Equus Mining Limited announced further wide vein-breccia hosted high-grade gold and silver drill results from the recently defined large scale Appaloosa fault-breccia structure, which extends peripheral to the 1.4km long historic Taitao Pit. These new results are reported within an approximately 100m long extension of vein-breccia hosted mineralization which include previously announced high grade results of CBD082: 4.14m @ 17.9 g/t AuEq1 (11.0 g/t Au, 520.0 g/t Ag), CBD104: 4.89m @ 8.5 g/t AuEq (4.31 g/t Au, 313.9 g/t Ag) and 7.44m @ 5.68 g/t AuEq (4.59 g/t Au, 81.57 g/t Ag). This zone is optimally located approximately 300m north of the Cerro Bayo processing plant infrastructure.

These results report to a newly defined mineralized zone located outside the December 2020 Taitao Inferred Mineral Resource Estimate of 302koz AuEq (2020 MRE) and will likely extend the potential of the MRE to the east and at depth. Complete results have now been received for previously reported holes up to CBD104 and for a further 15 holes (CBD105-CBD0119) completed to date along an approximate 150m long, north-south trending extension of the Appaloosa fault complex, 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- 30m wide, low-angle (30-45°) easterly dipping Appaloosa Fault complex, both along strike and down dip, of the previously reported holes CBD082: 4.14m @ 17.9 g/t AuEq and CBD102: 8.76m @ 8.05 g/t AuEq.

As previously reported, the westernmost surface expression of the Appaloosa vein-breccia complex is interpreted to broadly correspond to the historic 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)5 over pit dimensions of <35m depth x 30-200m wide x 1,400m length. The most significant results received over relatively broad intervals (refer to Appendix 1) were reported from the deeper intersections centred within approximately 80m north and south respectively from high grade results reported in hole CBD082, which define a broadly cohesive, high-grade envelope extending approximately +120m down dip to the east and which remains open at depth.

These results report to a newly defined mineralized zone located outside a previously interpreted Stockwork Vein domain of the existing maiden December 2020 Taitao Inferred Mineral Resource Estimate of 302koz AuEq 6. The new results extend well beyond the limits of the 2020 MRE to the east and at depth. The intercepts in holes CBD115, CBD117 and CBD119 represent interpreted extensions to the high-grade vein-breccia intersected in previously reported holes including CBD082 of 4.14m @ 17.9 g/t AuEq1 (11.0 g/t Au, 520.0 g/t Ag)2. The chalcedonic texture of veining and breccia matrix intersected in the Appaloosa Fault in holes drilled on this structure to date is commonly characteristic of lower temperature and hence upper levels of low-sulphidation type epithermal systems. The Pegaso II target structure, defined approximately 450-500m east of current drilling along the Appaloosa Fault, is interpreted to represent the higher level, north-west extension of the nearest historic mine, Delia NW, and possibly represents a sub- vertical splay, emanating at depth, off the east dipping Appaloosa Fault complex. Vein hosted mineralization mined from the Delia NW mine (hosting approximately 200,000 Oz AuEq @ 5.92 g/t AuEq in mined and remaining resources5) was emplaced throughout an approximate 150m vertical interval between lower and higher elevations respectively, of approximately 50m to 200m RL.

Importantly, the latter upper level of the Delia NW mine resources sits approximately 100m below the deeper intercepts drilled to date in holes CBD104-CBD119, at approximately 300m RL. Furthermore, veining at Delia NW is characterized texturally by higher temperature saccharoidal quartz than that observed from veining intersected in drilling to date on the Appaloosa breccia structure. The comparative distribution of vein textures observed in the Appaloosa Faut drilling and Delia NW also suggests potential for increases in grade with depth down dip along the Appaloosa Fault.

Based on these observations, the company believes that numerous highly prospective, deeper drill targets exist along the full extent of the large-scale Appaloosa Fault structure, particularly at the intersections with the various Pegaso structures and other subsidiary fault splays. Current drilling is focused along a +500m long portion of the host fault complex broadly extending from hole CBD104 to approximately 200m south of the operational plant infrastructure. Drilling is designed to test for high grade mineralized ore shoots along the down dip extensions of the Appaloosa Fault structure, east of the Taitao Pit, and beyond the limits of the 2020 MRE6.