Mr. Rob Gamley reports

EMP METALS ANNOUNCES FULLY SUBSCRIBED FINANCING OF $9,757,600

EMP Metals Corp.'s previously announced non-brokered private placement financing (see news release dated Oct. 24, 2023) for aggregate gross proceeds of up to $9,757,600 is now fully subscribed.

The offering will continue to consist of (i) 13,519,000 hard-dollar units of the company (HD units) at a price of 40 cents per HD unit for aggregate gross proceeds of $5,407,600; and (ii) 7.5 million Saskatchewan flow-through units of the company (FT units) at a price of 58 cents per FT unit for aggregate gross proceeds of $4.35-million.

Each HD unit will consist of one common share of the company and three-quarters of one common share purchase warrant. Each FT unit will consist of one flow-through common share and three-quarters of one warrant to be issued on a non-flow-through basis. Each warrant will be exercisable to acquire one additional common share at an exercise price of 60 cents per warrant share for a period of two years from the date of issue.

The net proceeds from the sale of the HD units will be used by the company for drilling wells and other exploration work on the EMP project, Saskatchewan, and for general corporate and working capital purposes. The gross proceeds from the sale of FT units will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through critical mining expenditures as such terms are defined in the Income Tax Act (Canada) and eligible flow-through mining expenditures as such term is defined in the Mineral Exploration Tax Credit Regulations (Saskatchewan) related to the EMP project. All qualifying expenditures will be renounced in favour of the subscribers of the FT units effective Dec. 31, 2023.

Closing of the offering is expected to occur on or about Oct. 31, 2023.

About EMP Metals Corp.

EMP is a Canadian-based lithium exploration and development company focused on large-scale resources using direct lithium extraction (DLE). EMP, in partnership with ROK, currently holds 192,000 net (77,700 hectares) acres of subsurface dispositions and strategic wellbores in Southern Saskatchewan.

We seek Safe Harbor.