June 7, 2016

Research #12Gold Mining in BrazilNickel Exploration in Canada

Equitas secures innovative funding for an unique

opportunityYesterday, Equitas Resources Corp. was halted at the open and disclosed today to have signed a long-term funding agreement with CRH (Cartesian Royalty Holdings Pte. Ltd., an affiliate of Cartesian Capital Group, a global private equity fund managing in excess of $2.5 billion USD). When you look around in today’s gold space, this $6 million USD deal is quite “innovative”, as CEO Chris Harris called it. However it is more than that, it’s quite generous and highly advantageous for Equitas. The company is now in the enviable position to have attracted a committed and strong financial partner for the long haul, which will not only result in advancing to production quicker than expected but also with less risks for shareholders. With this long-term funding agreement in place, Equitas will also be ready, willing and able for further acquisition opportunities in Brazil. Today’s deal provides strong protection against future shareholder dilution over the next 5 years, during which time the $6 million USD is expected to more than cover the projected development and acquisition expenditure for its Cajueiro Gold Mining Project in the Mato Grosso and Para states of Brazil.

Company Details

Equitas Resources Corp.1450 - 789 W Pender StreetVancouver, BC, Canada V6C 1H2Phone: +1 604 681 1568 Email: skingsley@equitasresources.comwww.equitasresources.com

Shares Issued & Outstanding: 213,819,243

Canadian Symbol (TSX.V): EQTCurrent Price: $0.08 CAD (June 6, 2016)Market Capitalization: $17 million CAD

German Symbol / WKN: T6UN / A12CWKCurrent Price: €0.056 EUR (June 6, 2016)Market Capitalization: €12 million EUR

Chart Canada (TSX.V)

Chart Germany (XETRA)

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he proceeds of today’s gold prepayment facility will be focused on Equitas’ near- and

medium-term development program at its Cajueiro Gold Project, including the proposed CIL (Carbon in Leach) intended to be developed later this year, as well as overhead costs. The proceeds of the equity placement are intended to be applied to future exploration, overhead costs, and new projects.

A similar gold production funding deal was made in February 2016 between CRH and K92 Mining Inc. (current market capitalization: $93 million CAD):

CRH has committed to provide K92 with up to $4.8 million USD over 4 tranches in exchange for a percentage of gold produced at Irumafimpa over a 36 month period, subject to a minimum of 18,000 ounces of gold and a maximum of 20,000 ounces of gold.

CRH has commited to provide Equitas with up to $5 million USD in exchange for a percentage of gold produced at the Cajueiro (and other gold projects in Brazil) for a minimum of 10,500 ounces of gold and a maximum of 11,500 ounces of gold.

On top of that, CRH will invest $1 million USD in equity of Equitas at $0.07 CAD, which will be locked away in escrow for 18 months (Warrants 24 months).

Although this funding represents only a relatively small deal for the $2.5 billion CRH fund, it must have been done primarily thanks to Equitas’ CEO, Chris Harris, and his vision to create significant shareholder value.

Peter Yu, Founder and Managing Partner of Cartesian Capital Group, commented today:

“CRH and Equitas share a similar phil-osophy in developing highly scalable

gold assets with near-term production and low all-in sustaining costs. We

are excited to be partners with Chris Harris and the team at Equitas in this unique opportunity in Brazil, and look forward to helping grow the business

with a focus on efficient and profit-able gold production.”

Chris Harris, President and CEO of Equitas, stated today:

“We are very pleased to have agreed this innovative financing with Peter Yu and the team from CRH. The funding

provided secures the near- and medium-term growth plans of Equitas,

and helps us in the transformation

to become a profitable, cash-flow generating, self sustaining mid-tier gold producer in Brazil. One with a

significant development portfolio, and the financial means to support further

development. We look forward to working together with Cartesian on building the value of Equitas for its

shareholders.”

Research #12 | Equitas Resources Corp.

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Equitas is building a new gold produ-cer in Brazil and has a near-term “fast track” growth plan. The business model is based on a multi-phase development plan which is aimed at fast payback for each phase. The goal is clearly to be-come self-sustaining and further derisk the project and shareholders’ interests.The potential for resource expansion at Cajueiro is exceptionally high. The iden-tified mineralized zones are open and Equitas will maximize on this, whereas exploration drilling and trenching has commenced recently in May (currently drilling the surface oxide zones of Cajue-iro’s Baldo Zone).

