BeMetals Drilling Results Define Target Zones within Seta Vein and Identify Corridor of Gold Mineralization at Kato Project in Japan

TSXV – BMET

July 12, 2023 OTCQB – BMTLF

FRANKFURT – 1OI.F

BeMetals Drilling Results Define Target Zones within Seta Vein

and Identify Corridor of Gold Mineralization at Kato Project in Japan

Vancouver, British Columbia – BeMetals Corp. (TSXV: BMET, OTCQB: BMTLF, Frankfurt: 1OI.F) (the “Company” or

“BeMetals”) is pleased to announce a batch of recent assay results from its ongoing drilling program at the Kato

Gold Project (“Kato” or the “Property”) in Hokkaido, Japan.

HIGHLIGHTS OF RECENT KATO DRILLING RESULTS:

• KT23-19: Interval 1: 6.40 metres (“m”) grading 1.74 g/t grams per tonne (“g/t”) gold (“Au”) and 5.4 g/t silver (“Ag”)

o Including: 1.70 m grading 5.58 g/t Au and 11.5 g/t Ag

Interval 2: 5.60 m grading 3.29 g/t Au and 7.9 g/t Ag

o Including: 1.00 m grading 9.46 g/t Au and 17.6 g/t Ag

o Also including: 0.43 m grading 9.65 g/t Au and 8.7 g/t Ag

• KT23-20: Interval 3: 13.55 m grading 1.19 g/t Au and 18.32 g/t Ag

o Including: 1.95 m grading 3.55 g/t Au and 21.66 g/t Ag

• KT23-18: Interval 2: 10.54 m grading 1.28 g/t Au and 17.4 g/t Ag

o Including: 1.37 m grading 4.48 g/t Au and 75.5 g/t Ag

Interval 5: 6.70 m grading 2.48 g/t Au and 36.1 g/t Ag

o Including: 1.90 m grading 7.50 g/t Au and 91.7 g/t Ag

• KT23-17: Interval 3: 3.60 m grading 2.12 g/t Au and 14.9 Ag

o Including: 1.00 m grading 6.31 g/t Au and 17.8 g/t Ag

Interval 6: 3.15 m grading 1.18 g/t Au and 7.7 Ag

o Including: 0.75 m grading 3.32 g/t Au and 13.0 g/t Ag

Note: Intertek Testing Services completed the analytical work with the core samples processed at their accredited laboratory in Manila,

Philippines (See details in QA/QA section below). Reported widths are drilled core lengths as true widths are unknown at this time. Based upon

current data it is estimated true widths range between 55 to 65% of the drilled intersections (see Table 1 for details).

John Wilton, President and CEO of BeMetals stated, “ This batch of drilling results includes intersections from both

the Seta and Kamitake veins at our Kato Project in Hokkaido, Japan. Combining these results with existing data has

motivated targets with potential to further extend the higher-grade zones within the Seta Vein. Drill testing of these

high-grade target zones is in progress. This drilling also recognized other gold bearing epithermal veins southw est

of the Seta and Ka mitake veins which indicates a wide corridor o f mineralization exists. KT23-17 returned eight

mineralized zones, including some shallow depth intercepts, and is the Company’s southeastern most drill hole to

date. This suggests the Kato corridor hosting gold vein mineralization has dimensions at least 200 metres wide and

1.3 kilomet res of strike extent. These factors confirm the large-scale potential of gold mineralization on the

Property.”

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KATO PROJECT DRILLING RESULTS

The Company reports results from approximately 1,660 metres of drilling completed in six drill holes at the Kato

Project. This drilling has returned multiple zones of epithermal gold mineralization related to the Seta, Kamitake

and other new vein zones intersected in the program to date.

SETA VEIN

Figure 1 is a simplified long section cut parallel to the strike of the Seta Vein (see section line A-B on Figure 2). It

illustrates the drill hole intersection pierce points of the Seta Vein intervals with labelled depths, widths, gold, and

silver grades. These new assay results when combined with previous BeMetals and historical results, have defined

an interpreted target zone for higher-grade zones and shoots of gold mineralization within the Seta Vein.

Drill hole KT23-19, some 400 metres along strike to the southeast from KT22 -12, intersected the Seta Vein in the

transition zone where we observe both clay (kaolinite) overprint and pristine epithermal, gold-bearing quartz vein.

