Corporate Presentation

October 2020

Forward-looking Statement

Some of the statements contained in this presentation may be deemed "forward-looking statements." These include estimates and statements that describe the Company's future plans, objectives or goals, and expectations of a stated condition or occurrence.

Forward-looking statements may be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Actual results relating to, among other things, results of exploration, reclamation, capital costs, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as but not limited to; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for the minerals the Company expects to produce; litigation, legislative, environmental and other judicial, regulatory, political and

competitive developments; technological and operational difficulties encountered in connection with the Company's activities;

and changing foreign exchange rates and other matters discussed in this presentation.

Persons should not place undue reliance on the Company's forward-looking statements. Further information regarding these and other factors, which may cause results to differ materially from those projected in forward-looking statements, are included in the filings by the Company with securities regulatory authorities. The Company does not assume any obligation to update or revise any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this presentation, that has been prepared by management.

Robert Macdonald, MSc., PGeo. is the VP of Exploration for Equity Metals Corporation and is the Qualified Person responsible for the supervision and preparation of the technical information in this disclosure.

2

Corporate Information

Capital Structure

​*Current Share Price

$0.15

*Market Cap

$8.34M

Shares Outstanding

55,594,475

Stock Options ($0.08 to $0.18)

2,400,000

Warrants (Current warrants range in

price from ($0.12 to $4.25) with

most expiring by 2022

41,202,542

Fully Diluted

99,944,918

*Figures as of September 23rd , 2020

www.equitymetalscorporation.com

Contact Information

Email:ir@mnxltd.com

Tel: 604.641.2759

Equity Metals Corporation

1100-1199 West Hastings Street

Vancouver, BC, V6E 3T5, Canada

Ownership

Management & Associates

7.0%

Directors and Management

Lawrence Page Q.C.

Chairman, Director

Joseph A. Kizis Jr.

President, Director

Killian Ruby

Chief Financial Officer, Director

Courtney Shearer

Director

John Kerr

Director

Robert Macdonald

Vice President, Exploration

Arie Page

Corporate Secretary

3

The People

Equity Metals features an experienced Board of Directors and strong management team with an extensive track record of exploration, discovery and development success, including many significant projects in North America over several decades of work

Lawrence Page, LLB, QC - Chairman, Director

  • Director and Officer of a number of public prominent exploration and mining companies
  • Major Projects and Mines involvement: Penasquito,
    Mexico; Hemlo and Eskay Creek, Canada

Killian Ruby, CPA, CA, B. Sc. (Acc) - CFO, Director

  • President and CEO of Malaspina Consultants Inc
  • Assurance Partner at Wolrige Mahon LLP
  • Served as Senior Manager of KPMG LLP

Courtney Shearer, B.Sc (Eng.), MBA, CPA, CMA - Director

  • Served as Director and Consultant, San Gold
    Corporation

Joseph A. Kizis Jr., MSc., P.Geo - President, Director

  • President, Director, Bravada Gold Corporation
  • 40yrs experience in exploration for gold, silver, copper, molybdenum, lead and zinc in BC and abroad

Robert W.J. Macdonald, MSc., P.Geo. - VP Exploration

  • VP Geological Services, Manex Resource Group
  • Major Projects involvement: Cerro Las Minitas Project,
    Mexico, Homestake Ridge Project, BC

John Kerr, BASC., P.Eng. - Director

  • 50yrs experience in discovery and development of significant mineral deposits in North America

Arie Page, LLB - Corporate Secretary

  • Corporate Secretary for several public resource companies including Southern Silver Exploration Corp.

4

The Projects

Advanced-Stage Exploration in Mining Districts

  • Portfolio of properties located in highly prospective districts near producing mines
  • The Silver Queen gold-silver property is located in the Skeena Arch, central British Columbia, proximal to several operating and past producing precious and base metal mines
  • The Monument and WO diamond properties are located in the Lac de Gras area, adjacent to the Ekati and Diavik Diamond Mines
  • All are advanced stage exploration properties with diamonds discovered at the Monument and WO claims and precious and base-metal ore historically mined from the Silver Queen Mine

5

Investment Highlights

Experienced management and geological teams with longevity and success in British Columbia developing shareholder value through exploration and discovery

Why Invest Now?

