Equity Metals Extends the No 3 Vein to Depth at the Silver Queen Property, BC

The most recent news, dated November 17, 2025, reports the final assay results from the Summer 2025 drill program at the Silver Queen Property in British Columbia. The program successfully extended high-grade mineralization of the No. 3 and No. 2 vein sets both laterally (up to 650 metres) and to depth (down to 450 metres below surface).

Key intercepts include: - SQ25-162: 0.8 metres of 7.7 g/t Au, 804 g/t Ag, and 4.7% Cu. - SQ25-160: 1.5 metres of 4.7 g/t Au, 471 g/t Ag, and 2.5% Cu. - SQ25-164: 2.1 metres of 0.2 g/t Au, 519 g/t Ag, 2.8% Pb, and 9.5% Zn.

The company states these results are accretive to the previously modelled mineral resources and that an updated Mineral Resource Estimate is now anticipated in Q1 2026. Assays from two final drill holes are still pending.

The news is positive as it confirms the extension of high-grade mineralization at the company's flagship Silver Queen project, which is consistent with the exploration thesis. The results demonstrate good grades and continuity of the vein system at depth, de-risking the project by expanding the potential resource envelope.

However, from a critical standpoint, the impact is tempered by several factors: - Timeline Slippage: The updated Mineral Resource Estimate (MRE) is now targeted for Q1 2026. Previous news releases from August and September 2025 had guided for an MRE in "late 2025" or "Q4 2025". While a minor delay, this slippage is a negative data point that needs to be monitored. - Narrow Intercepts: The reported intercepts, while high-grade, are over narrow widths (0.8m to 2.1m). This is typical of this style of epithermal deposit but can present challenges for future mining economics due to potential dilution. - Recent Financing: The news follows a November 10 announcement of a C$4.6 million financing at C$0.23 per unit. This financing, while necessary for future exploration, is dilutive and was priced below the previous financing round (C$0.27 in December 2024), suggesting a weaker capital market environment for the company.

Overall, the drill results meet expectations for a successful exploration program but do not represent a "game-changing" discovery. They are an incremental step forward. The positive drilling is offset by the MRE delay and the recent dilutive financing. Therefore, the news is classified as routine progress.

Equity Metals Corporation is a Canadian mineral exploration company focused on precious and base metals. - Flagship Project: The 100%-owned Silver Queen project in British Columbia. It is a past-producing mine with a significant historical database and existing infrastructure. The project hosts numerous high-grade, polymetallic (Au-Ag-Cu-Pb-Zn) epithermal veins. The company's strategy has been to systematically drill-test and expand the known vein systems, particularly the No. 3 vein, to build upon its 2022 NI 43-101 Mineral Resource Estimate. The property is noted to be royalty-free. - Secondary Project: The Arlington Gold Property, also in BC, where the company has an option to earn a 100% interest. This is an earlier-stage exploration project with promising gold-in-soil anomalies that were drill-tested for the first time in 2025.