Mr. John Florek reports

EMPEROR METALS INTERSECTS NEAR SURFACE MINERALIZATION; BUILDING BULK TONNAGE OPEN PIT POTENTIAL AT DUQUESNE WEST GOLD PROJECT IN QUEBEC

Emperor Metals Inc. has released additional assay results from the summer 2023 drilling campaign at the Duquesne West gold project. A total of 14 diamond drill holes have been completed which represents 8,579 metres.

Highlights:

• DQ23-09 intersects 13.2 metres (m) of 3.8 grams per tonne (g/t) gold (Au), including 5.6 m of 7.5 g/t Au in DQ23-09;
• Drilling confirms phase 1 open-pit potential;
• DQ23-09: 5.6 m of 7.5 g/t Au exceeds the average grade of the deposit;
• DQ23-06 intersected 5.2 metres of 2.1 g/t Au (including 1.2 m of 6.1 g/t Au);
• DQ23-06 expands mineralization down plunge over 0.5 kilometre from any known drill holes, implies additional inferred ounce potential.

Chief executive officer John Florek commented:

"With the recent development of identifying the open-pit potential on the property, holes DQ23-09 to 14 targeted the strategic vision to expand the phase 1 open-pit potential. DQ23-09 confirms that these high-grade lenses seen at depth are expressed at surface and could make very attractive stockpiles for delivery to nearby mills.

"Only an estimated 30 per cent of the core from historical drilling was sampled at surface by previous operators who did not examine the additional lower-grade bulk-tonnage material crucial to lowering the stripping ratio. As a result of recent work to locate and sample this material in the historical core library, more than 3,000 metres of additional sampling will be sent out for assays; sampling of historical core is ongoing.

"The intercept at DQ23-06 is very significant, since it expands the mineralization by an additional 0.55 km along strike and plunge, in an area of virtually no drilling. This area has potential to add significant ounces to this deposit.

"Our vision to develop a multimillion-ounce deposit with multiple mining scenarios on the property continues to progress. The proximity to multiple mills and infrastructure in a Tier 1 mining district makes this project highly valuable compared to any competitors."

Summary of drill results

DQ23-06 intersection (5.2 m of 2.1 g/t Au) was designed to extend mineralization over 500 metres eastward along strike and down plunge of high-grade mineralization. It intersected mineralization predicted by the model, which will help to potentially increase the grade and add ounces laterally to the mineralized stopes model.

DQ23-09 intersection (13.2 metres of 3.8 g/t Au (including 5.6 m of 7.5 g/t Au)) was designed to intersect near-surface mineralization to begin the strategic drilling of development of a potential area of development for a phase 1 open pit.

These partial results and the drill core visuals from the company's 2023 campaign suggest resource expansion within and outside the open-pit concept.

The open-pit concept shows an ultimate pit with a depth extent to 400 metres; the footprint is 1.8 km by 0.8 km. Initial exploration will strategically focus on the area of the phase 1 pit design. This will allow the company to determine the potential economics as it progresses through the phases having the necessary assay results for resource evaluation and eventually for economic evaluations. Currently, Emperor is sampling near-surface core from the historical core library that was not assayed by previous explorers. Up to 70 per cent of this core has not been assayed. So far, over 3,000 metres have been sampled and will be sent to the laboratory for analysis.

Partial assays for these reported drill hole results continue to increase confidence to consider an open-pit potential to the Duquesne West deposit. Full laboratory results for drill holes DQ23-01, 03, 04, 05 and 09 have been received. DQ23-09 was rushed through the laboratory to advance Emperor's understanding related to near-surface mineralization. Approximately 65 per cent of the assays have been returned from the laboratory; Emperor is still awaiting additional assays results. A total of 14 diamond drill holes were completed this summer on this property.

Quality assurance and quality control

Quality assurance and quality control (QAQC) were conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to 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 and 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 Burnaby, B.C., laboratory.

Analytical testing is performed by SGS laboratories in Burnaby, B.C. The entire sample is crushed to 75 per cent passing two millimetres, with a split of 500 grams pulverized to 85 per cent passing 75 microns. Samples are then analyzed using Au -- ore grade 50-gram fire assay, inductively coupled plasma atomic emission spectroscopy with reporting limits of 0.01 to 100 parts per million (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, one kilogram screened to 106 micrometres, 50-gram fire assay, gravimetric, atomic absorption spectroscopy or ICP-AES of entire plus fraction and duplicate analysis of minus fraction. Reporting limit is 0.01 ppm.

About the Duquesne West gold project

The Duquesne West gold property is located 32 km 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, 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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