Mr. John Wilton reports

BEMETALS IDENTIFIES SEVERAL HIGHER-GRADE COPPER TARGET ZONES FROM RESULTS OF 2023 SHALLOW AIRCORE PROGRAM AT THE D-PROSPECT, PANGENI PROJECT, ZAMBIA

Bemetals Corp. has released significant results from its 2023 air core campaign at the D prospect within the Pangeni copper project. Three newly identified higher-grade target zones have been outlined by six shallow air core holes returning samples of more than 2,000 parts per million copper (0.2 per cent copper), with these target zones defined by samples ranging from 5,870 ppm Cu (0.58 per cent Cu) to 1,987 ppm Cu (0.20 per cent Cu).

The Pangeni project mineralization represents westerly extensions to the prolific Zambian copper belt. Air core drilling of other prospects and targets at Pangeni is continuing as part of the company's current $2-million (U.S.) exploration program, which is pro rata financed by Bemetals (72.2 per cent) and the Japan Organization for Metals and Energy Security (JOGMEC) (27.8 per cent).

Highlights of 2023 D prospect air core results:

• Target zone 1 -- identified by four air core holes with copper values of: 5,870 ppm Cu (D14-03), 5,079 ppm Cu (D15-02), 2,942 ppm Cu (D16-03B) and 4,363 ppm Cu (D7-04). The footprint of this zone at the base of the Kalahari cover is approximately 400 metres in length and 100 metres to 125 metres in width and remains open to the north and south.
• Target zone 2 -- identified by two air core holes with copper values of: 4,657 ppm Cu (D17-04) and 1,987 ppm Cu (D18-03). The footprint of this zone at the base of the Kalahari cover is approximately 250 metres in length and 100 metres in width and remains open to the north and potentially at depth to the south.
• Target zone 3 -- identified by two air core holes with copper values of: 3,352 ppm Cu (D18-01) and 2,769 ppm Cu (D17-02). The footprint of this zone at the base of the Kalahari cover is approximately 200 metres in length and 100 metres in width and remains open to the south.

John Wilton, president and chief executive officer of Bemetals, stated: "We are very pleased with these results from the shallow air core drilling program completed last month at the D prospect within our Pangeni copper project. The results include some of the highest-grade copper air core sample values returned to date at the Pangeni project and, as such, generate exciting priority targets for core drill testing.

"This year's air core drilling at the D prospect was designed to specifically identify structurally controlled, potentially higher-grade copper zones within the mineralization, as observed at certain large-scale copper mines in this region of the Zambian copper belt. The air core program has been successful by indicating three such interpreted target zones where higher-grade copper is predicted. Core drill testing of these target zones is planned to commence during September, 2023.

"Copper exploration projects with the discovery potential of Pangeni are rare, situated at the western extension to the Zambian copper belt that hosts several world-class copper mines, in an area where little historical exploration has been undertaken due to the thin but extensive Kalahari sand cover. The ongoing air core drilling program is testing additional prospects and targets on the property. Follow-up core drilling of new and confirmed targets is planned for the remainder of the year."

Pangeni copper project -- 2023 D prospect air core results

The 2023 air core program at the D prospect was designed to identify targets for potential higher-grade zones of copper within the mineralization discovered by the company under the thin Kalahari sand cover. This objective has been successfully achieved with three exciting target zones defined by the shallow drilling.

The 2023 air core results have been integrated into the previously reported 2018-to-2022 phases of shallow drilling. Simple contouring of the bedrock and weathered bedrock copper values beneath the Kalahari sand cover unit outlines the target zones.

As designed, it appears that with the new sampling results from the 2023 air core program, it is now possible to map target areas where interpreted structural features and relatively reactive host rocks have focused the copper mineralization. Similar higher-tenor copper zones controlled by such geological situations are known to exist elsewhere in the Domes-region deposits and mines of the Zambian copper belt, such as the large-scale Lumwana copper mine.

The orientation of these target zones is also generally supported by the interpretation of detailed structural core logging of the drill holes completed to date at this prospect. The target zones are expected to plunge relatively shallowly to the south and south-southwest. This likely explains why the air core holes in the southern area of the prospect do not return elevated copper values, as the target zones are likely below the depth sampled by the shallow air core in that direction.

The higher-grade target zones are interpreted to range from approximately 400 metres to 200 metres in length and 125 metres to 100 metres in width, and are defined by bedrock and weathered bedrock copper values ranging between 5,870 ppm Cu (D14-03) and 1,978 ppm Cu (D18-03). On average in the area of the D prospect, copper mineralization -- core drilled to date -- is covered by 26 metres of Kalahari sand, ranging between 18 metres to 33 metres in certain areas.

An attached table lists all the air core results from the 2023 program at the D prospect with sample depth and thickness of Kalahari sand cover unit.

As previously reported, to date, copper mineralization at the D prospect is interpreted to extend for at least 1.2 kilometres along the strike of the host units. These previously reported core holes (D2-C1, D2-C2, D7-C1, D7-C2 and D3-C1) returned meaningful and multiple copper intersections ranging from 6.0 metres to 2.12 metres in width and 0.58 per cent Cu to 0.32 per cent Cu in grade (0.3 per cent Cu cut-off grade). Significant copper mineralization has been intersected in five core drill holes completed at the D prospect. The copper grades in these drill holes are similar to those for operating large-scale copper mines in the Domes region of the Zambian copper belt (First Quantum Minerals' Sentinel mine reserves total 876.8 million tonnes grading 0.46 per cent Cu, and Barrick Gold's Lumwana mine reserves total 538.8 million tonnes grading 0.56 per cent Cu).

Quality assurance/quality control

The results previously reported herein for the 2018-to-2021 air core drilling at the D prospect, and all the core drilling results, were analyzed by Intertek Genalysis, an independent and accredited laboratory. Samples were prepared at its facility in Kitwe, Zambia, and analytical work conducted in Australia. The results were determined using multiacid, near-total digestion, and analyzed by inductively coupled plasma (ICP) optical (atomic) emission spectrometry (OES). The core and air 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.

The results from the 2023 air core (portable X-ray fluorescence) program were completed by Remote Exploration Services (RES), which managed all aspects of the field operations in line with the standard operating procedures as previously and consistently implemented at this project. Representative material from each sampled metre of air core drilling was dried, screened to 180 micrometres, bagged and transported to a field camp where they were analyzed using the Olympus Vanta M Series Desktop XRF analyzer. Strict sampling protocol was observed throughout the pXRF analysis, including: homogenization, field duplicates, blanks and calibration checks using certified reference materials. For a more detailed description of the air core pXRF sampling protocol, see the company's news release dated Nov. 15, 2018, available on the company's website and on SEDAR+.

Field operations and management have been provided by RES, an independent geological consulting and contracting company. The air core and core drilling was conducted by Blurock Mining Services of Kitwe, Zambia.

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. 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.

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