Mr. John Wilton reports

BEMETALS DRILLING RESULTS DEFINE TARGET ZONES WITHIN SETA VEIN AND IDENTIFY CORRIDOR OF GOLD MINERALIZATION AT KATO PROJECT IN JAPAN

Bemetals Corp. has released a batch of recent assay results from its continuing drilling program at the Kato gold project in Hokkaido, Japan.

Highlights of recent Kato drilling results:

• KT23-19:
  • Interval 1 -- 6.40 metres grading 1.74 g/t grams per tonne gold and 5.4 g/t silver:
    • Including 1.70 m grading 5.58 g/t Au and 11.5 g/t Ag.
  • Interval 2 -- 5.60 m grading 3.29 g/t Au and 7.9 g/t Ag:
    • Including one m grading 9.46 g/t Au and 17.6 g/t Ag;
    • Also including 0.43 m grading 9.65 g/t Au and 8.7 g/t Ag.
• KT23-20:
  • Interval 3 -- 13.55 m grading 1.19 g/t Au and 18.32 g/t Ag:
    • Including 1.95 m grading 3.55 g/t Au and 21.66 g/t Ag.
• KT23-18:
  • Interval 2 -- 10.54 m grading 1.28 g/t Au and 17.4 g/t Ag:
    • Including 1.37 m grading 4.48 g/t Au and 75.5 g/t Ag.
  • Interval 5 -- 6.70 m grading 2.48 g/t Au and 36.1 g/t Ag:
    • Including 1.90 m grading 7.50 g/t Au and 91.7 g/t Ag.
• KT23-17:
  • Interval 3 -- 3.60 m grading 2.12 g/t Au and 14.9 Ag:
    • Including one m grading 6.31 g/t Au and 17.8 g/t Ag.
  • Interval 6 -- 3.15 m grading 1.18 g/t Au and 7.7 Ag:
    • Including 0.75 m grading 3.32 g/t Au and 13.0 g/t Ag.

Intertek Testing Services completed the analytical work, with the core samples processed at its accredited laboratory in Manila, Philippines (see details in quality assurance/quality control section herein). Reported widths are drilled core lengths, as true widths are unknown at this time. Based on current data, it is estimated true widths range between 55 per cent to 65 per cent of the drilled intersections (see an attached table for details).

John Wilton, president and chief executive officer of Bemetals, stated: "This batch of drilling results includes intersections from both the Seta and Kamitake veins at our Kato project in Hokkaido, Japan. Combining these results with existing data has motivated targets with potential to further extend the higher-grade zones within the Seta vein. Drill testing of these high-grade target zones is in progress. This drilling also recognized other gold-bearing epithermal veins southwest of the Seta and Kamitake veins, which indicates a wide corridor of mineralization exists. KT23-17 returned eight mineralized zones, including some shallow depth intercepts, and is the company's southeasternmost drill hole to date. This suggests the Kato corridor hosting gold vein mineralization has dimensions at least 200 metres wide and 1.3 kilometres of strike extent. These factors confirm the large-scale potential of gold mineralization on the property."

Kato project drilling results

The company has released results from approximately 1,660 metres of drilling completed in six drill holes at the Kato project. This drilling has returned multiple zones of epithermal gold mineralization related to the Seta, Kamitake and other new vein zones intersected in the program to date.

Seta vein

These new assay results, when combined with previous Bemetals and historical results, have defined an interpreted target zone for higher-grade zones and shoots of gold mineralization within the Seta vein.

Drill hole KT23-19, approximately 400 metres along strike to the southeast from KT22-12, intersected the Seta vein in the transition zone, where the company observes both clay (kaolinite) overprint and pristine epithermal, gold-bearing quartz veins. The favourably textured quartz plus adularia vein zones in the KT23-19 Seta vein intersection are demonstrated by the included intervals of 9.46 g/t and 9.65 g/t gold over one metre and 0.43 metre, respectively. These occur within a broader, lower-grade zone where the Seta vein has been overprinted by clay alteration. Drill testing a target zone for potentially higher-grade gold mineralization below and along strike from the KT23-19 intersection is motivated. Hole KT23-19A was drilled as a wedged deflection from the KT23-19 mother hole and returned a comparable gold intersection of the Seta vein with the original hole (see an attached table for details).

