Mr. Mitchell Smith reports

GLOBAL ENERGY METALS GRANTED TWO NEW ROYALTIES THROUGH MONETIZATION AND PARTIAL DIVESTMENT OF MOUNT ISA, AUSTRALIA-BASED COPPER-COBALT-GOLD EXPLORATION PROJECTS

Global Energy Metals Corp., through its 100-per-cent-owned Australian subsidiary, Element Minerals Australia Pty. Ltd., has entered into an agreement with Mulga Minerals Pty. Ltd. and Mt. Dockerell Mining Pty. Ltd. (MDM), 100-per-cent-owned subsidiaries of Hammer Metals Ltd., to divest an 80-per-cent interest in the Mount Dorothy and Cobalt Ridge projects, two copper-cobalt-gold explorations projects located in Mount Isa, Queensland, Australia.

Global Energy originally acquired the Mount Isa projects from Hammer in parcel with the Millennium project , a copper-cobalt-gold asset that is currently being advanced through a carried joint venture partnership with Metal Bank Ltd. Through project-financed exploration by Metal Bank, an updated JORC 2012 mineral resource estimate (MRE) was established with Millennium hosting 8.4 million tonnes (Mt) at 1.23 per cent copper equivalent (CuEq) (0.09 per cent cobalt (Co), 0.29 per cent copper (Cu) and 0.12 gram per tonne (g/t) gold (Au)), including open cut (86 per cent) and underground (14 per cent) resources, representing a 42-per-cent tonnage increase and 14-per-cent grade increase from the 2016 MRE (see news release dated March 21, 2023, for details).

The Mount Isa projects are both early-stage exploration assets that present as an excellent opportunity for high-grade, underexplored assets that are in close proximity to a processing solution, as well as having stand-alone potential. The company is encouraged by the divestment of the Mount Isa projects to Mulga as it holds confidence in its ability to leverage Hammer's technical experience and jurisdictional knowledge gained from local investments and projects it operates in the area maximizing the future prospect of the properties.

In consideration of the 80-per-cent interest, Mulga and MDM will grant Element a 1-per-cent NSR (net smelter return) on each of the Mount Isa projects and incur all costs associated with project advancement, including exploration, maintenance and holding costs, up until completion of a prefeasibility study. After completion of a prefeasibility study, Element will have the option to finance its pro-rata annual spend, or an election to not finance will result in dilution based on a standard JV dilution formula.

Mitchell Smith, president and chief executive officer, commented:

"The partial divestiture of the Mount Isa projects is consistent with the company's strategy of actively managing and streamlining our property portfolio through a partnership model while benefitting from the collaboration with well-funded, technically experienced peer groups. In addition to maintaining a sizeable investment exposure in these two early-stage exploration properties with known showings of strategic elements, the company also benefits by having created two new royalties on the properties of which we are free carried on any cash expenditure until the time of completion of a prefeasibility study."

Daniel Thomas, managing director of Hammer, commented:

"We are pleased to be transacting with Global Energy Metals again and retake majority ownership in these prospective claims that we believe deserve future exploration attention and that will further complement an already impressive project inventory. We are confident in the opportunity the Mount Isa region presents for minerals that are critical for Australia's future and are determined to participate in securing the raw materials needed for batteries and new energy technologies through projects like Mt. Dorothy and Cobalt Ridge."

Mount Isa projects

The Mount Isa projects are both early-stage exploration assets that present as an excellent opportunity for high-grade, underexplored assets that are in close proximity to a processing solution, as well as having stand-alone potential.

Exploration to date has returned outstanding, high-grade intercepts and there is excellent potential to significantly improve the understanding of the projects with multiple high-grade targets awaiting further exploration and test work. Significant cobalt intercepts include the following.

Mount Dorothy exploration drilling:

• Seven metres (m) at 0.14 per cent Co and 2.55 per cent Cu;
• Two m at 0.12 per cent Co and 0.13 per cent Cu.

Cobalt Ridge exploration roc chip sampling:

• 0.31 per cent Co, 3.63 per cent Cu and 1.25 g/t Au.

The deposits and prospects are similar in size and style to other deposits in the region that have been successfully mined by small-scale open-pit techniques which implies that the project mineralization may be economically extracted.

The Mt. Isa inlier is a highly mineralized, established, world-class mining jurisdiction with significant regional infrastructure several world-class copper-gold-cobalt and lead-zinc-silver mines and deposits, including the operating Rocklands copper-gold-cobalt project.

Hammer Metals

Hammer Metals holds a strategic tenement position covering approximately 2,200 square kilometres within the Mount Isa mining district, with 100-per-cent interests in the Kalman deposit, the Overlander North and Overlander South deposits, and the Elaine deposit. Hammer also has a 51-per-cent interest in the emerging Jubilee deposit. Hammer is an active mineral explorer, focused on discovering large copper-gold deposits of Ernest Henry-style and has a range of prospective targets at various stages of testing.

Hammer also has a 100-per-cent interest in the Bronzewing South gold project located adjacent to the 2.3-million-ounce Bronzewing gold deposit in the highly endowed Yandal belt of Western Australia.

Qualified person

Paul Sarjeant, PGeo, a director and shareholder, is the qualified person for this release as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Global Energy Metals Corp.

Global Energy Metals offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.

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