHIBIT 23.20**

**CONSENT OF JEFFREY WOODS, SME MMAS**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Jeffrey Woods |
| By: Jeffrey Woods, SME MMAS |
| Dated: June 18, 2025 |

---

## Exhibit 23.21

**EXHIBIT 23.21**

**CONSENT OF JOÃO PAULO SANTOS, MAUSIMM**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ João Paulo Santos |
| By: João Paulo Santos, MAusIMM |
| Dated: June 18, 2025 |

---

## Exhibit 23.22

**EXHIBIT 23.22**

**CONSENT OF JOHN NILSSON, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ John Nilsson |
| By: John Nilsson, P. Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.23

**EXHIBIT 23.23**

**CONSENT OF KELLY BOYCHUK, P.ENG.**

The undersigned hereby consents to the use of their report(s) and the information derived therefrom, the use of information reviewed and approved by them for which others were originally responsible, including Section 18.6 of the technical report for the Los Filos Mine Complex (Los Filos) entitled "Updated Technical Report for the Los Filos Mine Complex, Guerrero State, Mexico" dated October 19, 2022, with an effective date of June 30, 2022, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.<br>

---

| |
|:---|
| /s/ Kelly Boychuk |
| By: Kelly Boychuk, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.24

**EXHIBIT 23.24**

**CONSENT OF KEN BOCKING, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Ken Bocking |
| By: Ken Bocking, P. Eng. |
| Dated: June 12, 2025 |

---

## Exhibit 23.25

**EXHIBIT 23.25**

**CONSENT OF LAURIE M. TAHIJA, Q.P.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Laurie M. Tahija |
| By: Laurie M. Tahija, Q.P. |
| Dated: June 18, 2025 |

---

## Exhibit 23.26

**EXHIBIT 23.26**

**CONSENT OF MARK B. MATHISEN, C.P.G.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Mark B. Mathisen |
| By: Mark B. Mathisen, C.P.G. |
| Dated: June 18, 2025 |

---

## Exhibit 23.27

**EXHIBIT 23.27**

**CONSENT OF MICHELLE FRASER, P. GEO.**

The undersigned hereby consents to the use of the portions of the report prepared by the undersigned entitled "Technical Report Greenstone Gold Mine, Geraldton, Ontario" with an effective date of June 30, 2024, and with a report date of October 1, 2024, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Michelle Fraser |
| By: Michelle Fraser, P. Geo. |
| Dated: June 18, 2025 |

---

## Exhibit 23.28

**EXHIBIT 23.28**

**CONSENT OF MO MOLAVI, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Mo Molavi |
| By: Mo Molavi, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.29

**EXHIBIT 23.29**

**CONSENT OF NATHAN ROBISON, PE**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Nathan Robison |
| By: Nathan Robison, PE |
| Dated: June 18, 2025 |

---

## Exhibit 23.30

**EXHIBIT 23.30**

**CONSENT OF NEIL LINCOLN, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Neil Lincoln |
| By: Neil Lincoln, P. Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.31

**EXHIBIT 23.31**

**CONSENT OF PAUL SALMENMAKI, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Paul Salmenmaki |
| By: Paul Salmenmaki, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.32

**EXHIBIT 23.32**

**CONSENT OF PAUL STERLING, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Paul Sterling |
| By: Paul Sterling, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.33

**EXHIBIT 23.33**

**CONSENT OF PIERRE ROY, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Pierre Roy |
| By: Pierre Roy, P. Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.34

**EXHIBIT 23.34**

**CONSENT OF R. DOUGLAS BARTLETT, PG, CPG**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ R. Douglas Bartlett |
| By: R. Douglas Bartlett, PG, CPG |
| Dated: June 2, 2025 |

---

## Exhibit 23.35

**EXHIBIT 23.35**

**CONSENT OF RÉJEAN SIROIS, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Réjean Sirois |
| By: Réjean Sirois, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.36

**EXHIBIT 23.36**

**CONSENT OF ROBERT SIM, P. GEO.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Robert Sim |
| By: Robert Sim, P. Geo. |
| Dated: June 18, 2025 |

---

## Exhibit 23.37

**EXHIBIT 23.37**

**CONSENT OF TOMMASO RAPONI, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Tommaso Raponi |
| By: Tommaso Raponi, P. Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.38

**EXHIBIT 23.38**

**CONSENT OF STEPHEN LA BROOY, FAusIMM**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Stephen La Brooy |
| By: Stephen La Brooy, FAusIMM |
| Dated: June 18, 2025 |

---

## Exhibit 23.39

**EXHIBIT 23.39**

**CONSENT OF TRAVIS O'FARRELL, P.ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Travis O'Farrell |
| By: Travis O'Farrell, P.Eng. |
| Dated: June 18, 2025 |

---

## Exhibit 23.40

**EXHIBIT 23.40**

**CONSENT OF TREVOR RABB, P. GEO.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Trevor Rabb |
| By: Trevor Rabb, P. Geo. |
| Dated: June 10, 2025 |

---

## Exhibit 23.41

**EXHIBIT 23.41**

**CONSENT OF DOUG REDDY, M.Sc., P.GEO.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Doug Reddy |
| By: Doug Reddy, M.Sc., P. Geo |
| Dated: June 18, 2025 |

---

## Exhibit 23.42

**EXHIBIT 23.42**

**CONSENT OF SCOTT HEFFERNAN**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Scott Heffernan |
| By: Scott Heffernan, M.Sc., P.Geo. |
| Dated: June 18, 2025 |

---

## Exhibit 23.43

**EXHIBIT 23.43**

**CONSENT OF PHILIPPE LEBLEU**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Philippe Lebleu |
| By: Philippe Lebleu |
| Dated: June 17, 2025 |

---

## Exhibit 23.44

**EXHIBIT 23.44**

**CONSENT OF NICOLAS VANIER, P. ENG.**

The undersigned hereby consents to the use of their report(s), and the information derived therefrom, as well as the reference to their name, in each case where used or incorporated by reference in the Registration Statement on Form S-8 of Equinox Gold Corp.

---

| |
|:---|
| /s/ Nicolas Vanier |
| By: Nicolas Vanier, P. Eng. |
| Dated: June 17, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Equinox Gold Corp.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Shares, no par value, issuable pursuant to options granted under the Calibre Long-Term Incentive Plan | Other | 2000000 | $6.57 | $13140000.00 | 0.0001531 | $2011.73 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $13140000.00  |  | $2011.73  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $2011.73  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Note 1(a): Represents Common Shares, no par value (the "Common Shares"), of Equinox Gold Corp. (the "Registrant") issuable pursuant to options under the Calibre Long-Term Incentive Plan registered herein. Note 1(b): Estimated for the purpose of calculating the registration fee in accordance with Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices of the Common Shares reported on the NYSE American on June 13, 2025, which was $6.57 per share. Note 1(c): Pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement (the "Registration Statement") also covers an indeterminate number of additional Common Shares of the Registrant that may be offered or issued by reason of certain corporate transactions or events, including any stock dividend, stock split or any other similar transaction effected which results in an increase in the number of Common Shares.