Powered BY Cobalt … Driven BY Demand Global Energy Metals Enters into Strategic Partnership with Kingsrose Mining to Advance the Råna Nickel- Copper-Cobalt Project IN Norway; Kingsrose Commits to Spend up to $15 Million IN Exploration Expenditures

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GLOBAL ENERGY METALS ENTERS INTO STRATEGIC PARTNERSHIP

WITH KINGSROSE MINING TO ADVANCE THE RÅNA NICKEL-

COPPER-COBALT PROJECT IN NORWAY; KINGSROSE COMMITS TO

SPEND UP TO $15 MILLION IN EXPLORATION EXPENDITURES

Vancouver, BC / TheNewswire / January 18, 2023 / Global Energy Metals

Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”,

the “Company” and/or “GEMC”) , a multi-jurisdictional, multi-commodity

critical mineral exploration and development company focused on growth-

oriented battery metal projects supporting the global transition to clean

energy, is pleased to announce that it has entered into a transaction

implementation agreement (Transaction Implementation Agreement) with

Kingsrose Mining Limited (“Kingsrose”) and Scandinavian Resource Holdings

Pty Ltd (“SRH”) for Kingsrose to make a staged investment into the brownfield

Råna Nickel-Copper-Cobalt (Ni-Cu-Co) project (the “Project”) and formation of

a joint venture for the development and operation of the Project (the

“Transaction”).

Highlights

• The Råna project has proven potential for discovery of massive sulphide Ni-

Cu-Co mineralisation and is underexplored using modern deposit models and

exploration methods.

• Excellent access to local infrastructure, located 37 kilometres by main road

from the ice-free, deep-water Port of Narvik in Nordland County, Norway.

• The project includes the past producing, underground Bruvann Mine within

a contiguous exploration licence holding of 25 square kilometres.

o The Bruvann deposit included a small but high-grade (approximately

1 to 5% Ni) massive sulphide core, indicating that the intrusion gen-

erated high tenor nickel sulphide mineralisation.

o Past production demonstrates the viability of operating in the region

and the mine area remains designated for raw material extraction in

the municipality land use zoning plan.

• Kingsrose has identified three priority prospects with a focus on explora-

tion for high-grade nickel-copper-cobalt sulphide mineralisation:

o Largely undrilled massive sulphide mineralisation outcrops at surface

over a 1.6 kilometre zone at the Rånbogen prospect with historical

rock chip samples up to 2.3% Ni and 3.2% Cu

o Historical (2006) drilling at the southeastern part of Rånbogen re-

turned a best intercept of 17.5 metres @ 0.53% Ni, 0.12% Cu, 0.05 %

Co from 101 metres (SH004), including 2.5 metres @ 1.13% Ni, 0.24%

Cu, 0.10 % Co and remains open.

o The Bruvann Mine is open immediately along strike from mine

workings and is adjacent to a >1km long, undrilled conductive body

which may represent massive sulphide mineralisation. Offset styles

of copper-rich mineralisation south of the mine are inferred from

historical drill data in hole P-11-97 and have never been followed up:

▪ 15.1 metres at 1.89% Cu from 148.6 metres, including 8.7

metres @ 2.35% Cu from 155.0 metres.

o The prospective basal ultramafic part of the intrusion strikes over 8

kilometres and dips to the southeast within the licence holding. This

has never been systematically explored.

 The Transaction Implementation Agreement allows for Kingsrose to earn

up to 75% over 8 years, through staged expenditure up to a total of

A$15m.

Figure 1: Location of the Rana project and proximity to local infrastructure

Mitchell Smith, CEO and Director of Global Energy Metals commented:

“We are very excited by this development and the significance it has for

validating the strategic interest we hold in the Råna project. This agreement

provides an opportunity to significantly grow our shareholder’s value through

the sole funded and rapid advancement of the Råna project by our new partner

Kingsrose Mining. Additionally, we benefit from being aligned with a

formidable team that combines Råna’s exploration and development expertise

along with extensive jurisdictional knowledge, proven mining experience and

success in transacting. We look forward to working with the Kingsrose team in

setting a new standard in ‘green exploration and development’ with this

partnership.”

