Mr. Jeremy Poirier reports

EUROPEAN ENERGY METALS SUMMARIZES SUCCESSFUL PHASE I PROGRAM AT CENTRAL FINLAND LITHIUM PROJECT

European Energy Metals Corp. has further reported on and summarized the conclusion of an extremely successful phase 1 exploration program on its Central Finland lithium project (see also release dated Dec. 7, 2023).

Key takeaways:

• Located multiple lithium-bearing pegmatites on its reservations, taking a total of 1,099 rock chip grab samples in the process:
  • Nabba reservation -- Kyrola zone:
    • 350-metre by 110 m spodumene-bearing boulder field discovery, where 49 rock chip grab samples ran from 3.84 per cent Li2O (lithium oxide) to 0.003 per cent Li2O, with 15 of the 49 samples returning grades in excess of 0.50 per cent Li2O.
    • Glacial history suggests the boulder field source may be 300 m to 500 m to the northwest.
  • Nabba reservation -- Kaitnabba zone:
    • Spodumene-bearing boulder cluster discovery, where two rock chip grab samples returned 1.57 per cent and 1.01 per cent Li2O.
  • Lappajarvi East reservation -- Pisto zone:
    • Outcropping megacrystic, two-mica granite and quartz-feldspar-muscovite-tourmaline pegmatite swarm mapped over several kilometres returned multiple rock chip samples in the hundreds of parts per million (ppm) lithium (Li), with a highlight value of 250 ppm lithium.
    • The multielement geochemistry suite shows similarities to one of the lithium-bearing pegmatite zones at the Keliber project to the east.
• Submitted applications for two exploration licences totalling 4,550 hectares (ha) within the Nabba reservation, including the 2,812-hectare Nabba licence encompassing the Kyrola discovery:
  • Exploration licences are required to commence trenching and drilling.
• Significantly increased the land package through acquisition and staking:
  • Acquired seven highly prospective mineral reservations totalling 31,065 hectares through the acquisition of BB Gold Inc. and its wholly owned Finnish subsidiary, Sisu Exploration Oy.
  • Staked three additional mineral reservations totalling 23,000 hectares proximal to the company's current licences.

"European Energy Metals enjoyed considerable initial first pass success in central Finland, already potentially discovering a significant drill target, at the Kyrola spodumene-bearing pegmatite boulder field," commented Jeremy Poirier, chief executive officer. "With exploration licence applications to permit mechanical trenching and diamond drilling already in process at Nabba, European Energy Metals is poised for continued success well into 2024," he concluded.

Kyrola

The most significant discovery during the phase 1 program was the 350-metre-long by 110 m wide northwest-southeast-trending spodumene-bearing pegmatite boulder field on the Nabba reservation. The extent of the boulder field is constrained only by low-lying overburden covered areas and farm fields. A total of 49 rock chip grab samples were collected from the field and individual samples assayed 3.84 per cent to 0.003 per cent Li2O. The mean assay of these samples was 0.53 per cent Li2O. Fifteen samples assayed greater than 0.50 per cent Li2O, 11 assayed greater than 1 per cent Li2O, four assayed greater than 2 per cent Li2O and one assayed greater than 3 per cent Li2O. The boulders are generally angular and range in size from small hand-size cobbles up to more than 1.5 m in diameter. The boulders are also weakly anomalous in cesium, tantalum, beryllium and tin.

The boulders mineralogically are composed of albite-spodumene-quartz-muscovite pegmatite with lesser accessory minerals such as tourmaline, garnet and beryl. They are typically massive to weakly zoned and appear to be mineralogically similar to the known Keliber deposits in the region, suggesting they may be part of the same mineralizing event.

Based on the known glacial history of the area and glacial dispersion of pegmatite boulders at the Keliber deposits (Ahtola et al., 2015), it is interpreted that the source of the boulders is likely to be to the northwest of the boulder field, and possibly within 300 m to 500 m. Further studies will be required to confirm and define targets for drilling.

Kaitnabba

Another cluster of spodumene-bearing pegmatite boulders were discovered approximately nine kilometres southwest of the Kyrola prospect, also within the Nabba reservation. Two boulders assayed 1.57 per cent and 1.01 per cent Li2O, respectively. The boulders range in size from 0.2 m to 0.4 m in diameter and are also mineralogically similar to the Keliber deposits. They are also anomalous in cesium, tantalum, beryllium and tin.

