Mr. John Florek reports

EMPEROR METALS INTERSECTS 10.8 METRES OF 15.8 G/T AU (INCLUDING 3.4 M OF 27.24 G/T AU); IDENTIFIES OVERLOOKED BULK TONNAGE OPEN PIT POTENTIAL AT DUQUESNE WEST GOLD PROJECT IN QUEBEC

Emperor Metals Inc. has released additional assay results from the continuing summer 2023 drilling campaign at the Duquesne West gold project. Drilling continues at the property and, with the recent completion of hole DQ23-13, drilling has reached 8,239 metres of a planned greater-than-8,000-metre program.

Highlights:

• 10.8 metres of 15.8 grams per tonne gold, including 3.4 m of 27.24 g/t Au in DQ23-05;
• Drilling confirms open-pit potential with bulk-tonnage grades in traditionally unsampled intervals, distinct from known underground potential;
• Intersections predicted to expand the historical resource of 727,000 ounces of gold at a grade of 5.42 g/t Au;
• Drilling confirms the reliability of strategic artificial-intelligence model -- for example, DQ23-05 exceeds the average thickness and grade of the deposit and extends the mineralization along plunge as predicted.

Chief executive officer John Florek commented: "What is so impressive is the robustness of mineralization we are encountering. Our findings suggest a shift from a sole focus on high-grade gold to also include an open-pit potential knowing that these thick, mineralized zones probably extend to the surface. Previous explorers were only focused on high-grade gold and ignored bulk-tonnage opportunities. An approximate estimate of 70 per cent of the historical core near surface has not been sampled.

"Our strategic direction now encompasses the development of both pit-constrained and underground resources, which has the potential to substantially elevate the project's prospects. The appeal of this property grows weekly as the assay results return from the lab.

"The application of our AI geological model has been pivotal in facilitating a deeper understanding and potential expansion of the deposit. We are committed to the continued growth of this deposit in collaboration with our investors, employing targeted drilling and innovative approaches. We are clearly envisioning the ability to develop a multimillion-ounce potential with the addition of multiple mining scenarios on the property.

"The proximity to multiple mills and infrastructure in a Tier 1 mining district makes this project highly valuable compared to its competitors."

Summary of drill results

The DQ23-05 intersection (10.8 m of 15.8 g/t Au) was designed to extend mineralization greater than 100 metres westward down plunge of high-grade mineralization. It intersected higher grade and thickness than predicted by the model, which will help to increase the grade and add ounces laterally to the mineralized stopes model.

Due to multiple zones of mineralization of both high-grade and lower-grade bulk tonnage, Emperor Metals has focused its remaining drilling toward the open-pit concept that has been envisioned over the 2023 summer drilling program. This is a significant milestone after examining the results of the 2023 drilling program, coupled with the lack of sampling in the near-surface historical drilling. The partial results and the visuals from the company's 2023 campaign suggest broader mineralized zones potentially amenable for open-pit mining (see an attached table and previous press release dated Sept. 12, 2023).

Initial exploration will strategically focus on a phase 1 pit design. This will allow the company to determine the economics as it progresses through the phases having the necessary assay results for resource evaluation. Currently, Emperor is sampling available, near-surface core that was not assayed by previous explorers located in the historical core library. Up to 70 per cent of this core has not been assayed.

Partial assays for these reported drill hole results continue to increase confidence to consider an open-pit potential to the Duquesne West deposit. Laboratory results for other mineralized zones intersected in holes DQ23-02, DQ23-03, DQ23-04 and DQ23-05 are in progress.

Samples were sent to SGS Laboratories in Lakefield, Ont.

Quality assurance/quality control

The quality assurance/quality control 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 laboratory. Shipment is done by Manitoulin Transport and co-ordination by Technominex staff in Rouyn-Noranda.

The third party laboratory, SGS preparation 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 in Burnaby, B.C. The entire sample is crushed to 75 per cent passing two millimetres, with a split of 500 g pulverized to 85 per cent passing 75 micrometres. Samples are then analyzed using ore-grade 50 g fire assay, ICP-AES with reporting limits of 0.01 part per million to 100 parts per million. High-grade gold based on the presence of visible gold or a fire assay result exceeding 100 ppm is analyzed by metallic screening, one kilogram screened to 106 micrometres, 50 g fire assay, gravimetric, AAS or ICP-AES of the entire plus fraction and duplicate analysis of the minus fraction. The reporting limit is 0.01 ppm.

Qualified person disclosure

The technical content for the Duquesne West project in this news release has been reviewed and approved by John 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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