African Energy Metals Expands Land Holdings to 200 KM² Highly Prospective FOR Lithium, TIN, Tantalum, and Rare Earths IN Manono Region DRC

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

AFRICAN ENERGY METALS EXPANDS LAND HOLDINGS TO 200 KM² HIGHLY

PROSPECTIVE FOR LITHIUM, TIN, TANTALUM, AND RARE EARTHS IN MANONO

REGION DRC

Vancouver, British Columbia - (July 5, 2022) – African Energy Metals Inc. (TSXV: CUCO;

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

pleased to announce the Company has acquired an add itional 170 kms² of concessions in the

prolific Manono region of the DRC with high prospec tively for lithium, tin, tantalum, and rare

earths bringing the Company’s combined land holding s in the region to 200km². The Manono

region is the newest and is projected to become the largest new mineral play in the DRC.

Manono Lithium, Tin, Tantalum, Rare Earths Project

The project (the “ Project ”) is comprised of one contiguous permit covering 1 70 kms² and is

situated in Tanganyika province, Manono district in the territory of Kiambi, in the southeast of

the DRC. The permit is an advanced stage small mini ng permit. The concession is contiguous

to the Tantalex Resources (“ Tantalex ”) lithium project and is on the same NE/SW Trend a s

Tantalex and the AVZ Minerals Limited (“ AVZ ”) world class lithium rich LCT (lithium, caesium,

tantalum) Roche Dure discovery reported at 400 mill ion tons grading 1.65% Li2O (JORC

complaint Mineral Resource Estimate, MSA Group, May 2019). There appears to be a defined

pegmatite corridor running from the AVZ Roche Dure deposit through the Tantalex concession

and continuing onto the Project. (See enclosed map from the DRC Mining Cadastre website).

Tantalex has announced it is planning to perform up to 23,000m of drilling in 2022 on their

Manono projects.

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

African Energy Metals entered into a Rights Assignm ent Agreement with AuClair ECC SASU

(AuClair) pursuant to which AuClair has assigned to African Energy Metals 100% of AuClair’s

interest in a binding letter agreement with E29 Res ources Sarl (E29) to enter a 70/30 joint

venture on the Project with E29. The shareholders o f AuClair are arms length to the Company.

In consideration of the rights assignment, African Energy Metals will assume all rights and

obligations under the joint venture with E29, and i ssue 2,500,000 common shares of African

Energy Metals as directed by AuClair. The agreement with E29 is structured as an exclusive

binding letter agreement to be converted into a for mal joint venture agreement during the 60-

day due diligence period. African Energy Metals wil l pay US$150,000 and issue 1,000,000

common shares to E29 upon successful completion of due diligence and execution of formal

agreements. In addition, there are annual work comm itments for three years and further cash

payments on achieving economic resource milestones above 50 million tons of lithium resource.

Stephen Barley, Executive Chairman stated: “The Manono region is developing into the largest

new area play in the DRC due to the high prospectiv ely for lithium, tin, tantalum, and rare

earths. Improved roads and rail links are being completed to allow for ease of development and

for minerals to be exported. African Energy Metals is squarely in the middle of this exciting

development. Our 200kms² of current land holdings gives African Energy Metals the size to be a

major participant and we are continuing to complete due diligence on additional concessions.

Our agreements are with reputable private parties w ho hold a 100% interest in their properties

dispensing with any title concerns. We are in discu ssions with groups with strong financial and

technical backgrounds to supplement the skill set o f our team. The years of building a DRC

network and relationships is paying dividends and we are extremely positive about our future.”

The Company will pay a finder’s fee in common share s to arms length parties in accordance

with TSXV policies. The closing of the transaction is subject to completion of a satisfactory due

diligence review by African Energy Metals, other in dustry standard conditions and regulatory

approvals including the TSX Venture Exchange.

Qualified/competent person -- National Instrument 43-101 and JORC code

The geological information in this announcement has been reviewed by Mr. Shu Zhan, Member

and Registered Professional Geoscientist of the Aus tralian Institute of Geoscientists (AIG), a

competent person (as defined in the JORC code, 2012 edition) who is a practicing member of

the Association of Professional Geologists of Ontar io (being a recognized professional

organization for the purposes of the Australian Sec urities Exchange listing rules). Mr. Zhan is

also the Qualified Person as defined by National In strument 43-101 who has reviewed and

approved the contents of this news release. Mr. Zhan is a Director of African Energy Metals. He

has sufficient experience that is relevant to the style of mineralization, the type of deposit under

consideration and to the activity being undertaken to qualify as a competent person as defined

in the JORC code and under National Instrument 43-101.

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

African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 3

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 ha s an experienced management team

located in the DRC.

For further information, please contact:

Stephen Barley, Executive Chairman

Phone: (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 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 including the execution of formal agreements; the extension of the

pegmatite corridor onto the new concession; enterin g into new development partnerships; clean title; a nd obtaining the

required financing There is no assurance the Compan y will complete positive due diligence or enter int o definitive

agreements in the timelines set out in this stateme nt. 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.