Equity Metals Corporation (TSX.V: EQTY) (“Equity Metals” or “Company”) reported today that it has filed a Technical Report (the “Report”) prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”). The Report may be found under the Company’s SEDAR+ profile at www.sedarplus.ca and on Equity Metals’ website www.equitymetalscorporation.com.

The Report dated November 2^nd, 2026 and titled “Mineral Resource Estimate of the Silver Queen Property, Omineca Mining Division, British Columbia, Canada” was prepared by P&E Mining Consultants Inc. (“P&E”), Kirkham Geosystems Ltd (“KGL”) and Metallurgical Process Consultants Ltd. (MPC).

The Mineral Resource Estimate (“MRE”) features lateral and down-dip extensions of the No. 3, NG-3, Camp, and Sveinson Vein sets originally included in the 2022 MRE, and newly added mineralization from the George Lake Zone. The MRE utilizes a Net Smelter Return (“NSR”) cut-off at C$122/t with updated metal pricing and a rigorous stope optimization model to reflect the Reasonable Prospects for Eventual Economic Extraction (“RPEEE”) for the Mineral Resource models. The Report supports the disclosure made by the Company in its news release dated September 16^th, 2026 titled “Equity Metals Announces a Significant Increase to the Mineral Resource Estimate at the Silver Queen Project, BC”.

There are no material differences in the Mineral Resources contained in the Report from those disclosed in the September 16^th, 2026 news release.

Silver Queen Mineral Resource Model highlights:

• Indicated Mineral Resources of 3.57Mt averaging 184g/t Silver, 1.8g/t Gold, 0.3% Copper, 0.7% Lead and 3.8% Zinc (425g/t AgEq or 6.4g/t AuEq) equating to 7 million ounces silver equivalent or 737 thousand ounces of gold equivalent; and
• Inferred Mineral Resources of 5.16Mt averaging 104g/t Silver, 0.7g/t Gold, 0.2% Copper, 0.4% Lead and 1.7% Zinc (211g/t AgEq or 3.2g/t AuEq) equating to 0 million ounces silver equivalent or 529 thousand ounces of gold equivalent.

The MRE incorporates an additional 87 drill holes for 34,482 metres of core drilling completed since the 2022 MRE (2022 historical estimate), updated metal recoveries and pricing.

President Joe Kizis comments, “After verifying and expanding Silver Queen’s Indicated Mineral Resource in our December 2022 Mineral Resource Update, our exploration mandate shifted to grow the total Mineral Resource by drill-testing other target ideas with drill spacing acceptable for Inferred Mineral Resources. As a result, Inferred Mineral Resources significantly expanded in the current MRE. As we continue to advance our understanding of the Silver Queen Deposits, other attractive targets already have been identified to further expand Silver Queen’s Mineral Resource potential that, if successful, will make development of the property even more attractive.”

Silver Queen Project Highlights

• Five separate target areas have been tested and thick intervals of high-grade gold, silver and base-metal mineralization have been identified in each of the Camp, Sveinson, No. 3, NG-3, and George Lake Vein systems.
• The MRE includes Internal Modelling Dilution in contrast to the earlier 2022 historical estimate which reported Undiluted Mineral Resources. This is the result of the application of a robust RPEEE protocol which has applied mining shapes to the Mineral Resource model. The net effect of this application is to include lower grade or barren material necessary for efficient, low-cost mining procedures and may reduce the average grades of the mineral domains in the model, which in some cases may lower some veins or portions of veins below the cut-off value and exclude them from the Mineral Resource. RPEEE is applied to Mineral Resource Estimates as a means of de-risking the Mineral Resource in preparation of Preliminary Economic Assessment.

