Mr. David Watkinson reports

EMERGENT METALS CORP. SIGNS TERM SHEET WITH LAHONTAN GOLD CORP. FOR US$3.2 MILLION MINDORA PROPERTY TRANSACTION

Emergent Metals Corp. has signed a binding term sheet and plans to complete an option to purchase agreement with Lahontan Gold Corp. Lahontan, subject to certain terms and conditions, will have the option to acquire a 100-per-cent interest in Emergent's Mindora property, Nevada, by completing $1.8-million (U.S.) in cash payments and $1.4-million (U.S.) in work expenditures on the property (total $3.2-million (U.S.)) over a seven-year period. Mindora is a gold, silver and base metal exploration property located approximately 20 miles southeast of Hawthorne, Nev., and 10 miles southwest of Lahontan's Santa Fe property, Nevada. The property consists of 147 unpatented mining claims.

Work commitments are set out herein.

Exploration expenditures include, but are not limited to: geological, geochemical and geophysical studies, exploration drilling and support activities, reasonable management costs associated with the proceeding items, and any payments associated with maintaining the underlying agreements in good standing, including Bureau of Land Management and county fees. Any excess expenditures, in any year, under the work commitments scheduled herein can be credited against subsequent work commitment expenditures in a future year.

The agreement will be drafted between Emergent's subsidiary Golden Arrow Mining Corp. (GAMC) and Lahontan's subsidiary Lahontan Gold (U.S.) Corp. (LGUSC). Following execution and delivery of the term sheet, GAMC and LGUSC will work diligently and in good faith to negotiate terms and conditions of the agreement and execute the agreement within 45 days of execution of the term sheet.

LGUSC will have 45 days from execution of the term sheet to conduct due diligence, which shall include access to the property and the right to inspect all books, records, reports, data and information in GAMC's possession or reasonably available to it concerning: (1) titles to the property; (2) environmental conditions of the property; (3) geological, geophysical, metallurgical, engineering, and any other information concerning mineralization, mineral resources or reserves at, or the potential mineral development of, the property; or (4) any other information pertaining to the property. If LGUSC is not satisfied with the results of its due diligence, LGUSC may notify GAMC of the same at any time during the due diligence period or within 15 days after the end of the due diligence period, and upon LGUSC providing such notice, the term sheet shall terminate, and neither LGUSC or GAMC shall have any further obligations or liability hereunder.

Due to timing for completion of the agreement and due diligence, GAMC will be responsible for making a final $25,000 claim purchase payment due to Nevada Sunrise LLC on June 15, 2023, and an advance royalty payment due to BL Exploration on Sept. 2, 2023. Upon signing of the agreement, LGUSC will reimburse GAMC for these payments. Should the agreement not be executed, no payment will be due.

Upon exercise of the option and payment of the purchase price to GAMC, GAMC shall transfer 100 per cent of its interest in the mineral claims to Lahontan, or its designee, within 30 days of payment of the purchase price. As part of the transfer, Lahontan or its designee will grant a 1-per-cent NSR royalty in favour of GAMC over the claims it acquired from Nevada Sunrise LLC (Mind 1 through Mind 12). In addition, Lahontan or its designee will grant a 1.5-per-cent NSR in favour of GAMC for any additional claims not currently having an NSR royalty. LGUSC will have the right to purchase 50 per cent of this 1.5-per-cent NSR royalty for $200,000 (U.S.) prior to the fifth anniversary of signing of the agreement or for $500,000 (U.S.) after the fifth anniversary of the signing of the agreement.

The term sheet shall terminate on the earlier of: (1) the date the agreement is signed by LGUSC and GAMC; (2) the date LGUSC notifies GAMC it is not satisfied with the results of its due diligence or otherwise notifies GAMC of the failure of any conditions to closing; or (3) the date that LGUSC and GAMC mutually agree in writing to terminate negotiations.

The approval of the agreement is subject to approval of the board of directors of Lahontan, the board of directors of Emergent and the TSX Venture Exchange and any additional approvals that are customary to similar agreements.

Qualified person

All scientific and technical information disclosed in this new release was reviewed and approved by Robert Pease, CPG, a consultant to Emergent, a non-independent qualified person under National Instrument 43-101.

About Emergent Metals Corp.

Emergent is a gold and base metal exploration company focused on Nevada and Quebec. The company's strategy is to look for quality acquisitions, add value to these assets through exploration, and monetize them through sale, joint ventures, option, royalty and other transactions to create value for its shareholders (acquisition and divestiture (A&D) business model).

In Nevada, Emergent's Golden Arrow property, the core asset of the company, is an advanced-stage gold and silver property with a well-defined measured and indicated resource. New York Canyon is a base metal property subject to an earn-in with an option to joint venture agreement with Kennecott Exploration, a subsidiary of Rio Tinto PLC (London Stock Exchange: RIO). The Mindora property is a gold, silver and base metal property located 12 miles from New York Canyon. Buckskin Rawhide East is a gold and silver property leased to Rawhide Mining LLC, operator of the adjacent Rawhide mine.

In Quebec, the Casa South property is an early-stage gold property adjacent to Hecla Mining Corp. (New York Stock Exchange: HL)'s operating Casa Berardi mine. The Trecesson property is located about 50 kilometres north of the Val d'Or mining camp. Emergent has a 1-per-cent net smelter royalty in the Troilus North property, part of the Troilus mine property being explored by Troilus Gold Corp. (Toronto Stock Exchange: TLG). Emergent also has a 1-per-cent NSR in the East-West property, owned by O3 Mining Corp. (TSX: OIII) and adjacent to its Marban property.

Note that the location of Emergent's properties adjacent to producing or past-producing mines does not guarantee exploration success at Emergent's properties or that mineral resources or reserves will be delineated.

We seek Safe Harbor.