Fabian Baker, Kingsrose Managing Director, commented:

“Råna is a very exciting nickel-copper-cobalt sulphide exploration project which

complements Kingsrose’s growing critical metals portfolio in the Nordics. Syn-

orogenic mafic-ultramafic intrusions analogous to Råna host some of the

highest-grade deposits globally, such as Nova-Bollinger and Kabanga.

Mineralisation at the Bruvann deposit provides proof of concept that the

system is fertile and capable of producing high tenor magmatic nickel sulphide.

Exploration outside of the mine site is very immature, in that modern models of

magmatic sulphide deposit formation and exploration techniques have not

been applied. Kingsrose sees excellent potential for the discovery of additional

high-grade massive sulphide bodies through exploration of the whole intrusive

system, with a particular focus on basal and ‘offset’ styles of mineralisation

which are common in these settings but have not been explored for historically.

We have a focussed exploration program planned to rapidly advance our un-

derstanding of the geology and generate targets for drilling later in 2023.

This transaction is testament to our M&A strategy in a market where high-qual-

ity nickel sulphide projects are difficult to come by. Nickel is essential in the

electrification required to achieve a low carbon future and Europe needs to se-

cure a sustainable domestic supply. With additional funds from the sale of Way

Linggo, Kingsrose looks forward to advancing Råna alongside Penikat and

Porsanger while continuing the search for additional assets to support Europe’s

green energy transition.”

Key Terms of Transaction Implementation Agreement

The Transaction Implementation Agreement provides for the establishment of

a new Norwegian joint venture company (“JV Company”) and for Kingsrose to

offset expenditure on the Project as consideration for shares in the JV Com-

pany. Kingsrose has paid a pre-completion deposit of A$25,000 to SRH, addi-

tionally, Kingsrose will make payments in cash and Kingsrose shares to SRH on

earn-in milestones as described below:

Completion Milestone Consideration

First

(For 10% of

shares in JV

Company)

The incorporation of the JV Com-

pany with an issued capital of 90,000

JV Company shares with:

 80,000 JV Company shares is-

sued and allotted to SRH; and

 10,000 JV Company shares is-

sued and allotted to GEMC; and

SRH and GEMC transfer each of the

Exploration Licences to the JV Com-

pany,

(First Milestone).

10,000 JV Company shares

will be issued and allotted to

the Company (First Milestone

Shares) on payment by Kings-

rose of NOK 140,000 into the

capital of JV Company

(A$20,300 based on NOK:A$

exchange rate of 0.145).

A$30,000 to be paid by the

Company to SRH.

Second

(For 51% of

shares in JV

Company)

Kingsrose (or a related body corpo-

rate) ( Manager), incurring expendi-

ture of at least A$3 million (minus the

Licence Fees Amount) within 3 years

from the date of First Completion in-

cluding not less than:

 A$1 million to include 2,000 me-

tres of drilling by 31 December

2023; and

 3,000 metres of drilling and pre-

liminary metallurgist test work by

31 December 2024,

(Second Milestone).

94,617 JV Company shares

will be issued and allotted to

the Company.

10,513 JV Company shares

will be issued and allotted to

GEMC.

1,000,000 KRM Shares will be

issued and allotted to SRH.

Third

(For 65% of

shares in JV

Company)

Expenditure by the Manager of at

least an additional $4 million within 2

years following Second Completion

(Third Milestone)

103,391 JV Company shares

will be issued and allotted to

the Company.

3,500,000 KRM Shares will be

issued and allotted to SRH.

$250,000 to be paid by the

Company to SRH.

Completion Milestone Consideration

Fourth

(For 75% of

shares in JV

Company)

Expenditure by the Manager of at

least an additional $8 million within 3

years following Third Completion

(Fourth Milestone)

10,000 JV Company shares

will be issued and allotted to

the Company.

A cash payment of $750,000 to

be paid by the Company to

SRH.

