Mr. Joseph Kizis reports

EQUITY METALS DRILLING UNDERWAY ON THE SILVER QUEEN AG-AU PROPERTY, BRITISH COLUMBIA

Drilling is under way on Equity Metals Corp.'s 100-per-cent-owned 18,871-hectare Silver Queen property in Northern British Columbia. Four holes totalling 1,422 metres of the planned 18-hole, 6,000-metre 2025 drill program have been completed to date, with the current holes testing downdip of higher-grade mineralized intercepts from the 2024 drilling. Subsequent drilling will continue testing along strike, up to 400 metres laterally to the northwest. Drill core is being logged and sampled for analyses, with assays anticipated in the coming weeks.

The 2025 drill program is a continuation of drilling completed in fourth quarter 2024, which confirmed both the grade and tenor of mineralization beneath historical underground workings beyond the northwestern end of No. 3 resource blocks. Drilling at that time extended the projection of the No. 3 vein for a 400-metre strike length and to over 250-metre depth below surface. Mineralization remains open both laterally and at depth, and expanding projections of that mineralization is the target of the current 2025 drill program on the property.

Previously reported highlights from the 2024 drill program include:

• A 7.6-metre (estimated TT) interval grading 1.1 grams per tonne gold, 42 g/t silver, 0.7 per cent lead and 4.4 per cent zinc (431 g/t silver equivalent or 5.8 g/t gold equivalent) from SQ24-136;
• A 3.3-metre (estimated TT) interval grading 2.8 g/t Au, 66 g/t Ag, 1.4 per cent Pb and 6.9 per cent Zn (710 g/t AgEq or 9.6 g/t AuEq from SQ24-130; and
• A 2.7-metre (estimated TT) interval grading 0.3 g/t Au, 174 g/t Ag, 1.2 per cent Cu, 0.2 per cent Pb and 3.8 per cent Zn (507 g/t AgEq or 7.1 g/t AuEq) from SQ24-141.

Note: Assays first reported in the news releases dated Dec. 15, 2024, and Jan. 15, 2025, respectively.

The No. 3 vein hosts the single largest resource currently identified on the Silver Queen property and, with its southern extension, the NG-3 vein, accounts for 65 per cent of the currently modelled mineral resources on a AgEq basis. Therefore, any extensions to the No. 3 vein will be highly accretive to the current mineral resource. The updated National Instrument 43-101 mineral resource estimate with an effective date of Dec. 1, 2022, is detailed in a news release issued on Jan. 16, 2023. The full technical report can be found on SEDAR+ and the company's website.

The vice-president, exploration, Rob Macdonald, commented: "Equity continues the process of systematic extension of the No. 3 vein set, which remains open along strike and at depth. The 2025 drill program builds on earlier 2024 exploration encouragement and, with continued success, will be accretive to the existing mineral resources identified in the four known precious metal deposits currently delineated on the property. Work in 2025 will continue to incorporate the 2024-25 drill data into revised exploration and resource models toward a mineral resource update to be prepared in Q4/25 as Equity continues to develop the ever expanding Silver Queen vein systems."

Arlington property update

The company also reports that drilling continues on the Arlington property, located in south-central British Columbia. Seven core holes totalling 2,651 metres have been completed to date of an anticipated nine-hole program. Drilling has tested three separate hot spot clusters of strongly anomalous gold-silver-arsenic values within the larger South Fresh Pots soil anomaly. Geophysical features identified in a DCIP geophysical survey conducted earlier this year have greatly enhanced targeting at both the South and North Fresh Pot areas.

Additional surface sampling and mapping toward further drill target definition are also planned for the North Fresh Pots, Rona and other target areas on the property. Work will continue through the month of June and into parts of July.

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 kilometres of both the Ekati and Diavik diamond mines. As well, the company has an option to acquire a 100-per-cent interest in the Arlington property, located within the Boundary district of south-central British Columbia, where 2025 exploration work is planned, consisting of geophysics and diamond drilling designed to identify and delineate an apparent gold system. The company is fully financed to undertake proposed 2025 exploration and development at Silver Queen and Arlington.

Robert Macdonald, MSc, PGeo, is vice-president, 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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