African Energy Metals Announces Share Consolidation

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

AFRICAN ENERGY METALS ANNOUNCES SHARE CONSOLIDATION

Vancouver, British Columbia - (March 20, 2023) – African Energy Metals Inc. (TSXV: CUCO;

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

announced today it plans to consolidate all of its issued and outstanding common shares (each, a

“Common Share ”, the “ Common Shares ”) on the basis of four (4) existing Common Shares for

one (1) new Common Share (the “ Consolidation ”).

Upon completion of the Consolidation, the Company i s expected to have 20,067,964 issued and

outstanding Common Shares. No fractional shares will be issued because of the Consolidation and

all fractional interests will be rounded down to the nearest whole number of Common Shares. Each

shareholder’s percentage of ownership in the Company and proportional voting power will remain

unchanged after the Consolidation, except for minor changes and adjustments resulting from the

treatment of fractional shares.

Management of the Company believes that the proposed Consolidation will position the Company

to gain greater access to capital given the current market conditions.

The Company does not intend to change its name or its current trading symbol in connect with the

proposed Consolidation. The Consolidation is subjec t to all necessary regulatory approvals. In a

subsequent news release, African Energy Metals will confirm the effective date of the

Consolidation and other pertinent details, includin g the new CUSIP and ISIN as a result of the

Consolidation.

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 Africa.

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

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

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, including the c ompletion of the consolidation, undue reliance shou ld 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 u ndertakes no obligation to comment on analyses, exp ectations or

statements made by third parties in respect of the Company its securities, or its financial or operati ng results.