Mr. Joseph Anthony Kizis Jr. reports

EQUITY METALS ANNOUNCES NON-BROKERED CHARITY/PREMIUM FLOW-THROUGH PRIVATE PLACEMENT

Equity Metals Corp. proposes to undertake a non-brokered flow-through private placement consisting of 10.5 million charity/premium flow-through units (FT) at 29.5 cents for gross proceeds of $3,097,500. Each FT unit will comprise one flow-through common share and one-half of one non-flow-through warrant. Each whole warrant entitles the holder thereof to purchase one non-flow-through common share for a period of three years at a price of 29.5 cents.

The proceeds received from the sale of the FT units will be focused 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 Silver Queen gold/silver project in British Columbia. A 6,000-plus-metre drill program is currently under way and these additional funds allow for drilling to continue well into summer on the Cole and George Lake veins systems, which have been partially tested by historical and Equity drilling. In the current program, three core holes have been completed on the George Lake target, and samples from two of these holes have been submitted for analyses. Assays are pending and are anticipated over the coming weeks.

The company may pay finders' fees comprising cash and non-transferable warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Silver Queen project

The Silver Queen project is a premier gold-silver property with over 100 years of historic exploration and development and is located adjacent to power, roads and rail with significant mining infrastructure that was developed under previous operators Bradina JV (Bralorne Mines) and Houston Metals Corp. (a Hunt Brothers company). The property contains an historic decline into the No. 3 vein, the George Lake 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. An updated National Instrument 43-101 mineral resource estimate with effective date Dec. 1, 2022, was detailed in a news release issued on Jan. 16, 2023, which can be found on-line and the full technical report can be found on SEDAR+ and the company's website.

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 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 of 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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