Mr. Joseph Kizis reports

EQUITY METALS ANNOUNCES THE CLOSING OF PRIVATE PLACEMENT

Equity Metals Corp. has closed its previously announced flow-through private placement by issuing a total of 6,263,112 flow-through units at a price of 13 cents per flow-through unit for gross proceeds of $814,204.56. Each flow-through unit consists of one flow-through common share and one-half of one share purchase warrant, with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of three years at a price of 20 cents.

Securities issued pursuant to the offering include common shares, share purchase warrants and non-transferable finder warrants issued as finders' fees, all of which carry a legend restricting trading of the securities until Dec. 17, 2023.

The proceeds received from the sale of the flow-through units will be used for work programs on the company's Silver Queen gold-silver exploration property in British Columbia.

The company paid finders' fees comprising an aggregate $44,952.28 cash and 345,787 non-transferable warrants in connection with the offering. The offering and payment of finders' fees are subject to TSX Venture Exchange approval.

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 -- the 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 187 per cent in the indicated category and by 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 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.

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 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 Corp. (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.

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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