File: Attachment CUCO_20240502_NR_MCTO_FINAL.pdf

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AFRICAN ENERGY ANNOUNCES RECEIPT OF MCTO

Vancouver, British Columbia - (May 2, 2024) African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; WKN: A3DEJG) ("African Energy Metals" or the "Company") announces today that further to its application to its principal regulator British Columbia Securities Commission ("BCSC") for 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 December 31, 2023 and related management discussion and analysis (collectively, the "Financial Statements") and the CEO and CFO certificates relating to the Financial Statements (the "Required Filings"), 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of the Company until such time as the Company's Required Filings have been filed by the Company and the MCTO is no longer in effect.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 ("NP 12-203") 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 bi-weekly 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

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 Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 1 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 and the ability of the Company to comply with the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203. 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.

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