African Energy Announces Fully Subscribed Private Placement

African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 1

AFRICAN ENERGY ANNOUNCES FULLY SUBSCRIBED PRIVATE PLACEMENT

Vancouver, British Columbia - (June 10, 2022) – African Energy Metals Inc. (TSXV: CUCO;

FSE: BC2; OTCQB: NDENF) (“ African Energy Metals” or the “ Company ”) intends to

complete a non-brokered private placement (the “ Financing ”) of 5,000,000 units (each a “Unit”)

at a price of CAD $0.05 per Unit for aggregate proc eeds of CAD $250,000. Each unit will

consist of one common share of the Company (a “ Share ”) and one-half of one common share

purchase warrant (with two half warrants being a “ Warrant”). Each Warrant will entitle the

holder thereof to acquire one additional common sha re in the capital of the Company (a

“Warrant Share ”) at a price of $0.15 per Warrant Share at any tim e prior to 5:00 p.m.

(Vancouver time) on the date (the “ Expiry Date ”) that is 24 months following the Closing Date.

The Private Placement has been fully subscribed and immediately upon receipt of TSX-V

approval, the Company will close the Private Placem ent, issuing 5,000,000 Units for gross

proceeds of $250,000.

The proceeds from the Financing will be used for ge neral working capital purposes. The

securities issued pursuant to the Financing will be subject to a hold period under applicable

securities laws, which will expire four months plus one day from the date of closing of the

Financing. Closing of the Financing is subject to receipt of all necessary corporate and regulatory

approvals, including approval of the TSX Venture Exchange.

About African Energy Metals

African Energy Metals is a natural resource company with a focus on the acquisition,

exploration, development, and operation of copper, cobalt, and lithium energy metals projects in

the DRC. The Company is implementing a carbon credi t program complementary to mining

operations. The carbon credit program will meet imp ortant ESG requirements and present an

opportunity for a significant early and long-term revenue stream. African Energy Metals has the

intention of acquiring interests in additional conc essions or relinquishing concessions in the

normal course of business. African Energy Metals has an experienced management team located

in the DRC.

For further information, please contact:

Stephen Barley, Executive Chairman

Phone: (604- 834-2968

Email: [email protected]

Website: www.africanenergymetals.com

Reader Advisory

African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 2

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

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

This news release may contain “forward-looking info rmation” within the meaning of applicable securitie s laws.

Although the Company believes, considering the expe rience of its officers and directors, current condi tions and

expected future developments and other factors that have been considered appropriate, that the expecta tions reflected

in this forward-looking information are reasonable, undue reliance should not be placed on them as the Company can

give no assurance that they will prove to be correc t. The statements in this press release are made as of the date of this

release. The Company undertakes no obligation to c omment on analyses, expectations or statements made by third

parties in respect of the Company its securities, o r its financial or operating results.