Mr. Joseph Kizis reports

EQUITY METALS ANNOUNCES A SIGNIFICANT INCREASE TO THE MINERAL RESOURCE ESTIMATE AT THE SILVER QUEEN PROJECT, BC

Kirkham Geosystems Ltd. (KGL) and P&E Mining Consultants Inc. have completed an updated independent mineral resource estimate (MRE) for the Silver Queen project in British Columbia, Canada. The MRE features lateral and downdip extensions of the previously modelled No. 3 and NG-3 veins, originally included in the 2019 MRE, and new, previously unmodelled mineralization from the Camp and Sveinson targets. The MRE utilizes a net smelter return (NSR) cut-off at $100 per tonne with updated metal pricing.

Highlights:

• Increase in indicated category by 187 per cent to 62.8 million ounces silver equivalent or by 214 per cent to 765,000 ounces gold equivalent: 21.0 million ounces silver (plus 297 per cent), 237,000 ounces gold (plus 179 per cent), 18 million pounds copper (plus 288 per cent), 48 million pounds lead (plus 178 per cent) and 267 million pounds zinc (plus 134 per cent);
• Increase in inferred category by 30 per cent to 22.5 million ounces silver equivalent or by 41 per cent to 273,000 ounces gold equivalent: 10.3 million ounces silver (plus 117 per cent), 50,000 ounces gold (minus 21 per cent), 10 million pounds copper (plus 79 per cent), 23 million pounds lead (plus 45 per cent) and 84 million pounds zinc (minus 9 per cent).

President Joe Kizis commented: "At the time we assumed management of the company in Q3 of 2019, we felt there were clear opportunities to quickly add significantly to the 2019 MRE at Silver Queen, and we are proud to report our success at a very low cost of 15 cents per ounce of added silver equivalent, or $11 per ounce of added gold equivalent. The MRE remains open for additional delineation west of the Camp target and within the Sveinson target. In addition, there are several targets that have only been tested by a few drill holes and remain very attractive areas for new discoveries and MRE increase."

Silver Queen resource model highlights:

Compared with the 2019 mineral resource estimate, the 2022 update, at a $100-per-tonne NSR cut-off, features:

• A 2.6-million-tonne increase in indicated mineral resources to 3.46 million tonnes averaging 189 grams per tonne silver, 2.13 grams per tonne gold, 0.24 per cent copper, 0.6 per cent lead and 3.5 per cent zinc (565 grams per tonne silver equivalent, or 6.9 grams per tonne gold equivalent), containing 21.0 million ounces of silver, 237,000 ounces of gold, 18 million pounds of copper, 48 million pounds of lead and 267 million pounds of zinc:
  • This equates to 62.8 million ounces silver equivalent, or 767,000 ounces of gold equivalent;
• A 1.1-million-tonne increase in inferred mineral resources to 1.92 million tonnes averaging 162 grams per tonne silver, 0.80 gram per tonne gold, 0.23 per cent copper, 0.5 per cent lead and 2.0 per cent zinc (356 grams per tonne silver equivalent or 4.3 grams per tonne gold equivalent), containing 10.3 million ounces of silver, 50,000 ounces of gold, 10 million pounds of copper, 23 million pounds of lead and 84 million pounds of zinc:
  • This equates to 22.5 million ounces silver equivalent, or 273,000 ounces of gold equivalent.

The updated MRE incorporates an additional 25,659 metres of core drilling completed in 2020 to 2022 and updated metal recoveries and pricing.

Silver Queen project highlights:

• A total of 78 drill holes for 25,659 metres were completed by the company on the Silver Queen project in six successive phases of exploration starting in late 2020. Five separate target areas have been tested in part and thick intervals of high-grade gold, silver and base metal mineralization have been identified in each of the Camp vein, Sveinson target, No. 3 vein and NG-3 vein systems.
• The updated National Instrument 43-101 mineral resource estimate increases the tonnage by approximately 240 per cent, with the increase being from the result of revised metal pricing, the extension to the NG-3 deposit and the addition of mineralization from the Camp and Sveinson veins.
• Approximately 64 per cent of the mineral resources are classified as indicated resources on a per-tonnage basis and 74 per cent of the total on a silver equivalent basis, reflecting the overall higher average grade (565 grams per tonne silver equivalent) of the MRE in the indicated category.
• The mineral resource has a strong precious metal bias, with gold and silver accounting for approximately 64 per cent of the total value.
• The mineral resource update features a significant increase in contained silver ounces in both the indicated (plus 297 per cent) and inferred (plus 117 per cent) categories, which is supported in large part by the addition of strongly silver-enriched mineralization from the Camp vein.
• The company has expended $6.75-million on exploration of the Silver Queen project since 2019, resulting in a cash discovery cost of only 15 cents per ounce silver equivalent added or $11 per ounce gold equivalent added.
• A tabulation of grades and tonnages sensitivities demonstrates an excellent retention of higher-grade mineralization at increasing Canadian-dollar NSR cut-offs with 84 per cent of the base-case mineral resource when expressed on a silver-equivalent basis remaining at a $200 NSR cut-off.

