African Energy Closes over Subscribed Private Placement

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

AFRICAN ENERGY CLOSES OVER SUBSCRIBED PRIVATE PLACEMENT

Vancouver, British Columbia - (June 24, 2022) – Afr ican Energy Metals Inc. (TSXV:

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

pleased to announce that it has closed its over-sub scribed, non-brokered private placement (the

“Financing ”) of 6,000,000 units (each a “ Unit ”) at a price of CAD $0.05 per Unit for aggregate

proceeds of CAD $300,000. Each Unit consists of one common share of the Company (a

“Share ”) and one-half of one common share purchase warran t (with two half warrants being a

“Warrant ”). Each Warrant entitles the holder thereof to acquire one additional common share in

the capital of the Company (a “ Warrant Share ”) at a price of $0.15 per Warrant Share at any

time prior to 5:00 p.m. (Vancouver time) on the dat e (the “ Expiry Date ”) that is 24 months

following the Closing Date.

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 remains subject to the Company’s receipt of the TSX

Venture Exchange’s final acceptance.

The Private Placement constituted a “related party transaction” within the meaning of

Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions

(“MI 61-101”) as an “insider” (as defined in the Securities Act (Ontario)) of the Company

participated in the Private Placement and acquired, directly or indirectly, an aggregate of 160,000

Units pursuant to the Private Placement. The Compan y is relying on the exemptions from the

valuation and minority shareholder approval require ments of MI 61-101 contained in sections

5.5(a) and 5.7(1)(a) of MI 61-101, as the fair mark et value of the participation in the Private

Placement by the insider does not exceed 25% of the market capitalization of the Company, as

determined in accordance with MI 61-101. The Company did not file a material change report in

respect of the related party transaction at least 2 1 days before the closing of the Private

Placement, which the Company deems reasonable in th e circumstances in order to complete the

Private Placement in an expeditious manner.

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 r evenue stream. African Energy Metals has the

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

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

normal course of business. African Energy Metals ha s 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

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.