Pisto

Located on the company's Lappajarvi East reservation, this prospect consists of an outcropping megacrystic two-mica granite and quartz-feldspar-muscovite-tourmaline pegmatite swarm. Rock chip sampling over an area of several km identified anomalous lithium in the hundreds of ppm, with a highlight value of 250 ppm lithium. Many of the samples are also anomalous in arsenic. The presence of arsenic associated with lithium is also noted at Keliber's Kellokallio prospect approximately 11 km east-northeast of Pisto, where spodumene-bearing pegmatite dike(s) associated with wide zones of highly anomalous arsenic (for example, 10 m 40 m assaying 1,000 ppm to 4,500 ppm arsenic). The best reported lithium intercept was 0.97 per cent Li2O over 3.15 m. In this context, the possibility of using arsenic as a pathfinder element for lithium in the area will be considered. Gold occurrences in the region are also often associated with arsenic.

Kaatiala

Located 100 km south of Nabba, the 3,200-hectare property is host to a 40 m wide quartz-feldspar-muscovite-tourmaline (plus/minus spodumene) pegmatite body that was mined from 1942 to 1968 for quartz and feldspar. Rock chip sampling of the waste piles around the old mine revealed the presence of lithium. The highest lithium values obtained were 0.09 per cent, 0.20 per cent and 0.25 per cent Li2O.

Discussion

The company's projects are in the Kaustinen-Seinajoki region, which is highly prospective for LCT pegmatite deposits, as evidenced by the success of the Geological Survey of Finland (GTK), and subsequently Keliber Oy in discovering significant Li-bearing spodumene pegmatite prospects and deposits in the region. The initial success in identifying lithium-rich pegmatitic boulders from the phase 1 program is very encouraging, as the area is topographically flat and extensively covered by a thin veneer of glacial overburden.

On the basis of these results, the company has recently submitted applications for exploration licences (ELs) covering an area of 4,550 hectares within its 11,690-hectare (ha) Nabba reservation, including the area around the Kyrola prospect. The Nabba EL (2,812 ha) and Nabba 2 EL (1,738 ha) are located on the northern-half of the company's Nabba reservation and adjacent to the Keliber projects of Sibanye-Stillwater. Under an exploration licence, the company would be permitted to undertake more advanced exploration such as detailed base-of-till (BoT) sampling, trenching and diamond drilling.

The Nabba ELs lie less than eight km west of Keliber's spodumene concentrator plant and several previously known lithium-spodumene pegmatite prospects/deposits occur within one km of the Nabba licences, including the Emmes deposit, which hosts north-northwest-south-southeast-trending Li-bearing spodumene pegmatites, and a resource of 1.08 million tonnes (Mt) grading 1.22 per cent Li2O (source: GTK). It appears the Nabba area may be well endowed.

European Energy Metals cautions investors grab samples are selective samples by their nature and are not necessarily indicative of mineralization on the property. The company further cautions the presence of lithium mineralization on Keliber Oy's properties is not necessarily indicative of similar mineralization on the company's mineral reservations.

Quality assurance/quality control (QA/QC) statement

Samples were submitted to ALS Laboratories in Sodankyla, Finland. ALS inserted internal standards, blanks and pulp duplicates within each sample batch as part of its own internal monitoring of quality control protocols. European Energy Metals monitors precision and bias performance by inserting certified lithium standards (OREAS 750 and OREAS 753), as well as blanks into each batch submitted to ALS at a rate of 1:25.

The major element oxides and trace elements, including lithium, cesium, tantalum and beryllium, were analyzed by ALS analytical package ME-MS89L and B-MS89L, involving digestion by Na2O2 (sodium peroxide) fusion followed by ALS's super-trace ICP-MS (inductively coupled plasma mass spectrometry) methodology. QA/QC results to date do not indicate any analytical accuracy issues, with all standards returning Li values within three standard deviations of their certified mean and blanks returning expected values.

Mike Basha, PEng, PGeo (Newfoundland), vice-president of exploration for European Energy Metals, a qualified person as defined by National Instrument 43-101, has prepared this press release and compiled the results discussed herein.

About European Energy Metals Corp.

European Energy Metals is a junior mining company currently focused on the lithium-cesium-tantalum (LCT) Finnish pegmatite project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy-independent laws and policies. One of the key components is access to rare earth elements and specifically lithium. The company's concessions are located within 15 km of the Keliber mine and production complex, currently under construction and expected to begin production in H2 2025.

An estimated 600-million-euro investment by Keliber's parent company, Sibanye-Stillwater Ltd., in partnership with the Finnish Minerals Group is under way in the Kautinen region, and will see the development of open-pit and underground mining from several deposits, construction of a central spodumene concentrator plant and a lithium hydroxide chemical plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain.

Pursuant to an earn-in agreement with Capella Minerals Ltd., European Energy Metals has the right to earn an 80-per-cent interest in the Finnish lithium project by issuing two million shares, paying $500,000 and incurring $2.5-million in exploration expenditures staged over a four-year earn-in period. A detailed assessment of the historic and government exploration data compiled by the Finnish Geological Survey identified a series of permissive tracts for LCT pegmatites. The concessions comprising the Finnish lithium project were identified as a result of this pegmatite research.

We seek Safe Harbor.