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777 Dunsmuir Street, 17th Floor

PO Box 48658, Station Bentall Centre

Vancouver, BC, Canada V7X 1A3

Tel: 604.488.0822

Toll Free: 866.488.0822

Web: www.eastafricametals.com

NEWS RELEASE

East Africa Metals Appoints Hein Poulus as Advisor and Closes First Tranche Private Placement

Not for Distribution or Dissemination in The United States or to U.S. Newswire Services

Vancouver, British Columbia - March 2, 2024 - East Africa Metals Inc. (TSX-V: EAM FSE: EA1) ("East Africa" or the "Company") is pleased to announce that it has appointed Hein Poulus as special advisor to the Company.

Mr. Poulus is the first name partner at prominent litigation boutique law firm Poulus Ensom Smith LLP. Prior to this, he was a partner, and the founder and head of the Vancouver litigation group, at national law firm Stikeman Elliott. He has been a King's Counsel since 2001. In the 1980s Mr. Poulus interrupted his legal career to hold senior management positions with Kaiser Resources, the Denver Broncos and Southeastern Capital Corporation, a US private equity firm. Mr. Poulus holds an undergraduate degree in economics, a law degree from the University of British Columbia, and an LLM from the London School of Economics. He has served on a number of corporate and non-profit boards.

The Company is also pleased to announce the closing of the first tranche totaling CAD$50,000 (the "First Tranche") of a non-brokered private placement of common shares in the capital of the Company for aggregate gross proceeds of up to CAD$1,000,000 (the "Private Placement"). Pursuant to the Private Placement, the Company will issue up to 10,000,000 units at a price of CAD$0.10 per unit for aggregate gross proceeds of CAD$1,000,000, subject to approval of the TSX Venture Exchange. Each unit is comprised of one common share and one share purchase warrant. Each warrant entitles the holder to acquire a common share at a price of CAD$0.20 for a period of up to three years.

The Company did not pay any commissions or finder's fees in connection with the First Tranche. The Company plans to use the proceeds from the First Tranche and the Private Placement for general corporate and working capital purposes. All securities issued are subject to a four-month hold period from the date of issuance.

Additional information about East Africa can be viewed at the Company's website at www.eastafricametals.com or at www.sedarplus.ca.

For further information contact:

Nick Watters, Business Development

Telephone: +1 (604) 488-0822

Website: www.eastafricametals.com

About East Africa Metals

The Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines (collectively "Adyabo Property") and a 70% project interest in the Harvest polymetallic VMS Exploration Project in the Tigray Region of Ethiopia. In addition, the Company has a 30% Net Streaming Interest in the Magambazi Mine in the Tanga Region of Tanzania.

EAM has invested US$66.8M in African exploration since 2005 and identified a total of 2.8 million ounces of gold and gold-equivalent resources representing an average discovery cost per ounce of US$24.

More information on the Company can be viewed at the Company's website: www.eastafricametals.com

On behalf of the Board of Directors:

Andrew Lee Smith, CEO, P.Geo., ICD.D

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should", "indicate" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the closing for each tranche of the Private Placement, the anticipated use of proceeds of the Private Placement, the receipt of all necessary approvals for the Private Placement, timing of receipt of mining permit; timing of mining development; projected heap leach recoveries ; early exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa's projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi Properties; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in in East Africa's management's discussion and analysis for the three months and nine months ended December 31, 2023 and for the year ended March 31, 2023, and East Africa's listing application dated July 8, 2013 Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the timely closing of the financing; the ability of East Africa's operating partner in Tanzania to reactivate the mining operations at Magambazi or the success of East Africa to recover the Magambazi project from the operating partner and engagement of new operating partners; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the renewal or extension of exploration Licenses; the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

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