Mr. James Sykes reports

METAL ENERGY ANNOUNCES PRIVATE PLACEMENT

Metal Energy Corp. intends to complete a non-brokered private placement for aggregate gross proceeds of $630,000. Proceeds will be used for a coming program on Metal Energy's SourceRock lithium brine project.

About Metal Energy's SourceRock project

SourceRock is highly prospective for lithium brines in the Thunder Bay/Nipigon area of Northwestern Ontario. The project is exceptionally large, covering 913 square kilometres within an area measuring approximately 10 to 20 kilometres wide by 95 kilometres long, a size equivalent to the second-largest lithium-producing jurisdiction in the world -- Chile's Salar de Atacama's Central salt belt. The project has excellent access to infrastructure and capacity that have supported previous exploration programs and mine development, including year-round highway, railway and seaport access, with power and natural gas lines crossing the project.

The offering consists of flow-through units of the company at a price of five cents per flow-through unit. Each flow-through unit will comprise one common share in the capital of the company (within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each flow-through warrant is exercisable to acquire one common share at an exercise price of 10 cents per flow-through warrant share for a period of 36 months from the closing of the offering.

The company intends to use the net proceeds from the sale of flow-through units toward its exploration work on the SourceRock project in Thunder Bay, Ont. The offering is scheduled to close on or around Dec. 18, 2023, and is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

About Metal Energy Corp.

Metal Energy is a nickel and battery metal exploration company with three projects in politically stable Canadian jurisdictions: Manibridge (nickel/copper/cobalt/platinum group elements) in Manitoba and SourceRock (lithium/sodium/potassium) and Strange (nickel/copper/cobalt/platinum group element) in Ontario. The Manibridge project is 85 per cent owned by Metal Energy and 15 per cent owned by Mistango River Resources Inc. Both the SourceRock and Strange projects are subject to earn-in agreements, whereby the company can acquire 100-per-cent exploration rights to each project.

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