East Africa Metals receives extension of mine development periods for Mato Bula, Da Tambuk and Terakimti Projects
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 receives extension of mine development
periods for Mato Bula, Da Tambuk and Terakimti Projects
VANCOUVER, BC – May 2 4 , 20 24 - East Africa Metals Inc. (TSX Venture: EAM) ( “ East Africa ” or the
“ Company ” ) is pleased to announce it has received formal notification f rom the Ethiopian State Minister
of Mines of the approval for an extension to the mine development period for the Mato Bula, Da Tambuk
and Terakimti projects located in the Tigray region of the Federal Democratic Republic of Ethiopia .
The extensions of these mine development periods resolve permitting issues that arose out of the regional
conflict and f orce majeure conditions that ended with the signing of the Pretoria Agreement in November
2023. The formal approval of these extensions to the mine development periods will allow for the
importation of mining equipment and clear the way for the init i ation of construction work.
The mine development period for the Da Tambuk ( License no MOM \ LSML \ 16 3 \ 201 8) and the Mato Bula
( License no MOM \ LSML \ 166 \ 2017 ) mining licences , ( which is owned by Tibet Huayu and EAM, 70% and
30% respectively ) collectively referred to as the Adyabo Project , has been extended for four years until
February 1, 2028, to allow the mine construction to begin.
The mine development period for the Terakimti mining license ( License no MOM \ LSML \ 168 \ 2017 ) , ( which
EAM has a 70% interest ) referred to as the Harvest Project , has been extended until December 5 , 2028.
About East Africa Metals
The Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da
Tambuk projects (collectively "Adyabo Project ") and a 70% interest in the Harvest polymetallic
VMS Exploration Project in the Tigray Region of the Federal Democratic Republic 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 we bsite:
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.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo., CEO
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 va riations of such
words or similar words or expressions. Forward - looking information is based on reasonable assumptions that have be en 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 closin g 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 curre nt explo ration activities; government regulation; political
or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or te chnical
difficulties in connection with development activities; personnel relat ions; 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 chang es in project
parameters as plans continue to be refined, as well a s 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 , 2023 and for the fifteen month and year ended March 31 , 2023 ,
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 shown are in situ. No assurance can be given that the estim ated
quantities will be produced. Forward - looking stat ements 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 development activities; the
timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and c ost - efficient
m anner; the ability to operate in a safe, efficient and effective manner; the renewal or extension of exploration Licenses; th e regulatory
framework regarding environmental matters, and such other assumptions and factors as set out herein. Although East Afr ica 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 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 future events could differ materially from those antic ipated in
such information. The Company does not update or revise forward looking information even if new inform ation becomes available
unless legislation requires the Company do so. Accordingly, readers should 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 acc uracy of
this release.