Equus Mining Limited ('Equus' or 'Company') (ASX: EQE) is pleased to provide an update on its activities for the June 2023 Quarter.

During the quarter ended June 2023, the Group continued the cost base restructure of its Cerro Bayo Project in Chile and geological modelling and drill program design, geochemical sampling and mapping at the Companys principal exploration targets at the project.

CERRO BAYO PROJECT COST-BASE RESTRUCTURING

During the quarter ended June 2023, the Group continued the restructure of its Cerro Bayo project in Chile following the suspension of the stockpile processing announced on 17 October 2022, placing the processing infrastructure on care and maintenance whilst continuing exploration at the Cerro Bayo Project. The restructuring largely involved the termination of legacy operational staff who were retained as part of the project acquisition from Mandalay Resources on 1 December 2021. Further cost cutting measures are planned for the September and December quarters

CERRO BAYO PROJECT EXPLORATION

Continued geological modelling based on extensive re-logging of historic drill core was conducted to support followup drill program design for the highly prospective, large-scale Appaloosa breccia and high-grade Pegaso VII vein targets, which are optimally located within 2.5km from the turn-key 0.5Mt/yr Cerro Bayo flotation plant infrastructure. Additionally, geological mapping and geochemical sampling has been conducted throughout the underexplored, eastern portion of the Cerro Bayo mine district, centred within a 5km x 6km corridor that hosts a series of mines from which historical production during 2002-2008, achieved approximately 615Koz AuEq1,2 averaging 8.0 g/t AuEq1 . The final receipt and compilation of these results will be completed during the September quarter.

High-grade gold and silver drill results report to newly defined mineralized zones located outside the December 2020 Taitao Inferred Mineral Resource Estimate of 302koz4 AuEq (2020 MRE), approximately 500m north of the Cerro Bayo processing plant infrastructure. Further review of recent and historic drill data has highlighted the comparative distribution of differing vein textures observed in the Appaloosa breccia and those in deeper historic mines at Cerro Bayo indicates potential for increases in grade with depth down dip along the Appaloosa breccia. Follow-up drilling is designed to test multiple compelling targets at the interpreted intersection of potentially multiple splay veins and the lower angle, large scale Appaloosa breccia hosted mineralization at depth to the east of the 1.4km long Taitao Pit beyond the limits of the 2020 MRE4 , which remain largely underexplored to date

EQUUS MINING PROJECTS AND INTERESTS

Equus Mining (ASX: EQE) is a Sydney-based precious metals exploration Company with a focus on the Cerro Bayo Mine District, located in Southern Chile. With a collective 341km2 of prospective Gold-Silver landholdings, the Company's Flagship Cerro Bayo Project features a centrally located 1,500tpd Gold-Silver processing plant, tailings storage facility and power generation, and most of the stationary and mobile equipment required for a potential eventual restart of underground mine operations. The Cerro Bayo Project is located in a premier epithermal gold-silver producing geological province from which historical production of 645Koz Gold and 45Moz Silver7 was achieved at average grades of 5.42 g/t AuEq1 (2.81 g/t gold and 196 g/t silver), up until the mine's temporary closure in mid-2017. Equus sees compelling potential for expanding the resource base at Cerro Bayo and continues to be encouraged by results from its generative and exploration drill programs on its pipeline of highly prospective targets throughout Cerro Bayo.

Contact:

Tel: +61 400 852 245

Email: jbraham@equusmining.com

COMPETENT PERSON'S STATEMENT

The information in this report that relates to Exploration Results for the Cerro Bayo Project is based on information compiled by Damien Koerber. Mr Koerber is a fulltime employee to the Company. Mr Koerber is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Koerber has a beneficial interest as shareholder of Equus Mining Limited and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears

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