Mr. Mitchell Smith reports

GLOBAL ENERGY METALS ENTERS INTO OPTION AGREEMENT WITH ZIMTU CAPITAL TO ADVANCE THE MONUMENT PEAK PROJECT, IDAHO

Global Energy Metals Corp. has entered into a non-binding letter agreement with Zimtu Capital Corp. providing for a proposed option agreement to advance exploration and development at the company's Monument Peak silver-copper-gold project located in Idaho, United States.

Under the proposed option agreement, Zimtu (or an approved assignee) would be granted a multistage option over a four-year term to acquire Global Energy Metals' entire 50-per-cent interest in Monument Peak, subject to a 1.0-per-cent net smelter returns royalty (NSR royalty) in favour of the company.

The transaction provides Global Energy Metals with non-dilutive exposure to exploration success at Monument Peak through cash payments, equity consideration, exploration expenditures and retained royalty interest.

Mitchell Smith, president and chief executive officer, director of Global Energy Metals, commented:

"This option agreement with Zimtu provides a compelling pathway to unlock the mineral potential at Monument Peak while preserving meaningful upside for Global Energy Metals. The transaction aligns with our disciplined growth strategy -- monetizing non-core assets for cash, equity and exploration investment, while retaining long-term exposure through a 1-per-cent NSR royalty and share ownership. proceeds will strengthen our balance sheet and support the evaluation of new growth opportunities."

Key terms of the option agreement

Pursuant to the option agreement, Zimtu, an arm's-length party to the company, may earn a 100-per-cent interest in Global Energy Metals' 50-per-cent ownership in Monument Peak by making a series of cash payments, share issuances and exploration expenditures, as outlined below (all amounts in Canadian dollars):

Option payments and milestones

1. Initial payment (closing)

• $50,000 in cash;
• Issuance of 100,000 common shares of Zimtu (or its assignee);
• Payable within 90 days of TSX Venture Exchange approval.

If the option is assigned prior to closing, the share consideration will be adjusted to reflect a value of $100,000 in shares of the assignee at closing.

2. First milestone payment

Upon the earlier of:

• The first anniversary of closing;
• Public announcement confirming completion of two drill holes on the project Zimtu (or assignee) will:
  • Pay $150,000 in cash;
  • Issue shares having a deemed value of $150,000.

3. Second milestone payment

Upon the earlier of:

• The second anniversary of closing;
• Public announcement confirming completion of 10 drill holes Zimtu (or assignee) will:
  • Pay $200,000 in cash;
  • Issue shares having a deemed value of $250,000.

4. Third milestone payment

Upon the earlier of:

• The fourth anniversary of closing;
• Public announcement of a new mineral resource estimate Zimtu (or assignee) will:
  • Pay $250,000 in cash;
  • Issue shares having a deemed value of $250,000.

Exploration commitment

Zimtu (or its assignee) must incur a minimum of $1-million in direct exploration expenditures on the project within 12 months of closing, subject to permitting timelines and site access.

Board representation

Should the option be assigned, the parties will enter into an investor rights agreement, under which Global Energy Metals will have the right to nominate one board member of the assignee, subject to Zimtu's prior consent, for a period of 16 months from closing.

NSR royalty

Upon exercise of the option, Global Energy Metals will retain a 1.0-per-cent NSR royalty on the project.

• 0.5 per cent of the NSR may be repurchased by the optionee for $1-million within the first five years, or $2-million thereafter.

Any shares issued to Global Energy Metals under the option agreement will be subject to applicable resale restrictions. In addition, the company has agreed to a voluntary 12-month hold period on all shares received under the agreement.

The option agreement is non-binding and remains subject to the execution of definitive documentation and approval of the TSX Venture Exchange. There can be no assurance that the transaction will be completed as proposed or at all.

The Monument Peak project

The Monument Peak project consists of 84 contiguous, unpatented lode mining claims totalling approximately 689.77 hectares. The project hosts two historical copper mines, Jackson and Hungry Hill, which saw limited production in the early 1900s.

Historical and modern exploration has confirmed the presence of high-grade copper-silver plus or minus gold mineralization along a three-plus-kilometre northwest-southeast structural trend.

Notable results from prior programs include:

• Grab samples ranging from 1 per cent to 20.9 per cent copper and 3.4 to 305 g/t silver.

2021 sampling results including:

• 5.61 per cent Cu and 42.8 g/t Ag (sample 15140);
• 4.63 per cent Cu, 17.40 g/t Au and 175 g/t Ag (sample 151408).

These results are derived from historical and surface sampling and are not necessarily indicative of future mineral resources.

Further details are available in the company's news releases dated Sept. 9, 2021, and March 23, 2022.

About Zimtu Capital Corp.

Zimtu Capital is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The company trades on the TSX Venture Exchange under the symbol ZC and Frankfurt under symbol ZCT1.

Qualified person

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

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.

Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a "consolidate, partner and invest" approach and, in doing so, have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.

As demonstrated with the company's current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, Global Energy is investing -- in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in this cycle. The company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.

Securing exposure to these critical minerals powering the e-mobility revolution is a generational investment opportunity. Global Energy Metals believes now is the time to be part of this electrification movement.

We seek Safe Harbor.