Mr. James Sykes reports

METAL ENERGY PROVIDES RESULTS FROM SOURCEROCK PROJECT

Metal Energy Corp. has released the brine and lithogeochemical results (see the tables entitled "Brine (fluid) results" and "Lithogeochemical (rock) composite results") from two brine reservoirs intersected in the company's first drill hole (SR-24-01) at the SourceRock project near Thunder Bay, Ont.

The brine results identified total dissolved solids (TDS) concentrations increasing with depth and seem to correlate well with rock types. Importantly, concentrations of sodium (Na) and potassium (K), including calcium (Ca), increase almost exponentially with depth. Lithium (Li) tends to follow Na and K, specifically. The highest brine results, up to 6 per cent TDS, were intersected within a clean sandstone unit at the base of the sedimentary formations. Lithium-bearing brines are globally associated with chloride-rich fluids. Additional analysis of the brines determined over 90 per cent of the inorganic anions within the calcareous mudstone-rich units as chlorides (Cl), not sulphates, carbonates, nitrites or nitrates, and over 97 per cent chlorides in the sandstone-rich units. These inorganic results demonstrate the right type of brines are present on the project.

The lithogeochemical results of the host rock formations show the calcareous mudstones are enriched with calcium and magnesium (Mg), which is expected due to high concentrations of gypsum in the drill core. The sandstones, however, are mostly quartz-rich and are generally devoid of elemental constituents. Historic drill hole BSW-06-04A, located five kilometres to the north, intersected salt beds within the sandstone unit of the sedimentary formation, however, drill hole SR24-01 did not intersect similar results.

Careful analysis of the brine and rock results from recent and historic drill holes on the project suggests SR-24-01 is on the edge of a large mature halite salar (that is, salt flat). A typical sedimentary deposition model for a salar includes a central halite (NaCl (sodium chloride) nucleus that grades outward in concentric sequences, including fine-grained clastic rocks, such as sandstone, and marginal marine rocks enriched with gypsum and/or carbonate, such as calcareous mudstones.

"Our next step is to map the subsurface geology with a geophysical survey to better determine the possible location of a central halite nucleus as the brine results from SR-24-01 clearly indicate a positive correlation between increased Na with increased Li," commented James Sykes, chief executive officer of Metal Energy.

The company plans to follow up the details of this news release and drill hole results with an interpretative presentation in the future.

SourceRock drill program details

Drill hole SR-24-01 was completed down to 542 metres. Detailed core logging plus a suite of downhole geophysical surveys were used to assess the brines and rock characteristics within the sedimentary units. Brine sampling was performed at specific depths to determine brine constituents from sedimentary horizons with the highest fluid conductivity responses, as well as over large intervals to determine background brine constituent levels.

About the SourceRock lithium brine project

SourceRock is highly prospective for lithium brines in the Thunder Bay-Nipigon area of Northwestern Ontario. The project is exceptionally large, covering 915 square kilometres (91,477 hectares) within an area measuring approximately 10 km to 20 km wide by 95 km long of the Proterozoic Sibley sedimentary basin, a size equivalent to the world's second-largest lithium producing jurisdiction -- Chile's Salar de Atacama's Central salt belt.

The project has excellent access to infrastructure and capacity that has supported previous exploration programs and mine development, including year-round highway, railroad and seaport access, with power and natural gas lines crossing the project.

About Metal Energy Corp.

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

Qualified person statement

The technical information contained in this news release has been reviewed and approved by Mike Sweeny, PGeo, technical adviser for Metal Energy, and a qualified person as defined in "National Instrument 43-101 -- Standards of Disclosure for Mineral Projects."

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