East Africa Metals Announces Closing of Non - Brokered Private Placement
777 Dunsmuir Street, 17th Floor
PO Box 48658, Station Bentall Centre
Vancouver, BC, Canada V7X 1A3
Tel: 604.488.0822
Toll Free: 866.488.0822
Web: www.eastafricametals.com
NEWS RELEASE
East Africa Metals Announces Closing of Non - Brokered Private
Placement
Vancouver, British Columbia – January 10 , 2025 East Africa Metals (TSX - V: EAM, "East Africa
Metals" or the "Company") announces that it has closed a non - brokered private placement, of
shares in the amount CAD$500,000. The Company issued 3,333,333 common shares at a price
of CAD$0.15 per share, for gross proceeds of CAD$500,000.
The private placement involves an investment by a strategic investor, reflecting confidence in
the Company's African assets and growth prospects. All securities issued will be subject to a
four - month holding period from the date of issuance. The Company pl ans to allocate the
proceeds from the private placement toward legal, accounting, and general working capital
purposes. The private placement remains subject to final approval by the TSX - V.
About East Africa Metals
The Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da
Tambuk mines (collectively "Adyabo Property") and a 70% project interest in the Harvest
polymetallic VMS Exploration Project in the Tigray Region of Ethiopia . In addition, the Company
has a 30% Net Streaming Interest in the Magambazi Mine in the Tanga Region of Tanzania.
EAM has invested US$66.8M in African exploration since 2005 and has identified a total of 2.8
million ounces of gold and gold - equivalent resources representing an average discovery cost
per ounce of US$24 .
More information on the Company can be viewed at the Company’s website:
www.eastafricametals.com .
For further information contact:
Nick Watters, Business Development
Telephone +1 (604) 488 - 0822
Email [email protected]
Website www.eastafricametals.com
Cautionary Statement Regarding Forward - Looking Information
This news release contains "forward - looking information" within the meaning of applicable Canadian securities legislation. Generally, forward -
looking information can be identified using forward - looking terminology such as "anticipate", "believe", "plan", " expect", "intend", "estimate",
"forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should", "indicate" or variations of such word s or similar words or
expressions. Forward - looking information is based on reasonable assumptions th at have been made by East Africa as at the date of such
information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, lev el of activity,
performance or achievements of East Africa to be materially different from those expressed or implied by such forward - looking information,
including but not limited to: timing of receipt of mining permit; timing of mining development; projected heap leach recoveri es ; early
exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any
other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy
of East Africa's projections and estimates, including the initial mineral resource for the Ady abo, Harvest and Magambazi Properties; interest
and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of c urrent exploration
activities; government regulation; political or economic development s; foreign taxation risks; environmental risks; insurance risks; capital
expenditures; operating or technical difficulties in connection with development activities; personnel relations; the specula tive nature of
strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties;
and changes in project parameters as plans continue to be refined, as well as those risk factors set out in in East Africa's management's
discussion and analysis for the three months and nine months ended September 30, 2023 and for the year ended December 31, 2023 , and East
Africa's listing application dated July 8, 2013. Mineral Resources, which are not Mineral Reserves, do not have demonstrated econom ic viability.
The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced.
Forward - looking statements are based on assumptions management believes to be reasonable, including but not limited to the timely closing
of the financing; the timely closing of the Handeni Property definitive agreement; the price of gold, silver, copper and zinc ; the demand for gold,
silver, copper and zinc; the ability to carry on exploration and developm ent activities; the timely receipt of any required approvals; the ability to
obtain qualified personnel, equipment and services in a timely and cost - efficient manner; the ability to operate in a safe, efficient and effective
manner; the renewal or extensio n of exploration Licenses; the regulatory framework regarding environmental matters, and such other
assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to
differ materi ally from those contained in forward - looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and futur e events could
differ materially from those anticipated in such information. The Company does not update or revise forward looking informati on even if new
information becomes available unless legislation requires the Company do so. Accordingly, readers shou ld not place undue reliance on forward -
looking information contained herein, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.