Highlights

• Assay results are reported from 17 recent drill holes to more fully validate historic drill intercepts that were used in the Company's previous Mineral Resource Estimate (see NR-04-26, 16 September 2026). Additional drill holes have been identified to increase confidence and to provide sampling to evaluate dilution halos around the No. 3 vein.

• Drilling commences in the coming week and will comprise up to 8 holes totaling 2,500m.

• The Company has received a permit for rehabilitation of part of the Earl Adit to allow access to the historical underground workings to conduct a Drone Lidar survey, with planning underway for a late Q4 start.

• The Company continues to advance and derisk the Silver Queen Project, adding significant polymetallic mineralization in the Company's recent independent Mineral Resource Estimate (MRE).

Vancouver, British Columbia--(Newsfile Corp. - October 8, 2026) - Equity Metals Corporation (TSXV: EQTY) ("Equity" or "Company") reports assay results from 2026 drilling on the Silver Queen project. Seventeen drill holes totaling 5,719 metres were completed and targeted an approximate one kilometre strike-length of the No 3 Vein (Figure 1). Assay highlights include:

• A 6.1 metre interval averaging 1.9g/t Au, 166g/t Ag, 1.9% Pb and 8.6% Zn (521g/t AgEq or 8.7g/t AuEq), including a 2.6 metre interval grading 1.5g/t Au, 313g/t Ag, 0.1% Cu, 3.9% Pb and 16.2% Zn (844g/t AgEq or 12.8g/t AuEq) from drillhole SQ26-173;

• A 2.6 metre interval averaging 2.6g/t Au, 310g/t Ag, 0.8% Cu, 0.4%Pb and 4.8% Zn (661g/t AgEq or 10.0g/t AuEq) from drillhole SQ26-171; and

• A 3.2 metre interval averaging 3.5g/t Au, 235g/t Ag, 0.5% Pb and 3.7% Zn (582g/t AgEq or 8.8g/t AuEq) from drillhole SQ26-178.

(1) See AgEq and AuEq calculation criteria in notes to Table 1. Intervals are reported as estimated true thickness unless otherwise indicated.

The 2026 drilling was completed as part of a validation program designed to update, with modern drilling, sections of the No. 3 vein set which are largely informed by historical drilling from the 1970s and 1980s. Drilling tested a range of targets from twins or short step-outs of historical intercepts. Both higher-grade intercepts and lower-grade zones within the 2022 Mineral Resource model were tested. Overall, the intersected mineralization is consistent with the grade and tenor of the historically reported intercepts, shows no systematic grade bias, and reasonably expected variation in values.

Modern sampling protocols were used for this work which provide extensive sampling throughout the mineralized zones and along the margins of the mineral domains that will be used to characterize "internal dilution" grade that is now incorporated into Mineral Resource Estimates as part of the RPEEE protocols (Reasonable Prospect for Eventual Economic Extraction). Mineralized material was also obtained for ongoing metallurgical test work.

Fall Drilling Program Commences

Drilling will resume at the Silver Queen Project on or about the second week in October. The program will focus on the No. 3 Vein, and particularly on areas that were identified in the RPEEE procedure as highly diluted where little or no data exists to provide reasonable estimates of dilution grades that were incorporated into the current MRE. Modern mining techniques utilize wider, more cost-effective stopes for mineral extraction compared to the earlier mining at Silver Queen, and therefore, broader halos around the mineralized domains need to be informed to properly account for the lower-grade mineralization that would be incorporated during mining.

VP Exploration Rob Macdonald commented on the earlier and upcoming drilling programs, "Validation drilling on the No. 3 Vein represents an important step in the continued derisking of the Silver Queen project which, based on the current results, confirms the overall grade and tenor of the vein set. The fully funded new drilling, scheduled for Q4 '26, will further refine modelling of the No. 3 vein set and, as importantly, provide additional shoulder sampling necessary to provide more accurate estimates of dilution for RPEEE."