The favourably textured quartz plus adularia vein zones in the KT23-19 Seta Vein intersection are demonstrated by

the included intervals of 9.46 g/t and 9.65 g/t gold over 1.00 and 0.43 metres , respectively. These occur within a

broader lower grade zone where the Seta Vein has been overprinted by clay alteration. Drill testing a target zone

for potentially higher-grade gold mineralization below and along strike from the KT23-19 intersection is motivated.

The drilling of two holes to test this zone are in progress with the planned Seta Vein intersection points shown on

Figure 1 as KT23-21 and KT23-22. Hole KT23-19A was drilled as a wedged deflection from the KT23-19 mother hole

and returned a comparable gold intersection of the Seta Vein to the original hole (see Tables 1 & 2 for details).

Figure 1: Long Section (Looking NE) of Seta Vein Intersections (KT23-16, KT23-19 and KT23-20)

Note: Results of the historical drill hole intersections have been previously reported reported, and are detailed in the Company’s technical report entitled,

“Kato Gold Project Japan NI 43-101 Technical Report” with an effective date of July 13, 2021, and BeMetals’ news release; BeMetals further extends Seta Vein

and advances all Kazan Gold Projects in Japan dated January 11, 2023.

Drill hole KT23-20 was targeted to intersect the Seta Vein below hole KT22-13 which intersected the steam-heated

zone, as previously reported, with a mineralized zone of 30.00 metres grading 0.47 g/t Au, including: 5.25 metres

grading 1.25 g/t Au. The tenor of the gold mineralization interval in KT23-20 is higher than that in KT22-13 to provide

13.55 metres grading 1.19 g/t Au, including 1.95 metres grading 3.55 g/t Au. The results of KT23-20, relative to its

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observed quartz vein textures, might suggest that the Seta Vein, in certain areas, includes zones commonly referred

to as shoots of higher-grade gold mineralization. Further drilling is required in such areas to better understand this

control on the higher-grade.

KT23-16 intersected a unit known as black breccia at the targeted Seta Vein elevation. This breccia is interpreted to

postdate gold mineralization and disrupts the epithermal veins and gold grades in certain areas. This unit in KT23-

16 includes fragments of gold -bearing vein quartz material suggesting a more consistent quartz vein could be

developed below or adjacent to this intersection.

KATO CORRIDOR

Figure 2 shows the location of the recent Seta, Kamitake and other newly intersected epithermal veins. These

combined results, that now include KT23-17, and surface outcrop samples farther to the southeast outline a ‘Kato

corridor’ target that is 1.3 kilometres in strike by 200m in width.

Drill hole KT23 -17 was collared close to the outcrop of an extensive sinter unit. Such units represent the surface

expression of epithermal systems, and their existence shows the full system is preserved. Figure 3 illustrates a cross

section through KT23 -17 and the eight mineralized intervals intersected between 38.20 and 182.16 metres (see

Table 1) . Examples of this mineralization are 3.60 m etres grading 2.12 g/t Au and 14.9 Ag from 78.50 metres ,

including 1.00 metres grading 6.31 g/t Au and 17.8 g/t Ag and 3.15 metres grading 1.18 g/t Au and 7.7 g/t Ag from

146.45 metres, including: 0.75 metres grading 3.32 g/t Au and 13.0 g/t Ag. The results from this drill hole indicate

the extensive nature of the Kato Corridor with mineralized quartz veins and stockwork zones developed in both the

upper sediment and andesite host units.

Assay results from quartz veins in KT23 -18 returned an intersection of 10.54 m etres grading 1.28 g/t Au and 17.4

g/t Ag , i ncluding 1.37 m etres grading 4.48 g/t Au and 75.5 g/t Ag from 88.26 metres down-hole depth . This

intersection does not correlate with either the Seta or Kamitake veins but appears to be a new, relatively shallow

zone of mineralization. An additional zone of mineralization in this hole of 6.70 metres grading 2.48 g/t Au and 36.1

g/t Ag from 229.60 metres, including 1.90 metres grading 7.50 g/t Au and 91.7 g/t Ag is currently interpreted to lie

between the Kamitake and Seta Veins. KT23-18, however, did not reach the Seta Vein target.