According to an interview with Chris Harris, Brazil offers tremendous oppor-tunities at the moment, especially for such low-cost, close to surface gold de-posits amenable for rapid development and expansion. For example, Equitas’ drilling costs currently stand at less than US$100 per meter (a fraction of the costs a few years ago or when compared to North America), whereas the capital costs for the gravity plant have fallen by more than 50% over the last year. Such cost compressions in Brazil will result in much faster payback periods and higher profitability.

The gravity plant is expected to cost $300,000 and has a general production capacity of roughly 3,000 oz gold annual-ly. Hence with gold selling for US$1,200, Equitas could generate US$300,000 monthly by the end of this summer.

The annual production capacity of a CIL plant (~$2 million) is roughly between 10,000 and 12,000 oz gold. Potentially, 1 CIL plant and 1-2 gravity plants could be added each year for the next 4 years, re-sulting in an annual output of >50,000 oz.

This significant growth potential over the next few years is providing shareholders with an exciting oppor-tunity as Equitas is currently valued at $17 million CAD.Today, Equitas’ management has proven once again to be exceptionally well-connected, set-ting the stage for a second-to-none success-story in the gold space.

Research #12 | Equitas Resources Corp.

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About Equitas Resources Corp.

Equitas Resources Corp.’s objective is to create shareholder value through new mineral discoveries and through expansion of current gold mining operations. With a strong management team in place and excellent strategic partners to support the company‘s success, Equitas is primed to become a cashflow positive company while proving substantial blue-sky resource potential.

Analyst Coverage:

Research #11 “Equitas starts drilling to prove up more gold for production“ (May 26, 2016)

Research #10 “Ready to make money as an incrementally growing gold miner“ (April 27, 2016)

Research #9 “Equitas Acquires Turnkey Gold Mine For Near-Term Cash Flow Growth Whi-le Getting Ready For Garland Nickel Explora-tion“ (January 15, 2016)

Research #8 “The Pathway To Discovery“ (December 16, 2015)

Research #7 “Voisey‘s Bay 2.0“ (October 21, 2015)

Research #6 “Equitas Starts Drilling and Triggers Buying Rush“ (September 24, 2015)

Research #5 “Kingsley Arrives at Equitas‘ Garland Base Camp“ (September 10, 2015)

Research #4 “Early Warning Report on Equitas Resources“ (September 2, 2015)

Research #3 “Beyond Our Wildest Dreams (Revisited)“ (June 26, 2015)

Research #2 “King & Makela Identify 9 Knock-Your-Socks-Off-Targets near Voisey`s Bay Nickel Mine“ (May 13, 2015)

Research #1 “Vale Vale! Ex-Vale‘s Principal Geologist and Chief Geophysicist on the Case to Answer the Multi-Billion-Dollar-Question“ (April 20, 2015)

Research #12 | Equitas Resources Corp.

Vancouver Commodity ForumJune 14, 2016 at Hyatt Regency Hotel in Vancouver

Click Here to Register

Exhibitors:

92 Resources Corp. (TSX.V: NTY; Frankfurt: R9G2)ALX Uranium Corp. (TSX.V: AL; Frankfurt: 6LLN)Arctic Star Exploration Corp. (TSX.V: ADD; Frankfurt: 82A)Aurvista Gold Corp. (TSX.V: AVA; Frankfurt: AVA2)Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L1)Canadian Zeolite Corp. (TSX.V: CNZ ; Frankfurt: ZEON)Commerce Resources Corp. (TSX.V: CCE; Frankfurt: D7H)Copper North Mining Corp. (TSX.V: COL; Frankfurt: 79M)Dunnedin Ventures Inc. (TSX.V: DVI; Frankfurt: 5DD)Electra Stone Ltd. (TSX.V: ELT; Frankfurt: 44E1)Equitas Resources Corp. (TSX.V: EQT; Frankfurt: T6UN)Group Ten Metals Inc. (TSX.V: PGE; Frankfurt: 5D31)MGX Minerals Inc. (CSE: XMG; Frankfurt: 1MG)Nevada Clean Magnesium Inc. (TSX.V: NVM; Frankfurt: M1V)Nickel One Resources Inc. (TSX.V: NNN; Frankfurt: 7N1)NRG Metals Inc. (TSX.V: NGZ; Frankfurt: OGPN)Scandium Int. Mining Corp. (TSX.V: SCY; Frankfurt: 0E6)True Leaf Medicine Int. Ltd. (CSE: MJ; Frankfurt: TLA)Umbral Energy Corp. (CSE: UMB; Frankfurt: 2UE)Vatic Ventures Corp. (TSX.V: VCV.H)Voltaic Minerals Corp. (TSX.V: VLT; Frankfurt: 2P61)Zimtu Capital Corp. (TSX.V: ZC; Frankfurt: ZCT1)

