Mr. Stephen Barley reports

AFRICAN ENERGY METALS ANNOUNCES LATE FILING OF FINANCIAL STATEMENTS

African Energy Metals Inc. will potentially be delayed in filing its annual financial statements for the year ended Dec. 31, 2023, related management's discussion and analysis and certifications, and the chief executive officer and chief financial officer certificates relating to the financial statements beyond the prescribed filing deadlines.

The company's potential delay in filing its required filings on time is because it has encountered difficulty in compiling all required information to complete the audit.

Considering the foregoing factors, it is the company's view that should the required filings not be filed by April 29, 2024, then, the present circumstances warrant the imposition of a management cease trade order rather than a cease trade order as contemplated under National Policy 12-203 (Management Cease Trade Orders). The company has applied for a management CTO; however, there is no assurance that it will be granted.

The company's required filings are required to be filed within one month of the prescribed filing deadline of April 29, 2024. The company's failure to file such required filings within this one-month period may result in the securities commissions or regulators imposing an issuer cease trade order.

The company proposes to remedy the default working with its auditor to ensure the filing of its required filings as soon as possible. The company expects to be able to issue and file the required filings by no later than May 29, 2024.

The company therefore fully expects to file its required filings prior to the end of the additional one-month period as prescribed by NP 12-203. Further, the company has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203 for so long as it remains in default for failure to file the required filings. Should the company fail to file the appropriate default status reports as prescribed by NP 12-203, the securities commissions or regulators may, as a result of such failure, impose an issuer cease trade order.

The company confirms that it is not subject to any insolvency proceeding as of the date hereof. The company also confirms that there is no other material information concerning the affairs of the company that have not been generally disclosed as of the date herein.

About African Energy Metals Inc.

African Energy is a natural resource company with a focus on the acquisition, exploration, development and operation of critical metal projects in the Manitoba Flin Flon mining belt. African Energy will have an experienced management and exploration team located in Flin Flon, Man.

We seek Safe Harbor.