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--->t.docx'


African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7
1

AFRICAN ENERGY CLOSES OVER SUBSCRIBED PRIVATE PLACEMENT

Vancouver, British Columbia - (June 24, 2022) - African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; OTCQB: NDENF) ("Afri
--->can Energy Metals" or the "Company") is pleased to announce that it has closed its over-subscribed, non-brokered priva
--->te placement (the "Financing") of 6,000,000 units (each a "Unit") at a price of CAD $0.05 per Unit for aggregate proce
--->eds of CAD $300,000. Each Unit consists of one common share of the Company (a "Share") and one-half of one common shar
--->e 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 (a "Warrant Share") at a price of $0.15 per Warrant Share at an
--->y time prior to 5:00 p.m. (Vancouver time) on the date (the "Expiry Date") that is 24 months following the Closing Dat
--->e.  
The proceeds from the Financing will be used for general working capital purposes. The securities issued pursuant to t
--->he 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 t
--->he 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 ("MI 61-101") as an "insider" (as defined in the Secu
--->rities Act (Ontario)) of the Company participated in the Private Placement and acquired, directly or indirectly, an ag
--->gregate of 160,000 Units pursuant to the Private Placement. The Company is relying on the exemptions from the valuatio
--->n 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% of the mark
--->et capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material chan
--->ge report in respect of the related party transaction at least 21 days before the closing of the Private Placement, wh
--->ich the Company deems reasonable in the circumstances in order to complete the Private Placement in an expeditious man
--->ner.
About African Energy Metals

African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and ope
--->ration of copper, cobalt, and lithium energy metals projects in the DRC. The Company is implementing a carbon credit p
--->rogram 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 acquir
--->ing 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.

For further information, please contact:
Stephen Barley, Executive Chairman 
Phone: (604- 834-2968
Email: info@africanenergymetals.com
Website: www.africanenergymetals.com

Reader Advisory

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Vent
--->ure Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain "forward-looking information" within the meaning of applicable securities laws.  Althoug
--->h the Company believes, considering the experience of its officers and directors, current conditions and expected futu
--->re developments and other factors that have been considered appropriate, that the expectations reflected in this forwa
--->rd-looking information are reasonable, undue reliance should not be placed on them as the Company can give no assuranc
--->e that they will prove to be correct. The statements in this press release are made as of the date of this release.  T
--->he Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respec
--->t of the Company its securities, or its financial or operating results.