Early Warning Press Release This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning Syst em and Related Take-Over Bid and Insider

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers.

September 20, 2022 – Michael Townsend announces that on June 24, 2022, he acquired an aggregate of 160,000 common shares (each, a “Share”) of African Energy Metals Inc. (the “Company”) on the Toronto Stock Exchange Venture for an aggregate purchase price of $8,000.00 (the “Purchase”). The Purchase was carried out by Mr. Townsend personally, or through Cannon Bridge Capital Corp., and Altus Capital Partners Inc., companies both owned and controlled by Mr. Townsend.

Following the Purchases, Mr. Townsend controlled and has direction over an aggregate of 7,283,800 Shares, representing approximately 10.56% of the outstanding Shares of the Company on a partially diluted basis.

Mr. Townsend acquired the Shares for investment purposes. Mr. Townsend may from time to time increase or decrease ownership or control of securities of the Company depending on market conditions and/or other relevant factors.

A copy of the early warning report for the Exercise and Purchase has been filed on www.sedar.com.

For more information, or to obtain a copy of the early warning report, please contact:

Michael Townsend E-mail: [email protected] Phone: +1 (604) 365-9950