African Energy Provides Clarification ON News Release

AFRICAN ENERGY PROVIDES CLARIFICATION ON NEWS RELEASE

Vancouver, British Columbia - (October 28, 202 4) – African Energy Metals Inc. (NEX:

CUCO.H; FSE: BC2; WKN: A40RV1) (“African Energy Metals” or the “Company”) clarifies

its news release dated October 23, 2024. The Company does not intend to file a reactivation

application in conjunction with the private placement announced October 23, 2024. The proceeds

from the financing will be used for general working capital and to deal with certain liabilities that

will ultimately assist in meeting working capital requirements for a future reactivation application.

For further information, please contact:

Stephen Barley, Executive Chairman

Phone: (604) 428-7050

Email: [email protected]

Website: www.africanenergymetals.com

Reader Advisory

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 , including statements respecting the private placement and the expected use of proceeds therefrom,

are reasonable, undue reliance should 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 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.

Neither NEX its Regulation Services Provider (as that term is defined in policies of the NEX) accepts responsibility for the

adequacy or accuracy of this release.