Equinox Minerals 2007

Building a Mid-tier Copper Producer

Cautionary Language and Forward Looking Statements This press release contains “forward-looking statements”, which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company’s disclosure documents filed from time to time with the Canadian and Australian securities authorities. Technical information in this release is summarized or extracted from the ‘‘Amended Technical Report on the Lumwana Copper Project, North West Province, Republic of Zambia’’ dated October 2006 (the ‘‘Technical Report’’), prepared by Michael Davis, Process Manager, Ausenco Ltd. (‘‘Ausenco’’), Ross Bertinshaw, Principal of Golder Associates Pty Ltd. (‘‘Golder’’), Tim Miller, Director, of Investor Resources Finance Pty Ltd (‘‘IRF’’), and Robert Hanbury, Associate Director, of Knight Piésold Pty Ltd. (‘‘Knight Piésold’’), each of whom is a ‘‘Qualified Person’’ in accordance with National Instrument 43-101 —Standards of Disclosure for Mineral Projects. The economic analysis of Lumwana in the Technical Report is based on a ‘Base Case’ model (11year mine life) which excludes Inferred Resources that are considered not to be defined in sufficient detail to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the economic performance proposed in the economic analysis following depletion of the Mineral Reserves will be achieved. A ‘Development Scenario’ is also discussed in the Technical Report that provides details of the 37-year mine life development plan. See the Technical Report for further details. Readers are cautioned not to rely solely on the summary of such information contained in this presentation, but should read the Amended Technical Report which is posted on Equinox’s website (www.equinoxminerals.com) and filed on SEDAR (www.sedar.com) and any future amendments to such report. Readers are also directed to the cautionary notices and disclaimers contained herein. All currency in this presentation is U.S. dollars unless otherwise stated.

Equinox : Key Elements Equinox Minerals (“EQN”): Listed: Listed:

Canadian Canadian TSX TSX & & Australian Australian ASX ASX

Shares Shares outstanding outstanding Warrants Warrants outstanding outstanding

563 563 million million 26 26 million million

Lumwana Project: Equinox Equinox 100% 100% ownership ownership One One of of the the world’s world’s largest largest undeveloped undeveloped copper copper projects: projects: M&I M&I ++ Inferred Inferred Resource: Resource: Uranium Uranium Resource: Resource:

6.3 6.3 Mt Mt Cu Cu (13.8 (13.8 billion billion lbs lbs Cu) Cu) 21.8 21.8 million million lbs lbs U U33O O88

Project Project development: development: Commissioning Commissioning Schedule Schedule Annual Annual Copper Copper Production: Production: First First 66 years years :: Mine Mine Life: Life:

Late Late Q2-2008 Q2-2008 169,000 169,000 tpa tpa Cu Cu 37 37 years years

Project Financing: Debt Debt facility facility signed signed with with international international banks: banks: Equity Equity raised raised since since Jan-06 Jan-06

US$584 US$584 million million US$427 US$427 million million

373 373 m m lbs/yr lbs/yr Cu Cu

M lbs Cu Annual Production 3500

2500

2000

1500

1000

500

0

Source: CIBC Xstrata Rio Tinto Grupo Mexico Southern Copper Anglo American KGHM Norilsk Nickel Kazakhmys CVRD Teck Cominco Antofagasta First Quantum Newmont Equinox Oxiana Sumitomo Barrick Glencore Erdenet Inmet Lundin ZCCM Vedanta Mitsubishi Corporation Mitsubishi Materials Nippon Mining Newcrest Sumitomo Quadra Ivanhoe Yamana Anvil Boliden Aditya Birla Goldcorp Peñoles PT Pakuafu Indah IFC Taseko Pan Australian Kagara Imperial Metals HudBay Mitsui Northgate Metorex Frontera Montana Marubeni Gold Fields Nikanor Constellation Straits Gecamines African Copper Northern Orion Leucadia Dundee Precious Metals CopperCo Universal CBH Resources TEAL Zinifex Lafayette Jabiru Breakwater Anglogold Ashanti Chariot SMMA Candelaria Matrix Metals Highmont

4000 Codelco

4500

Freeport BHP Billiton

Copper Producers

5000

Annual Production 2009

3000

Copper Producers

M lbs Cu Annual Production 1000

500

0

Copper Producers Matrix

Jabiru

Lafayette

Universal

Oceana

CopperCo

Straits

Kagara

Pan Australian

Aditya Birla

Anvil

Newcrest

Oxiana

2000

Equinox

2500

Rio Tinto

Xstrata

Australian Copper Producers Annual Production 2009

4000

3500 BHP Billiton

3000

1500

Equinox Projects

Zambia Attractive environment for mine development : Politics: Stable, Stable, multi-party multi-party democracy democracy Non-tribal/ethnic Non-tribal/ethnic politics politics

English language + English law Tax regime encourages investment

Zambia

Modern Mining Act (1995) Mining “culture”: 1970’s: 1970’s: Zambia Zambia was was World’s World’s largest largest Cu Cu exporter exporter Mining Mining provides provides 85% 85% of of foreign foreign exchange exchange Educated Educated workforce workforce Public Public support support for for mining mining