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Figure 2. Kato Corridor: Location of Reported Drill hole Intersections (KT23-16 to KT23-20) on Simplified

Geological Map (Location of Seta Vein long section (A-B) and KT23-17 cross section (C-D) also shown)

Note: Results of the historical rock chip sampling have been previously reported reported, and are detailed in the Company’s technical report entitled, “Kato

Gold Project Japan NI 43-101 Technical Report” with an effective date of July 13, 2021.

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Figure 3. Cross section ( Looking NW) through KT23 -17 showing the multiple veins intersected & simplified

geology

Table 1 lists the gold intersections returned from drill holes KT23 -16 to KT23-20 during the ongoing 2023 drilling

program at the Kato Project. Table 2 provides details of the drill hole locations, dips, and azimuths.

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Table 1: Drill Hole Intersection Results Holes KT23-16 to KT23-20

Drill hole and

Interval

From

(m)

To

(m)

Core Interval

(m)

Au

g/t

Ag

g/t

Comments

KT23-16

Interval 1: 178.30 187.20 8.90 0.58 5.6

Including: 180.50 183.40 2.90 0.90 7.8

Interval 2: 236.20 241.70 5.50 0.95 8.3 Kamitake Vein

Interval 3: 266.80 271.30 4.50 1.35 10.3

Including: 266.80 268.80 2.00 2.38 10.7

Interval 4: 288.50 320.40 31.90 0.34 9.1 Seta Vein Zone (1)

Including: 288.50 292.65 4.15 0.42 4.2

Including: 311.15 316.30 5.15 0.46 15.6

KT23-17

Interval 1: 38.20 38.75 0.55 1.90 14.9

Interval 2: 49.20 49.90 0.70 1.88 11.9

Interval 3: 78.50 82.10 3.60 2.12 14.9

Including: 79.10 80.10 1.00 6.31 17.8

Interval 4: 88.10 93.70 5.60 0.50 6.7

Interval 5: 97.20 105.00 7.80 0.51 9.1

Interval 6: 146.45 149.60 3.15 1.18 7.7

Including: 146.45 147.20 0.75 3.32 13.0

Interval 7: 174.50 175.00 0.50 0.99 3.0

Interval 8: 180.90 182.16 1.26 0.58 1.1

KT23-18

Interval 1: 34.45 35.55 1.10 0.63 10.9

Interval 2: 88.26 98.80 10.54 1.28 17.4

Including: 88.26 89.63 1.37 4.48 75.5

Interval 3: 129.95 131.16 1.21 1.36 13.6

Interval 4: 184.97 188.95 3.98 0.64 21.1 Kamitake Vein

Interval 5: 229.60 236.30 6.70 2.48 36.1

Including: 229.60 231.50 1.90 7.50 91.7 Did not reach Seta Vein

KT23-19

Interval 1: 243.90 250.30 6.40 1.74 5.4

Including: 248.60 250.30 1.70 5.58 11.5

Interval 2: 278.00 283.60 5.60 3.29 7.9 Seta Vein

Including: 278.00 279.00 1.00 9.46 17.6

Also including: 280.62 281.05 0.43 9.65 8.7

KT23-19A (Deflection from KT23-19 mother hole)

Interval 1: 247.50 249.50 2.00 3.54 19.9

Interval 2: 279.50 284.20 4.70 3.17 6.2 Seta Vein

Including 279.50 280.30 0.80 8.34 13.1

Also including: 281.40 282.00 0.60 8.49 20.3

KT23-20

Interval 1: 197.10 201.05 3.95 1.12 9.0 Kamitake Vein

Interval 2: 214.50 223.35 8.85 0.50 9.6 Seta Vein

Interval 3: 223.35 236.90 13.55 1.19 18.32

Including: 223.35 225.30 1.95 3.55 21.66

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Table 1 Notes: Intertek Testing Services completed the analytical work with the core samples processed at their accredited la boratory in Manila, Philippines

(See details in QA/QA section below). Reported widths are drilled core lengths as true widths are unknown at this time. Based upon current data it is estimated

true widths range between 55 to 65% of the drilled intersections. For the mineralized intervals a nominal cut-off grade of 0.2 g/t Au has been used to determine

the boundaries of the intersections with no more than 3.60m internal dilution of the intercept. (1) Current interpretation.

