Mr. Joseph Kizis reports

EQUITY EXTENDS THE NG-3 VEIN TO OVER 300 METRES STRIKE-LENGTH; INTERSECTS 3.7M AVERAGING 4.9G/T AU, 75G/T AG (6.3G/T AUEQ) AT SILVER QUEEN PROJECT, B.C.

Equity Metals Corp. has released the results of several intersections of high-grade gold and silver from six holes that tested the NG-3 target area on the Silver Queen property, British Columbia. Equity's drilling has confirmed the extension of the NG-3 vein to over 300 metres of strike and to depths of up to 240 metres below surface. The holes have established internal continuity between historical intercepts drilled by previous management and earlier drilling by Equity, and mineralization remains open along strike and dip.

Drilling highlights:

• A 1.5-metre interval grading 11.7 grams per tonne gold, 167 g/t silver, 0.4 per cent copper, 0.1 per cent lead and 0.2 per cent zinc (14.5 g/t gold equivalent or 1,089 g/t silver equivalent) within a 3.7-metre interval averaging 4.9 g/t Au, 75 g/t Ag, 0.2 per cent Cu, 0.1 per cent Pb and 0.3 per cent Zn (6.3 g/t AuEq or 472 g/t AgEq) from drill hole SQ22-067;
• A 0.3-metre interval grading 14.2 g/t Au, 82 g/t Ag, 0.2 per cent Cu, 0.3 per cent Pb and 0.2 per cent Zn (15.8 g/t AuEq or 1,185 g/t AgEq) within a 1.2-metre interval averaging 3.7 g/t Au, 31 g/t Ag, 0.1 per cent Cu, 0.1 per cent Pb and 0.1 per cent Zn (4.3 g/t AuEq or 322 g/t AgEq) from drill hole SQ22-069.

The NG-3 vein is the eastern segment of a 2.5-kilometre-long, east-west-trending composite structure that includes the Camp vein, Sveinson and parts of the No. 3 vein targets. Drilling on the property by Equity Metals over the past 18 months of exploration has confirmed multiple mineralized veins along the full strike length of the host structure and tested some portions to depths of up to 400 metres below surface. Numerous targets within the structure zone remain to be extended laterally and to depth, which will form the basis of future exploration drilling on the property in 2022.

Drilling on the eastern end of the NG-3 target also intersected 89.3 m averaging 0.1 per cent Au, 2.1 g/t Ag, 0.2 per cent Cu and 0.04 per cent molybdenum in drill hole SQ22-071 starting at 389.8 metres down hole. The mineralized interval is characterized by increased quartz veining and strong sericite alteration with elevated pyrite content, and correlates with the transition into the previously identified Itsit porphyry system.

Vice-president of exploration Rob Macdonald commented: "Drilling continues to return high-grade gold and silver values at multiple target areas along the main 2.5-kilometre-long mineralized corridor targeted by Equity over the previous 18 months of drilling on the Silver Queen property. The confirmation of Cu-Mo porphyry-styled mineralization at the Itsit target further highlights the presence of a large and widespread epithermal/porphyry mineralizing system. Multiple vein targets remain untested throughout the property, and numerous veins require follow-up drilling to extend mineralization both laterally and to depth as Equity continues its systematic evaluation of this district-scale property."

The winter 2022 program consisted of 13 core holes totalling 4,382 metres, including six holes (2,431 m) at the NG-3 target and seven holes (1,931 m) at the Camp and Sveinson targets. Assay results are pending and anticipated in the coming days for the remaining four holes, three of which tested the west side of the Camp target and a single hole that is a stepout from a high-grade intercept in the Sveinson target.

About Equity Metals Corp.

Equity Metals is a Manex Resource Group company. Manex provides exploration, administration and corporate development services for Equity Metals' two major mineral properties: the Silver Queen gold-silver-zinc-copper project, located in central British Columbia, and the Monument diamond project, located in Lac De Gras, Northwest Territories. The company also has a 1-per-cent royalty (Greenwood royalty) and a 100-per-cent working interest in the La Ronge silica project.

The company owns a 100-per-cent interest, with no underlying royalty, in the Silver Queen project, located along the Skeena Arch in the Omineca mining division, British Columbia. The property hosts high-grade precious metal and base metal veins related to a buried porphyry system, which has been only partially delineated. The company also has a controlling joint venture interest in the Monument diamond project, Northwest Territories, strategically located in the Lac De Gras district within 40 kilometres of both the Ekati and Diavik diamond mines. The project owners are: Equity Metals (57.49 per cent); Chris Jennings and Jeanne Jennings (22.11 per cent); and Archon Minerals Ltd. (20.4 per cent). Equity Metals is the operator of the project.

The 100-per-cent-controlled La Ronge silica project is a historical sand quarry located in central Saskatchewan, approximately 60 kilometres south-southeast of La Ronge, Sask., and 210 kilometres west of Flin Flon, Man. Preliminary studies indicate the silica deposit may be developed into a simple, profitable, low-cost mining and washing operation to produce high-purity silica (greater than 98 per cent silicon dioxide), a specialty product for the electric vehicle battery industry.

Robert Macdonald, MSc, PGeo, is the vice-president of exploration at Equity Metals and a qualified person, as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on the Silver Queen project and for the preparation of the technical information in this disclosure.

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