Magma Silver Corp. — Capital/Financing Update 2022

Oct 25, 2022

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5AFRICAN ENERGY CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Vancouver, British Columbia - (October 24, 2022) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; OTCQB: NDENF; WKN: A3DEJG) (“ African Energy Metals” or the “ Company ”) announced that, further to its press release of September 13, 2022, it has closed the first tranche of its non-brokered private placement (the “ Financing ”) of 2,600,000 units (each a “ Unit ”) at a price of CAD $0.05 per Unit for aggregate proceeds of CAD $130,000. Each Unit consists 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 entitles the holder thereof to acquire one additional common share in the capital of the Company (a “ Warrant Share ”) at a price of $0.10 per Warrant Share at any time prior to 5:00 p.m. (Vancouver time) on the date (the “ Expiry Date ”) that is 24 months following the Closing Date.

The proceeds from the Financing will be used for due diligence on prospective projects and for general working capital purposes.

No finder’s fees were paid in connection with the first tranche. All securities issued pursuant to the Financing are subject to a statutory four-month and one day hold period from the date of issuance to applicable securities laws of Canada.

Tanzania Coal

The Company has determined to not proceed at this time with coal projects in Tanzania or with the announced joint venture with Black Hole Aurum Limited.

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. African Energy Metals has an experienced management team located in Africa.

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. There is no assurance the balance of the private placement will be successfully completed. 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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