Mr. Jeremy Poirier of European Energy reports

EUROPEAN ENERGY METALS COMPLETES PREVIOUSLY ANNOUNCED ACQUISITION OF FINNISH PEGMATITE PROJECT

European Energy Metals Corp. has completed its previously announced acquisition of the Finnish pegmatite project from Capella Minerals Ltd. The Finnish pegmatite project was previously the subject of an earn-in agreement between the company and Capella.

In exchange for a 100-per-cent interest in the Finnish pegmatite project, the company paid Capella $250,000 in cash and issued 1.1 million common shares on closing. Capella also received a 2-per-cent net smelter royalty on the project, half of which may be repurchased by the company at any time in exchange for the payment of one million euros. The consideration shares are subject to a statutory four-month hold period as well as contractual restrictions on resale.

Jeremy Poirier, the company's chief executive officer, commented: "We are very pleased to obtain the TSX [Toronto Stock Exchange] approval and close this previously announced transaction. We will now follow up on our highly successful 2023 exploration program. We expect to announce our 2024 exploration plans in coming weeks with commencement beginning before the end of May."

About European Energy Metals Corp.

European Energy Metals is a junior mining company currently focused on the Finnish lithium-cesium-tantalum pegmatite project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy-independent laws and policies. One of the key components is access to REE (rare earth elements) and, specifically, lithium. The company's concessions are located within 15 kilometres of the Keliber mine and production complex, currently under construction and expected to begin production in the second half of 2025. The company cautions the presence of lithium mineralization on Keliber's properties is not necessarily indicative of similar mineralization on the company's mineral reservations.

An estimated 600-million-euro investment by Keliber's parent company, Sibanye-Stillwater Ltd., in partnership with the Finnish Minerals Group is under way in the Kautinen region and will see the development of open-pit and underground mining from several deposits, construction of a central spodumene concentrator plant and a lithium hydroxide chemical plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain.

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