EEE Exploration Corp. Increases its Land Position Near Patriot by Optioning the MegaLi Project in James Bay

EEE EXPLORATION CORP. INCREASES ITS LAND POSITION NEAR

PATRIOT BY OPTIONING THE MEGALi PROJECT IN JAMESBAY

Vancouver, B.C. – August 4, 2022 – EEE EXPLORATION CORP. (“EEE” or the “Company”) (CSE:

EEE) is pleased to announce that it has entered into a mineral option agreement dated August 3, 2022 (the

“Agreement”) with Visible Gold Mines Inc. (the “Optionor”) respecting the MegaLi exploration property

in the Province of Quebec (the “Property”). The Optionor is arm’s length to the Company.

The Property is comprised of a total of 78 mineral claims covering a total area of 3,996.67 hectares (40

square kilometers) adjacent to Patriot Battery M etals' project and less than 2.7 km south-south-east from

Patriot's newly significant Corvette’s lithium discovery. The MegaLi project is also adjacent to EEE’s

newly acquired Lithium Grande 4 project and located sixteen km south to the regional and all -weather

Trans-Taiga Road and power line infrastructure and 45 km from the LG4 airport within the James Bay

region of Quebec.

The Property is situated within the Archean Superior province of the Canadian Shield, which extends from

Manitoba to Quebec and covers approximately 750,000 square km of Quebec. Withi n the region, the

Superior province is divided into four distinct subprovinces based on their lithological, metamorphic,

geophysical and structural characteristics: Opatica, Nemiscau, Opinaca and La Grande. The Property is

situated within the central portions of the volcano-plutonic La Grande subprovince, proximal to the Opinaca

subprovince to the south. The region is considered to have strong exploration potential for a variety of

commodities including base and precious metals, and lithium. The Property is situated in the Langelier

Complexe and Guyer Group -- Province du Superieur and is mostly composed of tonalite, granodiorite and

granite. The geologic setting is primarily prospective for gold, silver, base metals and lithium over several

potential deposi t styles including orogenic gold, volcanogenic massive sulphide (VMS) and lithium

pegmatite.

Under the Agreement, EEE has the option to acquire a 50% interest in the Property by: making aggregate

cash payments of $325,000 to the Optionor ($25,000 on execution of the Agreement, $50,000 on the first

anniversary of the Agreement, $100,000 on the second anniversary of the Agreement, and $150,000 on the

third anniversary of the Agreement); issuing an aggregate of 3,000,000 Class A common shares of EEE

(each, a “Share”) to the Optionor (500,000 Shares on execution of the Agreement, 700,000 Shares on the

first anniversary of the Agreement, 800,000 Shares on the second anniversary of the Agreement, and

1,000,000 Shares on the third anniversary of the Agreement); and incurring at least $1,850,000 in

exploration expenditures on the Property (at least $350,000 on or before the first anniversary of the

Agreement, at least an additional $500,000 on or before the second anniversary of the Agreement, and at

least an additional $1,000,000 on or before the third anniversary of the Agreement) . The Shares issued

under the Agreement will be subject to a four month hold period pursuant to applicable securities laws.

On successful exercise of the option, EEE will have acquired a 50% interest in the Property and the parties

will be deemed to have formed a joint venture for the purposes of the continued exploration of the Property.

Under the joint venture, EEE will be the first operat or on the Property and each party will be required to

contribute its proportionate share of all Property expenditures or be diluted accordingly. If a party is diluted

to a 2% or lower joint venture interest in the Property, then that party’s interest in the Property will convert

into a 2% net smelter returns royalty.

EEE /PATRIOT LAND POSITION MAP

EEE is also please d to announce that it will be conducting a non -brokered private placement financing

under which it will raise gross proceeds of up to $2,700,000. Under the financing, EEE will issue up to

15,000,000 Shares at a price of $0.10 per Share and up to 10,000,000 “flow -through” Shares (each a “FT

Share”) at a price of $0.12 per FT Share.

The Company intends to use the proceeds from the financing for mineral exploration and for general

working capital. The proceeds received by the Company from the sale of FT Shares will be used to incur

eligible “Canadian exploration expenses” (“CEE”) that are “flow-through mining expenditures” (as such

term is defined in the Income Tax Act (Canada)) related to the Company’s mineral properties. The Company

will renounce such CEE to the purchasers of the FT Shares with an effective date of no later than December

31, 2022.

The Shares and FT Shares to be issued under the financing will be offered by way of private placement in

each of the provinces of Canada and such other jurisdictions as may be determined by the Company

pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The

securities issued under the financing will have a hold period of four months and one day from the date of

issuance. There is no material fact or material change about the Company that has not been generally

disclosed. The Company may pay finder’s fees and may issue finder’s warrants in connection with th e

financing.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United

States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification

or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor

will they be, registered under the United States Securities Act of 1933, as amended, and such securities may

not be offered or sold within the United States or t o, or for the account or benefit of, U.S. persons absent

registration or an applicable exemption from U.S. registration requirements and applicable U.S. state

securities laws.

Qualified person

This project is under the supervision of Jeannot Theberge, PGeo, a director of EEE Exploration, under

National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Theberge is responsible

for the technical contents of this news release, and has approved the disclosure of the technical information

contained herein.

About the Company

EEE Exploration Corp. is a mineral exploration company focused on the acquisition and development of

mineral properties containing battery, base, and precious metals. The Company’s flagship asset is its 100%

interest in the Golden Moon Property located in northern Quebec, Canada. For further information, please

refer to the Company's disclosure record on SEDAR ( www.sedar.com) or contact the Company by email

at [email protected] or by telephone at 604.307.8290.

On Behalf of the Board of Directors

Chris Cooper

Chief Executive Officer

604.307.8290

Forward-Looking Information

Certain statements in this news release are forward -looking statements, including with respect to future

plans, and other matters. Forward-looking statements consist of statements that are not purely historical,

including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such

information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”,

“estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may

prove to be incorrect. Events or circumstances may cause actual results to differ materially from those

predicted, as a result of num erous known and unknown risks, uncertainties, and other factors, many of

which are beyond the control of the Company, including but not limited to, business, economic and capital

market conditions, the ability to manage operating expenses, and dependence o n key personnel. Such

statements and information are based on numerous assumptions regarding present and future business

strategies and the environment in which the Company will operate in the future, anticipated costs, and the

ability to achieve goals. Fa ctors that could cause the actual results to differ materially from those in

forward-looking statements include, the continued availability of capital and financing, litigation, failure

of counterparties to perform their contractual obligations, loss of ke y employees and consultants, and

general economic, market or business conditions. Forward -looking statements contained in this news

release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue

reliance on any forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release.

Except as required by law, the Company disclaims any intention and assumes no obligation to update or

revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The CSE has not reviewed, approved or disapproved the contents of this news release.