Mr. Gary Lewis reports

ELECTRIC METALS ANNOUNCES WESTERN EXTENSION TO THE EMILY MANGANESE PROJECT WITH HIGH-GRADE MANGANESE DRILL INTERSECTIONS UP TO 39.93 METERS CONTAINING ZONES OF UP TO 45.80% MN (59.14% MNO)

Electric Metals (USA) Ltd. has released assay results from six cored drill holes at the high-grade Emily manganese project, Minnesota, United States.

Previously reported results from the first 15 diamond drill holes of the current program (refer to press releases dated June 27, July 13 and Aug. 24, 2023) described continuity of thick intervals of more than 30 per cent manganese with a northerly dip and east-west strike direction. The results reported in this release are for an additional six drill holes located on 100-metre collar spacing (23044, 23045, 23046A, 23055, 23056 and 23057) which confirm that these high-grade, thick manganese intervals extend for at least another 300 metres farther to the west (see an attached table).

The results to date from the company's 2023 drilling have shown that the high-grade manganese oxide mineralization (manganite) extends to at least 400 metres west of the 2020 National Instrument 43-101 resource and has yet to be closed at depth or along trend (see an attached table).

Stepout drilling at 100-metre drill collar spacing for approximately 400 metres has been completed to the west of holes 23046A and 23055, and assays from these seven holes are expected in the coming weeks.

Representative high-grade drill core is dominated by the dark-grey-to-black manganese oxide mineral manganite (MnO(OH)). Analyses of core samples from drill hole 23057 from between 282 feet (85.95 metres) and 296.6 feet (90.40 metres) are listed in an attached table and are typical for the high-grade portions of the deposit. The manganese content from some samples taken from the core trays range between 25.7 per cent to 42.3 per cent Mn with a wider spread of iron assays (between 11.77 per cent to 29.17 per cent Fe). The rock contains lesser contents of aluminum (2.69 per cent to 5.36 per cent aluminum oxide) and silica (1.80 per cent to 5.62 per cent silicon dioxide), minor amounts (less than 1 per cent) of barium, calcium, potassium and sodium magnesium, and trace phosphorus, strontium and titanium. There is no arsenic, chlorine, chrome, copper, nickel, lead, sulphur, vanadium or zinc in this selected core, and this is typical for the deposit.

Gary Lewis, chief executive officer of Electric Metals, commented on the latest results from Emily: "The thickness and grades of manganese continues to extend in new ground to the west of the current resource area. Drilling along the shallow southern edge of the north-dipping deposit has defined excellent continuity of high-grade manganese, and this will assist future mine studies for the deposit. We are looking forward to reporting assays for the remaining seven holes when analyses are completed in coming weeks.

"With logging and sampling of drill core now complete, and final samples at the lab for assaying, our technical team is now focused on advancing the metallurgical testwork and finalizing the updated NI 43-101 mineral resource estimate, which remains on track for delivery in Q4 2023. Key environmental baseline studies are also scheduled to commence in coming weeks."

Qualified person

The scientific and technical data contained in this news release was reviewed and approved by Dr. Ian James Pringle, PhD, who is a qualified person under NI 43-101.

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 an NI 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, Minnesota and 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.

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