Zambia: G8 African Debt cancellation

One of the most stable countries in Africa

Reserves and Resources at $1.20/lb Cu Lumwana Sulphide Reserve and Resource Within Engineered Pits Deposit

Tonnage (Mt)

Cu (%)

Proved

42.9

1.09

Probable

78.2

0.79

Total Mineral Reserves

121.1

0.89

4.2

0.77

Proved

81.5

0.70

Probable

118.7

0.57

Total Mineral Reserves

200.2

0.62

Inferred Resource

413.0

0.60

Proved

124.4

0.83

Probable

196.9

0.66

Total Mineral Reserves

321.3

0.73

Inferred Resource

417.2

0.60

Malundwe

Inferred Resource Chimiwungo

Combined Malundwe + Chimiwungo

Determined by Golder on the basis of 12.5mx12.5mx4m block models, including mining dilution and recovery, and optimized by Whittle 4X software with associated pit designs generated using Vulcan software. The cut-offs applied were based on $1.20/lb Cu, resulting in sulphide Cu cut-off grades of 0.16% for Malundwe and 0.21% for Chimiwungo.

Uranium Resources Uranium - discrete high grade veins within copper pits Uranium will be selectively mined and stockpiled

Lumwana Uranium Resources Indicated Indicated Inferred Inferred

Mt Mt 9.5 9.5 2.6 2.6

U U33O O88 % % 0.093 0.093 0.042 0.042

Contained Contained U U33O O88 (lbs) (lbs) 19,408,000 19,408,000 2,392,000 2,392,000

21.8 21.8 million million lbs lbs U U33O O88 ++ 170 170 million million lbs lbs Cu Cu JORC / NI 43-101 Cut-off 0.012% U3O8 and 0.2% Cu with 63% within Cu pits

BFS-2003 Uranium Plant Design: Metallurgy: Metallurgy: 97% 97% U U recovery recovery Pilot Pilot plant plant produced produced “yellowcake” “yellowcake”

Potential for significant Uranium by-product is being re-evaluated in current market: BFS: BFS: $11/lb $11/lb U U

>> >> Current: Current: ~$90/lb ~$90/lb U U

Updated Uranium Feasibility Study by Q1-2008

Simple Copper Metallurgy Comminution: Very coarse sulphides Ore is easy to crush + grind

Flotation: Ore floats easily and quickly >95% recovery at coarse grind Concentrate grades: Malundwe Malundwe Chimiwungo Chimiwungo

41 41 -- 45% 45% Cu Cu 28 28 -- 32% 32% Cu Cu

Offtake Contracts signed with Copperbelt Smelters for all of Lumwana scheduled output:

Smelter Offtake

Chambishi: CNMC CNMC -- Yunnan Yunnan Copper Copper JV JV New New 400,000 400,000 tpa tpa concentrate concentrate smelter smelter Equinox Equinox offtake offtake contract: contract: 55 year year “Take “Take & & Pay” Pay” contract contract 230,000 230,000 tpa tpa concentrate concentrate Option for Chambishi Option for Chambishi to to take take additional additional 10% 10%

TCRC/PP TCRC/PP –– annual annual global global benchmarking benchmarking

Glencore/Mopani:

Chambishi Mufulira Lumwana Lumwana Nkana

Mopani Mopani JV JV Glencore/First Glencore/First Quantum/ZCCM Quantum/ZCCM Operates Operates Mufulira Mufulira Smelter Smelter (800,000 (800,000 tpa tpa conc) conc)

Equinox Equinox Offtake Offtake contract: contract: 5-year 5-year “Take “Take & & Pay” Pay” commitment commitment 120,000 120,000 tpa tpa concentrate concentrate Glencore Glencore first first right right on on additional additional concentrates concentrates Contracted commitments: Contracted commitments: 66.7% 66.7% for for toll toll treatment treatment at at Mufulira Mufulira 33.3% 33.3% for for trading trading by by Glencore Glencore

TCRC/PP TCRC/PP –– annual annual global global benchmarking benchmarking

Tsumeb Palabora

Power :

Infrastructure

330kV power line constructed from Copperbelt to Kansanshi two years ago 65 km extension to Lumwana - ZESCO Equinox has construction and 15 year supply contracts Construction underway Commissioning scheduled for Q4 2007

Road : Lumwana connected to Copperbelt by 220km sealed Northwest Highway Government currently upgrading

Water : Lumwana site has surplus water balance Dams operational and constructed to ICOLD standard

Major Capital Items Ordered Equinox ordered all Long-Lead Capital Items in Late-2005: Mining Equipment: 27 27 AC-drive AC-drive trucks trucks (240t) (240t) 44 electric electric face face shovels shovels (515t/26m (515t/26m33 )) 22 diesel diesel excavators excavators Ancillary Ancillary Mining Mining Equipment Equipment 99 Blasthole Blasthole drills drills 33 Front Front End End Loaders Loaders 11 11 Bulldozers/Graders Bulldozers/Graders

