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Magma Silver Corp. Board/Management Information 2023

Jun 30, 2023

46472_rns_2023-06-30_26dd5f90-1760-4d61-82fc-1e20796754f1.pdf

Board/Management Information

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FORM 51-102F3 MATERIAL CHANGE REPORT

Item 1 Name and Address of Company

African Energy Metals Suite 401 - 750 West Pender Street Vancouver, BC V6C 2T7

Item 2 Date of Material Change

June 30, 2023

Item 3 News Release

The news release announcing the material change described herein was disseminated through the news dissemination service of Stockwatch and filed on SEDAR on June 30[th] , 2023.

Item 4 Summary of Material Change

Vancouver, British Columbia - (June 30, 2023) – African Energy Metals Inc. (“African Energy Metals” or the “Company”) announced today that it has accepted the resignation of Michael Townsend from his director role with the Company. The Company wishes to thank Mr. Townsend for his service to the Company and success in his future endeavors.

Item 5 Full Description of Material Change

5.1 Full Description of Material Change

For a full description of the material change, please see Schedule “A”.

5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6 Reliance on Subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

Not applicable.

Item 8 Executive Officer

Stephen Barley, Executive Chairman Phone: +1-604-428-7050

Item 9 Date of Report

June 30[th] , 2023

SCHEDULE “A”

AFRICAN ENERGY METALS ANNOUNCES RESIGNATION TOWNSEND

Vancouver, British Columbia - (June 30, 2023) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; OTCQB: NDENF; WKN: A3DEJG) (“African Energy Metals” or the “Company”) announced today that it has accepted the resignation of Michael Townsend from his director role with the Company. The Company wishes to thank Mr. Townsend for his service to the Company and success in his future endeavors.

About African Energy Metals

African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of lithium, tin, copper, and cobalt energy metals projects in Africa. African Energy Metals has the intention of acquiring interests in additional concessions 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: +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 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 the filing of the Required Filings and the anticipated timing thereof. 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. Forward looking statements are necessarily based upon a number of estimates, and assumptions (including the receipt of regulatory approvals) that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such 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.