Figure 1: Plan map of targets and deposits on the Silver Queen vein system, BC

• The MRE increases Indicated and Inferred tonnages by approximately 3% and 169% respectively with the increase being from the result of the addition of the northward extension to the No. 3 Vein set, the incorporation of verified mineralization in the George Lake Deposit, and lesser additions to mineralization in the Camp and Sveinson Vein sets.
• Approximately 41% of the Mineral Resources are classified as Indicated Resources on a per tonnage basis and 58% of the total on a AgEq metal basis reflecting the overall higher average grade (425g/t AgEq) of the MRE in the Indicated Resource classification.
• Approximately 59% of the Mineral Resources are classified as Inferred Resources on a tonnage basis. This reflects a significant increase in Inferred Resource tonnage (92Mt to 5.16Mt) compared to the 2022 historical Resource estimate reflecting Equity Metals’ focus over the last several years on exploration drilling and systematic Mineral Resource growth on the project by testing known, but poorly drilled veins, rather than infill or definition drilling designed to upgrade Mineral Resource classification.
• The Inferred Mineral Resources feature a significant increase in both tonnage, as well as in contained silver (+68%), gold (+132%) and zinc (+124%).
• The Mineral Resource has a dominantly precious-metal bias with gold and silver accounting for approximately 72% of the total NSR value.
• Silver and gold equivalencies were calculated from the NSR formula explained in the Notes of Table 1 and incorporate both metal recoveries and assumed smelter payables. The Mineral Resource features updated consensus metal pricing. Metal pricing can have a significant effect on the Reporting of the MRE in terms of quoted AgEq values. That is, the application of a higher silver price (relative to the other metals) may result in a decrease in the quoted AgEq grade and contained AgEq ounces. In this way, overall metal content may increase in the MRE (as it has in the current estimate) while the quoted AgEq values may remain unchanged or even go down.

Recommendations and 2026-27 Exploration

The Report concludes that the Silver Queen Property hosts significant high-grade mineralization that may potentially be amenable to underground economic extraction and warrants further exploration with a focus on the identification and delineation of the vein system.

The report recommends that to further advance Silver Queen, Equity Metals should complete the following Phase 1 program:

• Drilling to twin 1970s and 1980s drill holes and validate historical drill results;
• Drilling to provide samples to evaluate dilution halos around the No. 3 Vein;
• Re-logging and re-sampling historical 2017 and 2018 drill holes;
• Re-establishing underground access to the historical workings via the Earl Adit on the No.3 Vein for LiDAR scanning and re-sampling purposes; and
• Drilling on newly developed greenfields targets.

The budget for the proposed work program is $2.85M and the recommended drilling programs commenced in 2026. Equity Metals is fully financed for the proposed work and will continue these activities at Silver Queen during Q4 2026 and into 2027. Portions of the recommended drill program were already completed in Q1 and Q2 2026 and additional drilling is underway.

Contingent on the results of the Phase 1 program, the Phase 2 development program should consist of further Metallurgical testing, Geotechnical and Hydrological studies, Community consultation and Environmental base line studies in preparation for a Preliminary Economic Assessment.

Table 1: Base Case Mineral Resource Estimate for the Silver Queen Project Utilizing a C$122/t NSR cut-off value – September 11, 2026

• The current Mineral Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd and Eugene Puritch, P. Eng., FEC, CET and Fred Brown, P, Geo. of P&E Mining Consultants Inc. (“P&E”), Independent Qualified Persons (“QP”), as defined by National instrument 43-101.
• All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definition standards for Mineral Resources and Mineral Reserves (May 2014), as referenced in NI 43-101.
• Mineral Resources were constrained using continuous mining stope shape units demonstrating reasonable prospects of eventual economic extraction.
• Silver and Gold Equivalents were calculated from the interpolated block values process recoveries, payables and prices between the component metals and silver to determine a final AgEq and AuEq values.
• Silver and Gold Equivalents and NSR C$/t values were calculated using average long-term prices of $38/oz silver, $3,200oz gold, $4.75/lb copper, $0.95/lb lead and $1.35/lb zinc. All metal prices are stated in $USD. The C$122/tonne NSR cut-off value for the underground Mineral Resource was derived from mining costs of C$85/t, with site process costs of C$25/t and G&A of C$12/t. Process recoveries from 2022 metallurgical test work were Au 55%, Ag 80%, Cu 80%, Pb 81% and Zn 90%. Concentrate freight, smelting and refining costs were also included.
• Grade capping was performed on 1m composites for the No. 3 and NG-3 Veins and whole vein composites for the Camp and Sveinson Veins. For the No. 3 and NG-3 Veins Inverse distance cubed (I/d3) was utilized for grade interpolation for Au and Ag and inverse distance squared (I/d2) was utilized for Cu, Pb and Zn. Inverse distance squared (I/d2) was used for all metals in the Camp Vein while ordinary kriging was employed for the Sveinson Veins.
• For tonnage calculations in the No. 3 and NG-3 veins the median bulk density by vein was applied, with an average of 3.36 tonnes per cubic metre overall. A variable bulk density with a 3.15 tonnes per cubic metre average was used for the Camp and Sveinson Veins. 
• Mineral Resources are not Mineral Reserves until they have demonstrated economic viability. Mineral Resource Estimates do not account for a Mineral Resource’s mineability, selectivity, mining loss, or mining dilution. Underground stope shape optimization internal dilution has been included.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as Mineral Reserves.
• An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
• All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to sum precisely.

