Equus Mining : High Grade Mineralisation Intersected

HIGH-GRADE MINERALISATION

INTERSECTED BEYOND TAITAO MINERAL RESOURCE 7.5m @ 8.75 g/t AuEq (6.0 g/t Au, 206.3 g/t Ag)

Equus Mining Limited ('Equus' or 'Company') (ASX: EQE) is pleased to announce further high-grade gold and silver drill results from a newly defined large scale feeder host fault structure extending below the 1.4km long historic Taitao Pit. These new results are located approximately 40m to the south of the previously announced high grade results of 4.14m @ 17.9 g/t AuEq1 (11.0 g/t Au, 520.0 g/t Ag)2.

These results report to a zone that was previously interpreted as a localised low-grade stockwork zone that was not included in the underground resource component of the maiden December 2020 Taitao Inferred Mineral Resource estimate of 302koz AuEq3.

HIGHLIGHTS

TAITAO DRILL RESULTS

► CBD085:

► 7.5m @ 8.7 g/t AuEq1 (6.0 g/t Au, 206.3 g/t Ag) from 86.08m

including: 2.47m @ 24.1 g/t AuEq1 (17.7 g/t Au, 483.9 g/t Ag) from 87.87m

►

CBD083:

► 0.73m @ 31.71 g/t AuEq1 (16.97 g/t Au, 1105.1 g/t Ag) from 117.12m

including: 0.49 @ 46.67 AuEq1 (24.80 g/t Au, 1,640 g/t Ag) from 117.36mDamien Koerber, Chief Operating Officer, Equus Mining Commented:

"These further high-grade results serve to demonstrate good continuity of the large, newly defined host structure and its capacity to host exceptional gold and silver mineralisation, as part of a newly interpreted, potential high-grade extension to the JORC Inferred resource at Taitao of 302koz gold equivalent. The underexplored nature and potential large scale of this new exploration target is driving the focus of current drilling below and to the east of the Taitao Pit, and the 2020 Inferred Mineral Resource, along an approximate 500m long portion towards the operational 0.5Mta flotation plant".

1 Gold Equivalent (AuEq) is based on the formula AuEq g/t = Au g/t + (Ag g/t / 75).

The AuEq formula assumes a gold and silver price of US$1,800/oz and US$24/oz respectively and similar recoveries for gold and silver Gold and silver recovery assumptions are based on historical performance of the Cerro Bayo processing plant

• 2 ASX Announcement - 20th Jan 2022Cerro Bayo Exploration Update

• 3 ASX Announcement - 22nd Dec 2020 Maiden Inferred Resource Estimate at Cerro Bayo

TAITAO HIGH GRADE DRILL RESULTS

Partial results (approximately 60%) have been received from a further 3 holes (CBD083- CBD085) completed to date below the central eastern margin of the Taitao Pit. The most significant results received to date include (Figure 1 & Appendix 1):

► CBD085:

► 7.5m @ 8.7 g/t AuEq1 (6.0 g/t Au, 206.3 g/t Ag) from 86.08m

including: 2.47m @ 24.1 g/t AuEq1 (17.7 g/t Au, 483.9 g/t Ag) from 87.87m

►

CBD083:

► 0.73m @ 31.71 g/t AuEq1 (16.97 g/t Au, 1105.1 g/t Ag) from 117.12m

including: 0.49 @ 46.67 AuEq1 (24.80 g/t Au, 1,640 g/t Ag) from 117.36m

►

3.60m @ 3.20 g/t AuEq1 (2.20 g/t Au, 74.77 g/t Ag) from 172.51m

including: 1.49 @ 7.00 AuEq1 (4.91 g/t Au, 157 g/t Ag) from 174.62m

The intercept in hole CBD085 represents the interpreted southern extension to the high-grade vein-breccia intersected in the previously reported hole CBD082 (4.14m @ 11.0 g/t Au, 520.0 g/t Ag (17.9 g/t AuEq1), located approximately 40m to the north (refer to Figure 1). The vein-breccia mineralisation is interpreted to be hosted within a large scale, 10-40m wide, gently (30-60°) easterly dipping normal fault-breccia complex, the westernmost surface expression of which broadly corresponds to the Taitao Pit (Figure 2). Historical production from the Taitao Pit from between 1995-2002 totaled approximately 153Koz AuEq1 @ 3.4 g/t AuEq1 (1.9 g/t Au, 115 g/t Ag)4 over pit dimensions of <35m depth x 30-200m wide x 1,200m length.

Hole CBD083 intersected numerous mineralized structures that correspond primarily to veins and breccias that developed as splays in the upper hangingwall relative to the main fault-breccia complex target.

Current drilling is focused along a +500m long portion of the host fault complex broadly extending from hole CBD082 south towards the operational plant infrastructure. Drilling is designed to test the down dip extension of the structure at depth, east of the Taitao Pit, and below the underground resource component of the 2020 Inferred Mineral Resource3. The drilling will also be targeting the interpreted potential down dip extension of high-grade mineralisation intersected in historical shallow drilling (between 1995-2007) and a series of exploration and minor development tunnels. Results from this drilling (Appendix 2) include:5

► RLV-128A:

► 10m @ 28.21 AuEq1 (25.79 g/t Au, 181.5 g/t Ag) from 81m

including: 3m @ 58.64 AuEq1 (55.14 g/t Au 263.0 g/t Ag) from 87m

►

BPR134:

► 3m @ 8.98 g/t AuEq1 (4.45 g/t Au, 340 g/t Ag) from 107m

• 4 Based on Mandalay Resources Corporation, Cerro Bayo Mine NI 43-101 Technical Reports dated May 14, 2010. & March 21, 2017 Report #2699

• 5 Details regarding the reporting of these historical results can be found on page 7 of this report

• ► LV-33:

  ► 6.20m @ 14.85 g/t AuEq1 (12.57 g/t Au, 170.8 g/t Ag) from 8.80m

• ► CTA3-2

  ► 2.85m @ 14.21 g/t AuEq1 (8.66 g/t Au, 415.55 g/t Ag) from 2m

• ► UTH04

  • ► 2.38m @ 21.46 g/t AuEq1 (15.74 g/t Au, 428.93 g/t Ag) from 7.23m

    ►

    2.68m @ 25.32 g/t AuEq1 (16.31 g/t Au, 675.9 g/t Ag) from 47.08m

• ► BPR140

• ► 2.0m @ 13.73 g/t AuEq1 (7.78 g/t Au, 446.50 g/t Ag) from 117m

Holes CBD084 and CBD086 were drilled approximately 400m to the north of hole CBD082 for which approximately 50% of results remain outstanding. Interim results include:

• • CBD084

► 1.8m @ 4.42 g/t AuEq1 (3.95 g/t Au, 35.45 g/t Ag) from 175.61m

including 0.51m @ 11.06 g/t AuEq1 (10.3 g/t Au, 57.0 g/t Ag) from 175.61m

The styles of mineralisation and alteration within the Taitao Pit and that intersected in relatively shallow drilling to date are characteristic of the upper levels of a large, low-sulphidation type epithermal system and hence it is interpreted that compelling potential exists for grades to considerably improve at depth along the gently easterly dipping, normal fault complex.

Figure 1 - Plan view showing location of Taitao-Pegaso II- V targets, location of cross section A -A´(Figure 2) and historic underground mine workings and summary resources of the Delia, Dagny, Fabiola and Coyita Mines, and historic production of the Taitao Pit.

Figure 2 - A-A´Section view showing a summary of Equus and historic drill results, interpreted mineralisation and exploration targets along and at intersections of low and high angle splays for the Condor- Taitao -Pegaso I- III zones (west to east). All

individual gold and silver results are provided in Appendix 1.