  • 3,050m drill program completed at the Silver Queen Property, BC; assays pending
  • Management team utilizing their expertise in high-grade,precious/base-metal vein and porphyry

deposit exploration at the Silver Queen property to expand existing resource of:

Silver Queen Mineral Resource Estimate (July 16, 2019 using a CDN$100NSR cut-off)

    • Indicated - 244,000ozs AuEq: 85Kozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn; and
    • Inferred - 193,000ozs AuEq: 64Kozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn(1)
  • Strong District-wide Potential to Grow High-grade Resource with new Discoveries
  • Diamond assets: Positioned to rapidly take advantage of turn-around in the diamond market with the highly prospective Monument and WO diamond properties in NWT, Canada

1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 11 and in the News Release, dated July 15th, 2019

6

Silver Queen Advantage

  • Superior access and logistics in mature a Mining Region
  • Low exploration costs and expanded exploration season
  • Current high-grade(high-margin)NI43-101 Mineral Resource Estimate
  • Significant existing historical underground development resulting in:
    • UG access for in-fill drilling, bulk sampling and other work which is required for future feasibility studies and mining
    • Reduced costs for such feasibility work and downstream mining scenarios
  • Majors & Mid-tiers miners nearby, potential JV or acquisition

7

Silver Queen Objectives

  • Near Term Objective: Systematic Resource expansion to underpin the value of the Silver Queen property and to identify new targets and discoveries for continued resource growth in the mid to long term.
  • Near to Mid-Term objective: Double the current mineral resource estimate by offset drilling of high-grade "ore-shoots"in the No. 3, Camp and NG-3veins.
  • British Columbia Project Comparables:
    • Silver Tip Mine, BC. (Coeur Mining): purchased in 2017 for US$200M
    • Barkerville Mines, BC. (Osisko Gold Royalties) purchased in 2019 for C$350M

8

Silver Queen Project

Silver Queen Au-Ag project, B.C., Canada - Flagship Project

The Silver Queen property occurs within the Stikine Terrane - a major metallogenic belt, running much of the length of British Columbia, and host to historic and current producing mines as well as world-classAu-Ag Epithermal vein and Cu-Au-Mo Porphyry mineral deposits.

  • 100% owned, no royalties; politically stable jurisdiction
  • Existing high-grade,high-marginAu-Ag-Zn Resource
  • Limited past production/extensive historic underground development

• Under-exploredAu-Ag vein system with existing NI43-101 resource; additional porphyry potential

Skeena Arch

  • Located close to current and past producing mines such as Huckleberry and Equity Silver

9

Silver Queen Project

Superior Location and Infrastructure

The Skeena Arch forms a "topographic high" separating the Bowser and Nechako Basins and

is the locus of many significant Ore Deposits and Mines within the Stikine Terrane, B.C.

Secure Land Tenure Totaling 18,852ha:

• 45 Tenure claims;

• 17 Crown Grants; 2 Surface Crown Grants

Excellent infrastructure, close to power, roads and rail

Prominent District: Four Producers

• Teck Resources

• Imperial Metals

• Centerra Gold

• Newmont Goldcorp

Major Deposits/Mines

• Berg (Cu-Mo-Ag)

• Equity Silver (Ag-Au-Cu)

• Endako (Mo-Cu)

• Huckleberry (Cu-Mo-Ag)

• Mt. Milligan (Au-Cu)

10

Silver Queen Project

Over a Century of Historical Exploration and Mining

  • Mineralization discovered in 1912
  • 1912-1947 - 1,000m of underground workings developed, 38 tons of mineralization shipped
  • 1963-1971 - Property explored by Nadina Explorations limited, intermittently optioned to partners, 2500m of underground workings and >4,500m of drilling conducted
  • 1972-1974 - Property put into production by the Bradina Joint Venture, 200kt milled; ~10,000m of drilling
  • 1977-1985 - Nadina (reorganized as New Nadina in 1980) and various partners conducted trenching, metallurgy and >5,000m of drilling
  • 1985-1990 - Pacific Houston optioned the property and conducted metallurgy, 2500m of underground workings and ~10,600m of drilling
  • 1990-2018 - New Nadina surface exploration, surface & airborne geophysics, ~20,000m of drilling; small-minefocus
  • 2019-present - Equity Metals Corporation: New Management & Name; vein/porphyry association for district-scalefocus