Program:

12:00 pm: Exhibitor floor opens

1:00 pm: Welcome from Dave Hodge, President of Zimtu Capital Corp.

1:10 pm: Participant company introductions by Dave Hodge and Sven Olsson

1:30 pm: Joe Martin (Cambridge House International): The difference between exploration and mining, and the importance of Vancouver

1:40 pm: John Kaiser (Kaiser Researcb Online): “Criticality of Supply” and how it effects world prices, demand, and the ability to use that to your advantage in the market place

2:10 pm: BREAK - Networking with refreshments

3:00 pm: Stephan Bogner (Rockstone Research): How European markets impact Canadian markets

3:20 pm: John Hykawy (Stormcrow Capital): Demand & Pricing for lithium, cobalt and other battery materials

3:50 pm: Gerry McCarvill (Aurvista): Hedging the metals mar-kets - How to contain the large down drafts of the last 5 years 4:00 pm: Chris Berry (Disruptive Discoveries Journal): The future of lithium

4:30-6:00 pm: Networking Session with refreshments

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Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that base and precious metal prices are expected to rebound; that Equitas Resources Corp. or its partner(s) can and will start exploring further; that exploration has or will discov-er a mineable deposit; that the company can raise sufficient funds; that any of the mentioned mineralization indications or estimates are valid or economic. Such state-ments involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ ma-terially from those anticipated in these for-ward-looking statements. Risks and uncer-tainties respecting mineral exploration and mining companies are generally disclosed in the annual financial or other filing docu-ments of Equitas Resources Corp. and similar companies as filed with the relevant secur-ities commissions, and should be reviewed by any reader of this report. In addition, with respect to Equitas Resources Corp., a number of risks relate to any statement of projection or forward statements, including among other risks: closing of the proposed transaction with Alta Floresta Gold Ltd.; the receipt of all necessary approvals and per-mits; the ability to conclude a transaction to start or continue exploration; uncertainty of future base and precious metal prices, cap-ital expenditures and other costs; financings and additional capital requirements for ex-ploration, development, construction, and operating of a mine; the receipt in a timely fashion of further permitting for its legisla-tive, political, social or economic develop-ments in the jurisdictions in which Equitas Resources Corp. carries on business; oper-ating or technical difficulties in connection with mining or development activities; the ability to keep key employees, joint-venture partner(s), and operations financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking infor-mation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered brok-er-dealers or financial advisors. Before in-vesting in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s re-port, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the au-thor’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by Equitas Resour-ces Corp., the author’s employer Zimtu will benefit from appreciation of Equitas Resour-ces Corp.’s stock price. The author does NOT own any shares or other kinds of interests or securities of Equitas Resources Corp., how-ever he owns shares of Zimtu Capital Corp. and thus would also benefit from volume and price appreciation of its stocks. Equitas Resources Corp. may have one or more common directors with Zimtu Capital Corp. Thus, multiple conflicts of interests exist. Therefore, the information provided here-within should not be construed as a finan-cial analysis but rather as advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Equitas Resources Corp. has not reviewed this content prior to publication. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages in-cluding this report in form of a PDF. By using this website and/or report, and wheth-er or not you actually read the Disclaim-er, you are deemed to have accepted it.

Analyst Profile and Contact:

Stephan Bogner (Dipl. Kfm., FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #12 | Equitas Resources Corp.