Mr. David Watkinson reports

EMERGENT METALS CORP. PROVIDES EXPLORATION UPDATE

Kennecott Exploration Company (KEX), a subsidiary of Rio Tinto Group, has elected to terminate the option to earn-in agreement with Emergent Metals Corp. on the New York Canyon property, Nevada, with effect as of June 29, 2023. Pursuant to the exit terms in the agreement KEX will be providing Emergent with exploration results from the 2023 drill program on the property, when available, as, described herein.

New York Canyon is located 30 miles (48 kilometres) east of Hawthorne, Nev., and directly south of and abutting Lahontan's Santa Fe mine. The property consists of 21 patented claims and 152 unpatented claims owned by Emergent and 265 unpatented claims owned by KEX, for a total of 21 patented claims and 417 unpatented claims (8,700 acres or 3,500 hectares in size). The claims are located in two blocks, north and south. The North block, subject to the agreement, consists of 27 unpatented claims. The South block, subject to the agreement, consists of 21 patented claims and 390 unpatented claims.

As part of its 2023 exploration program, KEX planned to drill two diamond drill holes. One is located on the South block of claims testing a potential extension of the Copper Queen prospect based on a geophysical anomaly identified in 2022. KEX also planned to drill a second diamond drill hole in the North block of claims, targeting the Emma prospect, based on soil and rock chip sampling completed in 2022.

KEX completed in 2023 a total of four diamond drill holes totalling 4,359.02 feet (1,238.63 metres). In the South block of claims, hole NYCN0011 was drilled to a depth of 772.01 ft (235.31 m) and hole NYCN0012 was drilled to a depth of 1,404.00 ft (427.94 m). In the North block of claims, hole EMMA0001 was drilled to a depth of 171.00 feet (52.12 metres) and hole EMMA0002 was drilled to a depth of 2,012.01 ft (613.26 m). Note EMMA0001, planned at a dip of 77 degrees was terminated by geologists in the field and replaced by EMMA0002, which as drilled at a shallower dip of 60 degrees to better intercept the Emma target.

Drill core was quick logged in the field and sent to KEX's core logging facility in Salt Lake City. Core is now being logged in detail and processed, after which samples will be sent to an independent laboratory for assaying. Additional details on the drill program, assay results, and QA/QC (quality assurance/quality control) procedures will be provided in future press releases, likely within 60 to 90 days.

Since optioning the property in February, 2020, KEX completed:

• Geological mapping;
• Reassaying of selected intervals of 10 historic core holes;
• Surface rock chip sampling;
• UAV (unmanned aerial vehicle) magnetic geophysics survey and DEM survey;
• Passive seismic geophysics survey;
• Carbon-oxygen isotope analysis;
• 5,809.1 m of core drilling in 14 holes.

KEX will be transferring exploration data in its possession to Emergent in the near future in accordance with the exit terms of the agreement.

David Watkinson, president and chief executive officer of Emergent, stated: "We are disappointed to lose KEX as an exploration partner on this property. Their team was great to work with and we obtained significant knowledge about the property, which we will use in our future exploration efforts. KEX confirmed the presence of widespread copper skarn mineralization on the property and the potential remains for the property to host one or more copper porphyry systems. We plan to search for a new partner to help us explore and develop the property."

Mindora property update

Emergent has made the final payment of $25,000 (U.S.) and completed the purchase of the Mind 1-12 claims at its Mindora property, Nevada, from Nevada Sunrise LLC (see May 21, 2019, press release for details). Mindora is a gold, silver and base metal exploration property located approximately 20 miles southeast of Hawthorne, Nev. The property consists of 147 unpatented mining claims.

As announced on May 15, 2023, Emergent has signed a binding term sheet and plans to complete an option to purchase agreement with Lahontan Gold Corp. (TSX-V: LG). Lahontan, subject to certain terms and conditions, will have the option to acquire a 100-per-cent interest in Mindora by completing $1.8-million (U.S.) in cash/share payments and $1.4-million (U.S.) in work expenditures on the property (total $3.2-million (U.S.)) over a seven-year period. Lahontan is renaming the property West Santa Fe due to its synergy with its flagship asset, the Santa Fe mine, located just 10 miles (15 km) to the east. The companies have amended the term sheet to allow 75 days from May 15, 2023, to complete the agreement.

Qualified person

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

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.

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