Equus Mining Limited announced further wide vein-breccia hosted high-grade gold and silver drill results from the recently defined large scale, east dipping fault structure, interpreted to extend peripheral to the 1.4km long historic Taitao Pit. These new results are located approximately 65m to the north 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 and 350m north of the operating Cerro Bayo processing plant. These results report to a new mineralized zone located outside the existing underground resource component of the maiden December 2020 Taitao Inferred Mineral Resource estimate of 302koz AuEq 3 and will likely extend the potential of the MRE to the east and at depth.

HIGHLIGHTS: TAITAO DRILL RESULTS: CBD102: 8.76m @ 8.05 g/t AuEq1 (4.9 g/t Au, 237.4 g/t Ag) from 70.44m, including: 1.25m @ 29.3 g/t AuEq1 (20.5 g/t Au, 667.0 g/t Ag) from 77.25m. CBD103: 29.91m @ 1.84 g/t AuEq1 (1.0 g/t Au, 63.5 g/t Ag) from 84.81m, including: 8.0m @ 3.53 g/t AuEq1 (1.4 g/t Au, 162.7 g/t Ag) from 84.81m, CBD104: 1.46m @ 12.1 g/t AuEq1 (6.46 g/t Au, 422 g/t Ag) from 83.99m, 4.89m @ 8.5 g/t AuEq1 (4.31 g/t Au, 313.9 g/t Ag) from 101.57m, including: 3.0m @ 12.81 AuEq1 (6.43 g/t Au, 478.4 g/t Ag) from 103.46m, 7.44m @ 5.68 g/t AuEq1 (4.59 g/t Au, 81.57 g/t Ag) from 117.46m, including: 2.23m @ 12.61 AuEq1 (10.34 g/t Au, 170.0 g/t Ag) from 119.88m. Operations have been impacted by inflationary pressures, particularly the 60% increase in diesel cost during H1-2022.

During the June 2022 quarter additional operating costs were also incurred with the installation of a hired screening plant and the performance of multiple test campaigns. Combined with slightly lower feed grades this resulted in negative cash flows from operations for the quarter. To attain the required cut-off grade to maintain a viable operation, Equus has implemented changes to the mining methodology and introduced pre-processing of feed material.

The pre-processing reduction of dilution was evaluated for different size fractions and for various feed sources. By the end of June 2022, operating parameters had been defined to optimise the screening plant's performance. The increase in the required cut-off grade and the pre-processing screen necessitated a mining methodology change.

A bulk benching configuration with higher efficiency was established by the end of the quarter, which increases total material movement and maximises feed development in the field. Importantly, the changes made during the quarter are expected to allow production to continue at full mill capacity, and optimisations in power, recoveries and mining method over the coming months are expected to further improve project economics. Routine site audits were recently conducted by several regulatory bodies, principally Health & Safety, Mining and Environment.

Compliance with all legal and material permit conditions was observed. TAITAO HIGH GRADE DRILL RESULTS: Partial results (approximately 40%) have been received from a further 9 holes (CBD096-CBD0104) completed to date along a broadly east-west section below the central eastern margin of the Taitao Pit. This drilling was focused on testing extensions of epithermal vein-hydrothermal breccia hosted in the 10-40m wide, low-angle (30-45°) easterly dipping fault (titled the Appaloosa Fault complex), both along strike and down dip, centered approximately 50m north of the previously reported hole CBD082 (4.14m @ 17.9 g/t AuEq1 (11.0 g/t Au, 520.0 g/t Ag)2. The westernmost surface expression of the Appaloosa vein-breccia complex is interpreted to broadly correspond to the Taitao Pit.

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. The most significant results received to date were reported from the deeper intersections along this section which define a broadly cohesive, high-grade envelope extending approximately +80m down dip and which remains open at depth. REPORTING OF HISTORIC RESULTS FROM CERRO BAYO PROJECT: The above historical results include exploration results collected between approximately 1995-2013.

The mining and exploration activity was undertaken up until approximately 2009 by Coeur d'Alene Mines Corporation (now Coeur Mining or "Coeur") and Mandalay Resources from 2010 to 2017. As per ASX requirements, Equus notes that a minor portion of the drill results dating prior to 2005 are not reported in accordance with the National Instrument 43.101 or JORC Code 2012; a competent person has not done sufficient work to disclose the corresponding exploration results in accordance with the JORC Code 2012; it is possible that following further evaluation and/or exploration work that the confidence in the prior reported exploration results may be reduced when reported under the JORC Code 2012; that nothing has come to the attention of Equus that questions the accuracy or reliability of the former owner's exploration results, but Equus is in the process of independently validating the former owner's exploration results and therefore is not to be regarded as reporting, adopting or endorsing those results.