Two Exploration Opportunities

High-gradeAu-Ag-Zn Epithermal Vein system (Primary Target): 3.0 - 5.0Mt @ +10g/t AuEq = +1.5Mozs AuEq ozs(1)

Cu-Mo-Ag Porphyry Deposit (Secondary Target): 400 - 500Mt @ 0.2-0.3%Cu, 0.03-0.05%Mo (with Au and Ag)(2)

  1. The exploration target consists of 3.0-5.0Mt grading 2-4g/t Au, 150-200g/t Ag, 0.2-0.4% Cu, 0.8-1.0% Pb and 5-7% Zn, is based on data from >500 drillholes drilled on the property, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.
  2. The exploration target consists of 400-500Mt grading 0.2-0.3% Cu, 0.03-0.05% Mo, 1-3g/t Ag and 0.05-0.15g/t Au, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. The target is based on wide intercepts (>100m) of Cu-Mo mineralization intersected in 2011-2017 drilling. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.

11

Silver Queen Project

Primary Target - Expansion of High-grade Epithermal Veins

Figure: workings (green) and veins (red) on the property

Past Production

Tonnes

Au

Ag

Cu

Pb

Zn

(kt)

000 ozs

000 ozs

Mlbs

Mlbs

Mlbs

200

3.0

400

0.9

1.5

11

Historic Silver Queen Mine

  • High-gradepolymetallic veins (Au-Ag-Zn-Pb-Cu)
  • Part of an Eocene-age, epithermal Au-Ag district (Equity Silver Mine/Silver Hope project; Fenton project)
  • Sporadic historical exploration; significant near-term exploration potential
  • Limited shallow historic Production (~200Kt)
  • +9000m of historic workings providing eventual underground access to high-grade mineral resources
  • +20 Different veins - +1.6Km strike length
  • No 3 Vein: Open on-strike and at depth

New Targeting - No 3 Vein

  • Confirm on-strike extension
  • Establish high-grade ore shoots

12

Silver Queen Project

Maiden Mineral Resource Estimate on Epithermal Veins

2019 Mineral Resource Estimate - as of July 16, 2019 using a CDN$100NSR cut-off:

Indicated - 244,000ozs AuEq: 85Kozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn; and

Inferred - 193,000ozs AuEq: 64Kozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn

Silver Queen Mineral Resource Estimate at a CDN$100NSR cut-off

Classification

Tonnes

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

(kt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

Indicated

815

3.24

201.4

0.26

0.96

6.35

9.31

835.4

Inferred

801

2.49

184.3

0.31

0.88

5.21

7.51

674.1

Classification

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Indicated

85

5,280

5

17

114

244

21,900

Inferred

64

4,748

5

16

92

193

17,360

  1. The Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng., FEC, CET and Yungang Wu, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons ("QP"), as defined by
    National Instrument 43-101.
  2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio- political, marketing, or other relevant issues, although the Company is not aware of any such issues.
  3. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  4. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
  5. Grade capping on Ag and Zn was performed on 0.75m to 1.24m length composites. Au, Cu and Pb required no capping. Inverse distance cubed (1/d3) was utilized for grade interpolation for Au and Ag while inverse distance squared (1/d2) was utilized for Cu, Pb and Zn. Grade blocks were interpreted within constraining mineralized domains and a 3m long x 1m wide x 3m high block model.
  6. A bulk density of 3.56 t/m³ was used for all tonnage calculations.
  7. Approximate US$ two year trailing average metal prices as follows were used: Au $1,300/oz, Ag $17/oz, Cu $3/lb, Pb $1.05/lb and Zn $1.35/lb with an exchange rate of US$0.77=C$1.00. The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were Au 79%, Ag 80%, Cu 81%, Pb 75% and Zn 94%.
  8. AuEq and AgEq are based on the formula: NSR (CDN) = (Cu% * $57.58) + (Pb% * $19.16) + (Zn% * $30.88) +(Au g/t * $39.40) + (Ag g/t * $0.44) - $78.76.

