Provides Exploration Update

EMERGENT METALS CORP.

Suite 1010 – 789 West Pender Street

Vancouver, B.C. V6C 1H2

www.emergentmetals.com

June 30, 2023

TSX Venture Exchange : EMR

OTCQB : EGMCF

Frankfurt and Berlin Exchanges : EML

EMERGENT METALS CORP.

PROVIDES EXPLORATION UPDATE

Vancouver, British Columbia , June 30, 2023 – E mergent Metals Corp. (TSXV: EMR, OTC:

EGMCF, FRA: EML, BSE: EML) (“Emergent” or the “ Company”) announces that Kennecott

Exploration Company (“KEX”), a subsidiary of Rio Tinto Group , has elected to terminate the Option to

Earn-in Agreement (the “ Agreement”) with Emergent on the New York Canyon Property, NV (the

“Property”) with effect as of June 29, 2023. Pursuant to the exit terms in the Agreement KEX will be

providing Emergent with exploration results from the 2023 drill program on the Property, when available,

as, described below.

New York Canyon is located 30 mi (48 km) east of Hawthorne, Nevada and directly south of and abutting

Lahontan’s Santa Fe Mine. The Property consists of 21 patented claims and 152 unpatented claims owned

by Emergent and 265 unpatented claims owned by KEX., for a total of 21 patented claims and 417

unpatented claims (8,700 ac or 3,500 ha in size). The claims are located in two blocks, North and South

(the “ North Block “ and “ South Block”). The North Block, subject to the Agreement, consists of 27

unpatented claims. The South Block, subject to the Agreement, consists of 21 patented claims and 390

unpatented claims.

As part of its 2023 exploration program, KEX planned to drill two diamond drill holes. One is located on

the South Block of claims testing a potential extension of the Copper Queen prospect based on a geophysical

anomaly identified in 2022. KEX also planned to drill a second diamond drill hole in the North Block of

claims, targeting the Emma prospect, based on soil and rock chip sampling completed in 2022.

KEX completed in 2023 a total of four diamond drill holes totaling 4,359.02 ft (1,238.63 m). In the South

Block of claims, Hole NYCN0011 was drilled to a depth of 772.01 ft (235.31 m) and Hole NYCN0012 was

drilled to a depth of 1,404.00 ft (427.94 m). In the North Block of claims, Hole EMMA0001 was drilled to

a depth of 171.00 ft (52.12 m) and Hole EMMA0002 was drilled to a depth of 2,012.01 ft (613.26 m). Note

EMMA0001, planned at a dip of 77 degrees was terminated by geologists in t he field and replaced by

EMMA0002, which as drilled at a shallower dip of 60 degrees to better intercept the Emma target.

Drill core was quick logged in the field and sent to KEX’s core logging facility in Salt Lake City. Core is

now being logged in detail and processed, after which samples will be sent to an independent laboratory

for assaying. Additional details on the drill program, assay results, and QA/QC procedures will be provided

in future press releases, likely within 60-90 days.

Since optioning the Property in February 2020, KEX completed:

• Geological mapping,

• Re-assaying of selected intervals of 10 historic core holes,

• Surface rock chip sampling,

• UAV magnetic geophysics survey and DEM survey,

• Passive seismic geophysics survey,

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• Carbon-oxygen isotope analysis , and

• 5,809.1 m of core drilling in 14 holes.

KEX will be transferring exploration data in it s possession to Emergent in the near future in accordance

with the exit terms of the Agreement.

David Watkinson, President and CEO of Emergent, stated, “We are disappointed to lose KEX as an

exploration partner on this Property. The ir team was great to work with a nd we obtained significant

knowledge about the Property, which we will use in our future exploration efforts. KEX confirmed the

presence of widespread copper skarn mineralization on the Property and the potential remains for the

Property to host one or more copper porphyry systems . We plan to search for a new partner to help us

explore and develop the Property.”

Mindora Property Update

Emergent has made the final payment of US$25,000 and completed the purchase of the Mind 1-12 claims

at its Mindora Property, NV from Nevada Sunrise LLC (see May 21, 2019, press release for details).

Mindora is a gold, silver, and base metal exploration property located approximately 20 mile southeast of

Hawthorne, NV. The property consists of 147 unpatented mining claims.

As announced on May 15, 2023, Emergent has signed a binding Term Sheet (“Term Sheet”) and plans to

complete an Option to Purchase Agreement (“Agreement ”) with Lahontan Gold Corp. ( TSXV: LG )

(“Lahontan”). Lahontan, subj ect to certain terms and conditions, will have the option (“Option”) to

acquire a 100% interest in Mindora by completing US$1.8 million in cash /share payments and US$1.4

million in work expenditures on the property (total US$3.2 million) over a seven-year period. Lahontan is

renaming the property “ West Santa Fe” due to its synergy with their flagship asset, the Santa Fe Mine,

located just 10 mi (15 km) to the east. The companies have amended the Term Sheet to allow 75 days from

May 15, 2023, to complete the Agreement.

Qu alified Person

All scientific and technical information disclosed in this new release was reviewed and approved by Robert

Pease, CPG, a consultant to Emergent and a non- independent qualified person under National Instrument

43-101. Mr. Pease is a consultant to the Company.

About Emergent

Emergent is a gold and base metal exploration company focused on Nevada and Quebec. The Company’s

strategy is to look for quality acquisitions, add value to these assets through exploration, and monetize them

through sale, joint ventures, option, royalty, and other transactions to create value for our shareholders

(acquisition and divestiture (A&D) business model).

In Nevada, Emergent’s Golden Arrow Property, the core asset of the Company, is an advanced stage gold

and silver property with a well-defined measured and indicated resource. New York Canyon is a base metal

property that host copper skarn and porphyry mineralization. The Mindora Property is a gold, silver, and

base metal property located twelve miles from New York Canyon. Buckskin Rawhide East is a gold and

silver property leased to Rawhide Mining LLC, operators of the adjacent Rawhide Mine.

In Quebec, the Casa South Property, is an early-stage gold property adjacent to Hecla Mining Corporation’s

(NYSE:HL) operating Casa Berardi Mine. The Trecesson Property is located about 50 km north of the

Val d’Or mining camp. Emergent has a 1% NSR in the Troilus North Property, part of the Troilus Mine

Property being explored by Troilus Gold Corporation ( TSX:TLG). Emergent also has a 1% NSR in t he

East-West Property, owned by O3 Mining Corporation (TSX:OIII) and adjacent to their Marban Property.

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Note that the location of Emergent ’s properties adjacent to producing or past producing mines does not

guarantee exploration success at Emergent’s prope rties or that mineral resources or reserves will be

delineated.

For more information on the Company, investors should review the Company’s website

at www.emergentmetals.com or view the Company’s filings available at www.sedar.com.

On behalf of the Board of Directors

David G. Watkinson, P.Eng.

President & CEO

For further information, please contact:

David G. Watkinson, P.Eng.

Tel: 530-271-0679 Ext 101

Email: [email protected]

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

the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note on Forward-Looking Statements

Certain statements made and information contained herein may constitute “forward looking information” and “forward looking

statements” within the meaning of applicable Canadian and United States securities legislation. These statements and informat ion

are based on facts currently available to the Company and there is no assurance that actual results will meet management’s

expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”,

“estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein

are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the

realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and

development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title

disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking

statements and information are not guarantees of future performance and readers should not place undue importance on such

statements as actual events and results may differ materially from those described herein. The Company does not undertake to

update any forward-looking statements or information except as may be required by applicable securities laws. The Company's

Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including

any technical reports filed with respect to the Company's mineral properties.