Mr. Joseph Anthony Kizis Jr. reports

EQUITY METALS GRANTS STOCK OPTIONS

Equity Metals Corp. has granted incentive stock options to directors, officers and consultants to purchase 3.65 million common shares of the company at an exercise price of 12 cents per share, exercisable for a period of five years. The stock options are subject to the terms and conditions of Equity Metals' stock option plan and the policies of the TSX Venture Exchange.

Silver Queen project update

Equity continued core drilling on its flagship Silver Queen property during 2023 with the twin goals of extending select known mineralized veins and of identifying new mineralization that may further increase the project's resource base, for which an independent 2022 resource estimate demonstrated a significant increase compared to the company's 2019 resource. Importantly, the company conducted initial drilling on two exciting targets that are not included in the current Silver Queen resource, George Lake and Cole Lake. Drill results from these two targets during 2023 suggest that shareholders can look forward to continued encouraging news flow about Silver Queen, with the next round of drilling planned to begin early in the spring of 2024.

Twenty-six core holes were completed in 2023 for a total of 9,989 metres drilled and 1,437 soil sediment samples were collected. Drilling successfully demonstrated lateral and down-dip extensions of the known deposits and confirmed the significant exploration potential of the new George Lake and Cole Lake targets. Soil sampling results confirmed and extended the surface expression of several known zones of mineralization as well as highlighted an exciting new one-square-kilometre polymetallic soil target located just north of the Camp deposit. Assay results from the final six holes of the 2023 campaign are pending and will be released shortly.

Drilling in 2024 will focus on systematic resource expansion of the Camp and Sveinson deposits and the further delineation of mineralization at the Cole Lake and George Lake targets. Several additional new targets will be tested in 2024 including the newly identified soil anomaly north of the Camp deposit. An initial 6,000 metres of drilling is planned to test these targets.

About Equity Metals Corp.

Equity Metals is a member of the Malaspina-Manex group. 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 joint venture interest (57.49 per cent) 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 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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