Mr. Lawrence Page reports

EQUITY METALS PROVIDES CORPORATE UPDATE

The following incumbent directors were re-elected at Equity Metals Corp.'s annual general meeting held on Jan. 25, 2023: Joseph A. Kizis, Lawrence Page, KC, Killian Ruby, Courtney Shearer and John Kerr. In addition, the shareholders reappointed Davidson & Company LLP, chartered accountants, as auditor of Equity Metals and approved the company's rolling incentive stock option plan pursuant to which a maximum of 10 per cent of the issued shares will be reserved for issuance under the plan.

The following officers were reappointed subsequent to the annual general meeting: Mr. Kizis as president, Mr. Page, KC, as chairman, Robert Macdonald as vice-president, exploration, Mr. Ruby as chief financial officer and Arie Page as corporate secretary.

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 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.

On Dec. 1, 2022, the company reported an independently estimated mineral resource estimate (MRE) for Silver Queen which increased an earlier MRE, initially reported on July 16, 2019, by over 187 per cent in the indicated category and by over 30 per cent in the inferred category on a silver equivalent basis with approximately 74 per cent of the new MRE classified as indicated resources. The company has expended $6.75-million on exploration of the Silver Queen project since 2019, resulting in a very low discovery cost of 15 cents/ounce of added AgEq or $11/oz 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.

For more information on the recent MRE, please refer to the company's news releases dated Dec. 1, 2022, and Jan. 16, 2023.

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 owns 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, Northwest Territories, 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 company also has royalty and working interests in other Canadian properties, which are being evaluated further to determine their value to the company.

Mr. Macdonald, MSc, PGeo, is vice-president, 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.

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