African Energy Cancels Private Placement and Appoints Director

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

AFRICAN ENERGY CANCELS PRIVATE PLACEMENT AND APPOINTS DIRECTOR

Vancouver, British Columbia - (August 2, 2024) – African Energy Metals Inc. (TSXV: CUCO;

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

cancel the non-brokered private placement (the “ Financing”) of 3,333,333 units (each a “Unit”)

at a price of CAD $0.015 per Unit for aggregate proceeds of CAD $50,000 announced on July 2,

2024. The Company also announced the appointment of Arndt Roehlig to the Board of Directors

replacing Mr. Shu Zhan.

Mr. Roehlig is currently an independent director who has served on numerous Canadian public

company boards operating in the resource and technology sectors. As president and chief executive

officer of various companies , Mr. Roehlig has raised millions of dollars for TSX Venture

Exchange-listed companies. He specialize s in negotiation and reorganizing publicly traded

companies.

The Company would like to thank Mr. Zhan for his long-term contribution to the Company and

wishes him continued success in his business ventures.

For further information, please contact:

Stephen Barley, Executive Chairman

Phone: (604- 834-2968)

Email: [email protected]

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 considered appropriate, that the expectations reflected in this forward -

looking information are reasonable, undu e reliance should not be placed on them .. The statements in this press release

are made as of the date of this release. The Co mpany undertakes no obligation to comment on analyses, expectations or

statements made by third parties in respect of the Co mpany its securities, or its financial or operating results.