Mr. Joseph Kizis reports

EQUITY DRILLING INTERSECTS BONANZA SILVER AND GOLD ON THE CAMP DEPOSIT AND GEORGE LAKE TARGET AT THE SILVER QUEEN PROJECT, BC

Drilling has intersected bonanza-grade silver at the Camp deposit and bonanza-grade gold at the George Lake zone on Equity Metals Corp.'s 100-per-cent-owned Silver Queen Au-Ag project, British Columbia.

Drill highlights from the Camp deposit include:

• A 0.7-metre (estimated TT) interval grading 7,099 grams per tonne Ag, 0.4 g/t Au, 0.3 per cent copper, 2.0 per cent lead and 5.4 per cent zinc (101.3 g/t gold equivalent or 7,532 g/t silver equivalent) within a 3.5-metre (estimated TT) interval averaging 1,501 g/t Ag, 0.5 g/t Au, 0.1 per cent Cu, 0.8 per cent Pb and 5.9 per cent Zn (25.6 g/t AuEq or 1,901 g/t AgEq) in drill hole SQ24-124;
• A 0.7-metre (estimated TT) interval grading 1,156 g/t Ag, 0.3 g/t Au, 0.8 per cent Pb and 0.8 per cent Zn (16.9 g/t AuEq or 1,257 g/t AgEq) within a 2.3-metre (estimated TT) interval grading 484 g/t Ag, 0.2 g/t Au, 0.5 per cent Pb and 0.6 per cent Zn (7.5 g/t AuEq or 557 g/t AgEq) in drill hole SQ24-123.

The highlight mineralized intercept from drill hole SQ24-124 is relatively shallow, starting at only 148.7 metres downhole, and helps build lateral continuity in one of the earlier modelled high-grade, silver-enriched veins within the Camp deposit. The intercept from drill hole SQ24-123 tested a previously unmodelled deeper structure, starting at 441.0 metres downhole, and demonstrates lateral continuity along a 140-metre strike length with previously reported intercepts from drill holes SQ22-079 and SQ22-080. Mineralization in this structure remains open both vertically and laterally for further drill testing, and has not previously been included in resource calculations. New veins identified in the Camp structure will be accretive to the existing mineral resources in the deposit.

These two highlight intervals report rushed assays based on visuals from two of four drill holes that tested high-grade veins along the western margin of the Camp deposit. Additional mineralized intercepts were noted in each of the holes and were sampled. The balance of assays is anticipated in the coming weeks.

George Lake target

The company also reports on additional assay from its 2024 drilling on the George Lake target, which include:

• A 0.4-metre (estimated TT) interval grading 58.2 g/t Au, 66 g/t Ag, 1.2 per cent Pb and 1.3 per cent Zn (60.7 g/t AuEq or 4,512 g/t AgEq) in drill hole SQ24-113;
• A 0.5-metre (estimated TT) interval grading 0.8 g/t Au, 67 g/t Ag, 0.2 per cent Cu, 3.7 per cent Pb and 17.9 per cent Zn (17.1 g/t AuEq or 1,269 g/t AgEq) in drill hole SQ24-111.

The current drill results help confirm the lateral continuity of both the main George Lake structure and several hangingwall veins in the target area. Of note, the high-grade gold intercept in SQ24-113 is a deeper intercept starting at 399 metres downhole. Initial 3-D modelling indicates that the intercept projects farther to the southwest than the targeted vein and may represent a separate footwall vein to the main George Lake structure, which is open for further drill testing.

Vice-president, exploration, Rob Macdonald, commented: "The newly released assay results continue to highlight the extraordinary grade potential of the Silver Queen project as we continue to delineate veins in the Camp deposit, as well as confirm the lateral projection of mineralization in the George Lake structural zone. Additional assay results are pending over the coming weeks and are expected to further extend mineralization at the George Lake structure and to provide definition of new veins both at, and to the north of, the Camp deposit."

Twenty-four core holes totalling 10,543 metres were completed as part of Equity Metals' summer 2024 exploration program, which includes 18 drill holes totalling 7,541 metres at the George Lake target, four drill holes totalling 2,687 metres at the Camp target and two holes totalling 975 metres at the Camp North target. Complete assay results have been reported for only nine holes and partial results returned for two additional holes, with the balance of assays yet to come.

The company has paused drilling during August to allow additional assay returns to help direct drilling in the next phase of work. Compilation and modelling of the current results continue in preparation for new drilling due to start in mid-September.

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 a historic decline into the No. 3 vein and the George Lake vein, camp infrastructure, and a maintained tailings facility.

The Silver Queen property consists of 46 mineral claims, 17 Crown grants and two surface Crown grants totalling 18,871 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 an effective date of Dec. 1, 2022, was detailed in a news release issued on Jan. 16, 2023, 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 a 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 VP, exploration, of Equity Metals, 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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