Mr. Andrew Smith reports

EAST AFRICA METALS ANNOUNCES EXTENSION OF NON-BROKERED PRIVATE PLACEMENT AND GRANTS STOCK OPTIONS

East Africa Metals Inc. has received TSX Venture Exchange approval to extend the closing of its non-brokered private placement, announced on March 3, 2024, and April 5, 2024, of up to 10 million units at a price of 10 cents per unit for aggregate gross proceeds of $1-million. Each unit is composed of one common share and one share purchase warrant. Each warrant entitles the holder to acquire a common share at a price of 20 cents for a period of up to three years. The net proceeds will be used by the company for general corporate and working capital purposes. All securities issued will be subject to a four-month hold period from the date of issuance. The private placement is subject to approval of the TSX-V, and is expected to close on or around June 3, 2024, or such earlier date as may be determined by the directors of the company. The company will provide updates respecting the private placement as warranted.

The company also announces that it has granted an aggregate of 1.2 million stock options to a certain director pursuant to the company's stock option plan. The options have an exercise price of 20 cents per share and an expiry date of May 3, 2029. The options vest immediately and are subject to the approval of the TSX Venture Exchange.

About East Africa Metals Inc.

The company's principal assets include a 30-per-cent net profit interest in the Mato Bula and Da Tambuk mines (collectively Adyabo property) and a 70-per-cent project interest in the Harvest polymetallic volcanogenic massive sulphide exploration project in the Tigray region of Ethiopia. In addition, the company has a 30-per-cent net streaming interest in the Magambazi mine in the Tanga region of Tanzania.

East Africa has invested $66.8-million (U.S.) 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 $24 (U.S.).

We seek Safe Harbor.