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African Energy Announces Incentive Stock Options

Share Capital & Compensation

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

AFRICAN ENERGY ANNOUNCES INCENTIVE STOCK OPTIONS

Vancouver, British Columbia - (February 6, 2023) – African Energy Metals Inc. (TSXV: CUCO;

FSE: BC2; OTCQB: NDENF; WKN: A3DEJG) (“ African Energy Metals” or the “ Company ”)

announces the grant of 1,000,000 incentive stock op tions (the “ Stock Options ”) to certain of its

directors, officers, consultants, and employees pursuant to the Company’s Stock Option Plan. The

options are exercisable for a period of five years at a price of CAD$0.07 per share.

About African Energy Metals

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

development, and operation of uranium, copper, coba lt, and lithium energy metals projects in

Africa. African Energy Metals has the intention of acquiring interests in additional concessions or

relinquishing concessions in the normal course of b usiness. African Energy Metals has an

experienced management team located in the DRC.

For further information, please contact:

Stephen Barley, Executive Chairman

Phone: +1-604-428-7050

Email: [email protected]

Website: www.africanenergymetals.com

Reader Advisory

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 information” within the meaning of applicable securities laws. Although

the Company believes, considering the experience of its officers and directors, current conditions and expected future

developments and other factors that have been consi dered appropriate, that the expectations 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 correct. The statements in this press release are made as of the date of this release. The Company

undertakes no obligation to comment on analyses, ex pectations or statements made by third parties in r espect of the

Company its securities, or its financial or operati ng results.