An anonymous director of Anchises Capital reports

EARLY WARNING PRESS RELEASE

Anchises Capital Precious Metal Fund LLC has acquired 50.2 million common shares of East Africa Metals Inc. at the price of 11 cents per share, for a total subscription price of $5,522,000, pursuant to a non-brokered private placement of the company. The shares represent approximately 18.66 per cent of the outstanding common shares of the company, on an undiluted basis.

Prior to the subscription, Anchises did not own any securities of the company. Prior to the subscription, the sole shareholder of Anchises held 3,333,333 common shares of the company, representing approximately 1.52 per cent of the then-outstanding shares of the company on an undiluted basis.

Subsequent to the subscription, Anchises and the sole shareholder of Anchises together hold 53,533,333 common shares, representing approximately 19.90 per cent of the outstanding shares of the company, on an undiluted basis.

Anchises has acquired the shares for investment purposes. In the future, Anchises and the sole shareholder of Anchises will evaluate their investment in the company from time to time, and may, based on such evaluation, market conditions and other circumstances, increase or decrease its shareholdings as circumstances require through market transactions, private agreements or otherwise.

Anchises intends to nominate one individual to serve on the board of directors of the company.

A copy of the early warning report being filed by Anchises may be obtained on SEDAR+ under the company's profile.