Vein target specifics:

• Drilling on the Camp target identified a conjugate vein set comprising steeply southwest-dipping, strongly silver-enriched veins and steeply north-dipping, gold-enriched polymetallic veins. Individual veins demonstrate good lateral continuity over plus-150-metre strike lengths within an overall cumulative strike length of the target of approximately 300 metres. Drilling confirmed continuity of the vein sets to depths of up to 195 metres, with several veins extending laterally to the east and projecting into the Sveinson target.
• The Sveinson target includes the previously identified No. 5 and Switchback veins and forms a broad, 150-metre-wide, veined structural corridor that projects laterally eastward for over 1,000 metres, where it transitions into the No. 3 vein system. Drilling successfully intersected multiple shallow veins at less than 100 metres below surface as well as several deeper vein intercepts at over 350 metres below surface. Numerous veins have been encountered across the full 150-metre width of the Sveinson structural zone, with several individual vein segments demonstrating good lateral continuity along 200-metre-to-400-metre strike lengths.
• The No. 3 vein system strikes northwest to southeast and dips to the northeast at approximately 60 degrees. The average width of the veins is 0.9 metre to 1.2 metres, with local increases up to about 4.6 metres. The No. 3 vein can be traced on surface and in drilling for over a 1.2-kilometre strike length, where it transitions across an oblique structure and into the NG-3 vein system.
• The NG-3 target forms the southeast extension of the No. 3 vein and was tested with eight core holes, which returned several intersections of high-grade gold and silver. Equity's drilling has now 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 drill holes have established internal continuity between widely spaced historical intercepts drilled by previous management and earlier drilling by Equity. Mineralization remains open along strike and downdip.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as mineral reserves. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

An NI 43-101 technical report will be posted on SEDAR within 45 days.

Silver and gold equivalencies and Canadian-dollar NSR calculations

Silver and gold equivalents and NSR per tonne values were calculated using approximate average long-term prices of $20 per ounce silver, $1,700 per ounce gold, $3.50 per pound copper, 95 cents per pound lead and $1.45 per pound zinc. All metal prices are stated in U.S. dollars with a conversion to Canadian dollars of 0.77.

Qualified persons

The independent qualified persons for the mineral resource estimate disclosure for the project are Garth Kirkham, PGeo, principal of Kirkham Geosystems Ltd., and Eugene Puritch, PEng, FEC, CET, and Fred Brown, PGeo, of P&E Mining Consultants, independent qualified persons as defined by NI 43-101 who have reviewed and approved the technical contents of this news release. In accordance with NI 43-101, Standards of Disclosure for Mineral Projects, Robert Macdonald, PGeo, vice-president exploration, is the qualified person for the company and has validated and approved the technical content of this news release.

Risk factors

Equity Metals is aware that this project is subject to the same types of risks that large precious metal projects experience at an early stage of development in British Columbia. The company has engaged experienced management and specialized consultants to identify, manage and mitigate those risks. However, the types of risks will change as the project evolves and more information becomes available.

Further details regarding the foregoing mineral resource estimate, including the estimation methods and procedures, will be detailed in the pending NI 43-101 technical report, which will be filed on SEDAR under the company's profile within 45 days from the date of this news release.

About Silver Queen project

The Silver Queen project is a premier gold-silver property with over 100 years of historical 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 historical 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. The initial 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 kilometres 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-age to Tertiary-age epithermal veins. The property remains largely underexplored.

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, 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 in 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 in the 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 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 and profitable, low-cost mining and washing operation to produce high-purity silica (greater than 98 per cent silicon dioxide), a specialty product for the EV (electric vehicle) battery industry.

We seek Safe Harbor.