Mr. Jeremy Poirier reports

EUROPEAN ENERGY METALS TO ACQUIRE 100% OF ITS CURRENT FINNISH PEGMATITE PROJECT AND PROVIDES CORPORATE UPDATE

European Energy Metals Corp. has entered into an amended agreement with Capella Minerals Ltd. to now acquire a 100-per-cent interest in the lithium Finnish pegmatite project. Whereas the project was currently subject to a two-stage 51-per-cent/80-per-cent earn-in agreement between the company and Capella, the purchase agreement replaces the earn-in agreement in its entirety, and, upon completion of the transaction, the company will hold a 100-per-cent interest in the project with no further commitments due to Capella.

Under the terms of the purchase agreement, upon closing, the company has agreed to pay Capella $250,000 in cash and issue 1.1 million common shares of the company. Capella will also receive a 2-per-cent net smelter royalty on the project, half of which may be repurchased by the company at any time in exchange for the payment of one million euros. The consideration shares will be subject to a statutory four-month hold period as well as contractual restrictions on resale. Completion of the transaction remains subject to the approval of the TSX Venture Exchange.

Jeremy Poirier, the company's chief executive officer, commented: "We are very pleased to obtain 100-per-cent ownership and control of the project. We believe this will provide a faster and clearer pathway to advance our exploration efforts on the ground and unlock the project's potential. It provides the company with further financial flexibility and eliminates the remaining work commitment and allows the company to save on both cash and share payments from the existing earn-in."

The project covers approximately 2,500 square kilometres within geological terrane that hosts numerous spodumene pegmatite prospects and deposits and is at the centre of the development of a 700-million-euro hard-rock lithium supply chain complex by Keliber Oy and its parent Sibanye-Stillwater Inc. The company's recently granted Nabba exploration licences occur less than 10 km from Keliber's spodumene concentrator plant. The 2023 inaugural exploration season saw the discovery of multiple occurrences of lithium-bearing spodumene pegmatite mineralization. The highlight was the discovery of the Kyrola prospect, a 350-metre-long by 110-metre-wide spodumene-bearing boulder field, where 49 rock chip grab samples assayed from 3.84 per cent Li2O to 0.003 per cent Li2O, with 15 of the 49 samples returning grades in excess of 0.50 per cent Li2O (Li2O is lithium oxide). The extent of the boulder field is constrained only by low-lying overburden covered areas and farm fields. 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. It is interpreted that based on glacial history of the area the boulders have only been transported 300 to 500 m from source.

The company also announces that Joel Leonard has been appointed as chief financial officer and corporate secretary of the company. Mr. Leonard will replace Julia Stone, the former chief financial officer, and Yulia McCutcheon, the former corporate secretary, who have resigned.

Mr. Leonard is the owner of JCL Partners Chartered Professional Accountants and is a seasoned finance executive with a comprehensive background in the financial leadership of companies listed on various public exchanges, including the Toronto Stock Exchange, TSX Venture Exchange and Canadian Securities Exchange. Mr. Leonard holds a bachelor of business administration degree from Thompson Rivers University and is designated as a chartered professional accountant in the province of British Columbia. As he steps into his new role with the company, he looks forward to leveraging his experience and insights to contribute to the company's financial health and strategic objectives.

The company would like to extend a sincere thanks to Ms. Stone and Ms. McCutcheon for their leadership and support and wish them the best in their future endeavours.

Quality assurance/quality control 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 plus B-MS89L involving digestion by sodium peroxide fusion followed by ALS's supertrace inductively coupled plasma mass spectrometry methodology. QA/QC results to date do not indicate any analytical accuracy issues with all standards returning values Li values within three standard deviations of their certified mean and blanks returning expected values.

Mike Basha, PEng, PGeo (Newfoundland), vice-president, exploration, of European Energy Metals, a qualified person as defined by National Instrument 43-101, has 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 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. The company cautions the presence of lithium mineralization on Keliber's properties is not necessarily indicative of similar mineralization on the company's mineral reservations.

An estimated 700-million-euro investment by Keliber's parent company Sibanye-Stillwater 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, and 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.

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