13

Silver Queen Project

2020 Exploration Programs

  • Phase I (Q1-Q2 2020): $75,000 (complete)
    • Complete data compilation and interpretation.
  • Phase II (Q3-Q4 - 2020): $1.5 million (partially complete)
    • Completed 10 holes (3000m) on two initial vein targets (No. 3 and Camp veins) - Assays Pending Q4 - 2020
      • Confirm nature and style of known mineralization
      • Test the full thickness of the mineralized zones
      • Start stepping out to build additional resources

Additional Drilling Planned for Q4 2020

14

Silver Queen Project - Excellent Logistics

15

Silver Queen Project - Multiple Veins

3,050m drill program completed at the Silver Queen Property, BC; assays pending

Camp Vein

  • Historic resource not in 43-101 resource
  • Phase I to verify HG silver assays & unravel geological controls
  • Phase 2 to test extensions of vein

No 3 Vein

  • Majority of 43-101 resource, confirm assays
  • Phase 1 to test alteration grades around main vein
  • Phase 1 to test other veins around the No 3 vein
  • Phase 2 to test extensions of vein

16

Silver Queen Project

No. 3 Vein - Underground and On-Surface

No. 3 Vein - Underground Sample

No. 3 Vein - Surface Exposure

17

Silver Queen Project

Number 3 Vein Cross section

18

Silver Queen Project

SQ20-006

SQ20-007

300m

SQ20-008

19

Silver Queen Project

No. 3 Vein Longitudinal Section

High-grade mineralization along a 1km strike-length; limited historic drill testing below 300m depth

Additional Drilling required to complete down-dip testing

20

Silver Queen Project

Camp Vein Long Section

  • Shallow Historic "inferred reserve" of 205kt @ 1g/t Au, 829g/t Ag and 4% Zn (1) identified; open on-strike and at depth
  • Conceptual Target Area: 500m x 300m - Resource Objective: +0.5Mt @1000g/t AgEq(2)
  1. Source: EMPR BC Minfile #093L 002. Resource is historic in nature and is provided by the company for information purposes only. It has not been verified by the company and should not be treated as a Mineral Resource Estimate.
  2. The exploration target consists of 0.5-1.5Mt grading 1-2g/t Au, 400-800g/t Ag, 0.8-1.0% Pb and 3-5% Zn, is based on data from >40 historic drillholes drilled on the camp vein, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.

21

Silver Queen Project

SQ20-003

SQ20-003

SQ20-003

Assays above are quoted as drill thickness ,are historic in nature and have not been verified by the company. Estimated true thickness of these intercepts is unknown at this time.

22

using a CDN$100NSR cut-off :

Summary

The Silver Queen Property: a premier gold-silver project with +100yrs of exploration/development and an initial resource estimate of

  • Indicated - 244,000ozs AuEq: 85Kozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn; and
  • Inferred - 193,000ozs AuEq: 64Kozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn(1)

Initial Drilling Underway, Targeting High-grade Resource Growth Potential:

  • Near to Mid-termAu-Ag Vein Target: +1.5Mozs AuEq(2)
  • Long Term Cu-Mo Porphyry Target: 3-6Blbs CuEq(3)

Existing Underground Development allows a "Fast-track" to production

The Monument and WO Diamond Properties are two highly prospective

properties in Canada's most prolific diamond producing district, primed for a discovery which could be Canada's next big diamond mine

  1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 11 and in the News Release, dated July 15th, 2019
  2. This exploration target consists of 3-5Mt grading 2-4g/t Au, 150-200g/t Ag, 0.2-0.4% Cu, 0.8-1.0% Pb and 5-7% Zn, is based on data from >500 drillholes drilled on the property, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a Mineral Resource Estimate. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.
  3. The exploration target consists of 400-500Mt grading 0.2-0.3% Cu, 0.03-0.05% Mo, 1-3g/t Ag and 0.05-0.15g/t Au, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. The target is based on wide intercepts (>100m) of Cu-Mo mineralization intersected in 2011-2017 drilling. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.

