Mr. John O'Donnell reports

ENEREV5 METALS UPDATES BROKERED PRIVATE PLACEMENTS AND ENGAGEMENT OF STOCKHOUSE

Enerev5 Metals Inc. has updated its plan to raise $300,000 of flow-through dollars to finance the planned phase 1 geophysical survey and $250,000 of hard dollars for working capital and administrative expenses, the details of which are as follows.

Further to its press release of June 8, 2023, the company plans to issue up to five million hard-dollar units at a price of five cents per unit ($250,000) and has revised the terms of the flow-through offering to up to 3,333,333 flow-through units at a price of nine cents per unit ($300,000). Each hard-dollar unit consists of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at a price of five cents for a period of five years from the date of issue. Each flow-through unit consists of one flow-through common share and one warrant. The hard-dollar units and flow-through units are being offered on a brokered basis through IBK Capital Corp.

The company will pay the agent a cash fee of 9 per cent of the funds raised and issue to the agent warrants equal to 10 per cent of all hard-dollar units and flow-through units issued in the form of non-transferable broker warrants. Each broker warrant entitles the holder to acquire one unit at a price of five cents for a period of five years. Each broker unit consists of one common share of the company and one common share purchase warrant. Each broker unit warrant will entitle the holder to acquire one additional common share of the company at a price of five cents for a period of five years from the date of issuance of the broker warrant. IBK Capital is a connected issuer and related issuer of the company, as defined in Canadian securities legislation, by virtue of the ownership of securities of the company by its directors and officers.

All securities issued in these offerings are subject to a four-month hold period from the date of closing.

The company has entered into a 12-month marketing and consulting contract with Stockhouse Publishing Ltd., a division of The Market Herald, a leading source of investment news, to assist and raise greater awareness of the company and its flagship Barbara Bay nickel project. Pursuant to the contract, Stockhouse will be paid an aggregate cash amount of $60,000 for its services and the company will choose from a menu of standard and custom advertising and marketing campaigns to reach targeted investor audiences. The company has had no prior relationship with Stockhouse. To the company's knowledge, Stockhouse does not own or control, directly or indirectly, any securities of the company. As part of the arrangement, Stockhouse has agreed to subscribe for $30,000 of the company's hard-dollar units.

The marketing kickoff started with the release of a five-minute video interview with the company's president and chief executive officer, John O'Donnell, and special geophysical adviser, Steve Balsh, discussing the Barbara Bay project.

About Enerev5 Metals Inc.

Enerev5 Metals is a Canadian resource company that has been focusing on exploration and development potential related to energy metals such as nickel, copper, cobalt and other strategic battery minerals as well as other net-zero carbon-related assets.

We seek Safe Harbor.