African Energy Metals Provides an Update on the Defintive Agreement to Earn a 100% Interest in a Flin Flon Manitoba High Grade Polymetallic Copper Project

Vancouver, British Columbia - (June 06, 2024) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; WKN: A3DEJG) (“African Energy Metals” or the “Company”) provided an update on the news release dated April 5, 2024 and May 6, 2024 regarding a definitive agreement with Voyageur Mineral Explorers Corp.(“Voyageur”) (the “Definitive Agreement’) to earn a 100% interest in the Mink Narrows Group high-grade polymetallic copper VMS project (the “Project”) located in the prolific Flin Flon Manitoba VMS mining camp. The Project is located 25 km southeast of Flin Flon, Manitoba.

The Company’s acquisition of the Project is ongoing and documents required for TSXV approval are being prepared. The previously announced debt settlement has been increased to settle $242,500 of debt owing to its consultants, creditors, and insiders by issuing 4,850,000 Shares in the capital of the Company at a deemed price of $0.05 per Share. No warrants will be issued in connection with the debt settlement. The Company has determined to change its name to “Copper Reef Metals Inc.” and is proceeding with the required applications to complete the change of name.

Project Highlights:

• Project subject of extensive exploration by Falconbridge Ltd. (“Falconbridge”) and HudBay Minerals Inc. (“HudBay”) with over 15,000 m of drilling and multiple geophysical programs.
• Polymetallic copper deposit (copper/zinc/nickel/gold/silver/cobalt) with four distinct metal regions contained in 54 claims in the 72.4 km² contiguous property.
• Historical non-compliant resource with average grades of 1.5% copper and 0.5% zinc with one zone from surface to 500 m and open to depth and strike.
• Drill Hole MN-00-38 intersected 4.23% copper, 0.34% zinc, 11.8g/t silver and 255 ppb gold over 4.1 m.
• Project is located 25 km from Flin Flon and is traversed by a provincial road and power lines, 500 meters from rail and 2 km from the Flin Flon airport.
• Flin Flon has a long history as a mining town and Flin Flon camp has produced over 170 million tons of sulphide ore from 31 VHMS deposits with over $1.6 billion invested in the region for road, rail, power, and water infrastructure to facilitate quick development of new discoveries. (2002 NRC Current Research).
• Located 27 km from the HudBay zinc copper processing facility and 777 copper-zinc mine.

The Project represents a substantial opportunity to develop a copper/zinc/gold/silver/nickel polymetallic deposit within the Flin Flon mining camp, a camp known globally for its extensive mineral richness and existing infrastructure.

About African Energy Metals

African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of critical metals projects in the Manitoba Flin Flon mining belt. African Energy Metals will have an experienced management and exploration team located in Flin Flon Manitoba.

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 the 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. All information and statements other than statements of current or historical facts contained in this news release are forward- looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in African Energy Metals’ periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

Forward-looking statements include those in relation to African Energy Metals’ ability to close on the acquisition of the Project; in relation to satisfying TSX Venture Exchange requirements in connection with the acquisition, the debt settlement. Although African Energy Metals believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can’t make any assurances that its expectations will be achieved. Such assumptions may prove incorrect.

Factors that could cause actual results to differ materially from expectations include (i) potential delays due to COVID-19 restrictions; (ii) the failure of African Energy Metals’ projects, for technical, logistical, labour relations, or other reasons;

(iii) a decrease in the price of minerals below what is necessary to sustain the African Energy Metals’ operations; (iv) an increase in the cooperating costs above what is necessary to sustain its operations; (v) accidents, labour disputes, or the materialization of similar risks; (vi) generally, African Energy Metals’ inability to develop and implement its successful business plans for any reason.

In addition, the factors described or referred to in the section entitled “Risks Related to the Company’s Business” in the Company’s Management Discussion and Analysis for the year ended December 31, 2023 and 2022, which is available on the SEDAR at www.sedarplus.ca, should be reviewed in conjunction with the information found in this news release.

Although African Energy Metals has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward- looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that African Energy Metals will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements.

The forward-looking statements in this news release are made as of the date of this news release, and African Energy Metals disclaims any intention or obligation to update or revise such information, except as required by applicable law.