Equus Mining Limited announced high-grade gold and silver drill results from hangingwall splay veins and the Appaloosa fault-breccia structure. The majority of the results report to a newly discovered, high-grade steeply dipping hangingwall splay adjacent to the Appaloosa fault-breccia. These results report to newly defined mineralized zones located outside the December 2020 Taitao Inferred Mineral Resource Estimate of 302koz AuEq (2020 MRE) and are located only 500m north of the Cerro Bayo processing plant infrastructure.

Follow-up drilling will be focused along a +1km long portion of the host fault-breccia extending east of the 1.4km long Taitao Pit, beyond the limits of the 2020 MRE. Drilling is designed to test for further high grade mineralized ore shoots principally at the intersection of the down dip extension of the Appaloosa fault- breccia and hangingwall splay veins of the Pegaso structures. Results for a further 18 holes were received (CBD120 to CBD137) which were drilled along an approximate 450m long north-south extension of the Appaloosa fault-breccia, below and to the east of the central portion of the Taitao Pit.

This drilling was focused on testing extensions of vein-hydrothermal breccia hosted in the 10-30m wide, easterly dipping (35-45°) Appaloosa fault-breccia, both along strike and down dip, and subvertical splay veins in the hangingwall to the Appaloosa Fault- Breccia. As previously reported, the westernmost surface expression of the Appaloosa fault-breccia is interpreted to broadly correspond to the historic Taitao Pit. The following results relate to a newly discovered, steeply north easterly dipping high grade epithermal vein along an approximate 160m long horizontal extension representing a hangingwall splay adjacent to the Appaloosa fault-breccia.

Results include: CBD130: 1.95m @ 5.92 g/t AuEq2 (3.73 g/t Au, 164.4 g/t Ag) from 170.93m including 0.94m @ 10.27 g/t AuEq2 (6.5 g/t Au, 283 g/t Ag) from 170.93m. CBD131: 0.7m @ 6.11 g/t AuEq2 (1.76 g/t Au, 326 g/t Ag) from 92.38m. CBD132: 0.64m @ 5.18 g/t AuEq2 (4.01 g/t Au, 88 g/t Ag) from 187.08m.

CBD133: 1.54m @ 8.32 g/t AuEq2 (3.80 g/t Au, 339.2 g/t Ag) from 109.2m including: 0.54m @ 37.68 g/t AuEq2 (8.1 g/t Au, 2221 g/t Ag) from 110.2m. CBD134: 1.43m @ 23.9 g/t AuEq2 (19.0 g/t Au, 367.8 g/t Ag) from 140.55m including 0.55m @ 61.4 g/t AuEq2 (48.9 g/t Au, 937 g/t Ag) from 140.55m. This is currently the most northwestern hole testing this vein for which it remains open to the north-northwest towards the northern portion of the Taitao pit for approximately 200m.

CBD137: 1.64m @ 6.83 g/t AuEq2 (3.55 g/t Au, 245.9 g/t Ag) from 162.56m including 0.67m @ 13.32 g/t AuEq2 (5.68 g/t Au, 573 g/t Ag) from 162.56m. CBD125 comprises the southernmost hole collared approximately 100m north of the flotation plant for which results include 1.15m @ 9.56 g/t AuEq2 (6.72 g/t Au, 213 g/t Ag) from 126.01m. The CBD125 interval relates to a northeast dipping hangingwall splay vein which remains open at depth and along strike to the southeast.

Anomalous Au and Ag values were returned from a 7.2m wide interval corresponding to the Appaloosa fault-breccia intersected at 302.9m. Significant results were also received from relatively shallow extensions of the east dipping Appaloosa fault-breccia, approximately 100m to the east of the historic Taitao Pit, which include: CBD120: 3.5m @ 2.9 g/t AuEq2 (2.0 g/t Au, 66.4 g/t Ag) from 44.98m including: 0.93m @ 4.53 g/t AuEq2 (4.17 g/t Au, 27 g/t Ag) from 47.52m. This interval sits at the top and is included in a 27.04m downhole interval of hydrothermal brecciation grading 0.70 g/t AuEq2 (0.52 g/t Au, 13.12 g/t Ag).

High-grade intercepts of breccia and stockwork veining related to the Appaloosa fault-breccia were reported from holes including: CBD130: 1.76m @ 4.5 g/t AuEq2 (1.87 g/t Au, 197.4 g/t Ag) from 246.35 including 0.54m @ 13.48 g/t AuEq2 (5.05 g/t Au, 632 g/t Ag) from 247.57 m. This interval is hosted in a 8.23m wide zone of hydrothermal brecciation grading 1.30 g/t AuEq2 (0.67 g/t Au, 47.22 g/t Ag). CBD132: 0.47m @ 16.71 g/t AuEq2 (13.1 g/t Au, 272 g/t Ag) from 260.74m CBD137: 11.35m @ 0.58 g/t AuEq2 (0.39 g/t Au, 14.1 g/t Ag) from 195.31m. All holes drilled to date on the large scale Appaloosa fault-breccia have intersected mineralised brecciation over true thickness intervals of between 8m to 25m emplaced on the major normal fault contact between the two main rock types of the upper Coigues and lower, more competent Temer Formation.

The texture of veining and breccia matrix intersected in the Appaloosa fault-breccia is commonly characteristic of lower temperature and higher elevation in low-sulphidation epithermal systems. The Pegaso II Target, is interpreted to represent the higher level, north-west extension of the Delia NW Mine, and possibly represents a sub-vertical splay, emanating at depth, off the east dipping Appaloosa Fault. Importantly, the upper levels of the Delia NW mine sits approximately 50m below the deeper intercepts drilled to date, at approximately 280m RL. Furthermore, veining at Delia NW is characterized texturally by higher temperatures than those observed from veining intersected in drilling to date on the Appaloosa breccia structure.