Completion of the transaction will occur in four stages, with each completion

and payment and/or issuance of consideration subject to satisfaction of certain

milestones on the terms set out in the Schedule to this announcement.

GEMC shall be free carried to completion of the Second Milestone, thereafter

GEMC shall be required to contribute pro-rata (10%) to expenditure on the Pro-

ject in accordance with a work program and budget to be determined by Kings-

rose as Manager of the Project. In the event GEMC elects not to contribute its

funding share, Kingsrose has the first right to provide such funding and acquire

additional shares in JV Company.

The Project is subject to three net smelter royalty deeds of one percent payable

by JV Company to each of GEMC, Electric Royalties Corp., and Chincherinchee

Pty. The Transaction Implementation Agreement provides for SRH and GEMC

to enter into a right of first refusal deed granting Kingsrose a right of first re-

fusal to acquire the right, title and interest in the Chincherinchee Royalty and

the 0.5% buyback option in the GEMC royalty.

Exploration Potential and Work Program

Initial field observations by Kingsrose indicate that Råna is a mafic-ultramafic

chonolith comprising multiple complex magmatic phases, with internal charac-

teristics that are consistent with a conduit-style of emplacement. The basal ul-

tramafic intrusive units occur mostly at the northwestern part of the intrusion

which is controlled by SRH, and is the most prospective horizon for high tenor,

massive sulphide nickel mineralisation.

 Kingsrose interprets the mineralised intrusions at Bruvann and Rånbo-

gen to be chonoliths forming part of a larger, multi-phase intrusive

complex. Chonoliths are pipe like intrusions which may have short lat-

eral but long down dip continuity.

 Massive sulphide mineralisation typically occurs at the base of a

chonolith and in the immediate footwall as ‘offset’ bodies of massive

sulphide mineralisation. Exploration for these styles of mineralisation

has not been systematically undertaken historically at Råna and these

may be blind at surface, compromising detection by traditional meth-

ods.

 Historical work focused predominantly on near mine exploration of

outcropping mineralisation at Bruvann with limited to no application

of modern exploration models for chonolith hosted magmatic sulphide

deposits.

 Deep penetrating AMT geophysical surveys are planned to explore for

conductive bodies from surface to more than 600 metres deep, which

may host massive sulphide mineralisation.

 Airborne magnetic geophysical surveys will be used to model intrusion

morphology.

 Detailed mapping, core logging and XRF measurements for lithogeo-

chemical characterisation will be used to generate a three dimensional

geological model and identify prospective intrusive units.

 Drilling is expected to commence later in the Norwegian summer.

 Massive sulphide outcrops with high nickel tenors at Bruvann and

Rånbogen demonstrate fertility and, with 8 kilometres of largely un-

tested strike along the northern intrusion margin, Kingsrose considers

that there is scope for a significant scale discovery.

Overview of the Project

Location and Tenure

The Råna project is located Nordland County, Norway, 37 kilometres west by

road from the town of Narvik and a deep-water, ice-free port which ships ap-

proximately 20 million tonnes of iron ore per year from LKAB’s Kiruna opera-

tions.

The Project comprises four contiguous exploration licences totalling 25 square

kilometres, owned 90% by Scandinavian Resource Holdings and 10% by Global

Energy Metals Corp. Net smelter royalties totalling 3% apply to the Project in

addition to a 0.5% net smelter royalty under Norwegian mineral law. The li-

cences were granted in January 2019 and are valid through to 2026.

History

Exploration has been carried out sporadically at the Råna intrusion since at

least 1880 when sulphides were discovered in the south at Eiterdalen. Explora-

tion by Stavanger Staal and the NGU in the 1970s and 1980s focused on

Bruvann, including 33,769.7 metres of drilling and various ground based geo-

physical surveys which defined the Bruvann deposit. A private company, Nikkel

og Olivin and Outokumpu conducted underground mining at Bruvann from

1989 until 2002, initially through a small open pit and later underground min-

ing. Production is reported to have totalled 8.5 million tonnes at 0.5% Ni, 0.1%

Cu and 0.03% Co from approximately 25 kilometres of underground workings,

with life of mine recoveries reported as 74% Ni, 85% Cu and 62% Co.

