African Energy Metals Inc. announced a non- anon-brokered private placement 6,250,000 units at a price of CAD 0.08 per Unit for gross proceeds of approximately CAD 500,000 and brokered private placement of common shares for aggregate gross proceeds of at least CAD 2,000,000 for aggregate gross proceeds of CAD 2,500,000 on January 18, 2023. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each Warrant entitles the holder thereof to acquire one additional common share in the capital of the company at a price of CAD 0.15 per Warrant Share at any time prior to 5:00 p.m. that is 24 months following the Closing Date.

The terms of the Brokered Private Placement will be disclosed in due course once finalized. The Private Placements remain subject to the approval of the TSXV. The Private Placement are expected to close on or before March 15, 2023, and remain subject to a several conditions, including but not limited to approval of the TSXV.

The closing of the Brokered Private Placement is a condition of the closing of the transaction.