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

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/318043_27ac9d94e4a59804_002full.jpg

Figure 2: Longitudinal Section showing the 2026 validation drill intercepts plotted against the undiluted grade distribution model of the No 3 Vein, looking SW.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/318043_27ac9d94e4a59804_003full.jpg

Underground Access at the Silver Queen Project for a Drone Lidar Survey

The Company has received an amended Notice of Work which allows entry into the underground workings of the Silver Queen mine in preparation for clearing fall-of-ground material blocking access through the Earl Adit. Initial work, starting this Fall, will include the rehabilitation of the Earl Adit Portal, followed by the rehabilitation of the underground workings and infrastructure up to the fall-of-ground material and removal of sufficient material to allow a Drone Lidar survey of the underground workings.

The goal of the Drone Lidar Survey is to more accurately locate veins, structures, and historic underground drill stations which will help tighten correlations between the historic and modern datasets. Future work could include fully opening access to the underground workings for mapping, sampling, underground geotechnical surveys and, in time, any additional drilling that would be required to further upgrade the project.

President Joe Kizis comments, "The upcoming exploration program will continue the process of increasing the confidence in what is an extensive historical database that informs the MRE and other technical studies into the viability of the Silver Queen project. Work on the Earl Adit to open access to the underground workings, starting this Fall, is a priority for the company which will open further avenues for de-risking and upgrading the asset as the Silver Queen property transitions into a true "brownfields project".

The Company is fully funded to complete this work in Q4 2026 and well beyond into 2027. We maintain our commitment to advancing this unique asset, well located in an infrastructure-rich region of central British Columbia and to maintain our focus on the continued advancement of the known veins as "brownfields" opportunities, while assessing the accretive expansion of the known vein sets and continuing to evaluate the potential of the larger property for additional epithermal vein sets and porphyry targets.

We feel confident that Silver Queen is a valuable asset that will reward our shareholders."

Table 1: Select Composites from 2026 Drilling on the No. 3 Vein Target, Drill holes SQ26-168 to SQ26-177

Notes: drill core samples were analyzed by FA/AAS for gold and 48 element ICP-MS by MS Analytical, Langley, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (>1000g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. Silver >10,000g/t re-assayed by concentrate analysis, where a FA-Grav analysis is performed in triplicate and a weighed average reported. Downhole composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and <20% internal dilution, except where noted. Accuracy of results is tested through the systematic inclusion of QA/QC standards, blanks and duplicates into the sample stream. AuEq and AgEq were calculated using prices of $3,200/oz Au, $38/oz Ag, $4.75/lb Cu, $0.95/lb Pb and $1.35/lb Zn. AuEq and AgEq calculations utilized relative metallurgical recoveries of Au 55%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.

Table 2: Select Composites from 2026 Drilling on the No. 3 Vein Target, Drill holes SQ26-178 to SQ26-184

Notes: drill core samples were analyzed by FA/AAS for gold and 48 element ICP-MS by MS Analytical, Langley, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (>1000g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. Silver >10,000g/t re-assayed by concentrate analysis, where a FA-Grav analysis is performed in triplicate and a weighed average reported. Downhole composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and <20% internal dilution, except where noted. Accuracy of results is tested through the systematic inclusion of QA/QC standards, blanks and duplicates into the sample stream. AuEq and AgEq were calculated using prices of $3,200/oz Au, $38/oz Ag, $4.75/lb Cu, $0.95/lb Pb and $1.35/lb Zn. AuEq and AgEq calculations utilized relative metallurgical recoveries of Au 55%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.

Table 3: Collar location and orientation

About Silver Queen Project

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.

Robert Macdonald, MSc. P.Geo, is VP Exploration of Equity Metals Corporation 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. He has approved the release of this news release.

On behalf of the Board of Directors

"Joseph Anthony Kizis, Jr."

Joseph Anthony Kizis, Jr., P.Geo
President, Director, Equity Metals Corporation

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. 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. Factors that could cause actual results to differ materially from those in forward-looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Equity Metals Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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Source: Equity Metals Corporation