Equus Mining Limited announced 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 AuEq 1 (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 AuEq 3. 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 117.36m 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 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.