Mr. Stephen Barley reports

AFRICAN ENERGY ANNOUNCES RECEIPT OF MCTO

Further to African Energy Metals Inc.'s application to its principal regulator, the British Columbia Securities Commission (BCSC), for a management cease trade order (the MCTO) to be imposed in respect of its delay in filing its audited annual financial statements for the year ended Dec. 31, 2023, and related management discussion and analysis, and the chief executive officer and chief financial officer certificates relating to the financial statements, the BCSC has granted the MCTO.

The MCTO restricts trading in securities of the company by management of the company until such time as the company's required filings have been filed by the company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of the company to trade their securities of the company.

In connection with the company's expectation that it may be unable to file the required filings on time, the company applied for an MCTO under National Policy 12-203 Management Cease Trade Orders as disclosed in the company's news release dated April 12, 2024. As previously announced, the company applied for the MCTO due to difficulty in compiling all required information to complete the audit, and has now determined that it will not be able to complete the required filings on time.

On May 1, 2024, the BCSC granted the company's application for the MCTO.

The company's finance and accounting teams are working diligently with the company's auditors and the company expects to have the audit of the financial statements completed no later than June 28, 2024. The company will issue a news release once the required filings have been filed. Until the company files the required filings, it will comply with the alternative information guidelines set out in NP 12-203 by issuing the appropriate biweekly default status reports, in the form of news releases, for so long as the required filings have not been filed.

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 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.

We seek Safe Harbor.