Mr. Joseph Kizis reports

TECHNICAL REPORT ON SILVER QUEEN PROJECT PROVIDES SIGNIFICANT INCREASE IN AG-AU-ZN MINERAL RESOURCES FOR EQUITY METALS CORPORATION

Equity Metals Corp. has filed a technical report prepared in accordance with Canadian Securities Administrators' National Instrument 43-101. The report may be found under the company's profile at SEDAR and on Equity Metals' website.

The report dated Jan. 16, 2023, and titled "Technical Report and Updated Mineral Resource Estimate of the Silver Queen Property, Omineca Mining Division, British Columbia," was prepared by P&E Mining Consultants Inc., Kirkham Geosystems Ltd. (KGL) and Metallurgical Process Consultants Ltd. (MPC).

The updated mineral resource estimate (MRE) features lateral and downdip extensions of the previously modelled No. 3 and NG-3 veins, originally included in a previous 2019 MRE, and new, previously unmodelled mineralization from the Camp and Sveinson targets. The current MRE utilizes a net smelter return (NSR) cut-off at $100 per tonne with updated metal pricing. The report supports the disclosure made by the company in its news release dated Dec. 1, 2022, titled "Equity Metals Announces a Significant Increase to the Mineral Resource Estimate at the Silver Queen Project, B.C."

There are no material differences in the mineral resources contained in the report from those disclosed in the Dec. 1, 2022, news release.

Silver Queen resource model highlights:

• Indicated mineral resources of 3.46 million tonnes averaging 189 grams per tonne silver, 2.13 g/t gold, 0.24 per cent copper, 0.6 per cent lead and 3.5 per cent zinc (565 g/t silver equivalent or 6.9 g/t gold equivalent) equating to 62.8 million ounces silver equivalent or 765,000 ounces of gold equivalent;
• Inferred mineral resources of 1.92 Mt averaging 167 g/t silver, 0.82 g/t gold, 0.23 per cent copper, 0.5 per cent lead and 2.0 per cent zinc (365 g/t AgEq or 4.4 g/t AuEq) equating to 22.5 million ounces silver equivalent or 273,000 ounces of gold equivalent.

The updated MRE incorporates an additional 25,659 metres of drilling in 78 core holes completed in 2020 to 2022 and updated metal recoveries and pricing.

President Joe Kizis commented: "At the time we assumed management of the company in [third quarter] 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 AgEq or $11 per ounce of added AuEq. The MRE remains open for additional delineation west of the Camp resource and within the Sveinson resource. 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 project highlights:

• 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, the 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 approximately 64 per cent of the mineral resources classified as indicated on a per tonnage basis and 74 per cent of the total on a AgEq basis, reflecting the overall higher average grade (565 g/t Ag Eq) 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, and features a significant increase in contained silver ounces in both the indicated (greater than 297 per cent) and inferred (greater than 117 per cent) categories, which is supported in large part by the addition of strongly silver-enriched mineralization from the Camp veins.
• 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 oz per AgEq added or $11 per oz AuEq added.
• Tabulation of grade and tonnage sensitivities demonstrates an excellent retention of higher-grade mineralization at increasing dollar net smelter royalty cut-offs with 84 per cent of the base case mineral resource when expressed on a AgEq basis remaining at a $200 NSR cut-off.

Recommendations and 2023 exploration

The report concludes that the Silver Queen property hosts significant high-grade mineralization that may potentially be amenable to underground economic extraction and warrants further exploration with a focus on the identification and delineation of the vein system.

The recommended work budgets for up to 5,000 metres of core drilling and includes:

• Stepout drilling to the west and downdip of the Camp vein resource;
• Further delineation of veins within the Sveinson resource;
• Continued confirmation and delineation of historical veins identified on the property by previous workers, including the George Lake, George Lake South and the Cole Lake veins, where historical drilling has identified significant exploration potential; surface work may include soil and rock chip sampling to assist in establishing vein orientations to be followed by confirmation drilling;
• Metallurgical testwork to resolve base metal displacement in the copper and lead concentrates;
• Further testwork to optimize gold deportment within the flotation circuit.

The budget for the proposed work program is $1.69-million.

Equity Metals is fully financed for the proposed work program and will start exploration activities at Silver Queen during second quarter 2023. Exploration will initially test extensions of the Camp and Sveinson resources as identified in the report. Further work will concentrate on the confirmation and extension of mineralization on the George Lake and George Lake South targets and Cole Lake targets and continued metallurgical testwork to resolve metal displacement within the flotation circuit.

Qualified persons

The independent qualified persons (QP) for the report are Garth Kirkham, PGeo, principal, KGL; Eugene Puritch, PEng, FEC, CET, William Stone, PhD, PGeo, Antoine Yassa, PGeo, Jarita Bary, PGeo, and Fred Brown, PGeo, of P&E; Arthur Barnes, PEng, FSAIMM, MSc, of MPC; and James Hutter, PGeo, as defined by National Instrument 43-101, who have reviewed and approved the technical contents of this news release. In accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Robert Macdonald, PGeo, vice-president, exploration, is the qualified person for the company, and has reviewed 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, are detailed in the report, now filed on SEDAR under the company's profile and on the company's website.

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 a power line, roads and nearby rail with significant mining infrastructure that was developed under previous operators Bradina joint venture (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 National Instrument 43-101 mineral resource estimate was detailed in a news release issued on July 15, 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- 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, Northwest Territories. The company also has a 1-per-cent royalty (Greenwood royalty) and a 100-per-cent working interest in 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 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, profitable, low-cost mining and washing operation to produce high-purity silica (greater than 98 per cent SiO2), a specialty product for the electric vehicle battery industry.

We seek Safe Harbor.