Mr. John Florek reports

EMPEROR METALS INTERCEPTS 11.7 METRES OF 5.63 G/T GOLD AT THE DUQUESNE WEST GOLD PROJECT IN QUEBEC

Emperor Metals Inc. has released initial assay results from its summer 2023 drilling campaign at the Duquesne West gold project. Drilling continues and, with the recent completion of hole DQ23-06, it has reached 5,500 metres of the planned 8,000-plus metres.

Highlights:

• 11.7 metres of 5.6 grams per tonne (g/t) gold (Au), including 5.8 m of eight g/t Au in DQ23-01;
• Partial assays for holes DQ23-01 and DQ23-02 have increased confidence to add ounces;
• Potential to grow the historical resource of 727,000 ounces of gold at a grade of 5.42 g/t Au;
• The grade and thickness seen in DQ23-01 exceed the average thickness and grade of the deposit, exhibiting bulk minable widths and grade continuity within the zone and with other intercepts of mineralization, which suggests there may be potential for future mining.

John Florek, chief executive officer, commented:

"We are situated in a Tier 1 district, with convenient access to multiple mills and infrastructure within a mere half-hour drive. This proximity holds immense promise for the future economics of our deposit. Our strategic location near the Rouyn-Noranda mining district of Quebec also opens up numerous possibilities for further growth and exploration at the edges of the high-grade Duquesne West gold deposit.

"The 2023 drilling program is focused primarily on adding ounces to our model by targeting data gaps along plunge lines internal and external to the deposit. Generally, we are seeing an increase in grades and thickness from what our model was predicting. This confirms that enhancing the model's grade is possible by targeting plunge lines which control mineralization. This is expected to yield a more robust grade and footprint, which could enhance future resource estimation and valuation of the Duquesne West deposit.

"Multiple zones are providing multiple opportunities to delineate ounces. For instance, the grade and thickness seen in DQ23-01 exceeds the average thickness and grade of the deposit. Most importantly, it is continuous with other intercepts of mineralization and shows no internal dilution, which could be ideal for developing future mining scenarios.

"The large interval of low-grade, continuous mineralization at hole DQ23-02 is similar to intervals reported at the nearby Goldex mining operation owned by Agnico Eagle (average grade of 1.62 g/t gold for contained gold of 3.3 Moz [million ounces] Au, per Agnico website). With the existing regional infrastructure, there is a unique opportunity to examine underground low-grade bulk-tonnage scenarios at Duquesne West. This encourages examination of the near-surface open-pit potential above a high-grade gold deposit, which was never properly considered by previous explorers. We intend to examine the potential for defining a bulk-tonnage, near-surface, open-pittable gold deposit by assaying available historical core that was previously un-assayed. The emergence of various low-cost potential mining scenarios suggests that a path to a multimillion-ounce potential may exist at Duquesne West."

Summary of initial drill results

Due to multiple zones of mineralization, there are several promising drill targets for the initial program. By utilizing one drill rig, the exploration team has had sufficient time to consider and adapt to new and exciting or unexpected results, like those seen in hole DQ23-02.

DQ23-01 was an infill drill hole designed to intersect a lower-grade area within an identified higher-grade shoot. It intersected 50-per-cent higher grade (11.7 m of 5.6 g/t Au) than predicted by the model, which will help to increase the local grade and add ounces internally to the deposit.

DQ23-02 was a stepout hole at a core depth of 540.25 m on the eastern margin of a mineralized zone, with an intersection (10.65 m of 3.97 g/t Au) that is expected to extend the footprint of mineralization. The grades and thickness intersected were as expected.

Lab results for other mineralized zones intersected in holes DQ23-01 and DQ23-02 are in progress. Partial assays for initial results at holes DQ23-01 and DQ23-02 have increased confidence to add ounces to the Duquesne West deposit.

In addition to the exciting grade and robust thickness of hole DQ23-01 (11.7 m of 5.6 g/t, including 5.8 m of eight g/t Au), two zones of mineralization were encountered in hole DQ23-02, including an unexpected broad, continuous zone of mineralization at the bottom of DQ23-02, with assays yielding 25 m of 1.69 g/t Au. This hole will be recollared to drill it deeper -- results are pending.

DQ23-02 also had an unexpected intersection (25 m of 1.69 g/t Au) at a core depth of 814 m that was lateral to an identified quartz-feldspar porphyry dike swarm, with dikes ranging from a few metres to tens of metres. Incomplete historical sampling was performed on nearby drill holes. This hole adds an intriguing new scenario to the potential opportunities for enhancing the resource potential at Duquesne West.

Samples were sent to SGS Laboratories in Lakefield, Ont.

Quality assurance/quality control

Quality assurance/quality control (QA/QC) was conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best practices guidelines for exploration-related activities conducted at its facility in Rouyn Noranda, Que. The QA/QC procedures are overseen by a qualified person on site.

Emperor Metals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream totalling approximately one QA/QC sample per seven samples. Drill core is cut in half with a diamond saw, with one-half placed in sealed bags with appropriate tags, and shipped to the SGS Lakefield laboratory, and the other half retained on site in the original core box. A dispatch list consists of 88 or 176 samples, along with their corresponding QA/QC samples for a single batch. This allows complete batches (88 samples) for fire assay. A file for sample tracking records tags used and weights of sample bags shipped to the SGS Lakefield. Shipment is done by Manitoulin Transport with co-ordination by Technominex staff in Rouyn-Noranda.

The third party laboratory, SGS prep laboratory in Lakefield, Ont., processes the shipment of samples using standard sample preparation (code PRP91) and produces pulps from the specified samples. The pulps are then sent off to SGS Burnaby for analysis. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility, all the way to analysis at the SGS laboratory in Burnaby, B.C.

Analytical testing is performed by SGS laboratories in Burnaby, B.C. The entire sample is crushed to 75 per cent passing two millimetres (mm), with a split of 500 grams pulverized to 85 per cent passing 75 microns. Samples are then analyzed using Au-ore-grade 50 g fire assay, ICP-AES (inductively coupled plasma atomic emission spectroscopy) with reporting limits of 0.01 part per million to 100 ppm. High-grade gold analysis based on the presence of visible gold, or a fire assay result exceeding 100 ppm, are analyzed by Au-metallic screening with one kilogram screened to 106 micrometres, 50 g fire assay, gravimetric, AAS (atomic absorption spectroscopy) or ICP-AES of entire plus fraction and duplicate analysis of minus fraction -- reporting limit 0.01 ppm.

About the Duquesne West gold project

The Duquesne West gold property is located 32 kilometres northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi greenstone belt in the superior province.

Under an option agreement, Emperor agreed to acquire a 100-per-cent interest in a mineral claim package comprising 38 claims covering approximately 1,389 hectares, located in the Duparquet township of Quebec (the Duquesne West property) from Duparquet Assets Ltd., a 50-per-cent-owned subsidiary of Globex Mining Enterprises Inc. For further information on the Duquesne West property and option agreement, see Emperor's press release dated Oct. 12, 2022, available on SEDAR.

The property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au. The mineral resource estimate predates modern CIM guidelines and a qualified person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

Reinterpretation of the existing geological model was created using artificial intelligence (AI) and machine learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

Qualified person disclosure

The technical content for the Duquesne West project in this news release has been reviewed and approved by Mr. Florek, MSc, PGeol, a qualified person pursuant to CIM guidelines.

About Emperor Metals Inc.

Emperor Metals is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield.

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