Mr. Stephen Barley reports

AFRICAN ENERGY CLOSES OVER SUBSCRIBED PRIVATE PLACEMENT

African Energy Metals Inc. has closed its oversubscribed, non-brokered private placement of six million units at a price of five cents per unit for aggregate proceeds of $300,000. Each unit consists of one common share of the company and one-half of one common share purchase warrant (with two half warrants being a warrant). Each warrant entitles the holder thereof to acquire one additional common share in the capital of the company at a price of 15 cents per warrant share at any time prior to 5 p.m. Vancouver time on the date that is 24 months following the closing date.

The proceeds from the financing will be used for general working capital purposes. The securities issued pursuant to the financing will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the financing. Closing of the financing remains subject to the company's receipt of the TSX Venture Exchange's final acceptance.

The private placement constituted a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as an insider (as defined in the Securities Act (Ontario)) of the company participated in the private placement and acquired, directly or indirectly, an aggregate of 160,000 units pursuant to the private placement. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the participation in the private placement by the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the private placement, which the company deems reasonable in the circumstances in order to complete the private placement in an expeditious manner.

About African Energy Metals Inc.

African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development and operation of copper, cobalt and lithium energy metals projects in the Democratic Republic of the Congo (DRC). The company is implementing a carbon credit program complementary to mining operations. The carbon credit program will meet important ESG requirements and present an opportunity for a significant early and long-term revenue stream. African Energy Metals has the intention of acquiring interests in additional concessions or relinquishing concessions in the normal course of business. African Energy Metals has an experienced management team located in the DRC.

We seek Safe Harbor.