Mr. Joseph Kizis reports

EQUITY METALS REPORTS FIRST ASSAYS FROM NO. 3 NORTH 2025 EXPANSION DRILLING, INCLUDING 540 G/T AGEQ OVER 3.5M, SILVER QUEEN PROPERTY, BC

Equity Metals Corp. has released initial assay results from the summer 2025 drill program on its 100-per-cent-owned Silver Queen gold-silver project, British Columbia, which include new assays from five holes that tested the extension of the No. 3 North target.

Assay highlights from the first five holes include:

• A 3.5-metre (estimated TT) interval grading 2.3 grams per tonne gold, 167 g/t silver, 1.3 per cent copper, 0.3 per cent lead and 2.0 per cent zinc (536 g/t silver equivalent or 7.4 g/t gold equivalent) including a 0.7-metre (est. TT) interval averaging 2.8 g/t Au, 491 g/t Ag, 4.5 per cent Cu, 0.8 per cent Pb and 6.1 per cent Zn (1,374 g/t AgEq or 19.0 g/t AuEq) from SQ25-148;
• A 1.7-metre (estimated TT) interval grading 3.7 g/t Au, 39 g/t Ag, 0.2 per cent Cu, 0.5 per cent Pb and 13.8 per cent Zn (788 g/t AgEq or 10.9 g/t AuEq), including 0.9-metre (estimated TT) interval averaging 6.3 g/t Au, 30 g/t Ag, 0.2 per cent Cu, 0.2 per cent Pb and 18.7 per cent Zn (1,123 g/t AgEq or 15.5 g/t AuEq) from SQ25-148; and
• A 2.4-metre (estimated TT) interval grading 0.6 g/t Au, 12 g/t Ag and 7.4 per cent Zn (305 g/t AgEq or 4.2 g/t AuEq), including a 0.5-metre interval grading 1.8 g/t Au, 39 g/t Ag and 34.9 per cent Zn (1,331 g/t AgEq or 18.4 g/t AuEq) from SQ24-151.

These results represent the first set of intercepts from drill targets that tested downdip of previously reported mineralization identified in 2024 drilling. Mineralization along this 150-metre segment has been extended to over 350 metres below surface, and drilling confirms the downdip continuity of the No. 3 vein in this area. Several additional veins have been intersected in drilling and include a copper-enriched hangingwall vein and deeper vein intercepts that correlate with the No. 2 vein, which is described in historical records and was intersected in 2024 drilling. All of the veins remain open for further delineation and extension.

The vice-president, exploration, Rob Macdonald, commented: "Drilling on the northern extension of the No. 3 vein continues to build on the impressive results of the company's 2024 drilling program, developing continuity in the lateral and downdip projections. These are the first assays returned from the 2025 program, and drilling is ongoing. With 5,040 metres currently completed of the planned 6,000-metre program, the company anticipates more positive news flow over the coming months."

2025 drilling summary

Drilling in 2025 continues to confirm the grade, tenor and lateral extension of mineralization beyond the northern end of the No. 3 vein resource model. Fifteen core holes totalling 5,040 metres have been completed to date of a planned 6,000-metre program. Work in 2025 will continue to incorporate the new drill data into revised exploration and resource models, in anticipation of a mineral resource update to be prepared in late 2025 and to continue exploration on the ever expanding Silver Queen vein system continuing into 2026.

The No. 3 vein system contains 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 resource on a AgEq 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, which can be found on SEDAR+ and the company's website.

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 joint veture (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. 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 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 British Columbia, where 2025 exploration work consisted 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. He has approved the release of this news release.

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