Mr. Raj Chowdhry reports

ASIABASEMETALS INC. ANNOUNCES THE APPOINTMENT OF MR. BRUCE BRAGAGNOLO TO THE BOARD OF DIRECTORS OF THE COMPANY, AND THE GRANT OF STOCK OPTIONS

AsiaBaseMetals Inc. has appointed Bruce Bragagnolo to the board of directors of the company and granted stock options. Mr. Bragagnolo will also join the company's audit committee and compensation committee.

Mr. Bragagnolo is the executive chairman and a director of Regency Silver Corp., a Mexico-focused gold-copper-silver exploration company advancing its flagship wholly owned high-grade Dios Padre gold-copper-silver project in Sonora, Mexico. Regency Silver made a major gold-copper-silver discovery at Dios Padre in 2022. Mr. Bragagnolo is the co-founder and former chief executive officer of Timmins Gold Corp. (name changed to Alio Gold Inc.), which was a former plus-100,000-ounce-per-year gold producer. He is also the co-founder and the former chief executive officer of Silvermex Resources Ltd., a silver explorer which was acquired by First Majestic Silver in 2011 for a market capitalization of $175-million. Mr. Bragagnolo's strategic planning, business development, administration and financing abilities were instrumental in structuring and raising over $75-million in equity and debt for Timmins Gold and overseeing the growth of the company as it transitioned from junior developer to a plus-100,000-ounce-per-year gold producer with a peak market capitalization of over $450-million. Mr. Bragagnolo obtained a degree in law from the University of British Columbia and is a member of the Law Society of British Columbia.

"Having had the pleasure of knowing Bruce for almost 30 years, working with Bruce in the past, including previously on the board of AsiaBaseMetals, and the opportunity to follow his accomplishments, I'm sure the company will benefit from his knowledge and relationships as it moves forward to continue to build shareholder value for all shareholders," stated Raj Chowdhry, chairman of AsiaBaseMetals.

Deepak Varshney has tendered his resignation as a director of the company, effective immediately, in order to devote the time required for managing his other business commitments. Mr. Chowdhry said, "We appreciate what Deepak has contributed to the company and wish him all the best in his future endeavours."

Stock options

Subject to exchange approval, it has granted 250,000 stock options to certain directors of the company under the company's stock option plan. The stock options will be exercisable at a price of 20 cents per share for a period of five years from the date of grant and will vest immediately.

About AsiaBaseMetals Inc.

AsiaBaseMetals is a growth company focused on the exploration and development of base metals and precious metals. The company has a 100-per-cent-owned project in northeastern British Columbia, Canada -- the 1,996-hectare Gnome zinc-cobalt project in the prolific geological district known as the Kechika trough, a district hosting several zinc deposits. AsiaBaseMetals is led by a highly experienced executive management team that has a successful record of building shareholder value through exploration, corporate finance and mine development. AsiaBaseMetals trades on the TSX Venture Exchange under the symbol ABZ.