Drill hole KT23-20 was targeted to intersect the Seta vein below hole KT22-13, which intersected the steam-heated zone, as previously reported, with a mineralized zone of 30 metres grading 0.47 g/t Au, including 5.25 metres grading 1.25 g/t Au. The tenor of the gold mineralization interval in KT23-20 is higher than that in KT22-13 to provide 13.55 metres grading 1.19 g/t Au, including 1.95 metres grading 3.55 g/t Au. The results of KT23-20, relative to its observed quartz vein textures, might suggest that the Seta vein, in certain areas, includes zones commonly referred to as shoots of higher-grade gold mineralization. Further drilling is required in such areas to better understand this control on the higher-grade.

KT23-16 intersected a unit known as black breccia at the targeted Seta vein elevation. This breccia is interpreted to postdate gold mineralization and disrupts the epithermal veins and gold grades in certain areas. This unit in KT23-16 includes fragments of gold-bearing vein quartz material, suggesting a more-consistent quartz vein could be developed below or adjacent to this intersection.

Kato corridor

These combined results, that now include KT23-17, and surface outcrop samples farther to the southeast outline a Kato corridor target that is 1.3 kilometres in strike by 200 m in width.

Drill hole KT23-17 was collared close to the outcrop of an extensive sinter unit. Such units represent the surface expression of epithermal systems, and their existence shows the full system is preserved. Examples of this mineralization are 3.60 metres grading 2.12 g/t Au and 14.9 Ag from 78.50 metres, including one metre grading 6.31 g/t Au and 17.8 g/t Ag as well as 3.15 metres grading 1.18 g/t Au and 7.7 g/t Ag from 146.45 metres, including 0.75 metre grading 3.32 g/t Au and 13.0 g/t Ag. The results from this drill hole indicate the extensive nature of the Kato corridor, with mineralized quartz veins and stockwork zones developed in both the upper sediment and andesite host units.

Assay results from quartz veins in KT23-18 returned an intersection of 10.54 metres grading 1.28 g/t Au and 17.4 g/t Ag, including 1.37 metres grading 4.48 g/t Au and 75.5 g/t Ag from 88.26 metres down-hole depth. This intersection does not correlate with either the Seta or Kamitake veins, but appears to be a new, relatively shallow zone of mineralization. An additional zone of mineralization in this hole of 6.70 metres grading 2.48 g/t Au and 36.1 g/t Ag from 229.60 metres, including 1.90 metres grading 7.50 g/t Au and 91.7 g/t Ag, is currently interpreted to lie between the Kamitake and Seta veins. KT23-18, however, did not reach the Seta vein target.

An attached table lists the gold intersections returned from drill holes KT23-16 to KT23-20 during the continuing 2023 drilling program at the Kato project.

Quality assurance/quality control

The new results reported herein for this core drilling program were analyzed by Intertek Testing Services, an independent and accredited laboratory. Samples were prepared and analytical work conducted in Manila, Philippines. The results were obtained using the following analytical methods, as appropriate, to determine the gold grades: FA50N/AA of 50 g fire assay with atomic absorption spectrometry finish, and FA50GR/GR of 50 g fire assay with gravimetric finish for overlimit samples exceeding 10 g/t Au. The core sampling was conducted with a robust sampling protocol that included the appropriate insertion of standard reference materials, duplicates and blanks into the sample stream.

Field operations and management have been conducted by Bemetals personnel. The core drilling was conducted by Energold Drilling.

About Bemetals Corp.

Bemetals is a precious metals and base metals exploration and development company focused on becoming a leading metal producer through the acquisition of quality exploration, development and potentially production-stage projects. The company has established itself in the gold sector with the acquisition of a portfolio of wholly owned exploration projects in Japan. Bemetals is also progressing its Tier 1 Pangeni copper exploration project in the prolific Zambian copper belt with co-financing investor JOGMEC (Japan Organization for Metals and Energy Security). Guiding and leading the company's growth strategy is a strong board and management team, founders and significant shareholders of the company, who have an extensive proven record of delivering exceptional value in the mining sector, over many decades, through the discovery, construction and operation of mines around the world.

Qualified person statement

The technical information in this news release for Bemetals has been reviewed and approved by John Wilton, CGeol, FGS, chief executive officer and president of Bemetals, a qualified person as defined under National Instrument 43-101.

We seek Safe Harbor.