Tyres Tyres –– 10 10 year year commitment commitment from from Michelin Michelin

Plant Equipment: Gyratory Gyratory Crusher Crusher SAG SAG Mill Mill (38’ (38’ diameter diameter –– 18 18 MW) MW) Ball Ball Mill Mill (26’ (26’ diameter diameter –– 16 16 MW) MW) Gearless Gearless Mill Mill Drives Drives Flotation Flotation Cells Cells Thickeners Thickeners and and Filters Filters

Construction Camp and Town

Currently 3,100 construction personnel on-site Operations: 1,000 employees in 2009 Jul 07

Road Construction

Roads completed – “Dustaside” surfacing Feb 07

Main Copper Plant Construction Site Preparation : Plant Site (SAG/Ball mill pads) Primary Crusher Heavy Industrial and Engineering sites Plant Site Village

Aerial View of Plant Site Nov 06

Plant Construction Progress Plant Construction (from left to right) : Concentrate Thickener + Filtration SAG + Ball Mills Flotation Concentrator Regrind Mill Tailings Thickener

Oct 07

Plant Construction

SAG, Ball Mill & Concentrator Cascade Oct 07

Plant Progress

Ball Mill & Motor Installation Aug 07

Plant Construction

SAG & Ball Mills

Sep 07

Plant Construction

SAG & Ball

Sep 07

Plant Construction

Inside SAG

Sep 07

Plant Construction

Float “Mushrooms”

Sep 07

Plant Construction

Float Cells for Installation

Sep 07

Plant Construction

Tailings Thickener

Sep 07

Crusher Progress

Primary Crusher Foundations May 07

Crusher Progress

Primary Crusher

Sep 07

Conveyor Progress

Sep 07

ZESCO Progress

Lumwana Sub-station Oct 07

Dam Construction Water Dam filling during “Rainy Season” Nov 06

Dam & Diversion Channel Operational Feb 07

Dam Construction

Diversion Channel

Sep 07

Dam Construction

Tailings Dam

Sep 07

Pre-Stripping Complete

Stripping of Malundwe Orebody Nov 06

Mining Fleet Delivery

First 2 Hitachi 240t Trucks arrive on-site Nov 06

Mining Fleet Delivery

Hitachi 240t Truck ‘bowl’ arrive on-site Feb 07

Mining Fleet Delivery EH4500: 200t weight 240t load 2,000 kW

12 (of 27) Hitachi EH4500 Trucks on-site Jun 07

Mining Fleet Delivery EX5500: 518t weight 27 m33 bucket Loading capacity 4,000 tph

First (of 5) Hitachi EX5500 Excavator Mar 07

Mining at Malundwe

Mining of Malundwe well underway Aug 07

Malundwe Mining

Oxide Ore Footwall Exposed Jun 07

Mining

Oxide Ore Being Stockpiled July 07

Mining at Malundwe

Mining - Malundwe

Sep 07

On-site Training Equinox focus on training for Zambians 81 operators under training 20 operating - “solo” (80%) 26 operating - “competent” (100%)

Simulators for Mining Fleet 4 Simulators working (2 trucks and 2 excavator/shovels) Simulator 90 min “stress” test results are outstanding

Lumwana Financing Lumwana Copper Project fully financed : Debt Facility US$584 million facility (+ US$45m Cost Overrun facility) Syndicate of commercial commercial banks, banks, export export credit credit agencies agencies and and development development agencies agencies

5 awards for “Mining Finance Deal of the Year” for 2006

Equity Financing US$427 million raised since January 2006 In 2006 EQN was: 77thth best best performing performing stock stock on on S&P/TSX S&P/TSX index index (2007: (2007: up up 120%) 120%) 33rdrd highest highest volume volume traded traded over over the the year year on on TSX TSX (2007: (2007: top top 5) 5)

Lumwana Copper Hedging 30% of first 3 year’s production (Aug 2008 – Jan 2011) 137,000 t of copper at average $2.68/lb Cu 85% of production exposed to Cu upside

“The Way Forward” Advancing Towards Commissioning Project financing: Debt Debt and and Equity Equity raised raised

Lumwana construction: Major Major plant plant items items fabricated fabricated and and mostly mostly on-site on-site Mining Mining Fleet Fleet delivery delivery is is well well underway underway Site Site activities activities for for all all major major work work areas areas well well advanced advanced Zesco Zesco electrification electrification Q4-07 Q4-07 Mining Mining is is continuing continuing Construction Construction is is on on schedule schedule

Expand exploration Complete Uranium Feasibility

Lumwana Mine commissioning Q2-2008

Development Schedule for a Typical Large Copper Project

Equinox Conclusions In the current Strong Copper Market there are a number of other quality copper projects and companies However, there are very few: Projects of Lumwana’s scale; Major international Banks are providing debt funding; Project equity financing is complete; Construction is well advanced; and Commissioning expected by mid-2008.

Equinox represents the premier emerging copper story