23

Silver Queen Project

Appendix

Diamond Projects

Silver Queen Targeting Concepts

24

Monument Diamond Project

Lac de Gras Diamond District, Canada

Location of the Monument Property

  • 57.49% Ownership; 3,082ha property within the Lac de Gras cluster, 40km from both the Diavik and Ekati Mines
  • 310km north of Yellowknife, NWT; accessible by float/ski plane and winter road
  • 8 diamond bearing Kimberlites with a total of 2,427 microdiamonds recovered, up to 0.445 carats
  • Extensive historic exploration: drilling; till sampling; surface and airborne geophysics
  • Land Use Permit renewal underway with Reclamation Bonds ($59,000) in place.

Location of discovered kimberlite clusters of the Monument Property

25

WO Diamond Project

Superior Location in Diamond Producing District

  • Located 300 km NNE of Yellowknife, NWT, the WO project consists of 8 mining leases with an aggregate area of 5,817ha.
  • Claim package immediately adjoins the Diavik Diamond Mine claims
  • JV ownership consists of DeBeers Canada Inc. (Peregrine Diamonds Ltd.) (72.13%), Archon Minerals Limited (17.57%) and DHK Diamonds Inc. (10.30%). EQTY has a 43.37% interest in DHK Diamonds Inc.
  • DeBeers Canada Inc. (Peregrine Diamonds) is the operator
  • 2007 bulk sampling produced rough diamonds up to 9.45 carats
  • NI 43-101 Resource as of June 24, 2008 of:
    • Indicated mineral resource: 19.5Mt, 94 CPHT, 18.2 Million Carats(1)
  1. For detailed resource estimate parameters, please see Peregrine Diamonds news release dated June 24th, 2008 as well as the amended technical report filed on SEDAR dated January 9th, 2009

26

Silver Queen Project

Multiple Drill-Ready Targets for Resource Expansion

Overall Target Concept: +3Mt High-gradegold-silver enriched deposit similar to Coeur

Mining's Silver Tip Mine located in northern BC(1)

Zoned Epithermal Vein System

Three Initial Epithermal Vein Targets:

A. No.3 Vein: Gold-Silver Enriched

B. Camp Vein: Silver Enriched

C. NG-3 Vein: Gold-Silver Enriched

Near Term Target: +1Mozs AuEq(1)

Secondary Porphyry Target:

• Cu-MoBulk-Tonnage Porphyry

• Similar to the Berg Porphyry (Centerra Gold) located 50km SW of the Silver Queen property

Long Term Target: 3-6Blbs CuEq(2)

  1. The exploration target consists of 3.0-5.0Mt grading 2-4g/t Au, 150-200g/t Ag, 0.2-0.4% Cu, 0.8-1.0% Pb and 5-7% Zn, is based on data from >500 drillholes drilled on the property, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.
  2. The exploration target consists of 400-500Mt grading 0.2-0.3% Cu, 0.03-0.05% Mo, 1-3g/t Ag and 0.05-0.15g/t Au, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. The target is based on wide intercepts (>100m) of Cu-Mo mineralization intersected in 2011-2017 drilling. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.

27

Silver Queen Project

No. 3 Vein Drill Targeting

No. 3 Vein - Resource Contours and Targeting

No. 3 Vein Mineral Resource Estimate - as of July 16, 2019 using a CDN$100NSR cut-off:

No. 3 Vein Targeting

  • High-grademineralization along a 1km strike-length; testing below 300m depth
  • Testing down-dip extensions of two high-grade areas adjacent to the 2019 Mineral Resource Estimate
  • Drilling to off-set eight high-grade holes averaging:

2.1m of 8.1g/t Au, 389g/t Ag, 0.8% Cu, 1.7% Pb, 8.4% Zn

No. 3 Vein Target Dimensions:

  • 400m x 350m and 200m x 250m

No. 3 Resource Objective (2):

