Closes $2.25 Million Private Placement Financing

EUROPEAN ELECTRIC METALS INC.

CLOSES $2.25 MILLION PRIVATE PLACEMENT FINANCING

Vancouver, British Columbia – November 1, 2022. European Electric Metals Inc. (TSXV: EVX)

(the “Company”) is pleased to announce that it has closed its previously announced non-brokered

private placement financing (see news release dated September 12 , 2022) of 45,000 ,000

common shares at a price of $0.05 per share for total gross proceeds of $ 2,250,000 (the

“Offering”).

No finders fees were paid under the Offering. The securities issued under the Offering will be

subject to a four month hold period expiring March 1, 2023 and additional voluntary restrictions

on resale agreed to by the subscribers and the Company.

Insiders subscribed for a total of 1,300,000 common shares for aggregate gross proceeds of

$65,000. The issuance of common shares to insiders is considered a related party transaction

subject to Multilateral Instrument 61 -101 – Protection of Minority Security Holders in Special

Transactions (“MI 61-101”). The Company has relied on exemptions from the formal valuation

and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI

61-101 on the basis that the participation in the Offering by the insiders will not exceed 25% of

the fair market value of the Company's market capitalization.

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

acquire a new mineral property and for general working purposes.

Additional Information

Jonathan Richards

Chief Financial 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.