Qualified Persons

The independent Qualified Persons (“QP”) for the Report are Garth Kirkham, P.Geo., Principal, Kirkham Geosystems Ltd., Eugene Puritch, P. Eng., FEC, CET., William Stone, Ph.D., PGeo., Charles Spath, P.Geo., Jarita Barry, P.Geo., Brian Ray, P.Geo. and Fred Brown, P.Geo, of P&E Mining Consultants Inc. and Arthur Barnes P.Eng., FSAIMM. M.Sc. of Metallurgical Process Consultants Limited, as defined by National Instrument 43-101 who have reviewed and approved the technical contents of this news release.‎ In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Robert Macdonald, P.Geo., Vice President Exploration, is the Qualified Person for the Company and has reviewed and approved the technical content of this news release.

Risk Factors

Equity Metals Corporation is aware that this project is subject to the same types of risks that large precious metal projects experience at an early stage of development in British Columbia. The Company has engaged experienced management and specialized consultants to identify, manage and mitigate those risks; however, the types of risks will change as the project evolves and more information becomes available.

Further details regarding the foregoing Mineral Resource Estimate, including the estimation methods and procedures, are detailed in the Report, now filed on SEDAR+ (www.sedarplus.ca) under the Company’s profile and on the Company’s website.

Silver, Gold Equivalencies and C$NSR Calculations

Silver and Gold Equivalents and NSR C$/t values were calculated using average long-term prices of $38/oz silver, $3,200oz gold, $4.75/lb copper, $0.95/lb lead and $1.35/lb zinc. All metal prices are stated in $USD.

NSR C$/t = (Cu% x 99.21) + (Pb% x 17.69) + (Zn% x 25.19) + (Au g/t x 73.96) + (Ag g/t x 1.12)

AgEq = NSR value/1.12

AuEq = NSR value/73.96

The C$122/tonne NSR cut-off value for the underground Mineral Resource was derived from mining costs of C$85/t, with site process costs of C$25/t and G&A of C$12/t. Process recoveries used were Au 55%, Ag 80%, Cu 80%, Pb 81% and Zn 90%. Concentrate freight, smelting and refining costs were also included.

Quality Assurance and Quality Control (QA/QC)

Established QA/QC quality protocols were implemented by Equity Metals throughout the drilling program including “blind” insertions of various certified pulps, blanks, and field duplicates. Certified reference materials and prepared blanks were used, as well as local quarry rock. Overall ~10% of the total assays were QA/QC-related; the results of which were carefully monitored and verified.

About 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 two historical declines into the No. 3 Vein, camp infrastructure, and a maintained Tailings Facility.

The Silver Queen Property consists of 47 mineral claims, 17 crown grants, and two surface crown grants totalling 18,871ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a 6 sq km 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 under explored.

About Equity Metals Corporation

Equity Metals Corporation is a member of the Malaspina-Manex Group. The Company owns 100% 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%) in the Monument Diamond project, NWT, strategically located in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines. As well, the Company has an option to acquire a 100% 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 100% controlled La Ronge Silica Project is an historical sand quarry located in central Saskatchewan, approximately 60 kilometers south-southeast of La Ronge, Saskatchewan and 210 kilometres west of Flin Flon, Manitoba. Preliminary studies indicate the silica deposit may be developed into a simple and profitable, low-cost mining and washing operation to produce high-purity silica (>98% SiO2), a specialty product for the EV battery industry.

 

On behalf of the Board of Directors

“Joseph Anthony Kizis, Jr.”

Joseph Anthony Kizis, Jr., P.Geo

President, Director, Equity Metals Corporation

 

For further information, visit the website at https://www.equitymetalscorporation.com; or contact us at 604.641.2759 or by email at [email protected].

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements in this news release include the Company’s plans to conduct the Phase I drill program on the Silver Queen project and, depending on the results thereof, the Phase II development program including a preliminary economic assessment. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company’s projects, and the availability of financing for the company’s development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions.