Magma Silver Corp. — Capital/Financing Update 2022

Nov 23, 2022

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AFRICAN ENERGY INCREASES PRIVATE PLACEMENT AND GRANTS OPTIONS

Vancouver, British Columbia - (November 23, 2022) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; OTCQB: NDENF) (“ African Energy Metals” or the “ Company ”) announces that, further to its press releases of September 13, 2022 and October 24, 2022, it has increased its previously announced non-brokered private placement (the “ Financing ”) of 10,000,000 units (each a “ Unit ”) at a price of CAD $0.05 per Unit for aggregate proceeds of CAD $500,000 to 12,000,000 Units for aggregate proceeds of CAD $600,000. Each unit will consist of one common share of the Company (a “ Share ”) and one-half of one common share purchase warrant (with two half warrants being a “ Warrant ”). Each Warrant will entitle the holder thereof to acquire one additional common share in the capital of the Company (a “ Warrant Share ”) at a price of $0.15 per Warrant Share at any time prior to 5:00 p.m. (Vancouver time) on the date (the “ Expiry Date ”) that is 24 months from the date of issuance.

The proceeds from the Financing will be used for exploration expenses for sampling programs on a highly prospective Manono, DRC lithium, tin, tantalum, rare earth project; for due diligence relating to other projects in Africa, and for general working capital purposes. The securities issued pursuant to the Financing will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the Financing. Closing of the Financing is subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.

The Company also announces the grant of 4,000,000 incentive stock options (the “ Stock Options ”) to certain of its directors, officers, consultants, and employees pursuant to the Company’s Stock Option Plan. The options are exercisable for a period of five years at a price of CAD$ 0.05 per share.

About African Energy Metals

African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of copper, cobalt, and lithium energy metals projects in the DRC. African Energy Metals has the intention of acquiring interests in additional concessions or relinquishing concessions in the normal course of business both in and outside of the DRC. African Energy Metals has an experienced management team located in the DRC.

For further information, please contact: Stephen Barley, Executive Chairman Phone: (604- 834-2968 Email: info@africanenergymetals.com Website: www.africanenergymetals.com

African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7

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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. 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 forwardlooking information are reasonable, undue reliance should not be placed on them as the Company can give no assurance that they will prove to be correct including the closing of the private placement. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company its securities, or its financial or operating results.

African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7

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