➢ 2.5 to 3.5Mt @ +10g/t AuEq = +1.0Mozs

❖ Indicated - 244,000ozs AuEq: 85Kozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn;

AuEq

  • Inferred - 193,000ozs AuEq: 64Kozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn(1)
    1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 11 Notes:
    2. This exploration target is contained within the property wide exploration target, which consists of 3-5Mt grading 2-4g/t Au, 150-200g/t Ag, 0.2-0.4% Cu, 0.8-1.0% Pb and 5-7% Zn, is based on data from >500 drillholes drilled on the property, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a Mineral Resource Estimate. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.

28

Silver Queen Project

Camp and NG-3 Veins

Camp Vein

• Historic drilling on Camp Vein tested a +300m strike length but only to shallow depths of 100 - 150 metres

• Historic "inferred reserve" of 205kt @ 1g/t Au, 829g/t Ag and 4% Zn (1) identified; open on-strikeand at depth

• Conceptual Target Area: 500m x 300m

• Resource Objective: +0.5Mt @1000g/t AgEq(2)

NG-3 Vein

• Potential extension of the No. 3 Vein with thicker, gold enriched, high-grade intercepts

• Conceptual Target Area: 700m x 400m

• Resource Objective: 1-3Mt @10g/t AuEq(2)

  1. Source: EMPR BC Minfile #093L 002. Resource is historic in nature and is provided by the company for information purposes only. It has not been verified by the company and should not be treated as a Mineral Resource Estimate.
  2. The exploration target consists of 0.5-1.5Mt grading 1-2g/t Au, 400-800g/t Ag, 0.8-1.0% Pb and 3-5% Zn, is based on data from >40 historic drillholes drilled on the camp vein, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.

29

Silver Queen Project

Historic Vein Composites

HoleID

From

To

Interval

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

(m)

(m)

(m)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

No. 3 Vein: Gold-Silver Enriched

S88-57

195.6

199.0

3.2

7.10

319

1.50

2.4

8.2

19.1

1717

S88-58

185.5

187.9

2.3

19.60

900

0.90

1.0

20.0

44.1

3967

U89-1

69.5

72.4

2.8

6.70

348

0.50

3.1

9.5

18.8

1690

U89-3

86.7

88.9

1.6

6.90

483

1.20

2.4

7.3

19.8

1785

U89-4

86.7

87.6

0.6

23.30

680

1.00

1.5

2.8

34.7

3119

U89-5

95.1

97.5

2.4

7.10

367

0.90

1.8

8.0

18.4

1658

U89-7

132.9

135.5

1.1

8.50

153

0.20

0.4

1.0

11.3

1019

U89-8

76.8

80.6

3.1

0.90

109

0.30

0.5

3.6

5.0

451

Camp Vein: Silver Enriched

88-S11

167.9

172.5

4.6

0.15

1944

0.21

0.7

1.6

23.4

2109

inc.

167.9

169.5

1.5

0.38

5670

0.54

0.8

3.7

66.9

6023

87-S13

84.9

86.4

1.5

0.36

4474

0.16

1.5

2.6

52.7

4745

87-S11

107.3

110.3

3.1

0.15

2286

0.20

0.3

1.4

26.9

2422

87-S10

57.6

60.4

2.7

0.50

1439

0.29

1.6

4.3

20.4

1838

88-S14

102.7

106.5

3.8

0.29

1164

0.62

0.3

1.0

14.8

1333

88-S5

21.3

41.5

20.1

1.03

350

0.02

0.6

3.8

7.7

689

inc.

