African Energy Metals Inc. (TSXV:CUCO) agreed to acquire Manono Tin, Tantalum, Lithium Project from Whiskey Cobalt Mining SASU for CAD 0.25 million on March 4, 2022. In consideration of the assignment, African Energy Metals will reimburse supported prior expenses, assume certain financial obligations, and issue 2500,000 common shares of African Energy Metals as directed by WCM. A further 2,500,000 common shares of African Energy Metals will be placed in escrow only to be released when positive lithium results are obtained from preliminary testing during the due diligence period.

A small royalty of 5% on net revenue from any small-scale tin production will be paid to WCM and is also tied to similar escrow provisions and capped at $500,000. The disposal by WCM of the project, comprising an exploitation permit covering about 30 km2, will involve WCM assigning African Energy Metals an exclusive option agreement with Liberty Mining and Investments to enter both parties into a 50:50 joint venture on the project. The closing of the transaction is subject to completion of a satisfactory due diligence review by African Energy Metals, other industry standard conditions and regulatory approvals including the Toronto Stock Venture Exchange.

Due diligence has proceeded smoothly on the project with no exceptions to date. As of July 22, 2022, The Assignment Agreement with Whiskey Cobalt Mining SASU (WCM) was amended to reduce the total number of shares being issued to 2,500,000 shares and the cancellation of the announced net revenue royalty. A finder's fee of 250,000 shares will be issued to Truck Masters Sarl, an arms length company.