File: '\\swfile\EmailIn\20240412 130229 Attachment 305643424_v(2)_African Energy Metals - Press release (MCTO) 2024.docx'

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

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AFRICAN ENERGY METALS ANNOUNCES LATE FILING OF FINANCIAL STATEMENTS

Vancouver, British Columbia - (April 12, 2024) - African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; WKN: A3DEJG) ("African Energy Metals" or the "Company") announces the Company's potential delay in filing its annual financial statements for the year ended December 31, 2023 and related management discussion and analysis and certifications (collectively, the "Financial Statements") and the CEO and CFO certificates relating to the Financial Statements (the "Required Filings") 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 ("Management CTO"), rather than a cease trade order ("CTO"), as contemplated under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). 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

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

For further information, please contact:

Stephen Barley, Executive Chairman Phone: +1-604-428-7050

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 Venture 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. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in African Energy Metals' periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized

and may not contain all available material information.

Forward-looking statements include those in relation to the filing of the Required Filings and the anticipated timing thereof. Although African Energy Metals believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can't make any assurances that its expectations will be achieved. Such assumptions may prove incorrect. Forward looking statements are necessarily based upon a number of estimates, and assumptions (including the receipt of regulatory approvals) that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements.

The forward-looking statements in this news release are made as of the date of this news release, and African Energy Metals disclaims any intention or obligation to update or revise such information, except as required by applicable law.