Equity Metals Reports Assays from 2026 Validation Drilling on the No. 3 Vein and Active Q4 Exploration Initiatives, Silver Queen Project, BC

Equity Metals Corporation (EQTY) has released assay results from 17 drill holes totaling 5,719 meters completed in 2026 on the No. 3 Vein at the Silver Queen project. The drilling targeted approximately 1 kilometer of strike and serves as a validation program to re-test historical intercepts from the 1970s and 1980s that underpin the previous Mineral Resource Estimate (NR-04-26, September 16, 2026).

Key headline intercepts include SQ26-173, which returned 6.1 meters estimated true thickness (ETT) at 1.9 g/t Au, 166 g/t Ag, 1.9% Pb, and 8.6% Zn, equating to 521 g/t AgEq or 8.7 g/t AuEq. This interval includes 2.6 meters ETT at 844 g/t AgEq or 12.8 g/t AuEq. SQ26-171 returned 2.6 meters ETT at 2.6 g/t Au, 310 g/t Ag, 0.8% Cu, and 4.8% Zn, equaling 661 g/t AgEq or 10.0 g/t AuEq. SQ26-178 returned 3.2 meters ETT at 3.5 g/t Au, 235 g/t Ag, and 3.7% Zn, equaling 582 g/t AgEq or 8.8 g/t AuEq, including 1.6 meters ETT at 1,186 g/t AgEq or 18.0 g/t AuEq.

The company also reported longer, leaner intervals at non-standard cutoffs. SQ26-172 returned 16.3 meters (14.3 m ETT) at 143 g/t AgEq at a 0.5 g/t AgEq cutoff. SQ26-177 returned 15.9 meters (12.4 m ETT) at 223 g/t AgEq at a 0.5 g/t AgEq cutoff. SQ26-181 returned 23.3 meters (17.5 m ETT) at 109 g/t AgEq at a 30 g/t AgEq cutoff. The best single narrow interval was SQ26-183, which returned 1.2 meters (0.9 m ETT) at 1,195 g/t AgEq, including 0.4 meters at 2,958 g/t AgEq (27.7% Pb, 11.5% Zn).

Looking forward, Equity Metals plans an 8-hole, 2,500-meter drill program on the No. 3 Vein in Q4 2026, which will include dilution-halo sampling for RPEEE. Additionally, an amended Notice of Work is being processed to rehabilitate the Earl Adit for a Drone Lidar survey of underground workings, targeted for late Q4 2026.

Equity Metals Corporation (EQTY) released data confirming that the historical database underpinning 65% of its resource holds grade without systematic bias. This validation serves as a de-risking data point for resource confidence and represents a necessary step toward the Preliminary Economic Assessment (PEA), which is not due until Q1 2027. The release does not alter total tonnes, resource grade, metallurgy, recovery, mining width, capital intensity, or the economic case that has previously weighed on the stock.

The market’s reaction to the company’s September 16, 2026 Mineral Resource Estimate (MRE) was negative, with the stock breaking down from C$0.23 on September 15 to C$0.16 on September 16, and continuing to C$0.10 by October 7—a drawdown of approximately 57%. The market appears skeptical of the resource economics, specifically the 55% gold recovery embedded in the MRE, the Inferred-heavy 5.16 million tonnes at 211 g/t AgEq, and the RPEEE dilution assumptions applied to a vein approximately one meter wide.

As an advanced explorer with a resource but no production, reserves, or PEA economics, Equity Metals is in a stage where validation or infill results are inherently lower-impact than discoveries or major step-outs. The 2025-2026 step-out holes (SQ25-160, SQ25-164, and the earlier 2021 bonanzas) were the drivers that previously re-rated the stock, carrying narrower but significantly higher grades of 1,128-2,687 g/t AgEq.

The stock has round-tripped from a high of C$0.52 to C$0.10, well below the presentation’s stated September 52-week low of C$0.155. While the bar to clear is low, the result is considered in-line validation rather than a materially better discovery in grade-and-width substance. It is viewed as a solid, expected, incrementally positive release that supports the resource model but is not expected to move the equity by more than 15% on its own.

Equity Metals Corporation (TSXV: EQTY / OTCQB: EQMEF) is a Vancouver-based explorer and a member of the Malaspina-Manex Group. Its flagship asset is the Silver Queen property in the Omineca Mining Division of British Columbia, comprising 100% interest with no underlying royalty. The property includes 47 claims, 17 crown grants, and 2 surface grants totaling 18,871 hectares. Silver Queen features epithermal Ag-Au-Pb-Zn veins over a 6 square kilometer area, with more than 20 veins identified and largely underexplored status, alongside historic underground development of approximately 9 kilometers.

A resource estimate effective September 11, 2026, using a C$122/t NSR cut-off, reports an Indicated resource of 3.57 million tonnes at 184 g/t Ag, 1.8 g/t Au, 0.3% Cu, 0.7% Pb, and 3.8% Zn, equating to 425 g/t AgEq for 48.7 million ounces of AgEq. The Inferred resource stands at 5.16 million tonnes at 104 g/t Ag and 0.7 g/t Au, equating to 211 g/t AgEq for 35.0 million ounces of AgEq. This brings the total to 83.7 million ounces of AgEq and 1.266 million ounces of AuEq, with 41% of the tonnage classified as Indicated and 59% as Inferred.

The company holds an option to acquire 100% of the Arlington property in the Greenwood district of British Columbia, which it has exercised. The vendor retains a 2% NSR, buyable for US$1 million. Arlington covers 3,584 hectares and is a greenfields Au-Cu-Ag-Mo prospect. Drilling in 2025 consisted of 9 holes totaling 3,407 meters, returning intercepts including AR25-006 with 0.4 meters at 7.7 g/t Au and 0.23% Cu, and AR25-004 with 0.5 meters at 12.0 g/t Au.

Non-core, unmonetised options include the Monument Diamond joint venture (57.49% interest) in the Northwest Territories, located approximately 40 kilometers from Ekati and Diavik, and La Ronge Silica in Saskatchewan.

Management and the board include Chairman Lawrence Page; President and Director Joseph A. Kizis Jr.; Vice President of Exploration Robert Macdonald, P.Geo; CFO and Director Killian Ruby of Malaspina/Manex; and Directors John Kerr and Courtney Shearer.

According to a presentation dated September 2, 2026, the capital structure comprises approximately 245.5 million basic shares and 297 million fully diluted shares, along with 22.3 million options and 28.6 million warrants. The company has no debt. Financials as reported for the nine months ended May 31, 2026, show cash of C$7,357,422, working capital of C$6,272,327, and total liabilities of C$1,636,959, with no revenue generated. Prior-period context was not disclosed in the release.

At a price of C$0.10, the equity is valued at approximately C$24.5 million and the enterprise value at roughly C$17 million, representing about C$0.20 per ounce of AgEq. This compares to the presentation’s own valuation of C$0.77 per ounce of AgEq at a share price of C$0.28.