Mr. Joe Kizis reports

EQUITY DRILLING EXTENDS HIGH-GRADE MINERALIZATION AT CAMP AND SVEINSON TARGETS, SILVER QUEEN AU-AG PROJECT, BC; UPDATED MINERAL RESOURCE ESTIMATE, EARLY Q4/22

Equity Metals Corp. has discovered high-grade gold-silver intercepts in a stepout drill hole that extends mineralization at the Camp vein target along strike to the west; it remains open-ended in that direction. This, and two drill holes which tested a portion of the Sveinson target, were completed as part of a limited 1,500-metre drill program in June, 2022, at the company's 100-per-cent-owned Silver Queen project in northwestern British Columbia.

Drill hole SQ22-078 is a 50-metre stepout of the Camp vein target and intersected three main clusters of veins, two which returned highlight intercepts, including:

• A 1.3-metre interval grading 9.3 grams per tonne (g/t) gold, 1,998 g/t silver, 0.17 per cent copper, 2.2 per cent lead and 6.8 per cent zinc (41.8 g/t gold equivalent (AuEq) or 3,136 g/t silver equivalent (AgEq)) within a 7.5-metre interval averaging 1.8 g/t Au, 539 g/t Ag, 0.5 per cent Pb and 1.8 per cent Zn (10.4 g/t AuEq or 778 g/t AgEq);
• A 0.4-metre interval grading 0.2 g/t Au, 2,313 g/t Ag, 1.2 per cent Pb and 1 per cent Zn (32.2 g/t AuEq or 2,411 g/t AgEq) within a 6.8-metre interval averaging 156 g/t Ag, 0.1 per cent Pb and 0.1 per cent Zn (2.2 g/t AuEq or 166 g/t AgEq).

Two additional holes tested the full 200-metre width of the Sveinson target near the transition to the Camp target. Multiple veins were intersected, including:

• A 0.4-metre interval grading 653 g/t Ag, 1.3 g/t Au, 7.3 per cent Cu, 0.1 per cent Pb and 0.4 per cent Zn (19.5 g/t AuEq or 1,462 g/t AgEq) within a 1.6-metre interval averaging 232 g/t Ag, 0.8 g/t Au, 3.3 per cent Cu, 0.1 per cent Pb and 0.4 per cent Zn (8.7 g/t AuEq or 649 g/t AgEq) from drill hole SQ22-076.

Several other intercepts, although narrow, continue to confirm the continuity and, in some cases, depth projection of at least three different vein sets that project through the Sveinson target.

VP (vice-president) of exploration Rob Macdonald commented: "The identification of such strong gold-enrichment in the Camp vein target, which has traditionally returned higher silver values relative to gold, is a significant milestone. Not only are the projections of three separate veins open to the west and at depth, but the added gold-enrichment further enhances the overall exploration potential of these vein extensions for future drill testing. This is noteworthy as none of the Camp vein mineralization was included in the company's 2019 resource."

President Joe Kizis commented: "Equity continues to advance and derisk our flagship Silver Queen property with a focus on discovering additional high-grade precious metal ounces, where our geologic modelling continues to guide us to impressive results. Drilling in 2021 to 2022 has now tested a 1.25-kilometre strike length of the Camp and Sveinson vein systems to depths of up to 350 metres below surface. Modelling of the Camp veins and western extent of the Sveinson veins continues, which, along with additional metallurgical test work that was completed over the last several months, will be used to update the mineral resource estimate on the property due in early Q4 2022. New exploration drilling on the property will continue to delineate and infill the Sveinson veins as they project eastward and on several other new vein targets throughout the property."

Samples were analyzed by FA/AAS for gold and 48-element ICP-MS by MS Analytical, Langley, B.C. Silver (over 100 parts per million (ppm)), copper, lead and zinc (over 1 per cent) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (over 1,000 g/t Ag) and gold overlimits (over 10 g/t Au) reassayed with FA-Grav. Silver over 10,000 g/t reassayed by concentrate analysis, where a FA-Grav analysis is performed in triplicate and a weighed average reported. Composites calculated using a 80-gram-per-tonne AgEq (one g/t AuEq) cut-off and less-than-20-per-cent internal dilution, except where noted. Reported intervals are core lengths, true widths undetermined or estimated. Accuracy of results is tested through the systematic inclusion of QA/QC (quality assurance/quality control) standards, blanks and duplicates into the sample stream. AuEq and AgEq were calculated using prices of $1,500/ounce Au, $20/ounce Ag, $2.75/pound Cu, $1/pound Pb and $1.10/pound Zn. AuEq and AgEq calculations did not account for relative metallurgical recoveries of the metals.

About Silver Queen project

The Silver Queen project is a premier gold-silver property with over 100 years of historic exploration and development and is located adjacent to power, roads and rail with significant mining infrastructure that was developed under previous operators Bradina JV (Bralorne mines) and Houston Metals Corp. (a Hunt Brothers company). The property contains two historic declines into the No. 3 vein, camp infrastructure and a maintained tailings facility.

The Silver Queen property consists of 45 mineral claims, 17 crown grants and two surface crown grants totalling 18,852 hectares with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a six-square-kilometre area. An initial National Instrument (NI) 43-101 mineral resource estimate was detailed in a news release issued on July 16, 2019, and is hosted by the No. 3 vein, which is traced by drilling for approximately 1.2 km and then to the southeast where it transitions into the NG-3 vein close to the buried Itsit copper-molybdenum porphyry.

More than 20 different veins have been identified on the property, forming an extensive network of zoned Cretaceous- to Tertiary-age epithermal veins. The property remains largely under explored.

Robert Macdonald, MSc, PGeo, is VP of exploration of 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.

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 Au-Ag-Zn-Cu project, located in central British Columbia, and the Monument Diamond project, located in Lac De Gras, NWT. 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- and base-metal veins related to a buried porphyry system, which has been only partially delineated. The company also has a controlling JV interest in the Monument Diamond project, NWT, strategically located in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines. The project owners are Equity Metals (57.49 per cent), Chris 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 an historic 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 and profitable, low-cost mining and washing operation to produce high-purity silica (over 98 per cent SiO2 (silicon oxide)), a specialty product for the EV (electric vehicle) battery industry.

We seek Safe Harbor.