Mr. Raj Chowdhry reports

ASIABASEMETALS INC. ANNOUNCES APPOINTMENT OF MR. SORIN POSESCU AND MR. AKBAR HASSANALLY TO THE ADVISORY BOARD OF THE COMPANY AND GRANTING OF STOCK OPTIONS

AsiaBaseMetals Inc. has appointed Sorin Posescu and Akbar Hassanally to the advisory board of the company.

Advisory board members

Mr. Posescu is a registered professional geologist with the Association of Professional Engineers and Geologists of British Columbia, Alberta and Ontario. Mr. Posescu has served on multiple boards as director for both private and publicly traded resource development companies and has extensive experience in M&A (mergers and acquisitions) and a strong background in project valuation.

Mr. Hassanally is the founder and managing director of Mondo Capital Partners Inc. Mr. Hassanally has over 30 years of experience in capital markets, including working with high-net-worth, corporate and global institutional clients.

Raj Chowdhry, chief executive officer, stated: "It is my pleasure to welcome Mr. Posescu and Mr. Hassanally to the advisory board of AsiaBaseMetals Inc. Mr. Posescu and Mr. Hassanally join the company's already-impressive advisory board, comprised of Mr. Joe Piekenbrock, Mr. Bob Jacko, Mr. Yuvraj Solanki, Mr. Kashmir Heed and Andrew Bowering."

Stock options

The company, subject to approval from the TSX Venture Exchange, has granted 400,000 incentive stock options to consultants of the company under the company's stock option plan.

The options were granted at an exercise price of 20 cents. The options are exercisable for a five-year term, expiring on Nov. 2, 2028.

Corporate update

The company, pursuant to the terms set out in the option agreement dated March 30, 2023, between AsiaBaseMetals (the optionee) and 2758145 Ontario Ltd. (the optionor), covering three properties (the Robbins Lake property, the Moosetrack Lake property and the Cedar River property), has terminated the option on two properties (the Robbins Lake property and the Moosetrack Lake property), effective Oct. 24, 2023. The company is moving forward with the option on the Cedar River property.

About AsiaBaseMetals Inc.

AsiaBaseMetals, a company focused on advancing its projects in the mining sector and developing and evaluating additional opportunities, is led by an experienced and successful business and mining team. The company is advancing its 100-per-cent-owned Gnome zinc/cobalt project in world-class mining district in Canada, one of the safest and mining-friendly districts in the world. In addition, the company is seeking to further diversify its portfolio, with special attention directed to advanced acquisition targets in the Americas, Asia and Africa for base metals (copper), alkali metals (cobalt and lithium) and precious metals (gold and silver).