Mr. Gary Lewis reports

ELECTRIC METALS (USA) LIMITED ANNOUNCES ACCELERATION OF EXPIRY DATE OF OUTSTANDING WARRANTS ISSUED PURSUANT TO JANUARY 2023 FINANCING

Electric Metals (USA) Ltd. has elected to accelerate the expiry date of the common share purchase warrants issued on Jan. 5, 2023, pursuant to the warrant indenture between the company and TSX Trust Company (the warrant agent) and dated Jan. 5, 2023, a copy of which is available under Electric Metals' profile on SEDAR+. The warrants were issued in connection with a brokered private placement financing of 21,212,000 common shares of Electric Metals and 21,212,000 warrants which closed on Jan. 5, 2023. Please see the news release of the company dated Jan. 5, 2023, for further information.

Pursuant to the warrant indenture, if the closing price of the common shares on the TSX Venture Exchange for any 20 consecutive trading days is equal to or greater than 30 cents per common share, the company is entitled to accelerate the expiry date of the warrants to the date which is 30 days following the date notice of such acceleration is provided to holders of the warrants. During the period from June 22, 2023, to July 21, 2023, inclusive, the common shares of the company closed equal to or above 30 cents per common share on each of the 21 consecutive trading days in that period. The warrant indenture provides that at the company's discretion, it may provide the acceleration notice by way of press release. This press release therefore constitutes the acceleration notice required under the warrant indenture and indicates the election of the company to accelerate the expiry date of the warrants to Aug. 24, 2023.

Any warrants that have not been exercised by 5 p.m. (Toronto time) on the accelerated expiry date will automatically be cancelled and of no further force or effect.

Each warrant entitles the holder to purchase one common share of the company at a price of 25 cents. If all warrants issued in the financing are exercised, gross proceeds to the company will total $5,303,000; however, there can be no assurances that all, some or any warrants will be exercised prior to the accelerated expiry date.

Warrant holders who hold their warrants directly and who wish to exercise their warrants should review the exercise requirements contained in the warrant indenture and, if applicable, the physical or DRS (direct registration system) certificate evidencing their warrants. Warrants held by a broker, investment adviser or other intermediary may be exercised by contacting your broker, investment adviser or other intermediary. All warrant holders should contact their legal and investment advisers before submitting the exercise form and any other applicable documentation to the warrant agent.

About Electric Metals (USA) Ltd.

Electric Metals is a United States-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 over $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 development of the Emily manganese project represents a significant opportunity for America, the state of Minnesota and 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 a National Instrument 43-101 technical report resource estimate.

We seek Safe Harbor.