Pacific Road Resources Funds Announce Exercise of Non-Dilution Right to Acquire Additional Common Shares of Equinox Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2018) - The Pacific Road Resources Funds ("PRRF") announce that they have provided notice to Equinox Gold Corp. (the "Corporation") of the exercise of PRRF's non-dilution rights relating to the issuance of additional securities by the Corporation. As a result, PRRF will acquire an additional 21,000,000 (the "Purchased Shares") common shares ("Common Shares") in the capital of the Corporation for an aggregate purchase price of C$19,215,000, representing an average price per Purchased Share of C$0.915.

PRRF's non-dilution right is being exercised in connection with the recently completed business combination between the Corporation (formerly Trek Mining Inc.), NewCastle Gold Ltd. and Anfield Gold Corp. and is intended to reduce the aggregate dilution to PRRF's interest in the Corporation as a result of the combination.

The Purchased Shares represent approximately 5% of the outstanding Common Shares. When combined with the 23,824,968 Common Shares PRRF already owns, PRRF will hold an aggregate of 44,824,968 Common Shares, representing approximately 10.1% of the outstanding Common Shares. Assuming full exercise of PRRF's warrants to purchase 23,724,350 Common Shares, PRRF would hold an aggregate of 68,549,318 Common Shares, representing approximately 14.6% of the then issued and outstanding Common Shares.

PRRF has agreed to buy the Purchased Shares for investment purposes and may or may not purchase or sell securities of the Corporation, or exercise its warrants to purchase Common Shares, in the future on the open market or in private transactions, depending on market conditions and other factors. Depending on market conditions, general economic and industry conditions, the Corporation's business and financial condition and/or other relevant factors, PRRF may develop other plans or intentions in the future.

A copy of the early warning report filed in connection with the investment will be available on the Corporation's profile on SEDAR at www.sedar.com or may be obtained by contacting Greg Dick at +61 2 9241 1000.

About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited

The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd ("PRCM"). The PRCM team, located in Sydney, Australia and Vancouver, Canada, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.