Mr. Joseph Kizis reports

EQUITY RESUMES DRILL PROGRAM AT THE SILVER QUEEN PROJECT, BC

Equity Metals Corp.'s crews have mobilized and drilling has resumed on its 100-per-cent-owned Silver Queen silver-gold (Ag-Au) project, located in central British Columbia. This is the second phase of drilling on the property in 2023 and will focus on the initial delineation of two new targets located to the northeast of, and not included in, the earlier 2022 updated mineral resource estimate on the property.

Up to 4,000 metres are planned in the company's initial test of the Cole and George Lake veins systems which have been partially tested by historical drilling.

At the George Lake target, historic drilling identified several veins over a 120-metre strike length and up to 200 metres below surface. The veins remain open laterally to the northwest-southeast and at depth for further delineation and extension during this phase of work. Similarly, historical drilling on the Cole Lake target has identified multiple vein intercepts over a 700-metre strike length and to depths of over 400 metres below surface. Mineralization at both targets remains strongly gold and silver enriched, often with significant concentrations of base metals. Mineralized veins at the George Lake target were historically drilled and accessed from underground through the Bulkley crosscut which is part of the over 9,000 metres of historical workings that were largely developed on the property through the 1970s and 1980s.

This phase II program follows the spring 2023 drilling program which successfully extended veins along strike and at depth in the Camp deposit and filled a significant drilling gap in the Sveinson vein system. Nine holes totalling 4,038 metres were completed with assays currently reported from only two of the holes. Additional assays from the remaining seven drill holes are anticipated to be released in the coming weeks.

President Joe Kizis commented: "The summer 2023 program marks our expansion to test two high-priority targets that have encouraging drill intercepts from historic drilling. George Lake mineralization could be particularly significant as historic underground access exists, potentially providing a source of increased mill feed. Though currently flooded, that access could be dewatered for inexpensive access to another mineralized vein system."

About Equity Metals Corp.

Equity Metals is a Malaspina-Manex Group Company. 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 (joint venture) interest (57.49 per cent) 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 company also has royalty and working interests in other Canadian properties, which are being evaluated further to determine their value to the company.

Robert 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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