Table 2: Core Hole ID, Azimuth, Dip, End of Hole Depth and Collar Coordinates

THE KATO GOLD PROJECT

The Kato Gold Project is BeMetals’ most advanced, of its five exploration projects in Japan based on the amount of

available historical drilling information in central Hokkaido (See Figure 2). The Kato Project (historically referred to

as the Seta River Prospect) is an example of a remarkably well- preserved epithermal gold system. This

mineralization style is an example of an epithermal system and the classic analogy for this deposit type in Japan is

the Hishikari Gold Mine, in Kyushu island. Global examples of this type of mineralization include mines such as Lihir

(Papua New Guinea), Kupol and Julietta (Russia), Waihi (New Zealand) and Masbate (Philippines).*

The Kato property was previously drilled by MMAJ the Japanese state agency in the 1990s and during that time

results included high- grade intervals su ch as 17.5 metres grading 8.15 g/t Au in hole 5MAHB -2 and 18.65 metres

grading 5.01 g/t Au in hole 7MAHB-1.*

*Please refer to technical report entitled, “Kato Gold Project Japan NI 43 -101 Technical Report” with an effective

date of July 13, 2021.

OTHER KAZAN GOLD EXPLORATION PROPERTIES: TODOROKI, KONOMAI, TASHIRO AND HOKUSATSU PROJECTS

BeMetals is advancing its strong portfolio of gold exploration project s in Japan and Figure 4 shows their locations.

The Company plans to start drilling at the Todoroki Gold-Silver Project (“Todoroki”) in western Hokkaido during this

quarter. Several drill targets have now been identified based on data in cluding those from the past producing

Todoroki Gold-Silver Mine. Such targets, if successfully drilled, would provide material extensions to the Todoroki

vein swarm. Available records indicate that some 200,000 ounces of gold, grading approximately 10 g/t Au, and 7.4

million ounces of silver were produced at Todoroki up to 1943. Following WW2, mining continued intermittently

until the 1980s but production information for this period is uncertain.

At the Company’s Konomai Project in northern Hokkaido , a follow-up soil and rock chip sampling program are in

progress near the historical Otowa Gold Mine on the Konomai property . When the full set of results is available,

they will be integrated with existing data to generate targets for drill testing.

In Kyushu, BeMetals has identified several compelling drill targets based on the results of its high-resolution drone

magnetic survey and MMAJ drilling during the 1990s. Drill testing of these targets is planned for late 2023 or early

Drill Hole

ID

Azimuth

Degree

Dip

Degree

End of hole Depth

(m)

Easting

(m)

Northing

(m)

Elevation

(m)

KT23-16 65 -68 353.0 683418 4796859 495

KT23-17 55 -70 350.0 683668 4796120 463

KT23-18 63 -65 300.0 683580 4796505 454

KT23-19 63 -62 312.5 683581 4796489 454

KT23-19A 63 -62 308.2

(Deflection from 206m) 683659 4796535 269

KT23-20 75 -65 242.9 683483 4796798 490

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2024. The Company has also completed a stream sediment sampling program at the Hok usatsu Project . These

results when available will be integrated with other exploration data including historical information from the

Ohkuchi Mine that extends onto the BeMetals Hokusatsu property.

Figure 4. Location of BeMetals Kazan Gold Projects in Japan

QUALITY ASSURANCE AND QUALITY CONTROL

The new results reported here for this core drilling program were analyzed by Intertek Testing Services, an

independent and accredited laboratory. Samples were prepared and analytical work conducted in Manila,

Philippines. The results were obtained using the following analytical methods as appropriate to determine the gold

grades; FA50N/AA of 50g fire assay, with Atomic Absorption Spectrometry (“AAS”) finish and FA50GR/GR of 50g

fire assay with Gravimetric finish for over limit samples exceeding 10 g/t Au. The core sampling was conducted with

a robust sampling protocol that included the appropriate insertion of standard reference material, duplicates, and

blanks into the sample stream.

Field operations and management have been conducted by BeMetals’ personnel. The core drilling was conducted

by Energold Drilling.