African Energy Metals Reprices Certain Warrants

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

AFRICAN ENERGY METALS REPRICES CERTAIN WARRANTS

Vancouver, British Columbia - (May 16, 2022) – African Energy Metals Inc. (TSXV: CUCO;

FSE: BC21; OTCQB: NDENF) (“ African Energy Metals” or the “ Company ”) is pleased to

announce the Company has, subject to TSXV approval, reduced the exercise price of the

warrants issued on September 17, 2021 pursuant to i ts private placement from $0.25 to $0.15.

All other terms remain the same.

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 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 has 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.