Mr. David Watkinson reports

EMERGENT METALS COMPLETES LEASE OPTION TO PURCHASE AGREEMENT WITH LAHONTAN GOLD CORP. FOR MINDORA (WEST SANTA FE) PROPERTY

Emergent Metals Corp. has completed a lease with 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 or 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 (see press release dated May 15, 2023, for additional details).

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. Lahontan is renaming the property West Santa Fe.

David Watkinson, president and chief executive officer of Emergent, stated: "We believe putting Emergent's Mindora (aka West Santa Fe) property together with Lahontan's Santa Fe property is good for both companies to take advantage of potential synergies between the properties. Santa Fe is a past-producing gold mine that is rapidly being advanced through exploration. In January, 2023, Lahontan published its maiden resource estimate at Santa Fe with over one million indicated gold equivalent ounces (see Lahontan's Jan. 17, 2023, press release and the Santa Fe project technical report, Santa Fe project, Santa Fe district, Nevada, USA, prepared for Lahontan Gold Corp., with effective date Dec. 7, 2022, and report date of March 7, 2023, for details, both available under Lahontan's corporate filings at SEDAR). Note that no mineral resources or reserves have yet been delineated on the Mindora property, but it has over 43,000 feet of historic drilling completed prior to the implementation of National Instrument 43-101."

Cash or share payments are set out herein.

Work commitments are set out herein.

Exploration expenditures include, but are not limited to, geological, geochemical and geophysical mapping, reconnaissance and surveying; drilling; environmental compliance; feasibility studies; sample collection; assaying of samples; consulting services; direct costs of employment of LGUSC employees working directly on the property; equipment, materials and supplies used on the property; fees paid to governmental agencies for applications for approvals, consents, licences and permits for LGUSC operations on the property; costs and fees paid to maintain the property, including federal and county annual mining claims maintenance fees for unpatented mining claims; and costs associated with technical geologic and economic data (including interpretative data) pertaining to the property and developed, prepared or acquired by or for LGUSC. 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 is between Emergent's U.S. subsidiary, Golden Arrow Mining Corp. (GAMC), Lahontan and Lahontan's U.S. subsidiary, Lahontan Gold (U.S.) Corp. GAMC currently holds the property, and, 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 net smelter return 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.

As part of the agreement, LGUSC will reimburse GAMC for a final $25,000 (U.S.) claim purchase payment made to Nevada Sunrise LLC and $20,000 (U.S.) for an advance royalty payment made to BL Exploration in June, 2023. LGUSC will also be responsible for 2023/2024 claim maintenance payments on the property. The transaction is subject to regulatory approval.

Qualified person

All scientific and technical information disclosed in this new release was reviewed and approved by David Watkinson, PEng, an employee of 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 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 south of the historic Santa Fe mine. The Mindora property is a gold, silver and base metal property located 12 miles from New York Canyon and under option to Lahontan Gold Corp. 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.'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 NSR in the Troilus North property, part of the Troilus mine property being explored by Troilus Gold Corp. Emergent also has a 1-per-cent NSR in the East-West property, owned by O3 Mining Corp. 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.