GEMC.V · 2023-02-16 12:00:00

Powered BY Cobalt … Driven BY Demand Global Energy Metals Announces Update ON the Millennium Project Following Drilling Assays Confirmed High Cobalt Grades

Drill Results

TSX.V GEMC

www.globalenergymetals.com

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Sun Tower

128 West Pender St. Vancouver,

V6B 1R8

T +1.604.688.4219

TwiGer @EnergyMetals

GLOBAL ENERGY METALS ANNOUNCES UPDATE ON THE

MILLENNIUM PROJECT FOLLOWING DRILLING ASSAYS

CONFIRMED HIGH COBALT GRADES

Vancouver, BC / TheNewswire / February 16, 2023 / Global Energy Metals

CorporaSon TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy

Metals” , the “Company” and/or “GEMC”) , a mulK-jurisdicKonal, mulK-

commodity criKcal mineral exploraKon and development company focused on

growth-oriented baGery metal projects supporKng the global transiKon to

clean energy, announces that aRer the compleKon of mulKple drill campaigns

at the Millennium Cobalt-Copper project (“Millennium” and/or the “Project”)

and review of key mineralized intercepts conﬁrming high cobalt grades, that

the Project is ready for a signiﬁcant update to the historical resource esKmate.

Due to the potenKal increase to previously reported tonnes and the suggested

signiﬁcant economic value of cobalt as well as copper and gold in the project,

the updated resource esKmate warrants GEMC’s joint venture partner, Metal

Bank Limited (“Metal Bank” and/or “MBK”), to secure an experienced

consulKng group to complete a new study.

Metal Bank is speaking with qualiﬁed parKes and is expecKng to ﬁnalise their

engagement shortly which will allow for the comple Kon of the updated

cobalt-copper resource and its release to the market. GEMC will provide

further updates to the project and updated resource when made available.

Having recently incurred in excess of $1 million in exploraKon spend on the

project, MBK now holds a 51% interest in the Millennium project with MBK

having the sole and exclusive right to earn an addi Konal 29% joint venture

interest (taking its total interest to 80%) by funding exploraKon expenditure to

the amount of $2 million. GEMC holds a carried 49% interest in the Project.

The Millennium Project represents an excellent opportunity for the

advancement and development of a cobalt-copper asset of signi ﬁcant size,

close to processing soluKons and excellent infrastructure in the Mount Isa

region with Global Energy Metal bene ﬁKng from exploraKon spend and

advancement of the Project while being carried on the next $2 million of

expenditures.

The cobalt grades conﬁrm Millennium as one of Australia’s highest grade

undeveloped baGery metals projects, contained within granted mining

licenses.

Millennium Project

The Millennium Copper and Cobalt Project near Cloncurry in NW QLD

currently holds a JORC 2012-compliant Inferred Resource of 5.9Mt @ 1.08%

CuEq1 (Cu-Co-Au-Ag) across 5 granted Mining Leases with signiﬁcant potenKal

for expansion. It is located 19km from the Rocklands copper-cobalt project

with an established processing plant capable of treaKng Millennium-style ores

once recommissioned.

MBK’s 2021 and 2022 drill results and other previous drilling, in conjuncKon

with signiﬁcant appreciaKon in cobalt and copper prices since Maiden

Resource reporKng in 2016, provided support for an iniKal ExploraKon Target

for the Project of 8 – 10Mt @ 1.0 – 1.1% CuEq.

MBK developed a three-phase work program for Millennium in 2022 seeking

to conﬁrm the ExploraKon Target for the Project, and future Resource

expansion and development potenKal. The ExploraKon Target is based on

extensions both along strike and at depth in both the Southern and Central

Area cobalt-copper-gold resources and in the Northern Area, where shallow

copper intervals at broad spacing have been returned some 800-1000m north

of the closest Resource.

MBK’s Phase 2 drilling program at Millennium was completed in September

2022. Assay results returned high cobalt grades, extending the depth of the

Resource and the scope of the central area resource some 120m north of the

exisKng JORC 2012 Inferred Resource.

All results from the 2022 drilling program are being reviewed in detail with

Resource upgrade work and planning to then commence for the next phase of

work at Millennium.

It should be noted that the ExploraKon Target is conceptual in nature. There

has been insuﬃcient drilling at depth of the exisKng Resource and in the

Northern Area of the project and insu ﬃcient informaKon relaKng to the

Reasonable Prospects of Eventual Economic Extrac Kon (RPEEE) of the

Millennium project to esKmate a Mineral Resource over the Explora Kon

Target area, and it is uncertain if further study will result in the esKmaKon of a

Mineral Resource over this area. It is acknowledged that the currently

available data is insuﬃcient spaKally in terms of the density of drill holes, and

in quality, in terms of MBK’s ﬁnal audit procedures for down hole data, data

acquisiKon and processing, for the results of this analysis to be classiﬁed as a

Mineral Resource in accordance with the JORC Code.

