East Africa Metals Provides Update on Ethiopia Projects and Regional Developments . Extends Marketing Agreement with BullVestor
777 Dunsmuir Street
PO Box 11108, Vancouver, BC, Canada V6E 3P3
Tel: 604.488.0822
Web: www.eastafricametals.com
NEWS RELEASE
East Africa Metals Provides Update on Ethiopia Projects and
Regional Developments . Extends Marketing Agreement with
BullVestor
Vancouver, British Columbia – June 24, 2025 – East Africa Metals Inc. (TSXV: EAM) ( “EAM ” or the
“ Company ”) is pleased to provide an update on its Ethiopian gold projects, recent regulatory and
geopolitical developments in the Tigray region, and progress made by its partner in advancing key assets
toward production.
Highlights:
Four - year extensions granted for EAM’s Adyabo and Harvest mining licenses, through 2028.
Renewed engagement by the Tigray Mines and Energy Agency under the interim regional
administration.
Positive economic development initiatives in Tigray Region with a focus on improving security
conditions and enhancing administrative support for the resumption of mining in the region .
Tibet Huayu Mining Co Ltd. (“Tibet Huayu”) confirms its continued commitment to advance the Mato
Bula and Da Tambuk gold deposits toward production.
Ethiopia Operations
EAM holds a 30% carried interest in the Adyabo Project and a 70% interest in the Harvest Project , both
located in the Tigray region of northern Ethiopia. The projects collectively host 756,000 ounces of indicated
and 430,000 ounces of inferred gold equivalent resources. In 2024, the Ethiopian Ministry of Mines granted
a four - year extension of the min ing development period for both projects, ensuring that EAM and its partners
maintain licenses in good standing through 2028.
Regulatory Developments in Tigray
The recent reactivation of the Tigray Mines and Energy Agency under the interim administration reflects
increasing regional stability. New leadership under Tadesse Worede has prioritized economic revitalization
and infrastructure rehabilitation. According to regional authorities, mining is being recognized as a strategic
pillar for recovery, with renewed coordination between regional and federal ministries to address historical
permitting bottlenecks and artisanal mining issues.
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EAM welcomes these developments and remains optimistic that regulatory clarity and administrative
support will enhance its ability to advance its assets in Tigray Region .
Partner’s Activities
EAM’s strategic partner, Tibet Huayu , continues to fund and advance mine planning and pre - development
activities at the Mato Bula and Da Tambuk deposits. These projects are fully permitted and carried through
to production, with Tibet Huayu responsible for 100% of capital and development expenditures.
Exploration rights for the broader Adyabo and Harvest license areas remain valid, and EAM is reviewing
targets including the Halima Hill prospect, located 0.5 km south of the Mato Bula resource area.
Outlook
EAM remains committed to unlocking the value of its Ethiopian gold assets through a partnership - based
development strategy. The C ompany will continue to monitor the evolving political and regulatory landscape
and remains engaged with both federal and regional stakeholders.
Extension of Engagement o f Marketing Firm Bullvestor Medien Gm BH
EAM has extended its engagement with BullVestor Medien GmBH (“Bull V estor”) and its general manager
Helmut Pollinger, both arm's - length parties to the Company, to provide digital marketing services to the
Company. The services include the creation of content, strategic planning, digital advertisement placement,
and overseeing progress and results of digital campaigns. BullVestor, located in Austria, is a
communicati ons agency focused on investors and potential investors in Europe.
The original engagement commenced on April 5, 2024, and continued until recent exhaustion of the initial
$45,000 budget (see the Company’s news release dated April 5, 2024 for further details of the original
engagement). Under the extension, the Company ha s budgeted and paid to Bull V estor an additional
$45,000 for the ongoing services. The additional consideration paid to BullVestor does not include any
securities of the Company. Aside from this engagement, the Company does not have any relationship with
Bu llVestor or Mr. Pollinger. Mr. Pollinger currently owns 1.48 m illion EAM shares purchased more than 36
months ago. BullVestor and Mr. Pollinger have agreed not to sell any securities of the Company during the
extended promotional campaign.
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
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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
Andrew Lee Smith is a Qualified Person under the definitions of National Instrument 43 - 101, has reviewed and
approved the contents of this news release.
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 words or similar words or expressions. Forward - looking
information is based on reasonable assumptions that 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, level 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 recoveries ; 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 Adyabo, Harvest and
Magambazi Properties; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of
curren t exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental ri sks; insurance risks; capital
expenditure s; operating or technical difficulties in connection with development activities; personnel relations; the speculative 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 December 31 , 2024 and for the year ended March 31, 202 4 , and East Africa's listing application dated July 8, 2013. Mineral Resources,
which are not Mineral Reserves, do not have demonstrated economic viability. The contained gold, copper and silver figures sh own 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 Han deni 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 development activities; the t imely receipt of any required
approvals; the ability to obtai n 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 extension of exploration Licenses; the regulatory framework regarding environmental matt er s, 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 materially
from those contained in forward - looking information, there may be other facto rs 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 future events could differ materia lly from those anticipated in such
information. The Co mpany does not update or revise forward looking information even if new information becomes available unless legislation requ ires the
Company do so. Accordingly, readers should not place undue reliance on forward - looking information contained herein, excep t in accordance with applicable
securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies o f the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.