Mr. Gary Lewis reports

ELECTRIC METALS ANNOUNCES HIGH-GRADE INTERCEPTS UP TO 48.5% MN (62.6% MNO)(1) IN FIRST DRILL RESULTS FROM THE EMILY MANGANESE PROJECT MINNESOTA, USA

Electric Metals (USA) Ltd. has released first assay results of the inaugural drill program at the high-grade Emily manganese project, Minnesota, United States. The Emily project is located in the Cuyuna iron range of central Minnesota, an area with a rich mining history and support from established local infrastructure, a skilled mining work force, and abundant power and gas.

Drill core has been logged, sampled and forwarded to the ALS laboratory in, Reno, Nev., for analyses. Assay results of samples from the initial two diamond drill holes, 23001A and 23002A, have been received from ALS, as reported herein.

Each drill hole intersected intervals of more than 30 metres of high-grade manganese oxides (MnO) plus iron mineralization, with average manganese (Mn) content of more than 17 per cent Mn (22 per cent MnO). Each hole also included zones with manganese grades exceeding 40 per cent Mn (51.6 per cent MnO). Data are summarized in the table entitled "Averaged assay data highlights for drill holes 23001A and 23002A at the Emily manganese project."

This initial Electric Metals drilling program was designed to test and confirm historic drilling by U.S. Steel, Pickands Mather and others from the 1930s and, in particular, U.S. Steel's 1959 designed West Ruth Lake mine, which targeted 24,012,200 tons of ore at 15.29 per cent Mn and 23.38 per cent Fe (iron) (refer to the National Instrument 43-101 report by Brad M. Dunn (CPG), Barr Engineering Company, Dec. 5, 2022).

Electric Metals, operating under its wholly owned Minnesotan subsidiary, North Star Manganese, plans to drill approximately 30 holes in the current drill program and is anticipating completion of this stage of work in late summer 2023.

All of the 2023 drill information will be added into the Emily manganese geologic model, which will then form the basis for an updated resource estimate, which will be completed by the end of the year. Colorado-based Forte Dynamics Inc. has been appointed to undertake the updated NI 43-101 technical report, resource estimate, with an initial site visit scheduled for later this month.

Gary Lewis, Electric Metals group chief executive officer, commented: "Our team is encouraged by the high-grade and thick intersections of the first two drill holes, which have both intersected prominent plus-40 per cent manganese intervals. These are world-class intercepts, of the like not seen outside of Southern Africa.

"Both holes are located in the eastern portion of the West Ruth Lake area of U.S. Steel's 1959 study. Our drilling is retesting the eastern portion of the historic resource area and will step out towards the west to cover much of the U.S. Steel study area.

"Electric Metals has secured the prospective lands into a coherent package, and we are now able to fully evaluate the extent of the deposit. We look forward to reporting further assay results as they come to hand."

Qualified person

The scientific and technical data contained in this news release were reviewed and approved by Ian James Pringle, PhD, who is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Electric Metals (USA) Ltd.

Electric Metals is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. The company's principal asset is the Emily manganese project in Minnesota, which has been the subject of considerable technical studies, including a National Instrument 43-101 technical report resource estimate, with $26-million (U.S.) invested to date. The company's mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations and with no current domestic supply or active mines for manganese in North America, the exploration and development of the Emily manganese project represent a significant opportunity for the company's shareholders. In addition, the company owns and operates the Corcoran silver-gold project and the Belmont silver project in Nevada, with the former also having been the subject of an NI 43-101 technical report resource estimate.

Notes:

1. Electric Metals reports assayed manganese, not manganese oxide (MnO). For reference, 48.5 per cent Mn converts to 62.6 per cent MnO.
2. Intervals shown are drilled widths.
3. Mineralogy of manganese oxides include manganite, braunite, cryptolomene, hollandite, jacobsite and pyrolusite, and iron mineralogy include hematite and goethite.
4. Assaying undertaken by ALS (Reno, Nev.) included a 23-element suite (ME-XRF21). High manganese samples (over 25 per cent Mn) were reassayed using ME ICP81.

We seek Safe Harbor.