Scandinavian Highlands explored the northern part of the intrusion from 2004-

2013, carrying out surface geochemical sampling and a SkyTEM geophysical

survey over the whole licence area before testing Arnes and Rånbogen with 16

diamond drill holes for 4,000 metres. The SkyTEM survey identified several

strong, near surface conductors at Bruvann, Arnes and Rånbogen, however the

effectiveness of this method is limited by the steep topography and only has a

depth of penetration of approximately 100 metres below surface.

Geology and Mineralisation

The Råna mafic-ultramafic layered intrusion outcrops over an area of 9 by 11

kilometres and comprises basal ultramafic peridotite and pyroxenite sills with

upper, more mafic and voluminous gabbro norite and quartz norite, dated at

436.7 Ma and emplaced into Cambrian gneisses and argillaceous metasedi-

mentary rocks with localised graphitic horizons.

Mineralisation typically occurs in the basal ultramafic units which host the high-

est tenor nickel sulphides and outcrop mainly in the northwest part of the in-

trusion. Sulphide mineralisation is also observed in the upper gabbronorites

albeit of lower nickel tenor. Magmatic sulphide is observed at several pro-

spects along the northern margin of the intrusion controlled by SRH, including

the Bruvann Mine, Rånbogen and Arnes prospects.

Bruvann Deposit

Known mineralisation at Bruvann is largely mined out however historical drill

core is available for inspection and provides an important source of infor-

mation for understanding the controls on mineralisation. Historical drill data

indicates that the mineralisation remains open along strike to the west and

east, and that a low grade disseminated halo exists adjacent to the mine work-

ings.

Mineralisation occurs from surface and has been drilled to at least 500 metres

below surface in the west, where the intrusion and mineralisation is overlain

by gneiss. The Bruvann deposit comprised a 10-45 metres thick, peridotite

hosted, southwest dipping zone of disseminated sulphide which occurs over a

strike of 1,000 metres, overlying a cylindrical, higher grade semi-massive to

massive sulphide zone at the contact between peridotite and gneiss. This basal

sulphide-rich zone typically exceeded 1% Ni and contained up to 5.87% Ni, with

thickness ranging from 2-25 metres, strike of over 500 metres and is inferred

to remain open along strike to the east and west. Sulphides comprise pentland-

ite, sometimes occurring as coarse grains and loops in massive zones, together

with pyrrhotite and chalcopyrite.

Offset styes of sulphide mineralisation within the host gneiss are inferred from

historical drill data, including an unmined copper rich historical drill intercept

immediately south of the mine which remains open, in hole P-11-97:

 1.4 metres at 4.3% Cu from 94.4 metres and

 15.1 metres at 1.89% Cu from 148.6 metres, including 8.7metres @

2.35% Cu from 155.0 metres.

A 900 metre long, east-west conductor is observed at the southern edge of the

Bruvann mine and a second, 1.1 kilometre long north-south oriented conduc-

tor is observed to the north of the mine. Both conductors are proximal to the

mapped contact between the intrusion and gneiss and were historically inter-

preted as being related to graphitic units in the wall rock. The east-west con-

ductor is immediately adjacent to the mined massive sulphide at Bruvann, and

the north-south oriented conductor has never been followed up. Kingsrose

considers that the north-south conductor warrants further exploration to test

whether massive sulphides are present.

Rånbogen Prospect

Rånbogen is located 4.5 kilometres northeast of the Bruvann Mine and is de-

fined by a 1.6 kilometre long zone of anomalous nickel-copper in soils which

coincides with several mapped ultramafic sills and lenses of outcropping mas-

sive and disseminated sulphide mineralisation.

Historical rock chip sampling from this zone includes 30 samples exceeding 1%

Ni, with a maximum of 2.3% Ni, coincident with shallow conductors identified