Mr. Joseph Kizis Jr. reports

EQUITY METALS REPORTS 431G/T AGEQ OVER 7.6 METRES AND 710G/T AGEQ OVER 3.3 METRES FROM FALL DRILL PROGRAM ON THE SILVER QUEEN PROPERTY, BC

Equity Metals Corp. has released the initial assay results from the fall 2024 drill program on its 100-per-cent-owned Silver Queen Au-Ag (gold-silver) project, British Columbia, including new assays from the No. 3 North target.

Sixteen core holes totalling 5,952 metres (m) were completed on the No. 3 North target from two set-ups as part of the fall 2024 drill program. Assay highlights from the first eight holes include:

• A 7.6-metre (estimated TT) interval grading 1.1 grams per tonne (g/t) Au, 42 g/t Ag, 0.7 per cent lead (Pb) and 4.4 per cent zinc (Zn) (431 g/t silver equivalent (AgEq) or 5.8 g/t gold equivalent (AuEq)), including a 1.6-metre (estimated TT) interval averaging 2.3 g/t Au, 121 g/t Ag, 2.7 per cent Pb and 19.0 per cent Zn (1,475 g/t AgEq or 19.8 g/t AuEq), 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), including a 1.1-metre (estimated TT) interval averaging 4.7 g/t Au, 115 g/t Ag, 2.7 per cent Pb and 13.8 per cent Zn (1,341 g/t AgEq or 18.0 g/t AuEq), from SQ24-130;
• A 2.4-metre (estimated TT) interval grading 0.5 g/t Au, 376 g/t Ag, 0.4 per cent Cu and 0.1 per cent Zn (473 g/t AgEq or 6.4 g/t AuEq) from SQ24-131.

These latest assay results have successfully confirmed both the grade and tenor of mineralization beyond the northern end of the No. 3 vein resource model. Drilling has identified higher grade gold- and silver-enriched intercepts both 100 metres below the modelled resource and a farther 100 metres laterally to the northwest. Intercepts of the No. 3 vein demonstrate strong continuity in this latest drilling and several high-grade copper-enriched hangingwall intercepts also show promise, and include 8.6 g/t Au, 790 g/t Ag and 3.2 per cent Cu (1,841 g/t AgEq or 24.8 g/t AuEq) over 0.3 metre (estimated TT) from SQ24-136. The historical No. 2 vein was intersected in several holes (see the attached table) and sits in the footwall of the main No. 3 vein intercepts. All of the veins remain open for further delineation and extension.

The No. 3 vein is the single largest deposit 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 silver equivalent basis. Any extensions to the No. 3 vein remain 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, and the full technical report, which can be found on SEDAR+ and the company's website.

Rob Macdonald, vice-president of exploration, commented: "This northern extension of the No. 3 vein is a new target area for the company and drilling from 2024 could potentially extend the projection of the vein system a [farther] plus-300 metres to the northwest from what is currently modelled. Mineralization remains open both laterally and at depth, and is immediately adjacent to, and downdip from, existing historical underground workings, which would likely reduce development costs in an underground mining scenario. Further assays from the drilling are pending and are anticipated in the coming weeks."

2024 drilling

Forty-two core holes totalling 17,209 metres were completed as part of Equity's 2024 exploration program. Drilling resulted in the delineation of a 550-metre strike length for mineralization in the George Lake target and 400-metre strike length for mineralization in the No. 3 North target, as well as several extensions of earlier identified veins in the Camp deposit and a new discovery in the Camp North target. Assays are pending from the final 10 drill holes from the 2024 exploration season, which will be reported in the coming weeks.

Work in 2025 will continue to incorporate the 2024 drill data into revised exploration and resource models toward a mineral resource update to be prepared in 2025 and further exploration drilling on the ever-expanding Silver Queen vein system.

About the 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 Bradina JV (Bralorne Mines) and Houston Metals Corp. (a Hunt Brothers company). The property contains a historical 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. 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 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 in 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 (JV) 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 B.C., where 2025 exploration work is planned to consist 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 of exploration of Equity 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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