About Metal Bank

Metal Bank Limited is an ASX-listed minerals exploraKon company (ASX: MBK)

holding a signiﬁcant pornolio of advanced gold and copper explora Kon

projects with substanKal growth upside, including:

•the right to earn up to 80% of the Millennium Copper & Cobalt project

which holds an inferred 2012 JORC resource of 5.9Mt @ 1.08% CuEq, across

5 granted Mining Leases with signiﬁcant potenKal for expansion;

•a 75% interest in the advanced Livingstone Gold Project in WA which holds a

JORC 2004 Inferred Resource of 49,900oz Au at the Homestead prospect, a

JORC 2012 Inferred Resource of 30,500oz Au at Kingsley, and an ExploraKon

Target of 290 – 400Kt at 1.8 – 2.0 g/t Au for 16,800 – 25,700oz Au at

Kingsley; and

•the 8 Mile, Wild Irishman and Eidsvold Gold projects in South East

Queensland where considerable work by MBK to date has drill-proven both

high grade vein-style and bulk tonnage intrusion-related Au mineralisaKon.

Metal Bank’s exploraKon programs at these projects are focussed on:

•short term resource growth - advancing exisKng projects to substanKally

increase JORC Resources;

•idenKfying addiKonal mineralisaKon at each of its projects; and

•assessing development potenKal and including fast tracking projects

through feasibility and development to producKon.

Metal Bank is also commiGed to a strategy of diversiﬁcaKon and growth

through idenKﬁcaKon of new exploraKon opportuniKes which complement its

exisKng pornolio and pursuit of other opportuni Kes to diversify the

Company’s assets through acquisiKon of advanced projects or cash- ﬂow

generaKng assets to assist with funding of the exploraKon pornolio.

Qualiﬁed Person

Mr . Paul Sarjeant, P . Geo., is the qualiﬁed person for this release as deﬁned by

NaKonal Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Global Energy Metals CorporaSon

(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)

Global Energy Metals Corp. o ﬀers investment exposure to the growing

rechargeable ba<ery and electric vehicle market by building a diversi ﬁed

global por@olio of exploraBon and growth-stage ba<ery mineral assets.

Global Energy Metals recognizes that the prolifera Bon and growth of the

electriﬁed economy in the coming decades is underpinned by the availability

of ba<ery metals, including cobalt, nickel, copper, lithium and other raw

materials. To be part of the solu Bon and respond to this electri ﬁcaBon

movement, Global Energy Metals has taken a ‘consolidate, partner and invest’

approach and in doing so have assembled and are advancing a por @olio of

strategically signiﬁcant investments in ba<ery metal resources.

As demonstrated with the Company’s current copper, nickel and cobalt

projects in Canada, Australia, Norway and the United States, GEMC is

invesBng-in, exploring and developing prospec Bve, scaleable assets in

established mining and processing jurisdicBons in close proximity to end-use

markets. Global Energy Metals is targeBng projects with low logisBcs and

processing risks, so that they can be fast tracked to enter the supply chain in

this cycle. The Company is also collabora Bng with industry peers to

strengthen its exposure to these cri Bcal commodiBes and the associated

technologies required for a cleaner future.

Securing exposure to these criBcal minerals powering the eMobility revoluBon

is a generaBonal investment opportunity. Global Energy Metals believes Now

is the Time to be part of this electriﬁcaBon movement.

For Further InformaSon:

Global Energy Metals CorporaKon

#1501-128 West Pender Street

Vancouver, BC, V6B 1R8

Email: [email protected]

t. + 1 (604) 688-4219

www.globalenergymetals.com

TwiGer: @EnergyMetals | @USBaGeryMetals | @ElementMinerals

CauSonary Statement on Forward-Looking InformaSon:

Certain informaBon in this release may consBtute forward-looking statements

under applicable securiBes laws and necessarily involve risks associated with

regulatory approvals and Bmelines. Although Global Energy Metals believes

the expectaBons expressed in such forward-looking statements are based on

reasonable assumpBons, such statements are not guarantees of future

performance and actual results or developments may diﬀer materially from

those in the forward-looking statements. Except as required by law, the

Company undertakes no obliga Bon to update these forward-looking

statements in the event that management’s beliefs, esBmates or opinions, or

other factors, should change.

GEMC’s operaBons could be signiﬁcantly adversely aﬀected by the eﬀects of a

widespread global outbreak of a contagious disease, including the recent

outbreak of illness caused by COVID-19. It is not possible to accurately predict

the impact COVID-19 will have on operaBons and the ability of others to meet

their obligaBons, including uncertainBes relaBng to the ulBmate geographic

spread of the virus, the severity of the disease, the duraBon of the outbreak,

and the length of travel and quaranBne restricBons imposed by governments

of aﬀected countries. In addiBon, a signiﬁcant outbreak of contagious diseases

in the human populaBon could result in a widespread health crisis that could

adversely aﬀect the economies and ﬁnancial markets of many countries,

resulBng in an economic downturn that could further aﬀect operaBons and

the ability to ﬁnance its operaBons.

For more informaBon on Global Energy and the risks and challenges of their

businesses, investors should review the ﬁlings that are available at

www.sedar.com.

Neither TSX Venture Exchange nor its RegulaBon 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.

We seek safe harbour.

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