33.2

41.5

8.2

1.14

763

0.03

0.9

4.9

13.2

1187

88-S1

80.9

84.7

3.8

1.77

241

0.05

4.6

16.5

17.3

1554

87-S12

63.3

64.0

0.8

8.23

2800

0.24

0.8

5.0

43.3

3894

NG-3 Vein: Gold-Silver Enriched

12S-05

332.5

338.0

5.5

3.15

1581

1.25

0.9

0.5

23.2

2089

and

414.0

417.0

3.0

5.90

268

0.31

0.5

1.7

10.7

959

NG-3

436.7

441.8

5.1

3.99

393

0.08

4.9

11.7

18.4

1652

10S-23

70.0

71.0

1.0

5.06

165

0.14

0.6

9.9

13.7

1229

10S-26

202.3

205.8

3.4

4.51

105

0.13

0.0

0.8

6.4

573

Table - Detailed assay summaries from highlight intercepts within the Camp and NG-3 Veins. Drillholes with prefix 87-, 88- and NG- are historic in nature and have not been verified by the company. Intercepts for the No. 3 vein are quoted as estimated true thickness, whereas intercepts for the Camp Vein and NG-3 vein are quoted as downhole intercepts.

30

Silver Queen Project

Secondary Target - Itsit Cu-Mo-Ag-Au Porphyry

Target Concept: Cu-Mo-Ag-Au Porphyry

Similar to the Berg Porphyry located 50km to the south-west

  • Cu-Mo+-Ag-AuStockwork identified in 7 drill holes
  • Drilling tested to over 800m depth; many holes ending in mineralization
  • Current Target: +1000m strike at a 0.3% CuEq cut-off; only 300m has been tested
  • Higher-grade,precious metal enrichment epithermal veins intersect the Cu-Mo stockwork

HoleID

From

To

Interval

Au

Ag

Cu

Mo

CuEq

(m)

(m)

(m)

(g/t)

(g/t)

(%)

(ppm)

(%)

11S-01

503.0

536.5

33.5

0.04

3.9

0.20

23

0.27

11S-03

208.4

288.0

79.6

0.12

4.0

0.23

10

0.36

11S-06

114.0

361.7

247.7

0.12

1.6

0.20

405

0.49

11S-13

501.0

777.0

276.0

0.03

0.7

0.19

409

0.42

12S-01

446.5

623.5

177.0

0.06

1.2

0.18

345

0.40

12S-02

515.0

911.4

396.4

0.05

2.0

0.22

327

0.43

12S-05

285.0

492.0

207.0

0.28

54.3

0.25

354

1.05

17S-02

515.2

667.5

152.4

0.07

5.5

0.25

517

0.59

Resource Objectives

  • Porphyry Target: 400 - 500Mt @ 0.3% Cu, 0.04%Mo with Au and Ag credits(1)
  • Sub-target: 25-50Mt @ 0.4g/t Au, 80g/t Ag, 0.3% Cu and % 0.05% Mo
  1. The exploration target consists of 400-500Mt grading 0.2-0.3% Cu, 0.03-0.05% Mo, 1-3g/t Ag and 0.05-0.15g/t Au, is conceptual in nature and relies on projections of mineralization that are beyond the standard CIM classification of mineral resources and should not be relied on as a mineral resource estimate. The target is based on wide intercepts (>100m) of Cu-Mo mineralization intersected in 2011-2017 drilling. It is uncertain whether additional exploration will result in the target being delineated as a mineral resource.

31

Silver Queen Project

Metallurgy

Pilot Plant testwork conducted at Lakefield Research in 1988 was successful in producing a bulk Cu-Pb Concentrate, a Zinc concentrate and a Au-Ag bearing Pyrite Concentrate:

  • Cu-Pbconcentrate - 16% Au and 52% Ag, 66% Cu, 78% Pb, assaying 22.2g/t Au, 5,220g/t Ag, 10.1% Cu, 39% Pb and 9.5% Zn
  • Zinc concentrate - 19.1% Au, 29.5% Ag, 92.4% Zn, 19.8% Cu and 9% Pb assaying 7.71g/t Au, 855g/t Ag, 56.6% Zn 0.87% Cu and 1.27% Pb
  • Pyrite concentrate - 47.9% Au, 14% Ag, 7.6% Cu, 4.1% Pb and 1.1% Zn assaying 7.5g/t Au, 158g/t Ag
  • Overall recoveries of 83% Au, 95% Ag, 93% Cu, 91% Pb and 98% Zn

22.9

32

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Equity Metals Corporation published this content on 02 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 October 2020 19:49:00 UTC