African Metals Corporation Announces Amendments to Stock Option Plan and Confirmation of Appointment of President

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AFRICAN METALS CORPORATION ANNOUNCES AMENDMENTS TO STOCK

OPTION PLAN AND CONFIRMATION OF APPOINTMENT OF PRESIDENT

FOR IMMEDIATE RELEASE: TORONTO, Ontario – The Newswire – February 11, 202 1 –

African Metals Corporation (NEX: AFR.H) (“African Metals” or the “Company”) is pleased to

announce that the board of directors of the Company has approved certain amendments to the stock

option plan of the Company, subject to the approval of (i) the TSX Venture Exchange and (ii) the

Company’s shareholders, which approval will be sought at the Company’s upcoming Annual

General and Special Meeting of shareholders to be held on March 17, 2021 (the “ 2021 Annual

General and Special Meeting ”). For further info rmation regarding the amendments to the

Company’s stock option plan, please refer to the management information circular of the Company

for the 2021 Annual General and Special Meeting, which is expected to be filed on the Company’s

profile on SEDAR on or about February 16, 2021.

Additionally, the board of directors of the Company confirmed the appointment of Simeon

Tshisangama as President of the Company effective July 18, 2016 . Mr. Tshisangama has been a

director of the Company since September 20, 2010 and Chief Executive Officer (“CEO”) of the

Company since July 18, 2016. The appointment as President is meant to recognize the intention of

the Company at the time of Mr. Tshisangama’s previous appointment as CEO.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

About African Metals

The common shares of the Company are listed on the NEX Board (“ NEX”) of the TSX Venture

Exchange (the “TSX-V”). The Company has applied to the TSX-V to transfer its listing from the

NEX to the TSX-V as a Tier 2 issuer and to reinstate trading of the Common Shares on the TSX-

V, all in accordance with applicable rules and policies of the TSX-V.

Forward-Looking Information: This news release contains certain forward -looking statements

(“FLS”) relating to the Company’s plans, expectations, intentions and beliefs i n connection with

its business. FLS contained in this news release include, without limitation, statements regarding

particulars and timing of the Company’s 2021 Annual General and Special Meeting, the filing and

delivery of materials related to the 2021 Ann ual General and Special Meeting, and the receipt of

any stock exchange or shareholder approvals required in connection with amendments to the

Company’s stock option plan . FLS can be identified by forward -looking words such as

“proposed”, “intends”, “expect s”, “potential”, “estimated”, “anticipated”, “may” and “will” or

similar words suggesting future outcomes or other expectations, beliefs, plans, objectives,

assumptions, intentions or statements about future events or performance. Such FLS reflect

management's current beliefs and are based on information currently available to management.

FLS involve risks and uncertainties that could cause actual results to differ materially from those

contemplated by such statements, and there can be no assurance that act ual results will be

consistent with these FLS. Factors that could cause such differences include, without limitation:

the inability of the Company to obtain the approval of the TSX-V or the Company’s shareholders

respecting the amendments to the Company’s stock option plan; risks related to general economic

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and market conditions or economic and market conditions related to the COVID -19 global

pandemic; and other as yet unknown or unidentified risks. This list is not exhaustive of the factors

that may impact the Company’s FLS. These and other factors should be considered carefully, and

readers should not place undue reliance on the Company’s FLS. As a result of the foregoing and

other factors, no assurance can be given as to the occurrence of these future events, and neither the

Company nor any other person assumes responsibility for the accuracy and completeness of these

FLS. The factors underlying current expectations are dynamic and subject to change.

For more information, please contact Daniel Gregory, Chief Financial Officer at (416) 709-9266

or by email at [email protected].