Announces Increase of Private Placement Financing to $2.0 Million

EUROPEAN ELECTRIC METALS INC.

ANNOUNCES INCREASE OF PRIVATE PLACEMENT FINANCING TO $2.0 MILLION

Vancouver, British Columbia – July 28, 2022. European Electric Metals Inc. (TSXV: EVX) (the

“Company”) is pleased to announce an increase in its previously announced non-brokered private

placement financing (see news release dated June 29, 2022) from 30,000,000 common shares

to 40,000,000 common shares at a price of $0.05 per share for total gross proceeds of up to

$2,000,000 (the “Offering”).

The proceeds of the Offering will continue to be used to repay corporate indebtedness of

approximately $1,000,000, to investigate and acquire a new mineral property and for general

working purposes.

The securities issued under the Offering will be subject t o restrictions on resale for a period of

four months from the date of issuance and such other voluntary restrictions on resale agreed to

by the subscribers and the Company . The Company may pay finders a fee in cash and/or

warrants under the Offering.

Closing of the Offering is subject to approval of the Exchange.

Additional Information

Fred Tejada

Chief Executive Officer

European Electric Metals Inc.

Phone: (604) 687-7130

Email: [email protected]

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this

news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not

guarantees of future performance. The Company cautions that all forward -looking statements are inherently uncertain and that

actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors

include, among other things: risks and uncertainties relating to the Company's limited operating history. Accordingly, actual and

future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expresse d or

implied in the forward -looking information. Except as required under applicable securities legislation, the Company does not

undertake to publicly update or revise forward looking information.

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

accepts responsibility for the adequacy or accuracy of this release.